Category: Philippines Daily Inquirer

Amid the threat of prolonged drought on local agricultural production, the Philippines’ rice supply declined in September due to lower stocks at households and the National Food Authority (NFA).

In a report, the Philippine Statistics Authority (PSA) said the overall rice inventory decreased by 8 percent to 1.91 million metric tons (MT) as of Sept. 1.

Month-on-month, the country’s rice buffer decreased by 12.4 percent.

The PSA said NFA depositories reduced their inventory by 36.1 percent to 286,580 MT during the period. This only accounted for 15 percent of the total stocks.

The NFA earlier said it had cleared as much warehouse space as possible to purchase more newly harvested palay (unmilled rice).

To prevent past issues where the agency could no longer accept farmers’ palay due to full storage space, it also leased 65 warehouses to accommodate about 200,000 MT of unmilled grains.

The NFA is targeting to procure up to 500,000 MT of palay this harvest season to boost its buffer stock intended for emergencies, calamities or disaster relief programs.

Also, the PSA said households’ stocks fell by 0.6 percent to 803,690 MT, representing 42.2 percent of total.

The commercial sector’s rice inventory slightly increased by 0.1 percent to 816,440 MT, representing 42.8 percent of total.

Meanwhile, the PSA said local corn inventory reached 816,460 MT as of Sept. 1, marking a 47-percent growth.

On a monthly basis, corn stocks dipped by 1.5 percent.

Both households and the commercial sector increased their inventory by 55.8 percent to 82,040 MT and by 46.1 percent to 734,430 MT.

‘About 90 percent of this month’s [September] total corn stocks inventory were from the commercial sector, while the remaining 10 percent were from the households,’ the report said.

The Department of Agriculture (DA) said over the weekend that palay output could decline by about 700,000 MT during the main harvest in the second half of the year as weather-related shocks, including El Niño, are expected to impact fishery, livestock and crops.

Given this scenario, the DA is stockpiling food and farm inputs, expanding storage capacity and deploying targeted interventions in areas expected to be affected the most by a prolonged dry spell ahead of an anticipated super El Niño.

The euro has fallen to a 17-month low against the dollar. That will make inflation worse in the EU, where political worries and concern over French debt are already troubling investors. Is a fiscal crisis at hand?

The euro hit a 17-month low against the dollar in early trading on Monday, as concerns over eurozone debt, particularly in France, compounded existing investor concerns over global government bond yields and rising oil prices.

The euro has been sliding against the dollar for much of 2026, down around 5% since the start of the year. It reached $1.12 on Monday, the lowest level since early in 2025.

Ricardo Amaro, lead eurozone economist with Oxford Economics, told DW that the general slide can be attributed to a repricing of investor expectations regarding US Federal Reserve policy in terms of higher interest rates in the face of rising global bond yields.

However, he said the latest sell-off was prompted in particular by concerns over France, where ‘investors positioned for higher fiscal risk.’

The France problem

The sell-off in French debt gathered pace last week as doubts grow over its long-term viability. French 10-year government bonds – the cost France must pay to borrow money within 10 years of the debt being issued – rose to a 5% yield before easing slightly.

France has long had underlying fiscal problems. Since President Emmanuel Macron came to office in May 2017, public spending has climbed while he has brought in deep tax cuts. As a result, the country’s national debt has increased by well over pound 1 trillion ($1.12 trillion).

France’s debt-to-GDP ratio now stands at almost 118%. It consistently posts unbalanced budgets. Its annual budget deficit is now regularly more than 5%, above the 3.4% rate when Macron came to office.

For many investors, wider concerns over low eurozone growth levels and surging energy prices have contributed to a renewed focus on France, with many retreating to perceived safer options, such as German government debt.

The difference between French and German government 10-year debt yields reached its highest level since the eurozone debt crisis last week, a closely watched measure of EU financial stability.

What can the ECB do?

The resulting pressure on the euro and on other government bond markets, including Italy’s, means there are calls for the European Central Bank (ECB) to take action to prevent concern over France turning into panic.

Deutsche Bank’s Jim Reid said in a note on Monday that at one point last week, the spread between German and French bonds had become so wide that a ‘mini-panic’ was at hand.

‘The big question is whether this is the start of a new euro sovereign crisis or whether markets have already overshot,’ he said.

Ricardo Amaro said the situation presents a challenge for the ECB because it needs to act without making things worse. ‘Sounding too hawkish would also add to pressure on France’s bond yields, which became an important driver of euro weakness,’ he added.

He expects policymakers to continue monitoring currency developments between the US dollar and the euro, but to stop short of trying to influence the market for now.

What is at stake?

Uncertainty abounds due to both political and economic pressures. France has been beset by political crises in recent years, where passing annual budgets has become a major test of government stability.

Although the 2027 budget has been agreed, with reforms aimed at reducing the deficit, the right-wing National Rally remains well-placed ahead of the 2027 presidential election, in which Marine Le Pen is likely to be the lead candidate.

Concerns over French economic policy in the event of Le Pen winning the presidency are spooking investors, similar to how the rise of the populist AfD in Germany has raised questions over the future direction of the bloc’s key economy.

Much of the political instability has been driven by voter anger over the high cost of living. In Spain, Prime Minister Pedro Sánchez has just called a snap election after measures to deal with the country’s housing crisis were voted down in parliament.

Amaro says a weakening euro could compound the underlying problem of inflation.

‘Sharper euro weakness would reinforce the inflationary shock at a time when inflation is already expected to stay high into 2027,’ he said.

A weaker euro would increase the cost of imported goods, particularly those that are priced in US dollars. Global commodities such as oil and gas are priced in dollars, meaning soaring energy prices would likely rise further, as would US imports.

The next financial crisis?

With memories of the sovereign debt crisis that afflicted the EU in the early 2010s still fresh, many observers are beginning to wonder if the moves on French debt could be indicative of a new crisis in the eurozone.

Some, such as Geoffrey Yu, a senior strategist with BNY, believe such concerns are misplaced. ‘Comparisons to 2012 are well off the mark,’ he said.

However, Amaro says the fact that further interest rate hikes are expected from the ECB this year, combined with the worsening inflation outlook, makes this a situation which needs to be managed and monitored very carefully.

Before the Premier Volleyball League shifts its attention to the serious business of its regular tournament, it can look back on an On Tour campaign that took the game closer to its fans-and ended with a memorable final stop in Negros Occidental.

Victorias City provided a fitting sendoff.

Some 7,000 fans packed the Victorias City Coliseum for the tour finale, where familiar stars Alyssa Valdez and Ara Galang turned back the clock with vintage performances and Jaja Santiago-Minowa marked her return to official PVL action after five years away.

Valdez and Santiago-Minowa helped Creamline sweep Galeries Tower, while Galang powered Farm Fresh past Capital1 in the curtain raiser.

For Santiago-Minowa, the appearance was particularly significant. The 6-foot-4 middle hitter played her first official PVL match in five years and immediately became one of the Cool Smashers’ key pieces in their straight-set victory over the Highrisers.

The stop also gave Negrense players an opportunity to perform before their provincemates, adding a hometown flavor to the final leg of a tour built around bringing PVL volleyball to communities outside its usual venues.

The Victorias City event was organized by GRID Sports Athletic in partnership with the city and with the support of Negros Occidental 3rd District Rep. Javi Benitez.

‘As someone born and raised in Victorias City, bringing the PVL home is deeply personal to me,’ GRID Sports Athletic president Bea Tan said. ‘Since 2017, GRID Sports Athletic has worked to bring high-level volleyball closer to communities across Negros.’

For Tan, the turnout was also a sign of the appetite for major sporting events in the province.

‘Seeing thousands of Negrenses come together for this event proves that our province is ready for more major sporting events and that sports can bring pride, opportunity and real economic value to our communities,’ she said.

For the fans, the final stop offered a rare chance to watch some of Philippine volleyball’s biggest names up close. For the players, it provided another opportunity to connect with young athletes they hope to inspire.

And for the PVL teams, the tour served another purpose.

With the exhibition matches now behind them, the memories of packed provincial venues give way to the competition that counts.

An allegedly unaccounted P776 million in funds that flowed into Cale88 Foods may serve as a starting point for a possible money laundering investigation.

This is what Anti-Money Laundering Council (AMLC) Secretariat Executive Director Ronel Buenaventura revealed on Tuesday during the impeachment trial of Vice President Sara Duterte.

The statement came after Senate President Sherwin Gatchalian questioned the P776-million inflow reflected in the AMLC’s report on Cale88 Foods Corporation.

Duterte’s husband, Mans Carpio, was said to be an incorporator, stockholder, and member of the board of directors of Cale88 Foods.

According to Gatchalian, the amount did not appear to be reflected in the company’s available financial statements.

This is the same company which was reported to have allegedly received over P319 million from supposed China-based corporations.

‘I looked at your report here and saw that P776 million came into Cale88 Foods. It had an inflow of P776 million and an outflow of P154 million,’ the Senate leader observed.

‘I’ve gone back to their available balance sheet several times, but I can’t find it there,’ he noticed.

Gatchalian pointed out that the company had only P125,000 in paid-up capital, P23 million in cumulative sales since 2021, P18 million in assets, and P20 million in liabilities.

‘If the P776 million cannot be found in the books, would Cale88 be a candidate for money laundering?’ he wondered.

‘In your expert opinion and based on your experience, that should be reflected in the books, right? If it is not reflected in the books, is that a candidate for money laundering?’ he asked.

‘Your Honor, we will have to investigate po,’ Buenaventura answered.

‘On this example… as starting point,’ Gatchalian probed.

‘As a starting point, it could be. It could possibly be, but I have to consider all other factors, Your Honor,’ Buenaventura then explained.

Pressing further, Gatchalian wanted to know: ‘Can this be a candidate? For money laundering?’

‘If we’re talking about it as a candidate, yes, but we have to consider all other factors,’ Buenaventura reiterated.

Gatchalian then asked what would be the next step once a transaction is considered a possible candidate for money laundering.

Buenaventura said investigators would have to determine the source of the funds, and establish whether the proceeds came from an illegal activity.

‘In general, Your Honor. I cannot answer for Cale 88. In general, we have to determine what unlawful activity may have been the source of the money or the transaction involving the money,’ Buenavetura told Gatchalian.

The Senate president also noted that a significant portion of Cale88’s sales reportedly came from China.

He asked whether the transactions there should also be examined to determine if they were legitimate.

The AMLC official said it could look into such transactions in the normal course of examination.

Buenaventura also earlier explained that circumstances that may raise suspicion under the law include transactions with no underlying legal or trade obligation, purpose or economic justification.

Amounts that are not commensurate with the client’s business or financial capacity can also be deemed anomalous, he said.

The AMLC official, however, declined to give a definitive opinion on whether the P776-million inflow itself constituted a suspicious transaction.

An unemployed 38-year-old man was arrested in the Pangasinan city of San Carlos on early Tuesday morning (Oct. 6) for allegedly selling and possessing 36.3 grams of suspected shabu worth P246,840 in a police buy-bust operation.

Police said four heat-sealed sachets containing the suspected shabu were seized from the suspect, a city resident, following the sting operation that began at 1 a.m.

Authorities also recovered the P500 bill used as marked money, 12 P1,000 ‘boodle’ bills, a black coin purse and a Samsung Android cellphone.

The suspect was taken into custody and is expected to face charges under the Comprehensive Dangerous Drugs Act of 2002.

Jaspher Cabangon, more popularly known as Sphere, of P-pop boy group ECHO, has died, the group’s management confirmed.

This was announced through a statement released on ECHO’s official Facebook page on Monday, Oct. 5. The cause of death was not disclosed to the public.

‘With heavy hearts, we share the heartbreaking news of the passing of our beloved ECHO Sphere. At this time, we humbly ask everyone to give his family, loved ones, and the ECHO members the privacy and space they need to grieve,’ the statement read.

‘Sphere will always be remembered for the light, warmth, and joy be brought to the people around him. His presence will forever remain a part of ECHO and in the hearts of everyone who came to know and love him,’ it added. ‘Rest peacefully, Sphere. We love you!’

Just a day prior to this, the group’s management informed fans that Cabangon was ‘hospitalized and focusing on his recovery.’ The reason for his hospitalization was not immediately stated.

A formidable pillar of the Philippine economy has passed,’ I wrote in my chat groups as news circulated last Friday that Cesar Enrique Aguinaldo Virata, the only Prime Minister of the Philippines, had died at the age of 95. While his death wasn’t really a shock given his advanced age and challenged physical health, it was surprising and saddening news to me just the same, especially because just over three weeks ago, we were seated beside each other in a meeting he actively participated in.

For two decades, Virata had chaired the Advisory Committee (AdCom) of the Japan International Cooperation Agency (Jica) in the Philippines since its 2006 inception. It was in that capacity that I had the privilege of direct and regular association with him over the last 15 years since I became part of that body in 2011. Late last year, he asked to step down from that role and nominated me to take his place, but pledged to continue joining the AdCom meetings. That was what brought us seated side by side again three weeks ago, and none of us in that meeting expected that it would be his last.

It was 34 years ago that I first met him face to face, at my office soon after then President Fidel V. Ramos placed me at the helm of the National Economic and Development Authority (Neda). Having long been a towering figure in the Philippine economic landscape, most prominently as President Ferdinand Marcos Sr.’s concurrent Finance Minister and Prime Minister, he was an eminent and honored guest to receive in my own office then. He came for one reason: he argued for the formulation of a comprehensive, coherent, and integrated long-term strategic infrastructure development plan-a binding master plan and blueprint that would hopefully bind the present and future presidents.

He told me how unhappy he was about how the government’s infrastructure projects did not seem to follow any coherent plan or framework, especially with politicians coming up with arbitrary projects that mostly favor their congressional districts (yes, it was a problem then as it remains a problem now, only worse!). The good PM had been part of a government known to have invested massively in infrastructure of various kinds (including frivolous pet projects of a First Lady known then to have an ‘edifice complex’-never mind how all of it was unsustainably financed; that’s another story in itself). To his credit, Virata was known to have strongly resisted many of the former first lady’s ill-advised pursuits, mostly unsuccessfully. He was also critical of the coconut and sugar monopolies held by Marcos cronies. Because he kept his principles intact even as the dictator’s chief economic technocrat, he managed to maintain the esteem and respect of the business community and informed members of the general public.

I agreed with him on infrastructure planning, of course. Our work in public investment programming at Neda then was geared in the direction that Virata espoused, of ensuring coherence, integration, strategic thinking and continuity to be embodied in the country’s infrastructure program nationwide. The Infrastructure Committee of the Neda Board, chaired by Neda and composed of the government’s various infrastructure agencies, planned for what we called a ‘seamless multi-modal transport infrastructure system.’ We described our aspiration simply: we wanted a system wherein anyone can readily and smoothly move across land, air and water modes of transport, so an arriving passenger at the airport (or maritime port) can choose rail or alternative forms of road transport (bus, taxi, jeepney, or private car) to get to his/her next destination, including possibly to another air, land, or water terminal for further onward travel. Since back then, it had never made sense that the Manila Light Rail Transit line’s train depot was right beside the Manila Domestic Airport, yet the trains never connected to the air terminal. The painful reason, privately admitted to us by past transport officials, was that the taxi industry lobbied against such a link.

That elusive air-rail link is finally going to happen (but don’t hold your breath just yet-it’s not until 2031) through the Metro Manila Subway project, thanks to Jica-and Virata himself presided over AdCom meetings where we lengthily discussed it. In countless such meetings over the years, he was in his element in discussions on strategic infrastructure, which the Japanese government, through Jica, has prominently and consistently helped our country finance. We in the committee reveled in his stories of bygone years when he presided over an infrastructure program that put us ahead of our neighbors. Too bad he could not live to see the day that air-rail link finally happens; as it stands, he would have needed to live to 100 to see it in actual service.

God bless Prime Minister Virata. We pray that our infrastructure dreams do not die with him.

Former House Speaker Lord Allan Velasco and his wife, Rowena, failed to appear on Monday before the National Bureau of Investigation to respond to dismissed police officer Rodulfo Gracioso Jr.’s allegations that the former congressman had ordered him to deliver over P3 billion in cash to Vice President Sara Duterte and her father, former President Rodrigo Duterte.

The Velascos were represented only by their three counsels who received a copy of Gracioso’s affidavit. One of the lawyers, Rowell Ilagan, reiterated Velasco’s denial of his former security man’s allegations although he confirmed that the two know each other.

Ilagan also refused to answer media queries about the couple’s whereabouts, saying only that they did not escape. ‘It’s wrong to think that [they escaped]. As private citizens, we can freely travel.

That is one of our constitutional rights as individuals,’ Ilagan said. He added that the couple would reply to the allegations ‘at the proper forum and at the proper time.’

The NBI earlier confirmed that Velasco left for Nagoya, Japan in August while his wife flew to Hong Kong in September. Both have yet to return as of last week.

Vice President Duterte was also supposed to appear before the NBI but her camp requested a new date. She earlier denied Gracioso’s accusation, saying she does not know him.

Aguilar town in western Pangasinan has imposed a temporary ban on the entry into and exit from the town of live swine, pork, and pork by-products to control the spread of African Swine Fever (ASF).

The ban is contained in Executive Order 76-2026 issued on Monday.

Aguilar is the second town in Pangasinan that restricted the entry and exit of live swine and products within its territory.

Executive Order No. 156 was issued in the central Pangasinan town of Bayambang on October 1, following ‘isolated’ ASF cases in six of its barangays.

The other communities where ASF has been reported are Alaminos City and the towns of Malasiqui and Mapandan, according to the Bureau of Animal Industry.

The Philippine National Police (PNP) said vlogger or businessman Norman Mangusin, also known as ‘Francis Leo Marcos,’ was arrested on Monday afternoon over three counts of cyberlibel.

He remains in the custody of the Criminal Investigation and Detection Group (CIDG), with bail set at P30,000 for each count.

‘So, as of now, he’s under the custody of the DSOU (Detection and Special Operations Unit) of the CIDG, and he was not yet able to post bail,’ said PNP public information office chief Col. Allen Rae Co in a briefing at Camp Crame on Tuesday.

‘He peacefully submitted to the police authorities,’ said Co, adding that operatives traced him at a hotel in Parañaque City.

The arrest warrant was in relation to Article 353 of the Revised Penal Code, in relation to Section 4(c)(4) of Republic Act No. 10175 or the Cybercrime Prevention Act.

The issuing court is the National Capital Judicial Region, Regional Trial Court Branch 294 in Parañaque City.

In March, National Police Commission (Napolcom) Commissioner Rafael Calinisan said he filed complaints against Mangusin before the Quezon City Prosecutor’s Office for unjust vexation and cyberlibel after the vlogger allegedly cursed at him during a livestream.

Prior to that, Mangusin was arrested by the CIDG over 12 counts of unjust vexation filed by fellow vlogger.