Category: Philippines Daily Inquirer

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.

UEFA is investigating possible misconduct by Ireland and Israel around their bad-tempered Nations League match on Sunday.

UEFA announced on Tuesday it appointed an ethics and disciplinary inspector after ‘the official reports which contained an allegation of an incident in or around the tunnel at halftime.’

The European football governing body didn’t immediately offer more details.

The Irish Times previously reported that Ireland head of athletic performance Damien Doyle alleged an Israel player spat at him when the teams were leaving the pitch at halftime of a game that ended 1-1 in neutral Backa Topola, Serbia.

Ireland coach Heimir Hallgrimsson said after the match Israel players were trying to intimidate his team from the start.

Ireland beat Israel 3-0 in the first match on Sept. 27 in Debrecen, Hungary, and the Irish again wore black armbands, bowed their heads during the Israel anthem, and refused to shake hands with their opponents to protest Israel’s actions in Gaza.

The Israel players also wore black armbands in memory of the people killed in the Hamas-led attacks on Israel on Oct. 7, 2023.

On Saturday, an Israeli journalist stated during the pre-match press conference that the Irish players called the Israeli players ‘monkeys’ during the first game, leading to an immediate rebuke from Irish communications officer Kieran Crowley, who said it was ‘a lie’ and ended the press conference.

Sunday’s game was supposed to be played in Dublin, but the Football Association of Ireland moved the game to neutral Serbia for ‘operational reasons’ in June following widespread calls for a boycott.

The FAI resisted the boycott calls, arguing the team could be hit with punishing sanctions by UEFA. Ireland is co-hosting the 2028 European Championship with England, Wales and Scotland.

Motorists will see a mixed movement in oil prices Tuesday, Oct. 6, with gasoline and kerosene prices rising by P1.90 to P3.30 per liter, respectively, while diesel prices drop by P1.30 per liter. The possible price increases to continuing concerns over supply disruptions caused by the conflict in the Middle East, as well as China’s decision to suspend oil product exports to markets outside Hong Kong and Macau, raising fears of worsening global fuel shortages.

Below are the prices monitored and gathered by Inquirer team as ot Tuesday, Oct. 6, 2026.

Stronger measures are needed to protect environmental defenders from attacks and address the land and resource conflicts that place communities at risk, Sen. Loren Legarda said in a statement on Tuesday, noting that Global Witness had documented 12 killings in the Philippines in 2025, the highest number recorded outside Latin America that year.

‘Environmental defenders’ don’t refer only to activists. Those at risk can be farmers defending their land, indigenous communities protecting ancestral domains, or residents raising concerns about projects that may affect their water, livelihoods, forests, and communities.

‘No one should have to risk their life simply for raising these concerns,’ Legarda said.

Accountability and prevention

Legarda cited the findings released by Global Witness on Sept. 16, 2026, in its report ‘Collective Power: The Struggle for Protection for Land and Environmental Defenders’

According to that report, at least 124 land and environmental defenders were killed worldwide in 2025, bringing to 2,375 killings and long-term disappearances it has documented since it began its annual reporting in 2012.

The organization has described the Philippines as the deadliest country in Asia for people protecting land and the environment since 2012.

Globally, the report said, land disputes were linked to more than half of the killings documented in 2025, while mining was the deadliest identified sector, with 11 related killings, four of them in the Philippines.

‘People who ask if their farms would be lost, if rivers would be affected, or if the land they inherited from their ancestors will be protected should not be considered enemies of progress. Communities have the right to be heard when decisions can permanently affect the places where they live and the resources they depend on,’ Legarda said in a mix of Filipino and English.

Protecting environmental defenders, she stressed, requires both accountability when attacks occur and prevention before disputes turn violent.

‘But protection must also begin much earlier by respecting land and resource rights, involving affected communities in decisions, and identifying environmental and social risks before projects are approved,’ she said.

Environmental protection measures

To address the issues related to environmental protection, Legarda has pursued measures.

She has filed Senate Bill No. 311, or the proposed Indigenous Community Conserved Territories and Areas Act, which seeks to recognize the community-conserved territories and areas of Indigenous Peoples and cultural communities and establish a national framework for their recognition and protection.

This approach is also reflected in the Expanded National Integrated Protected Areas System Act of 2018, or Republic Act No. 11038, which Legarda principally authored and co-sponsored. The law strengthened the protection and management of ecologically important areas and provided a stronger legal framework for conserving the country’s biodiversity.

Legarda is also pushing for Senate Bill No. 1251, or the proposed Philippine Environmental Assessment System Act, which seeks to establish a comprehensive system for evaluating the environmental consequences of policies, programs, plans, and projects and to create a National Environmental Protection Agency.

For Legarda, environmental assessment should include prevent communities from discovering the consequences of a project only after damage has already occurred.

‘Environmental assessment must identify those risks early, and the people who will live with the consequences must be heard,’ she said.

Legarda stressed that the country’s record cited by Global Witness shows why environmental protection must include both strong laws and real protection for the people who defend natural resources on the ground.

Sen. Ronald ‘Bato’ dela Rosa has yet to surrender most of his firearms registered under his name after his gun licenses and registrations were revoked, the Philippine National Police-Civil Security Group (PNP-CSG) said on Monday.

‘From 117, they have turned in 26, so we still have 91. We are continuing our coordination with his legal officer,’ PNP-CSG Director Maj. Gen. Aden Lagradante said in a press briefing.

The PNP-Firearms and Explosives Office (PNP-FEO) canceled Dela Rosa’s firearms licenses and registrations based on the order dated May 26 and signed by FEO chief Brig. Gen. Jose Manalad Jr.

‘By our rules, [the firearms] should be surrendered, but the latest information is that they are still in the process of accounting for the remaining [ones],’ Lagradante said, adding that Dela Rosa’s camp had sought a reconsideration of the revocation through a letter to the PNP-FEO.

The PNP-FEO previously said Dela Rosa holds a Type 5 License to Own and Possess Firearms, which was originally valid until March 10, 2034, with 117 assorted firearms registered in his name.

Following the revocation, the fugitive senator and his representatives are required to turn over all firearms registered under his name to the police.

According to Section 4(g) of Republic Act No. 10591, firearm holders should not be convicted or are currently accused in a pending criminal case for a crime with a penalty lasting more than two years.

ICC arrest warrant

The National Bureau of Investigation previously submitted a formal request to nullify Dela Rosa’s firearm license on May 25 following an arrest warrant issued by the International Criminal Court (ICC).

Dela Rosa was asked to surrender his firearms within a notice period or upon apprehension.

The senator is charged before the ICC with crimes against humanity of murder, in connection with his involvement in the drug war under former President Rodrigo Duterte, both during Duterte’s time as Davao City mayor and later as president.

The tribunal, which has Duterte in its custody in The Hague, the Netherlands, has named Dela Rosa a ‘co-perpetrator.’

El Niño has placed 106 cities and municipalities across the country under a state of calamity and affected more than 388,000 people, according to the National Disaster Risk Reduction and Management Council (NDRRMC).

In its latest report as of Monday, the NDRRMC said 66 areas in Cagayan were under a state of calamity, along with 23 in the Caraga region, 12 in the Bicol region, four in Calabarzon and one in Soccsksargen.

The phenomenon has affected 388,375 individuals, or 104,149 families, the agency said.

Cagayan recorded the highest number of affected individuals at 47,587, followed by Caraga with 45,507 and Bicol with 11,055. Calabarzon reported 191 affected individuals.

The NDRRMC said the government has provided P39,058,681.06 in assistance to 24,618 of the 35,893 families identified as needing aid.

The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) earlier said El Niño could intensify into a ‘very strong’ phenomenon between September and December and persist until the first half of 2027.

Pagasa said the phenomenon could bring hotter temperatures and a significant drop in rainfall.

The Department of Agriculture (DA) reported on Sept. 26 that El Niño had affected 223,214 farmers in 14 regions, with agricultural damage reaching P6.87 billion.

The DA also reported damage to 249,028 hectares of agricultural land and agricultural production. [Verify source figure before publication: ‘163,812 million metric tons’ appears inconsistent and should be checked against the DA report.]

Meanwhile, Office of Civil Defense (OCD) Administrator Harold Cabreros said Monday that the agency was monitoring the implementation of the National Action Plan on El Niño.

He said the government was also watching for the cascading effects of the dry season, including a possible increase in forest fires.

‘Ang isa po, ang mino-monitor din natin na katatapos lang po ng ating tag-ulan, ngayon naman tag-init, ang tinitingnan natin iyong mga cascading effects nito, one of which, ang nakikita natin ay magkakaroon ng increase ng forest fires,’ Cabreros said.

(We are also monitoring the start of the dry season and its cascading effects, including a possible increase in forest fires.)

Cabreros said the government was also monitoring the impact of the dry conditions on forests and agriculture.