Category: Philippines Daily Inquirer

Philippine banks reduced their exposure to the property sector to the lowest level in more than seven years, as higher borrowing costs and economic uncertainty weighed on demand for real estate.

Real estate loans accounted for 18.72 percent of banks’ total lending portfolio as of June, the latest data from the Bangko Sentral ng Pilipinas (BSP) showed. That was the lowest share since December 2018, when property loans made up 18.65 percent of the industry’s loan book.

In peso terms, banks and their trust units lent P3.2 trillion to the property sector, nearly 7 percent more than a year earlier.

Residential loans rose 3 percent to P1.2 trillion, while commercial real estate loans grew 5 percent to nearly P2 trillion.

The latest figure remained well below the BSP’s 25-percent limit on real estate exposure. The central bank raised the ceiling from 20 percent in 2020 to give financial institutions more room to support economic activity during the pandemic.

At the same time, regulators have imposed safeguards, requiring banks to demonstrate that they could maintain adequate capital even if a quarter of their property loans turned sour.

The decline in property lending as a share of total loans comes as the sector contends with the economic fallout from the prolonged conflict in the Middle East. Higher oil prices have squeezed household budgets, while developers have focused on strengthening balance sheets and supporting share prices rather than taking on new debt to finance projects.

The war has also prompted the central bank to tighten monetary policy. Since April, the BSP has raised its benchmark interest rate by half a percentage point to 4.75 percent, increasing the cost of borrowing for households and businesses.

Signs of stress have emerged in some parts of the property loan book. Nonperforming residential mortgages accounted for 6.2 percent of banks’ home loans as of June, the highest since September 2025, when the ratio was 6.39 percent.

The share of nonperforming commercial real estate loans, meanwhile, eased to 2.07 percent, the lowest since the 1.95 percent ratio in December 2025.

Cid Terosa, an associate professor at the University of Asia and the Pacific, said elevated borrowing costs and uncertainty over the economy had prompted banks to become more cautious in extending credit to the property sector.

‘Economic uncertainties forced banks to set up higher credit standards and created strong disincentives to withhold purchase, weakening demand. Also, property prices went up, tightening demand for condominium units,’ Terosa said.

Overall, it was the combination of higher prices, higher interest rates, economic pessimism and consumer aversion to risk that negatively affected real estate loans,’ he added

In June this year, International Container Terminal Services, Inc.-a key player in global ports and supply chains-reached a market value of nearly ?2 trillion, making it the most valuable listed company on the Philippine Stock Exchange.

Its rise reflects strong earnings, global expansion, and investor confidence.

But for any company valued on expectations of future growth, the question is no longer limited to how much it earns today. Investors also want to know whether it can withstand supply-chain disruptions, climate risks, regulatory pressures, and governance failures-and whether its long-term plans are supported by reliable data.

That is why environmental, social, and governance (ESG) reporting is moving beyond the old view that it is mainly a corporate communications exercise. Credible ESG reporting requires business strategy, risk management, operational knowledge, supply-chain insight, reliable data systems, active board oversight, and clear storytelling that helps stakeholders understand what the numbers mean.

More than just PR

Many companies first approached sustainability through visible initiatives-a tree-planting activity, a polished report, or a reassuring CEO message. These efforts helped build awareness, but expectations have since evolved. Today, stakeholders increasingly look for measurable results, credible data, and clear evidence of progress.

Regulators, investors, lenders, and standard-setters have since built a more consistent language for sustainability information, aimed at making material information comparable and verifiable.

ESG matters because it can influence revenue, financing, risk, and investor confidence. Supply-chain disruption, climate risk, and poor governance are not merely corporate social responsibility concerns. They can increase costs, interrupt operations, weaken investor confidence, and reduce long-term value.

That is why BlackRock, the world’s largest asset manager, uses ESG data to identify risks that may affect profits, resilience, and future growth.

The business case is already visible. More than 40,000 Asia-Pacific customers joined DHL Express’ GoGreen Plus service within a year because it helped them reduce and report shipment emissions. Maersk’s 500-million-euro green bond attracted 3.7 billion euros in orders-more than seven times the amount offered-because investors saw a clear financing plan and measurable commitments.

Credible ESG performance can attract customers, strengthen access to capital, and turn sustainability from a corporate message into measurable business value.

Where PH stands

The Philippine Securities and Exchange Commission (SEC) issued Memorandum Circular No. 16, Series of 2025, adopting PFRS S1 and S2. These are based on standards developed by the International Sustainability Standards Board, or ISSB, which aims to make sustainability reporting clearer and more consistent across countries.

The rules will be introduced in stages. Tier 1 companies, with a market capitalization of more than P50 billion, begin reporting on fiscal year 2026 in 2027. Tier 2 companies, with a market capitalization of P3 billion to P50 billion, begin in 2027 and report in 2028.

Tier 3 companies, including smaller listed firms, certain PDEx debt issuers, and large nonlisted companies earning more than P15 billion a year, begin in 2028 and report in 2029.

The board must review and approve these reports before they are released. This means ESG reporting can no longer be left only to communications, finance, compliance, or auditors. Companies should prepare early because finding the right data, assigning responsibilities, and correcting gaps can take time.

Scope 1 covers emissions from sources the company owns or controls, such as vehicles, generators, boilers, and equipment. Scope 2 covers emissions from the electricity, heating, cooling, or steam the company buys. The information is often already found in utility bills and facilities records.

Scope 3 covers emissions connected to the wider value chain, including suppliers, purchased goods, deliveries, employee travel, and customer use of products.

The SEC allows some temporary relief for Scope 3 reporting, but companies should not ignore it. Identifying suppliers, locating records, and filling data gaps take time. Starting early is the safer and more practical approach.

Reports for different markets

For two decades, our group has produced annual, sustainability, corporate, and strategic reports across different markets. As early as 2006, we helped a regional logistics company build sustainability credentials into its master bidding proposal. It later grew into a global player.

By 2011, Dubai Customs was already advancing voluntary sustainability reporting, while Dubai Chamber had long treated reporting not merely as public relations, but as a management tool. Years before ESG became a boardroom priority, the lesson was already clear: Good reporting can strengthen strategy, credibility, and growth.

Three lessons stand out.

First, ESG reporting belongs to the whole company. It cannot be left to finance, communications, or auditors alone. The data sits across the enterprise: electricity records with finance or administration, fuel use with logistics, supplier data with procurement, employee information with HR, and risk and compliance records with legal and governance teams.

The first job of management is simple but critical: Identify the data, assign an owner, and establish clear controls over how it is collected, checked, and approved. Technology can speed up this work. Digital platforms and AI tools can organize information, flag inconsistencies, and locate supporting records.

But they cannot replace accountability. Every important claim still needs a reliable source, a clear method, and proper approval.

Second, ESG data is a management tool, not merely a compliance requirement. When gathered properly, it can reveal where costs are rising, where operations are exposed, which suppliers create risk, and where efficiencies or new opportunities may be found.

I often say that the CEO is the company’s Chief Reputation Officer. ESG data gives that role evidence rather than instinct. It helps leaders ask sharper questions: Which risks could interrupt operations? Which promises are unsupported by data? Which supplier practices could become tomorrow’s crisis? Which efficiencies could improve both margins and environmental performance?

Searchable, accessible info

Third, the medium matters as much as the message. A sustainability report should not be a ceremonial book or a static PDF buried on a website. It should be searchable, accessible, easy to navigate, and supported by data that can be traced to its source. A web-based report allows investors to find material information quickly. Videos and visual explainers help employees, customers, and communities understand what the numbers mean.

Digital formats can also connect policies, targets, results, case studies, and evidence in one place.

Marshall McLuhan famously said, ‘The medium is the message.’ In ESG reporting, the medium also determines whether the message is found, understood, shared, and trusted.

The new era of ESG reporting is not about making companies appear virtuous. It is about helping them see themselves more clearly-and giving boards, investors, regulators, customers, and employees reliable information on which to act.

This is not a wall to climb, but a door opening. Companies that begin now, with honesty and discipline, will be better placed to earn trust and compete.

What a company can see, it can manage. What it can manage, it can measure. And what it can measure credibly, stakeholders can trust.

Dr. Karen Remo is Co-Chair for Communications at MAP, and Founder and CEO of New Perspective Group, an international consulting, reputation management, and data-storytelling organization serving clients across Asia-Pacific, the Middle East, Europe, and the United States. A Philippine Presidential Awardee, Entrepreneur of the Year in UAE, and Middle East Female Leader of the Year, she has also been named among the global honorees of the Icons of Change International Awards 2026.

Only Vice President Sara Duterte and her former security chief knew how millions of pesos in confidential funds of the Office of the Vice President (OVP) were spent, a top OVP official testified on Wednesday, raising fresh questions from senator-judges over who was accountable for the secretive expenditures.

Lemuel Ortonio, OVP assistant chief of staff, said that apart from Duterte, former Vice Presidential Security and Protection Group (VPSPG) commander Col. Raymund Lachica knew how the confidential funds were implemented.

‘The way I understand it, Sir, as the head of agency, I would understand that she knows the implementation,’ Ortonio replied to presiding officer Francis Escudero’s question on whether Duterte knew how the funds were spent.

Escudero pressed the witness, who had been declared hostile by the prosecution, on whether Lachica also knew how the activities funded by the confidential funds were carried out.

‘Yes, sir, as the security officer,’ Ortonio said.

‘So, you as assistant chief of staff, and the chief of staff herself [referring to Zuleika Lopez], doesn’t know; and Colonel Lachica, who is not part of the OVP, [knows]?’ Escudero asked further.

‘Yes, sir,’ Ortonio answered.

The exchange came on the 19th day of Duterte’s impeachment trial and despite Ortonio’s confirmation that Duterte, Lopez and he, as assistant chief of staff, were the office’s three highest-ranking officials.

Defense objections overruled

Escudero took over the questioning after prosecution lawyer Mae Divinagracia sought to establish whether Duterte alone among the OVP’s top officials knew how the confidential funds were used.

Defense lawyer Kristine Ferrer objected, arguing that the question was misleading and vague and that Lopez had not testified before the impeachment court on the confidential funds.

Escudero overruled the objection, saying the court had taken judicial notice of the 2024 House proceedings, during which Lopez testified, and that the transcript contained statements along those lines.

Ortonio repeatedly told the court that he had no participation in the implementation, disbursement, recording or preparation of liquidation reports involving the confidential funds.

Asked by Divinagracia whether he knew where the money went or which OVP programs received it, Ortonio said he had no personal knowledge of how the funds were implemented.

The defense again objected, but Escudero allowed the questioning, saying it involved an issue that was also on the minds of the senator-judges.

No personal knowledge

‘So if you have no personal knowledge where the funds were spent, you also do not have the knowledge if the funds were used for the OVP’s regular programs?’ Escudero asked.

‘I don’t have personal knowledge how the confidential funds were implemented,’ Ortonio replied.

‘At all? Where it went, you don’t know? Whether it ended up right or wrong, dirty or clean, you don’t know.?’ Escudero asked in mixed English and Filipino.

‘I would have no personal knowledge, Sir,’ the witness said.

Duterte ‘most responsible’

Senator-judge Risa Hontiveros then asked whether every major action involving the confidential funds-from the request for the money and the amounts sought to the justification, use and responses to auditors-was decided and approved by Duterte.

Ortonio said he furnished Duterte, as head of the agency, with copies and information and that the documents submitted to the Commission on Audit carried her final sign-off.

Asked whether Duterte was therefore ‘the most responsible for all of it,’ Ortonio answered: ‘Based on that, ma’am, being the head of agency, ma’am, I would say so, ma’am.’

Lachica’s employment status

Senator-judge Vicente Sotto III, meanwhile, questioned Ortonio about Lachica’s employment status in the OVP.

Ortonio said Lachica, as commander of the VPSPG, was not an OVP employee but was designated by the Armed Forces of the Philippines to head the security unit.

‘Therefore, he is not employed? He does not have any employment status in the Office of the Vice President?’ Sotto asked.

Ortonio answered in the affirmative, underscoring the questions over why an officer outside the OVP’s regular personnel structure appeared to have knowledge of the confidential funds while its two other highest-ranking officials did not.

Lacson seeks fund records

Senator-judge Panfilo Lacson raised another unresolved issue, saying senator-judges were still wondering whether the unusual names appearing in documents represented real people who actually received reward money as informants.

Lacson suggested that the impeachment court subpoena documents relating to the OVP’s programs, projects and activities (PAPs), physical and financial plans (PFPs), and expected outcomes so the senator-judges could examine the underlying records themselves.

‘There is a presumption the funds were used properly, but there’s still that doubt that we cannot remove because there are so many issues that came out during the trial,’ Lacson said, stressing that the court needed to be satisfied before deciding the case on the basis of evidence.

Escudero said the court could exercise that power at the appropriate time. He said the general rule was for the impeachment court to remain a passive body and leave it to the prosecution and defense to seek the evidence they considered necessary.

But after both sides have presented their evidence in chief, Escudero said, the court may call or recall witnesses, summon a person not named by either party and issue subpoenas for relevant documents.

‘Copy-paste’ budget plans

Lacson also assailed what he described as ‘copy-paste’ descriptions in the OVP’s regular budget and confidential and intelligence funds plans.

Citing the 2022 and 2023 General Appropriations Acts and the OVP’s PFPs, Lacson noted that the office received P621.6 million under its regular budget and P125 million in confidential funds in the fourth quarter of 2022, while in 2023 it received P2.21 billion in regular funds and P500 million in confidential funds.

He said virtually identical program descriptions and physical targets appeared in the regular and confidential fund documents, including targets involving areas under surveillance and the implementation of activities without security-related incidents.

Lacson said the descriptions could at least have been differentiated, calling the apparent ‘copy-paste’ practice an insult to common sense.

He later clarified that when he described the practice as ‘stupid,’ he was referring to the descriptions and nomenclatures of the PAPs, PFPs and physical targets, not to any individual.

SM Prime Holdings Inc. is further boosting its regional growth momentum as it expands three malls in the western Visayas and south Luzon.

The real estate giant said on Wednesday the expansion would provide an additional 70,000 square meters (sq m) of gross floor area to its retail portfolio in the final stretch of the year.

‘The cities of Iloilo, Sto. Tomas and Naga are major economic hubs in their respective regions, with strong potential to attract more businesses and investment,’ SM Prime president Jeffrey Lim said in a statement.

‘Through these mall expansions, we aim to support their continued growth by creating more opportunities for MSMEs (micro-, small- and medium-sized enterprises), generating local employment and contributing to stronger communities,’ Lim said.

The SM City Iloilo North Block gets the biggest chunk of the expansion move, with about 35,000 sq m of gross floor area.

The additional space will include covered multilevel parking, new ground-floor retail spaces for essential services, medical and wellness services, specialty stores, a convenience store and a cafe. There will also be a National University campus.

The SM City Sto. Tomas in Batangas, meanwhile, will have a third level, subsequently adding over 26,000 sq m. Visitors would soon see new amusement concepts, restaurants, wellness establishments and retail stores.

The additional level would also house a trade hall, coworking and meeting spaces and visual installations. As it anticipates more visitors, the group said it would allot additional parking space.

SM City Naga in Camarines Sur will have a two-story expansion with about 9,000 sq m.

A weak ash explosion occurred from the Mayon Volcano summit crater on Thursday morning which generated a grayish plume, according to the Philippine Institute of Volcanology and Seismology (Phivolcs).

Phivolcs showed video footage of the event that was recorded at 9 a.m.

‘This event generated a grayish plume that rose 500 [meters] before drifting east-northeast as recorded by the Calbayog Observation Station (VMCB) RasPi Camera and Mayon Volcano Observatory – Ligñon Hill (VMLH) IP camera,’ it wrote in a Facebook post.

Meanwhile, based on its 24-hour monitoring, Phivolcs said that the volcano recorded 26 volcanic earthquakes. Its crater remains visible to the naked eye.

The volcano also released 5,937 tons of sulfur dioxide on Wednesday, which was slightly higher than 5,052 tons of sulfur dioxide recorded on Tuesday.

The volcano remains under Alert Level 2, which signifies decreased unrest. Phivolcs still prohibits entry into the six-kilometer radius of the permanent danger zone and flying any aircraft close to the volcano.

The bureau also warns nearby communities of possible hazards such as sudden steam-driven or phreatic eruptions, rockfalls or landslides, and lahars during heavy and prolonged rainfall.

The volcano’s status was lowered from Alert Level 3 to Alert Level 2 last August 5, after being placed under Alert Level 3 last January 6 due to its increasing seismic activities.

The driver of a fuel tanker involved in a vehicular incident that resulted in the deaths of three individuals on Aug. 25 has been released and is no longer facing charges, police said.

Police Captain Cyrus Taliman, Puerto Princesa City Police Station 2 commander, said they released the driver from custody after the 18-hour reglementary period had lapsed.

The fuel tanker was traveling along the national highway in Barangay Tiniguiban here when it collided with a Honda Click motorcycle carrying three people at around 2 a.m. on Tuesday.

The victims, identified as Carl Assie Abajo from San Vicente town, Princess Lara Padon and Dominic Ladica, both from Araceli town, died on the spot.

Earlier reports stated that the unnamed driver, who voluntarily surrendered to authorities after the incident, would be charged with reckless imprudence resulting in multiple homicide and damage to property.

Taliman said the families of the victims and the driver had already talked with a lawyer on Wednesday morning for a settlement.

He also said they were able to acquire video footage of the incident from the fuel tanker’s dashcam, clearly showing that the motorcycle overshot its side of the road and collided with the tanker.

He explained that the footage showed that although the motorcycle was traveling fast, the driver was not racing with another motorcycle.

‘Based on the footage, there was another motorcycle ahead, but its headlights blinked, indicating that the driver signalled to the tanker driver. After a few seconds, the motorcycle collided, so we cannot conclude that they were racing,’ Taliman said.

He also confirmed that, based on statements from relatives, the three came from a birthday party. He, however, explained that the cause of death cannot be determined because the result of the post-mortem examination has not yet been released. He added that the families also waived autopsy on the victims’ bodies

Lawmakers have asked Vice President Sara Duterte how she was able to conclude that the prosecution has failed to present any evidence in her impeachment trial, despite the proceedings having gone on for eight weeks, while she has been absent.

In an ambush interview on the sidelines of Duterte’s trial on Wednesday, public prosecutor and Bicol Saro party-list Rep. Terry Ridon said that if Duterte had attended some of the hearings, she would have seen the magnitude of evidence presented by the prosecution.

‘Maybe if our vice president had shown up to her trial from the start, she would know the state of the evidence laid down by the prosecution,’ Ridon told reporters.

‘And I think it is very important to remind (the public) that it has been weeks, I think this is the eighth week of the trial, but the vice president chose not to show up to this trial,’ he added.

In a separate press briefing, Deputy Speaker Jefferson Khonghun said that Duterte’s statements will be a good test of how the Senate Impeachment Court will implement Rule 18, the sub judice rule, which bars comments and disclosures on the merits of the case.

‘It doesn’t look good that the presiding officer is reading the ruling on sub judice and then the vice president is discussing the case. She has not attended her trial, and yet she chooses to say a lot of things outside,’ he added.

On Wednesday morning, while her trial was ongoing, Duterte released a statement calling out the prosecution and some members of the impeachment court.

Duterte said that the prosecution has been relying on ‘theatrics’ and ‘insults,’ while saying that a senator-judge called a witness ‘stupid.’

She also claimed that the prosecution has been fishing for evidence in an attempt to ‘legitimize the two impeachment complaints,’ which she said were ‘filed without a shred of evidence.’

When asked whether he thinks Duterte will follow Rule 18, Khonghun said ‘no.’

‘Ever since, she has not behaved well. You saw how she acted outside the court, so we do not expect the vice president to follow the court’s orders. She hasn’t even shown up yet,’ he added.

Earlier, prosecution spokesperson and impeachment adviser Robert Ace Barbers said that they would seek clarification from the impeachment court on the matter.

Eventually, House lead prosecutor and Batangas Rep. Gerville Luistro asked Escudero if she could make a manifestation on the matter. Escudero stopped Luistro, saying that he was well on his way to addressing the matter.

Escudero said that since Duterte’s statements were made while the ruling was being discussed, they fell under the principle of prospectivity. However, he asked the defense panel, particularly lead defense lawyer Sheila Sison, to remind her client about the matter.

Lawmakers have previously called out Duterte’s absence from the trial. On Aug. 3, Ridon questioned why she could travel abroad but not attend the trial.

Duterte is not required to attend the trial, as she is represented by her counsel. However, last August 17, Manila Rep. Bienvenido Abante Jr. – one of the endorsers of the fourth impeachment complaint – said Duterte should show up and answer the allegations herself, instead of having her staff face tough questions from the parties and senator-judges.

According to Abante, if Duterte can attend the proceedings for her perjury charge against ex-aide Ramil Madriaga and the arraignment of her brother Davao City Rep. Paolo Duterte for his grave threats case, the vice president should also make time for the impeachment court and not let staffers alone be grilled.

MPower, the retail electricity supplier of Manila Electric Co. (Meralco), will provide power to Big Ben Group’s manufacturing plants in Pulilan, Bulacan, to support the concrete manufacturer’s operations and improve energy management and efficiency.

The companies said the agreement aims to ensure reliable, cost-efficient electricity while strengthening business continuity.

Big Ben Group produces ready-mix concrete for various projects and relies on a consistent electricity supply for continuous operations.

Meanwhile. Big Ben Chairman Pacifico Eusebio Jr. said reliable and cost-efficient energy is important to the company’s competitiveness as it continues its operations.

‘Energy reliability and cost efficiency are fundamental to how we operate and compete. We cannot promise excellence to our clients if we do not secure excellence in our own operations. Partnering with a trusted provider like MPower strengthens the foundation of our business and supports our long-term vision for growth and resilience,’ Eusebio said.

In addition, the partnership will focus on energy management and operational efficiency, with MPower providing electricity and energy-related expertise to support Big Ben Group’s business continuity.

Sustainable and reliable power supply

For his part, MPower Senior Vice President and Head Redel Domingo said the company aims to provide the energy solutions and expertise needed to improve operational performance. ‘By ensuring a stable and reliable power supply, we help create the conditions for businesses to focus on what they do best and continue creating value for their customers and communities,’ he added.

Likewise, Big Ben Group Director Benjamin Eusebio highlighted sustainability’s role in the company’s operations and long-term planning. ‘Sustainability has to be embedded in how we operate and plan for the future. Partnering with MPower allows us to improve our energy management while supporting our long-term business and sustainability goals,’ he added.

Moreover, the partnership comes as MPower serves eligible customers in the competitive retail electricity market by allowing them to choose their power provider.

The power retailer enhances customer choice with affordable electricity and flexible energy solutions for more efficient business operations.

Amid the constant thinning of power reserves in the Visayas region that leads to frequent brownouts since May, renewable energy plants are set to rise in Northern Samar and Negros Occidental provinces, raising hopes this could help ease the situation when these are completed.

In Northern Samar, a 200-megawatt (MW) wind power project is nearing construction phase, with its developer working with local governments on permits, site development and a proposed port facility to support it.

Representatives from Vivant Renewable Energy Corp. (VREC) recently met with Victoria Mayor Joey Ardales to discuss the latest developments in the Northern Samar Wind Project, which will cover parts of Victoria and the neighboring towns of Lavezares, Allen and Rosario.

The project plans to install wind turbines in coastal and mountainous areas of the four towns, with VREC partnering with global turbine manufacturer Envision Energy.

About 36 percent of the planned 200-MW capacity has already been covered by power off-take contracts under the government’s Green Energy Auction Program, according to a project information presented during the briefing.

VREC, the renewable-energy arm of Cebu-based Vivant Energy Corp., is targeting completion of construction and grid integration by 2028, subject to the completion of regulatory, technical and other development requirements.

Once operational, the wind farm is expected to generate about 695 gigawatt-hours (GWh) of electricity annually, equivalent to the power needs of more than 190,000 households.

Geothermal source

Engineer Jary Evangelista of VREC said the project was projected to cut carbon dioxide emissions by nearly 487,000 metric tons each year, supporting Northern Samar’s efforts to expand renewable energy investments and reduce reliance on fossil fuel-based power generation.

In Negros Occidental, a 5.6-MW binary power plant in Mailum, Bago City, is expected to be operational by 2027, according to Erwin Magallanes, head of corporate relations of First Gen’s Energy Development Corp. (EDC).

The plant is being built on the former site of the Northern Negros Geothermal Power Plant. The 5.6-MW binary power plant, which will tap into the area’s geothermal resource, is capable of supplying electricity to approximately 100,000 households, Magallanes said.

According to the National Grid Corp. of the Philippines, the Visayas region posted an all-time peak demand of 2,779.37 MW on May 14 this year. To meet the region’s surging electricity needs, the grid imports 200 MW from Luzon and 450 MW from Mindanao, mostly from coal-fed capacities that are currently on extended maintenance outage.

A 20-year-old man who was swept away by a strong current while crossing a river to gather vegetables was found dead.

The Philippine Coast Guard in Zambales confirmed on Thursday that Jasper Rosales, a resident of Sitio Dinuron, Barangay Burgos here, was found along the shoreline of Barangay San Miguel at around 1:10 p.m. on Wednesday.

His immediate family positively identified the remains.

Rosales went missing at around 11:30 a.m. on Tuesday after he and his 32-year-old cousin, Darwin Milo, reportedly crossed Pamatawan River in Sitio Maligaya, Barangay Burgos, to gather vegetables.

The strong current dragged the men along the river, but Milo survived.

The recovered remains of Rosales were turned over to his family and concerned authorities for proper disposition and further investigation, according to the PCG.