Category: Philippines Daily Inquirer

Corruption kills. Insatiable greed among our government officials and their capitalist collaborators has caused misery and death to vulnerable groups, especially those who live near mountainous areas whose forest cover has been lost to rapacious past logging and mining activities.

In early November, Typhoon ‘Tino’ battered the province of Cebu, leaving in its wake the deaths of more than 200 people and the displacement of thousands of families. This disaster has become the emblematic example of how corrupt practices have killed innocent people. Corrupt government officials in regulatory bodies like the Department of Environment and Natural Resources have turned a blind eye to capitalist/corporate business to transform Cebu’s mountains into hotels, resorts, and other capitalist ventures. These officials were also supported by equally greedy local government officials who had been paid off with bribes to allow these questionable projects to be built in ecologically fragile areas.

Amid all these scandals, some nongovernment organizations have taken the lead in urging people to sustain their rage against these corrupt individuals in both government and the construction business community through various mass movements, such as indignation rallies. Rallies have been held here and there, some of which had dubious intentions toward creating a coup-like scenario for a change in leadership. Thankfully, this did not materialize-to the consternation of those who had been waiting in line and preparing themselves to take over the reins of government.

But for some human rights groups, grounded in the plight of many indigenous peoples who are always at the receiving end of the adverse consequences of massive government projects, one effective way is for people to take action collectively.

With the theme, ‘From Crisis to Collective Action: Defending Land, Life, and Self-Determination in Mindanao,’ the two-day conference on Climate Justice and Solidarity was held at the Diocesan Pastoral Center in Malaybalay, the capital city of Bukidnon province. The conference on Nov. 27-29, 2025, brought together religious leaders from various congregations and faiths. It also invited some academics, notably from the Mindanao State University main campus in Marawi City, as well as legal and medical professionals, social development practitioners, thought leaders, bishops, and pastoral leaders of the Catholic hierarchy.

The Mindanao Climate Justice Resource Facility Inc., with its head office in Marikina City but with projects in many localities in climate change-vulnerable parts of Mindanao, took the lead in conducting the conference.

For two days, participants were engaged in serious discussions on how they could come up with collective action to defend their rights to their land (which is their life). They also tackled several capacity-building strategies to assert self-determination and human rights to a safe and stable environment that celebrates, rather than kills, life in all its forms.

As a discussant in the plenary session on the first day, I was tasked with presenting my reflections on the topic of gender and climate justice. I shared with the participants the findings and recommendations from two exploratory studies, where I served as a coresearcher for the first and as the research team leader in the second one.

The first case study was exploratory in nature. Titled ‘Climate Fragility Risks in the Bangsamoro, it delved into how communities have coped with armed conflicts that intersected with adverse consequences of extreme weather events. Our study tackled how climate change events, like typhoons and droughts, can strongly impinge on the vulnerabilities of people who are frequently exposed to violent armed conflict episodes. Many times, violent conflict episodes took place while a typhoon raged, and floodwaters swept away people’s homes and their livelihoods.

The second study was more inclusive. It tackled how gender inequality, social exclusion, and other vulnerabilities of marginalized and impoverished populations exacerbate the situation of communities that are frequently exposed to violent armed conflict, especially in some areas in the Bangsamoro autonomous region. In the second study, we included the armed conflict-prone areas in the province of Lanao del Sur, including the city of Marawi.

Oxford-‘Jaime Lannister is my favorite character . he is such a misunderstood guy,’ I blurted out as soon as positioned myself next to George R. R. Martin for a formal picture following his pre-event intimate talk at the historic Gladstone Room. Despite being a lifelong member of the Oxford Union, this was only the second event I managed to squeeze into my hectic schedule before the end of the year. The legendary writer behind the ‘Game of Thrones’ trilogy immediately chuckled at my unsolicited comment. ‘That’s very good . [and no worries] got interesting stuff coming for him,’ he added with a grin of satisfaction.

About half an hour later, I managed to secure a front seat for Martin’s main talk at the grand debating chamber, where he sentimentally spoke of his difficult childhood; the traumas of his mother’s déclassé Irish family; his father’s Italian roots (originally ‘Mazzuoccolo’ before being forcibly anglicized to ‘Martin’ upon arrival in New York); early formative experiences, including with his peculiar pets, which may explain the brutish and nasty nature of his novels; and his accidental journey into becoming a legendary fiction writer after decades of relentless dedication. What stood out for me was his distinction between two types of writers, namely ‘architects,’ who seamlessly engineer the broad outlines of any major intellectual work from a macro perspective, and ‘gardeners,’ who tend to their craft in a more spontaneous, tedious, and micromanaged way. I generally relate to the first type, given my penchant for analyzing the grand struggles of our times, from the emergence of populism to the new Cold War between the superpowers. Writing books tends to be extremely taxing, but it’s more manageable when you constantly flirt with grand theories. Perhaps Ernest Hemingway belonged to the second group when he famously said, ‘All you do is sit down at a typewriter and bleed.’

Above all, Martin repeatedly reiterated his admiration for one of Oxford’s greatest products: John Ronald Reuel Tolkien. Though not a fantasy fiction fan in general, what I found helpful in both Martin’s and Tolkien’s works is the epic struggle between the countless shades of ‘good’ and ‘evil’-and the tremendous challenge of centralizing power. What one sees in their works is the prevalence of centrifugal forces and, more specifically, hopeless factionalism. This is extremely relatable for any student of Philippine society, given the weak nature of our national state institutions and the interdynastic wars that define our electoral politics. Three years into the ‘Game of Thrones’ struggle between the House of Duterte and the House of Marcos, we’re now essentially witnessing a Tolkienite ‘The Battle of the Five Armies’ amid the greatest corruption scandal in our history.

First, you have the administration and pro-Marcos loyalists, who are clearly in survival mode. Then you have the pro-Duterte camp, who are more than excited to hijack anticorruption protests. Radicals, meanwhile, prefer a ‘resign all’ formula to pave the way for a new Bolshevik-style regime. As if this weren’t quixotic enough, there is also a protofascist faction pushing for a coup-born transitional council under the aegis of big business and ex-military officers. The fifth faction is the liberal-progressive coalition behind the ‘Trillion Peso March,’ which happens to be under the spiritual guidance of Cardinal Pablo Virgilio David.

The political balance is extremely fragile, with multiple sides in a position to potentially disrupt the entire system. A single major misstep by President Marcos could trigger a coup or mass revolt. So far, the pro-Duterte faction is in a relatively better position, since their champion, Vice President Sara Duterte, happens to be next in line if the incumbent falls and also the leading candidate in a race where she is the only declared contender so far. All preelection surveys show that another Duterte is a clear front-runner to become the Republic’s next president. The ‘Solid South’ has clearly crystallized under a new ‘identity politics,’ which has made the Duterte dynasty a major force in national politics.

The most decisive faction is arguably the ‘Pink’ liberal-progressive coalition-if and only if they manage to rally behind a clear blueprint, a charismatic core leadership, and a no-nonsense strategy that ensures the incumbent makes genuine reforms in his twilight years in office and, crucially, that a grand pro-democracy coalition is assembled ahead of the impending showdown with the forces of darkness. This is the epic battle of our era!

The Department of Education (DepEd) on Tuesday said it is expected to widen the coverage of its Government Assistance to Students and Teachers in Private Education (GASTPE) programs in 2026.

The increase, said Education Secretary Sonny Angara in a statement, is contained in DepEd’s proposed P41.18-billion budget for government subsidies to the private education sector in 2026, which is P670 million higher than the 2025 allocation.

The higher funding is intended to ensure the continued expansion of, and timely delivery of, subsidies to meet growing demand.

‘All of this is to ensure the delivery of quality education, especially in areas where public schools are lacking,’ Angara said in Filipino.

‘That’s why it is the duty of DepEd to ensure that the increased funding for vouchers and subsidies is used properly. In partnership with the private sector, we will make sure that the education of more than two million young people continues and is guaranteed,’ he added, speaking in Filipino.

Under the proposed allocation, GASTPE is expected to serve 989,471 junior high school grantees under the Educational Service Contracting (ESC) program and 1,475,264 senior high school grantees under the Voucher Program (SHS VP) next year, along with sustaining the PhP24,000 annual Teachers’ Salary Subsidy (TSS) for eligible teachers in participating schools.

It is also set to assist 117,150 senior high school learners with Technical-Vocational Livelihood (TVL) specializations.

Meanwhile, Angara noted that the increased allocation comes amid several reforms introduced to strengthen the Public and Private Basic Education Complementarity Framework.

Among these reforms are tightened implementation oversight, clarified program guidelines, and improved coordination with private school associations to address delays in processing and documentary requirements.

Angara said DepEd is also working on guidelines for the recognition of senior high schools as part of its ongoing reforms, which aim to ensure that private school partners meet consistent quality standards.

Furthermore, a five-step validation process has been implemented to ensure subsidies reach only eligible learners.

With these reforms, the DepEd Central Office is currently handling the investigation of seven cases against erring private schools and has filed criminal charges against persons responsible for fraudulently claiming subsidies for ‘ghost’ voucher beneficiaries under the SHS voucher system.

The Cebuana Lhuillier-backed Pickle-Yard PH delivered a commanding performance recently on Day 1 of PCL Asia Season 2 in Shenzhen, China, finishing the opening round with three dominant victories and one hard-fought draw. The Philippine squad showed consistency, depth, and tactical strength across all divisions-proving why they remain one of Asia’s rising teams in competitive pickleball.

Pickle-Yard PH opened their campaign with a flawless 4-0 sweep against Bintang Pro Picklers Malaysia, setting the tone with confident wins in men’s doubles, women’s doubles, and both mixed doubles matchups.

Their toughest challenge came against Japan Mahikohi, where the Filipinos battled to a 2-2 draw. The match showcased the team’s composure under pressure as they held their ground against one of the region’s most experienced pickleball lineups.

Regaining momentum, Pickle-Yard PH powered through their next two opponents-Guangzhou China and Dong Wang Pickleball China-both ending in decisive 4-0 sweeps.

Cebuana Lhuillier President and CEO Jean Henri Lhuillier expressed his pride in the team’s performance, saying: ‘We are incredibly proud of Team Pickle-Yard PH and how they represented the Philippines on Day 1 of PCL Asia Season 2. Their three sweeps and one draw show the level of talent and commitment they bring to every match. Supporting Filipino athletes as they break barriers in emerging sports will always be part of our mission.’

These back-to-back shutouts solidified the Philippines’ strong opening-day standing and highlighted the squad’s excellent teamwork and match preparation.

Representing the country in the tournament are standout athletes Medelene Ramos, PCL Philippines MVP, alongside Patricia Raymundo, Carlo Lagrana, Mark Alfred ‘Red’ Directo, Juan Paulo Fermin, Chloe Mae Saraza, Honey Mae Gilles, and June Cesar Ian Malacaman. Together, they form a dynamic roster capable of adapting across formats and competing with the best teams in Asia.

With Day 1 completed, the Filipino squad now looks ahead to the next round of matches on Day 2, carrying strong momentum and the support of the growing pickleball community in the Philippines.

A Mindanao-based businessman on Tuesday surrendered 25 guns with expired licenses to the Philippine National Police (PNP), aiming to influence more community leaders to surrender loose firearms in a bid to combat crime.

Businessman Jesus P. Martinez, who also chairs the advisory council for the PNP Integrity Monitoring and Enforcement Group (IMEG), turned over the firearms to Acting Chief Lt. Gen. Jose Melencio Nartatez Jr. in a ceremony in Camp Crame.

The guns Martinez turned over were 12 12-gauge shotguns; four caliber .30 high-performance rifles; four caliber 7.62mm M14 rifles; three caliber .45 submachine guns; a caliber 5.56 M4 rifle; and a 9mm submachine gun.

The businessman also turned over three fragmentation grenades as well as 40 rounds of caliber 7.62 ammunition, 30 rounds of caliber 5.56 ammunition, two magazines for caliber 7.62 rifles, and two magazines for caliber .30 rifles.

Martinez noted that he surrendered the firearms pursuant to Presidential Decree No. 1745, series of 1980, which grants amnesty for simple illegal possession of weapons, ammunition, or explosives.

He explained that he is a gun collector and holds a Type 5 license, which allows him to own 15 or more guns under Republic Act No. 10591, or the Firearms and Ammunition Regulation Act.

‘I want to be an example to all advisory groups. The PNP advisory groups have more than 20,000 members. I hope I can convince them to surrender at least one [firearm] each,’ Martinez said in Filipino during a press conference after the turnover.

‘I know around 40,000 loose firearms from others. Most of them also want to surrender their firearms. They’re just looking for someone who can guide them on how to surrender loose firearms,’ he added in Filipino.

According to PNP Deputy Chief for Operations Lt. Gen. Edgar Allan Okubo, the guns and bullets Martinez turned over will first undergo ballistics tests under the agency’s Forensic Group to determine whether they were used in any crime.

PNP Firearms and Explosives Office Director Brig. Gen. Ronald Gayo added that if the firearms are cleared during the ballistics examination, they will be assessed to determine whether they are still fit for use by the police force. If not, they will be donated to another agency.

When Team Philippines heads into another regional battle for athletic supremacy in the 33rd Southeast Asian (SEA) Games that kicks off on Tuesday, it won’t want for star power.

Right at the opening rites at Rajamangala National Stadium, two athletes from different sporting worlds but bound symbolically by their flag-bearing duties will be at the tip of the Philippines’ parade and they will need no introduction: Tennis star Alex Eala and volleyball standout Bryan Bagunas will lead a delegation looking to make its own mark in the biennial meet.

Eala arrives in Bangkok after a spectacular 2025 that vaulted her into the company of the world’s elite young players, giving the Philippines its first tennis inspiration in quite a long while. Bagunas, a long-time pillar of the national volleyball team, is among the country’s most recognizable men’s standouts, especially after a historic stint in the world championships in Manila.

Behind them is a cast of headliners who will shoulder pressure and expectation from a country looking to better its performance from the last staging.

EJ Obiena returns to the SEA Games as the undisputed king of Asian pole vaulting, his record still unmatched on the continent.

In boxing, Olympic medalists Nesthy Petecio, Aira Villegas and Eumir Marcial provide reasonable gold chances.

Gilas Pilipinas enters as the defending 5×5 champion and though the absence of top stars is noticeable, the shine the team carries is still unmistakable. Meanwhile, the Alas Pilipinas volleyball squads, buoyed by a resurgence in local fan support, especially for the men’s side, get ready for their podium hunt.

The Philippines will miss two-time Olympic gold medalist Carlos Yulo, the gymnastics ace who opted to skip the regional meet after organizers limited the number of events he could join.

Apart from the star athletes, there will also be heavy attention on several rising young standouts who will try to pull off upsets to fuel the country’s medal machine

National Artist for Film and Broadcast Arts Ricky Lee addressed concerns online about the selection process for his free-for-all scriptwriting workshop, particularly comments questioning why established actors and industry personalities were among the chosen participants.

Lee’s statement came after netizens questioned the selected participants for the latest batch of the workshop, which includes known personalities like Cristine Reyes, Kylie Padilla, Kara David, JC Santos, and Romnick Sarmenta, among others.

In a statement on his Facebook page on Tuesday, Dec. 9, Lee explained that he and the selection committee prepared guidelines to ensure a fair and inclusive process for both established individuals and newcomers.

‘Nilinaw namin sa selection committee ang guidelines sa pamimili. Na pantay-pantay ang karapatan ng lahat, whether celebrity, datihan, o baguhan, na matanggap. Basta qualified, gustong makapagsulat, at angkop sa gagawing mix ng bawat batch [.] Binuksan sa lahat ang application upang bukod sa mga taga-industriya at mga kakilala na ay makapagpasok ng mga baguhang nagsisimula pa lang mangarap,’ he wrote.

(We clarified to the selection committee the guidelines for selection, that everyone, whether celebrity, veteran, or novice, has an equal right to be accepted. As long as they are qualified, willing to write, and suitable for the mix of each batch [.] The application was opened to everyone so that, in addition to industry insiders and acquaintances, newcomers who are just starting to dream can join.)

Lee emphasized that mixing participants from different backgrounds, for instance, from writers and non-writers to actors and technical crew members, has always been part of his workshop format as it ‘creates a more dynamic learning environment.’

‘Maraming natanggap na taga-pelikula at marami ang hindi natanggap. Marami ang kaibigan at anak ng kaibigan ang hindi rin natanggap. Sa huli, ang pinairal ay kung qualified ba, at angkop sa mix. Sa naging final results, halos kalahati pa rin ng bawat batch ay mga baguhan,’ he said.

(Many filmmakers were accepted and many were not chosen. Many friends and friends’ children also did not make it. In the end, what mattered was whether they were qualified and suitable for the mix. In the final results, almost half of each batch were still beginners.)

The award-winning screenwriter noted that more than 2,600 people applied, with over 200 qualifying in Batches 30 and 31 alone, hence the creation of Batch 32. Lee acknowledged the disappointment of those not selected as he appealed for the public to trust the selection process.

‘More than four decades ko na itong ginagawa, at napatunayan ko nang nagwo-work ang sistema ko ng mixing sa bawat batch. Sana ay nagtiwala ang lahat na alam ko ang ginagawa ko at na masusi ko itong laging pinag-aaralan bawat hakbang nito. Alam ko kung paano makaramdam ng rejection dahil na-reject na rin ako nang maraming beses. Kaya alam ko ang nararamdaman ng mga hindi natanggap. Kaya sinikap pa naming hanggat makakaya ay gumawa ng paraan para mag-accommodate ng as many as possible,’ he explained.

(I have been doing this for more than four decades, and I have proven that my mixing system works with every batch. I hope everyone trusts that I know what I am doing and that I will carefully study every step of the way. I know what it feels like to be rejected because I have been rejected many times. So I know how it feels for those who are not accepted. That is why we tried as much as we could to find a way to accommodate as many as possible.)

The veteran playwright expressed his hope that this will be his first and last clarification on the matter, yet he stressed that he remains ‘open to dialogue’ as everyone should share the same goal: to uplift others and improve the industry.

The Philippines, like many other countries, was not immune to the initial shock waves of the COVID-19 pandemic.

Reports of rising influenza-like illnesses in the past months pushed Filipinos to be more careful-yet again. Some were again seen wearing face masks.

Given the years of living under the shadow of COVID-19, such reaction to sickness is, I guess, expected.

During the pandemic, journalists played a crucial role in keeping people informed, while also experiencing difficulty delivering information about COVID-19 from government officials, some of whom were reluctant to answer queries.

Reporters worked remotely as government press conferences were held online. This led to many unanswered questions, including why the COVID-19 crisis was escalating amid class suspensions and travel restrictions.

Scary experience

The Philippine Daily Inquirer had adjusted to the pandemic to ensure that coverage continued while the safety of employees was also protected. The work arrangements included shuttle service to pick up and drop off employees, as well as the implementation of the work-from-home option.

There were instances when reporters exposed to people who tested positive for COVID-19 feared they had caught the virus, too.

I repeatedly cried out of fear that I might have brought the virus to my parents, who are both senior citizens, and my daughter, who was still a minor.

While the experience of covering the pandemic was both exciting and instructive, I must admit that it was often scary most of the time.

But I also knew that despite the fears that came with the job, journalists needed to present accurate news to the public so they would know what to do, especially when more and more people began catching the virus.

These days, every time the flu season comes around, I always think that the simple act of wearing a mask is not just about safekeeping oneself or others, but is also about preventing history from repeating itself.

During the pandemic, journalists had to find alternatives and adhere to safety measures to gather news once lockdowns and compulsory social distancing measures were implemented.

Invisible subject

Reporters had to strategize when it came to news gathering, especially in verifying information and interviewing sources.

Philippine media organizations took unprecedented steps to ensure the well-being of employees while delivering timely updates to a public starving for information.

Compared to other assignments, the danger for journalists this time was that the deadly subject was invisible.

In July 2023, President Marcos lifted the ‘state of public health emergency’ declared due to COVID-19. But while the pandemic exposed weaknesses in the country’s health-care system, the Department of Health believed it also paved the way for ‘transformative improvements’ in health-care response.

The COVID-19 may have upended our lives, but it also encouraged us to see things in a different light, to find creative ways to thrive in the new normal and to appreciate our homes and our loved ones.

Staying positive

The pandemic forced all of us to quickly bounce back from challenging times. It allowed us to adapt in many ways-in the way we connected and engaged with people, the way we worked and the way we took care of our health.

I learned that staying positive was key. I had the opportunity to exercise, eat healthier meals and spend more time talking to my family.

But more than protecting one’s health to fight illness, I also learned pandemic survival tips that I practiced with my family.

It helps to be equipped with the right information to allow you to make cautious yet rational decisions. Thus, getting facts from verified media outlets is important amid the spread of fake news.

It also pays not to be overconfident or too complacent because of other people around us.

While we may think of ourselves as having strong immune systems, we have to be considerate of others, like our senior citizen parents, who are more vulnerable.

Taking care of oneself also means taking care of others, particularly in our own households. For many of us, it took a pandemic to drive home that truth. INQ

A page turns today for the Philippine Daily Inquirer (PDI), and it is both rich with history and filled with gratitude.

History on account of PDI’s 40 years as a chronicler of the Filipino nation’s journey. And gratitude-to our readers, advertisers, staff, management and other company stakeholders-for their impact on the newspaper’s own story of highs and hurdles amid today’s disruptive media landscape.

Indeed, what a story it has been for the P2 daily launched on Dec. 9, 1985, a gutsy ‘mosquito’ let loose in a gusty time by a team of young and veteran journalists led by Eugenia ‘Eggie’ Apostol, in response to the snap elections called by the dictator Ferdinand Marcos Sr. and the challenge being accepted by the widow Cory Aquino.

Most of today’s Inquirer editors and other stewards of the newsroom were, uhm, still only in elementary or high school during those pivotal, courageous days. That’s why the mere thought of it humbles us.

And that’s why, as we honor those roots-the legacy that guided the editors and staff who came before us-the pages we turn today are also imbued with appreciation. We dedicate much of this anniversary supplement to recognizing the major milestones of our reportage over the last four decades.

To better capture the spirit of those times, it was necessary to request former or retired colleagues to write some of the essays for this special issue. Current staff members, including provincial correspondents, share personal insights about their beats-the metadata, so to speak, behind their daily grind. There’s a deep dive about the economy, but there’s also mention of pet pythons. We also proudly report about our continuing community engagements and advocacy beyond the newsroom.

May you find our selection of topics and ‘throwbacks’ a pleasure to revisit, knowing that some of them were from a less frenetic, analog era of rotary phones, word processors and fax machines, still a world away from today’s 24/7 overload of Zoom interviews, tweeted quotables and viral news (clickbaits and AI fakes included).

Still, we begin not with pieces of nostalgia but of things here and now. There’s the public works corruption scandal to be plumbed, and the seething public clamor for transparency and accountability that is still far from being met. They all pose new challenges for Filipino journalists.

And that’s why we remember. In the 40-year history we now mark, a period bookended by two Marcos presidencies, 2025 can always take a page from 1985.

Global grain prices are expected to rise next year, although sufficient harvests may likely temper any price spikes, according to a research unit of Fitch Solutions.

In a report, BMI said the strong seasonal output for the 2025-2026 season is expected to boost physical supply throughout the year, which will help keep any price increases in check.

‘Favorable grain harvests amongst key exporters underpin this view,’ the report said.

‘With subdued domestic Brazilian demand, elevated exportable supplies ensure ample global corn availability through 2026,’ the research firm said.

BMI said in the United States, corn harvests in the 2025-2026 cycle would likely increase by 13.1 percent to 427 million tons.

After a period of abundant harvests, BMI anticipates tighter output in the next planting cycle, which could lend some support to prices.

US corn output is pegged at 384.4 million tons in the 2026 to 2027 season, down 10 percent due to expectations of a reduced corn acreage.

Brazilian farmers

Likewise, weak prices are seen to prompt Brazilian farmers to cut planting ahead of the January 2026 first corn crop.

Brazil produced 136 million tons in the 2024-2025 harvest season that ended in September.

BMI also said wheat prices were facing near-term downward price pressures because of the improved seasonal production in the 2025-2026 period.

‘Both harvests are now complete, ensuring supply availability and dampening the near-term outlook. However, beyond the near-term supply abundance, we expect a recovery in Chinese grain demand to provide price support,’ BMI said.

The European Union is seen to produce 141.5 million tons, a 16-percent increase, while Russia’s output is seen to climb by 4 percent to 84.8 million tons.

China imports

China’s grain imports declined in 2025, with purchases plunging 94.9 percent to 6.3 million tons of corn from January to November. Its wheat imports slumped by 83.1 percent.

Citing a report from the US Department of Agriculture, the research firm said China’s corn imports may soar by 150 percent in the 2025 to 2026 season. It also expects China’s wheat imports to rise by 43.9 percent.

Meanwhile, BMI said soybean prices benefited from improving US-mainland China trade relations.

‘While trade improvements with China provide a degree of support, the prevailing supply abundance is expected to cap meaningful price appreciation going forward,’ it said. INQ