Category: Philippines Daily Inquirer

The Philippine Stock Exchange Index (PSEi) has been highly volatile this month-falling as much as 5.8 percent before rebounding to almost 6,000.

Given this backdrop, it’s understandable that investors are unsure about what to do. Is the recent rebound of Philippine stocks a sign that the worst is over? Or is it an opportunity to trim exposure?

The answer depends on the kind of investor you are.

If you are a trader looking for quick short-term gains, this is not the environment for you. Fundamentals have not improved-and may even weaken-making a sustained rally unlikely. In this case, it may be wise to use the current bounce to take profits or reduce exposure.

Third-quarter gross domestic product grew just 4 percent, far below expectations, as government spending slowed sharply amid the corruption probe and household consumption rose only 4.1 percent, its weakest since early 2021.

Corporate earnings reflected the same sluggishness: most companies missed analyst estimates, while median growth was less than 5 percent, dragged by telcos, consumer firms, power companies and gaming operators.

External risks are rising too. US economic indicators are weakening, with serious auto and credit-card delinquencies climbing to 5 percent and 12.4 percent respectively-levels last seen during the global financial crisis.

Layoffs have also surged, while payroll growth has softened.

Finally, stress in private credit is increasing as recent high-profile bankruptcies at First Brand, Tricolor and Renovo are leading to massive losses among shadow banks. This, in turn, is expected to lead to heightened risk aversion among investors.

Concerns about a potential artificial intelligence (AI) bubble are also building. Big Tech continues to pour hundreds of billions into data centers and other AI infrastructure despite limited real-world adoption.

A recent MIT study found 95 percent of firms saw no measurable returns from AI, while losses of OpenAI (ChatGPT’s owner) widened to an estimated $7.8 billion in the first half of 2025 despite higher revenues.

With the SandP 500 trading well above its historical average valuation-and the ‘Magnificent 7’ now accounting for 40 percent of the SandP 500-any reversal in sentiment could trigger a sharp correction that would spill over to emerging markets, including the Philippines.

If, on the other hand, you are a long-term investor building wealth for retirement or for your children, then staying invested makes sense. Economies move in cycles, and today’s challenges will eventually pass.

Valuations also offer a strong argument for staying invested. The PSEi is trading at just 8.8x forward earnings, a level that’s close to the trough reached during the 2008 global financial crisis.

In fact, before the recent rebound, the index had fallen back to near-pandemic lows even though the economic backdrop is not as bad.

Many blue-chip stocks led by property and consumer stocks are also priced below their 10-year lows. This is despite earning higher profits today.

At the same time, a number of companies offer dividend yields that exceed those of government bonds, making them appealing sources of passive income. These yields also give investors a cushion, making it easier to stay patient while waiting for prices to recover.

While we cannot predict what catalyst will drive the next sustainable bull market, buying stocks while they are cheap ensures you won’t be left behind when the recovery finally happens.

That said, long-term investing works best when you size your exposure properly. Avoid using margin or leverage and keep only an amount in equities that you are sure you won’t need anytime soon. The market is very volatile right now and cheap stocks can still get cheaper. Holding too many stocks in a volatile environment can cloud your judgment-turning opportunity into panic if prices fall further.

It may also be prudent to raise some cash. With the US economy and markets showing signs of strain, conditions could worsen before they improve. Having liquidity gives you the flexibility to take advantage of any irrational selling should the Philippine market be dragged lower by global contagion. INQ

Miss Grand International 2025 Emma Tiglao was welcomed by a throng of supporters at the Ninoy Aquino International Airport (NAIA), a month after winning the golden crown at the global tilt.

Tiglao, who made history as the first back-to-back titleholder after her predecessor CJ Opiaza, was greeted with a group of supporters giving small gifts and waves at Terminal 3 of NAIA on Sunday, November 23. She was joined by the pageant’s founder and president Nawat Itsaragrisil.

‘Pilipinas, na-miss ko kayo,’ she captioned her post while posting a clip of her arrival in the country.

Meanwhile, Itsaragrisil also shared snippets of Tiglao’s return to the country, where he was seen greeting the beauty queen’s supporters with a big smile on his face.

‘I am here with your victory queen @emmatiglao Philippines,’ he wrote.

Tiglao and Itsaragrisil is also joined by Miss Grand International 2025 first runner-up Gotchabell Sarunrat Puagpipat, who arrived at a later flight, where she was welcomed by pageant fans as well.

‘This is my first time in the Philippines. Thank you for welcoming me so warmly. I’m so happy that I can’t stop smiling. I love you,’ she said.

Puagpipat seems to be enjoying her time in the Philippines so far, as she shared a clip of herself trying balut with Tiglao in what appears to be a street market.

‘First time to eat ‘balut’ The first time to eat duck egg. I’m crying. I feel sorry for the little one,’ she wrote in Thai.

Tiglao is set to greet her supporters in a grand homecoming celebration, with a parade to be held in Makati on Monday, November 24. The route will start at the Tower One and Exchange Plaza, and will traverse through Ayala Avenue, Paseo De Roxas, Makati Avenue, before ending at Ayala Triangle Gardens.

Also gracing the homecoming parade in Makati is Miss Grand International 2024 CJ Opiaza.

Tiglao will also be returning to her hometown in Pampanga, where another homecoming parade will be held in her honor on Tuesday, November 25 at Puregold DAU in Mabalacat.

For President Ferdinand Marcos Jr., the Senator Imee Marcos who publicly accused him and his family of being drug users, is not his real sister.

In a press briefing on Monday, Marcos said their friends and family had been worried about his eldest sister whom he had been estranged from for a while.

‘And the reason that is. is because the lady you see talking on TV is not my sister,’ he said.

‘We are very worried about her. I hope she feels better soon,’ Marcos added.

French-Lebanese composer Omar Harfouch, who resigned from his Miss Universe judging post before the coronation night, is not letting up on his tirade against newly crowned queen Fatima Bosch from Mexico, as he is now urging her to resign from her new title amid controversies surrounding her victory.

Harfouch has been making headlines after claiming that Bosch’s win at the Miss Universe 2025 pageant is pre-determined before its coronation night, a matter that was firmly denied by Miss Universe Organization (MUO) president Raul Rocha.

Despite Rocha’s denial, the musician demanded ‘urgent measures’ that must be taken immediately, such as Rocha and Bosch’s resignation following the ‘confirmed financial and political ties between her family and MUO.’

Harfouch likewise sought the permanent removal of Raúl Rocha from all beauty pageant-related activities, ‘due to serious violations of ethics and the international charter of beauty competitions,’ and to allow an ‘independent committee supervised by a certified auditing firm’ to investigate the recent pageant judging, and for it to be institutionalized ‘in all future licenses and agreements’ with participating countries.

‘The creation of an independent committee to design a new transparent national and international election system, supervised by a certified auditing firm to verify all national and international votes. This auditing requirement must be included in all future licenses and agreements with participating countries,’ he said.

He also hoped that Miss Universe 2024 Victoria Theilvig would extend her reign for ‘one more year’ to give ample time to the organization to ensure that it would be ‘more ethical and transparent’ to the public.

‘Extending the reign of Victoria Kjær Theilvig – Miss Universe 2024 -for one more year, allowing time to build a stronger, ethical, and transparent organization for Miss Universe 2026,’ he further added.

Since the 2026 iteration of the global tilt will be held in Puerto Rico, Harfouch also pushed for a ‘full investigation’ should there be any ‘potential plans for further manipulation’ on who gets the crown.

‘A full investigation into the sale of the Miss Universe Organization to Puerto Rico, including reviewing whether written or verbal agreements signed with Puerto Rican partners involve any potential plans for further manipulation in next year’s competition,’ he said.

In a separate post, Harfouch also posted a clip of a report alleging business ties between Bosch’s father and Rocha ‘worth millions of dollars.’

‘It reveals the business ties-worth millions of dollars-between the father of the newly crowned Miss Universe, Fatima Bosch, and the owner of the Miss Universe Organization, Raúl Rocha,’ he said.

‘The journalist also explains that Fatima Bosch’s family is deeply involved in Mexican politics: her aunt is a senator, they are close to the current President of Mexico, and Raúl Rocha’s business dealings are, at the very least, questionable,’ he further claimed.

The MUO has yet to respond to Harfouch’s fresh claims regarding the ties between Bosch’s family and Rocha, as of this writing.

Despite the backlash, the Mexican beauty queen said her victory at the Miss Universe pageant was ‘destined by God.’

The peso’s slide may not deter the Bangko Sentral ng Pilipinas (BSP) from cutting interest rates, as subdued inflation gives policymakers room to worry less about price pressures and instead focus on shoring up economic growth.

In a note to clients, Jason Tuvey, deputy chief emerging markets economist at Capital Economics in London, said the BSP may have to prioritize growth, as the widening investigation into anomalous public works threatens to further strain the economy amid increasing risks of social unrest.

Tuvey added that, beyond benign inflation that could blunt the impact of the peso’s depreciation on consumer prices, the BSP also has ample foreign reserves-totaling $110.2 billion as of October-to help steady the local currency and temper any surge in imported costs.

‘Unrest could further dampen economic activity, which is already suffering after the government halted public infrastructure works on the back of the corruption allegations,’ he said.

‘With inflation low, we doubt that downward pressure on the currency would prevent the BSP from cutting interest rates further in order to support the economy,’ he added.

After data had shown the economy expanding by just 4 percent in the third quarter-its slowest pace in over four years-President Marcos’ economic team acknowledged that reaching even the lower end of the government’s 5.5- to 6.5-percent growth target for the year was increasingly difficult.

The central bank acted swiftly, with the Monetary Board cutting the key interest rate by 25 basis points to 4.75 percent in October. BSP Governor Eli Remolona Jr. said another reduction in December was ‘possible,’ while ruling out aggressive easing that could fuel concerns about the economy heading for a hard landing.

Already, policymakers have suggested that the official targets may need adjustment to reflect the challenging economic realities created by the antigraft crackdown. The scandal has undermined business confidence, stalled public projects and tarnished the government.

The probe has implicated multiple lawmakers and – most recently – two Cabinet officials who resigned, prompting a Cabinet shakeup. The revamped team now faces the dual challenge of reviving growth and steadying jittery investors who have driven the peso to record lows.

In a separate note, SandP Global Ratings warned that the Philippines could face one of the region’s deepest and most prolonged easing cycles in 2026, as the corruption scandal limits the government’s ability to use fiscal policy to support growth.

‘The costs of domestic unrest in parts of Asia-Pacific may be borne by governments and their budgets,’ the global debt watcher said.

All good things come to an end, as the Creamline Cool Smashers missed the podium for the first time after 19 conferences in the PVL.

Entering Monday, 10-time champion Creamline has never finished outside of the top three since it joined the league in 2017. That impressive streak was snapped. The Cool Smashers suffered a quarterfinal exit at the hands of the Petro Gazz Angels, 25-23, 25-19, 16-25, 25-14, in the PVL Reinforced Conference at Smart Araneta Coliseum.

‘Records are made to be broken, so maybe this was just the time it happened,’ Creamline coach Sherwin Meneses told reporters after the tough loss. ‘But again, the most important thing is accepting the loss. Petro Gazz really deserved the win. They played extremely well, especially after losing their import. Their team truly has championship caliber.’

‘We have to accept what happened. As a coach, that’s the best thing I can say right now. There are still many conferences ahead, so it’s better for us to accept this early. No one wants to lose, of course,’ he added.

Meneses admitted their service-receive didn’t go well, and the breaks of the game also didn’t go their way.

It was a sad ending for American import Coco Schwan, who carried Creamline with 17 points, but it was a memorable experience playing in the PVL.

‘I’ve been crying since I got in the locker room. Everybody was so welcoming and I’m just grateful for being here and the opportunity,’ said Schwan. ‘I’d say that with great admiration for the way that the Filipinos admire and support volleyball.’

Schwan felt remorseful and bared that some of their teammates are no longer returning or retiring.

‘The atmosphere after the game was very sad. We got a couple of girls on the team that are not going to be on the team or they’re retiring,’ she said.

For Meneses, the reality is still uncertain for the Cool Smashers, as this is their first time losing this early in a tournament.

‘This is Creamline’s first time experiencing not making the semifinals. So it depends on the attitude and the resilience of the players-how they handle this. But there’s still plenty of time to bounce back,’ he said.

Mika Salamanca and Brent Manalo drew loud cheers from fans as they performed onstage during a supermarket chain’s first Hakot Relay Run event at Burnham Green, Quirino Grandstand, on Saturday, November 22.

Known for their stints on ‘Pinoy Big Brother: Celebrity Collab Edition,’ where they were named Big Winners, the pair became the highlight of the event’s Sunset Concert. Both artists were first invited to perform solo, before Salamanca called Manalo back to join her onstage, making the energy in the venue double.

The two sang their collaboration track ‘What If Tayo,’ released just two months ago, prompting loud screams from supporters who have closely followed their chemistry since their days inside the PBB house.

Aside from Salamanca and Manalo’s back-to-back performances, P-pop groups Press Hit Play, KAIA, and G22 also performed at the event. The supermarket chain’s president, Vincent Co, also attended the event and led the first wave of runners earlier in the day.

Co was thrust into the spotlight following his relationship with actress Bea Alonzo, who sometimes accompanies him at his events.

The relay run and concert formed part of the company’s community-building initiative that aims to bring Filipinos together through shared celebrations and experiences.

It was a three-kilometer relay event where, instead of racing for time, teams of three strategized through a ‘hakot’ segment to collect grocery items and fill sling bags before tagging the next member.

Angelica and Mark Andrew Yulo couldn’t hide their pride after the conclusion of the 2025 Artistic Gymnastics Junior World Championships.

Their son, Karl Eldrew, finished the event with two medals, bringing home bronze in the horizontal bar and floor exercise to their humble home in Leveriza.

‘What I love about him is whenever he gets tired, he just rests and he goes right back at it again,’ Angelica said during the post-event conference at Newport World Resorts on Monday night.

‘I love you so much, I’m so proud of you,’ she told Eldrew before giving him a tight and a kiss.

Mark Andrew, meanwhile, was almost speechless behind Eldrew.

‘Congrats, ‘nak and I wish God blesses everyone who supported you along the way. Keep on going for the Philippines,’ he said.

He also added in jest, referencing a viral moment from last year when he attended the Team Philippines’ Heroes Welcome for his other son, Carlos Yulo: ‘Drew, ‘dito papa mo.’

With Karl Eldrew’s breakout in his final Junior Worlds stint, the Yulo family now has two world-class gymnasts, following Carlos’ gold medal performances in the Paris Olympics.

Former House Speaker Martin Romualdez’s camp said the Independent Commission for Infrastructure’s (ICI) referral to the Office of the Ombudsman – which was issued with no finding of guilt against the lawmaker – affirms their confidence in the commission’s impartiality in handling the case.

Romualdez’s lawyer, Atty. Ade Fajardo, delivered his statement in a video sent to the media on Monday morning. This came after they received a copy of the ICI’s November 21 referral to the anti-graft body.

‘This clear statement strengthens our confidence in the Commission’s impartiality and underscores the constitutional role of the Ombudsman as the sole authority empowered to determine accountability,’ Fajardo said.

‘We trust that the Ombudsman will conduct an independent, thorough, and objective review of the evidence submitted. From the outset, we have consistently maintained that a fair and complete assessment of the record will reflect the truth,’ he added.

The referral includes Romualdez’s sworn affidavit, stenographic transcript, and related materials from his voluntary appearance before the ICI on October 14. It remains unclear whether this referral is the same joint report that the Department of Public Works and Highways (DPWH) submitted to the Ombudsman last Friday.

‘We acknowledge the referral submitted by the ICI to the Office of the Ombudsman on November 21 and welcome the Commission’s completion of its fact-gathering mandate. We respect the ICI’s commitment to transmit all gathered evidence to the Office of the Ombudsman for further evaluation,’ Fajardo said.

‘Importantly, the ICI explicitly states that the Referral is issued without any finding or conclusion of guilt or liability on the part of former Speaker Romualdez,’ he added.

Last week, the DPWH and the ICI recommended the prosecution of Romualdez and former Ako Bicol Rep. Zaldy Co for plunder, graft, and direct bribery in connection with flood control projects worth billions of pesos.

The joint DPWH-ICI referral also included members of the boards of Sunwest Inc. and Hi-Tone Construction and Development Corp., two public works contractors linked to Co, who were involved in the flood control projects from 2016 to 2025.

The home, in which a Department of Public Works and Highways Mimaropa (DPWH 4B) official was arrested, is allegedly owned by an ‘Oriental Mindoro vice mayor,’ according to the Department of the Interior and Local Government (DILG).

DPWH 4B official Engr. Dennis Abagon was arrested at a house in Sikatuna Village, Quezon City, early Sunday morning, National Bureau of Investigation (NBI) officer-in-charge Atty. Angelito Magno said in a press briefing in Camp Crame on Monday.

‘Reports were made that the house where he was arrested is allegedly owned by the vice mayor of Bansud, Oriental Mindoro. We are still verifying the authenticity of this information,’ Magno noted.

However, also at the briefing, DILG Secretary Jonvic Remulla said, ‘We have determined that he is the owner of the property.’

Asked by the Inquirer in a text message to confirm whether he was referring to the ‘vice mayor of Bansud, Oriental Mindoro,’ Remulla answered in the affirmative.

‘We’re just determining what is the nature of his stay there. So, until we determine whether he was renting or he was being hidden, we don’t have a definitive statement as to the status of the investigation on him,’ the DILG chief added in the briefing.

Neither Magno nor Remulla identified the ‘vice mayor of Bansud, Oriental Mindoro’ who supposedly owned the Quezon City house in which Abagon was arrested. It was unclear whether they were referring to a past or incumbent official.

Further asked to confirm whether the vice mayor he was referring to was a male, Remulla only said, ‘I’ll get the information.’

Nonetheless, in a press briefing at the New Quezon City Jail in Payatas later on Monday, the DILG chief said in Filipino, ‘If the vice mayor is proven to have harbored him and kept him, he will face charges for obstruction of justice.’

‘He is under investigation. He should be summoned by the CIDG (Criminal Investigation and Detection Group) soon, anytime soon,’ he stressed. /jpv