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The International Monetary Fund (IMF) has downgraded its growth forecasts for the Philippines, citing weaker-than-expected performance in the first half and external headwinds that could weigh on exports and investment.

In its latest Article IV Consultation, the IMF now expects the Philippine economy to expand by 5.4 percent in 2025, slightly lower than the 5.5 percent projection in its July World Economic Outlook.

Growth is projected to improve to 5.7 percent in 2026, but still weaker than the earlier estimate of 5.9 percent.

Both forecasts are below the government’s 5.5 percent target this year and six percent target next year.

‘The revision reflects factors related to the first half performance, which was weaker than expected,’ IMF mission chief Elif Arbatli Saxegaard, who led the consultation mission in Manila, told reporters yesterday.

Saxegaard said external pressures, including higher tariffs slapped by the United States on Philippine exports, could dampen trade and investment prospects.

‘Some of the important factors will be the higher tariffs, which are imposed on the Philippine exports to the US and will weigh on exports and investment,’ she said.

The expected decline in government expenditure to meet the government’s fiscal deficit target is also ‘expected to more than offset an increase in private consumption.’

Still, the multilateral lender noted that the Philippine economy has remained resilient despite global uncertainties, with growth supported by monetary easing and recent legislative reforms to boost private investment.

Meanwhile, the IMF pointed out that the Bangko Sentral ng Pilipinas (BSP) has room to further ease monetary policy given the favorable inflation outlook and downside risks to growth.

‘The inflation outlook is quite favorable. We also see downside risks to growth and the output gap. In line with this, there is more room for a more accommodative policy stance,’ Saxegaard said.

Inflation is expected to average 1.6 percent in 2025 before inching up to 2.6 percent in 2026, staying close to the BSP’s two to four percent target. Core inflation is projected to remain subdued at 2.5 percent in 2026.

On fiscal policy, the IMF said the government should pursue a gradual medium-term fiscal consolidation strategy anchored on durable revenue measures.

‘The authorities should consider implementing concrete and durable tax measures to limit the need for restraint in priority spending,’ the IMF noted, stressing that heavy cutbacks often hurt growth and disproportionately affect vulnerable groups.

Saxegaard highlighted several tax options under discussion, including excise levies on unhealthy food and sugary drinks, closer monitoring of tax incentives and improved efficiency of the value-added tax.

She also underscored the role of technology in strengthening tax administration.

‘Better or enhanced use of data analytics and compliance risk management would help support revenue mobilization,’ she said.

The IMF also flagged vulnerabilities in the financial sector, such as exposure to the real estate market, strong interconnections among banks and conglomerates, and the rapid expansion of consumer credit. Nonetheless, it said systemic financial risks remain moderate, with the banking sector backed by solid capital and liquidity buffers.

On governance, the IMF urged authorities to strengthen fiscal management and transparency, improve public investment planning and procurement, as well as deepen reforms to attract foreign direct investment.

‘Enhancing fiscal governance and the rule of law and reducing corruption vulnerabilities are critical for inclusive and sustainable growth,’ Saxegaard said.

The IMF team held meetings with government officials, the BSP and representatives of the private sector during its mission in Manila from Sept. 18 to Oct. 1.

Like a virtual ‘sprint race’, the Premier Volleyball League Reinforced Conference is set for a high-intensity, action-packed run, crammed into just eight weeks to accommodate Alas Pilipinas’ participation in the Southeast Asian Games in Thailand this December.

Despite its short run, the import-laden tournament promises thrilling showdowns, unpredictable outcomes and fierce rivalries when it kicks off on Tuesday, October 7. A fresh wave of international reinforcements is set to electrify the local scene, as fans eagerly welcome a new chapter of top-notch volleyball action.

As with last year, the PVL will use its streamlined Reinforced Conference format: the 12 participating teams are divided into two pools, playing a single round-robin within their groups. The top three teams from each pool will advance to the second round and face off only against the bottom three squads from the opposite group.

Rankings will follow the FIVB classification system: total wins, match points, set ratio, and point ratio.

At the end of the second round, all 12 teams will be re-ranked from 1 to 12. The bottom four will be eliminated, and the top eight will advance to the quarterfinals, which will follow a 1 vs 8, 2 vs 7, 3 vs 6, and 4 vs 5 knockout format. The semifinals, championship, and bronze medal matches will also be one-game, do-or-die encounters.

Fresh off a dominant preseason, PLDT is aiming to complete a rare triple crown after sweeping both the PVL on Tour and the Invitational Conference. Spearheaded by Russian ace Anastasiia Bavykina, the High Speed Hitters boast a stacked roster and are gunning to finish the year with a perfect record.

But with 11 hungry teams looking to knock them off their perch, the race to the crown is anything but certain.

PVL president Ricky Palou expressed optimism for another unforgettable conference during Thursday’s press conference of the import-laced conference, backed by Milcu, Fabriano Appliances, Mikasa and ICTSI, at the Discovery Suites in Ortigas.

‘We’re looking forward to a very exciting conference,’ said Palou. ‘It’s going to be more competitive than usual because it’s Reinforced – we still have to see the caliber and skills of the imports. Whoever wins the championship, it’s anybody’s game.’

Star-studded reinforcements from across the globe are set to bolster each squad.

Creamline will look to bounce back with American spiker Courtney Schwan, seeking to defend its title, while Petro Gazz returns with a proven weapon in Lindsey Vander Weide, a key figure in their 2022 championship run.

Galeries Tower has signed former Chery Tiggo import Jelena Cvijovic of Montenegro, Nxled will lean on Spanish standout Paola Martinez Vela, Akari welcomes American Annie Mitchem, while Capital1 brings in Ukrainian Oleksandra Bytsenko.

Chery Tiggo tapped Cuban veteran Yunieska Robles Batista, Choco Mucho will be reinforced by American Anyse Smith, Cignal will rely on Greek hitter Eva Chantava, Farm Fresh looks to make waves with Belgian Helene Rousseaux, and ZUS Coffee is banking on American spiker Anna DeBeer.

Sherwin Malonzo, chairman of the PVL Control Committee, underscored the league’s commitment to delivering an elite competition despite the time crunch.

‘We’re hoping this conference will be more competitive and exciting,’ said Malonzo. ‘All the preparations we’ve made are geared toward giving players and fans the best experience possible.’

With an explosive mix of international talent, fast-paced scheduling, and no room for error, the 2025 PVL Reinforced Conference is shaping up to be a thrilling end to the volleyball season.

The PBA’s Golden Anniversary season will usher in a ton of changes from coaches to players to rules to schedules to a new team owner, making the 50th year celebration a treat full of surprises. The Philippine Cup starts Sunday with no less than a Manila Clasico the only game on the bill at the Smart Araneta Coliseum. Barangay Ginebra coach Tim Cone will match wits with Magnolia counterpart and long-time protege LA Tenorio in a battle that pits teacher against student. It’ll be LA’s PBA coaching kickoff and his baptism couldn’t be more challenging.

Tenorio is one of five new head coaches this season. The others are Phoenix’ Willy Wilson, Terrafirma’s Ronald Tubid, Pureblends’ Johnedel Cardel and Converge’s Vice Gov. Dennis (Delta) Pineda. As for player movements, the list is long. The league’s senior statesman Rafi Reavis, 48, got a new lease on life when he was signed by Converge after his release from Magnolia. Larry Muyang is back with Vice Gov. Pineda at Converge. Tyrus Hill and Kevin Ferrer jumped to TNT. Jed Mendoza, Paul Zamar and David Murrell went to Blackwater. Aljun Melecio, Von Pessumal and Jeo Ambohot joined Pureblends while Prince Caperal, Yousef Taha, Francis Escandor, Bryan Santos and Evan Nelle transferred to Phoenix. Norbert Torres switched to Ginebra. Paul Garcia, Jerrick Ahanmisi and Prince Rivero hooked up with Terrafirma. Magnolia reeled in Paolo Taha and Javi Gomez de Liaño. Stanley Pringle left Terrafirma for Rain or Shine.

From the draft comes a slew of newcomers. Juan Gomez de Liaño and Kobe Monje are with Converge. Dalph Panopio and Jack Cruz-Dumont hopped to the Bossing. JM Bravo and Ira Bataller were enlisted by Terrafirma. Magnolia tapped Gab Gomez. Pureblends collared Mario Barasi while Phoenix took in Dave Ando. San Miguel Beer inked Chris Miller to a two-year deal and Sonny Estil was taken by Ginebra.

The rule changes were initially discussed with coaches Leo Austria, Luigi Trillo, Olsen Racela, Adonis Tierra, Yuri Escueta, Yeng Guiao, Monch Gavierez, Rensy Bajar, Jun Villarin, Christian de la Cruz, Jeff Cariaso and Franco Atienza. Then, the changes were brought to the Competition Committee made up of Guiao, Austria, Atienza, Trillo and Cariaso for consultation before Commissioner Willie Marcial gave his final approval.

The changes are on a coach’s challenge, a call may be corrected provided it was on the same play phase; no travel will be whistled on a player who makes a legitimate shot attempt and catches it even without touching the board, ring or another player; excessive swinging of the elbow from left to right and back will result in a technical foul without losing possession; no team will be allowed an excessive timeout; an offensive foul is counted as a team foul; in the last two minutes, the referee may review a made basket if two, three, four or a foul shot on a dead ball and if no review, the shot will no longer be reviewable; the same process will be applied regarding basket interference in the last two minutes; a flagrant foul penalty 1 will be assessed on a player who, in trying to save possession, throws the ball with a clear view to the head of an opposing player and in the last two minutes of every quarter, a second team foul will mean entering penalty situation.

The schedules will be staggered over 15 months with the PBA taking a break for five FIBA World Cup Asia qualifying windows up to next year and the Asian Games. Games will be played in Dubai, Bahrain, Ilocos Sur and Cagayan de Oro aside from Metro Manila venues.

Team North flexed its muscles and seized control with eight wins out of 12 matches in the opening Four-ball format of the ICTSI North vs South Elite Junior Championship at The Country Club yesterday.

Team North established a commanding 8-4 lead – an emphatic opening statement in the season-ending showdown of a year-long junior golf tour that featured seven tournaments in each region.

Team North captain Francis Talion attributed their strong Day 1 performance to careful planning.

‘Basically, we started by making critical projections on how the other team might compose their roster for Day 1 – that’s what we based our own lineup on,’ said Talion

Sen. Mark Villar has broken his silence amid the flood control funds scandal involving the government agency he once led, the Department of Public Works and Highways (DPWH).

Villar has been summoned by the Independent Commission for Infrastructure (ICI) to explain the alleged kickback schemes that occurred during his stint as DPWH secretary.

‘I welcome and fully support any investigation into these issues, as I have nothing to hide and believe firmly in accountability and due process,’ Villar said Thursday, October 2, in a statement to the media.

The commission also invited House Speaker Martin Romualdez and resigned congressman Zaldy Co to account for their roles in the scandal.

Villar stressed he had no stake in any DPWH projects, either directly or through family connections. Villar is son to former senators Cynthia Villar and Manny Villar, a property tycoon and in the top three of the Philippines’ wealthiest individuals.

‘Let me be unequivocal: I have no direct or indirect ownership or controlling interest in any company participating in DPWH projects. The official record will confirm that none of my relatives acquired any contracts from 2016 to 2021, during my tenure as Secretary,’ he added.

Villar said he was focused on implementing key reforms in the DPWH. The secretary-turned-senator was former president Rodrigo Duterte’s Public Works chief for nearly the entirety of his term, only resigning to run for senator in 2022.

The senator vowed cooperation with the ICI, saying that his track record would speak for itself.

‘I have full faith that my service record in those years bears witness to this focus and commitment. To build upon that work, I fully support the investigation of the Independent Commission for Infrastructure,’ Villar said.

The anomalies in the DPWH have triggered widespread rage. Billions of pesos are suspected to have been lost to graft and corruption.

Several senators have already been implicated in the mess. incumbent senators Jinggoy Estrada, Joel Villanueva and Chiz Escudero have all been accused of inserting money into the national budget for later kickbacks.

The death toll in the strong earthquake that struck Cebu Province Tuesday night has climbed to 69, and hundreds more are injured, with widespread destruction across many towns.

According to official reports from the Cebu Provincial Disaster Risk Reduction and Management Office (CPDRRMO), the fatalities were recorded as follows: 30 in Bogo City; 22 in San Remegio; 12 in Medellin; five in Tabogon; and one each in Sogod and Tabuelan towns.

The CPDRRMO has confirmed that the death toll may continue to rise, with more injured and missing individuals are still being accounted for.

Among the dead in San Remegio were three personnel of the Philippine Coast Guard (PCG) and one from the Bureau of Fire Protection (BFP) Region 7, who perished after the collapse of the San Remegio Sports Complex during the tremor.

The PCG identified its fallen personnel as Seaman Second Class Lawrence Palomo, Apprentice Seaman Jujay Mahusay, and Apprentice Seaman Ert Cart Dacunes. All three were rushed to Bogo General Hospital but were declared dead despite the efforts of attending physicians.

PCG Commandant Admiral Ronnie Gil L. Gavan mourned the loss, saying, ‘We extend our sincere condolences to the families of our fallen personnel. Their dedication to the service and camaraderie with our fellow uniformed men and women will always be remembered. The PCG stands in full solidarity with their loved ones and will ensure that they receive the utmost support.’

The BFP, meanwhile, confirmed the death of Fire Officer 2 Allier Vincent Negro Catadman, who was also trapped when the sports complex collapsed.

In a statement, BFP Region 7 described him as a true public servant: ‘Your loved one was a true hero, selfless, valiant, and committed to serving the Filipino people until his last breath. His legacy of bravery and sacrifice will forever inspire the Bureau and the communities we serve.’

Police reports said the victims were competing in a basketball tournament for the town’s Mayor’s Cup, which had drawn crowds of hundreds of residents. One of the officiating committee members, Jude Destura, was also reported dead as a result of the earthquake.

According to police reports, a brief power outage further fueled panic among the crowd, leading to a stampede as people rushed to exit the premises. Emergency medical treatment was immediately sought for the victims, but unfortunately, they were soon pronounced dead.

Tragedy also struck in SM Cares Village, Barangay Polambato, Bogo City, where eight individuals died following the collapse of eight housing units.

DSWD Disaster Response Management Group Undersecretary Diana Rose M. Cajipe and DSWD-7 Regional Director Shalaine Marie S. Lucero personally visited affected families to extend assistance. Among those mourning is Lito Catarman, who lost his son, pregnant daughter-in-law, and two grandchildren in the tragedy.

The Department of Social Welfare and Development (DSWD) assured bereaved families of burial assistance, financial aid, and Family Food Packs. As directed by President Ferdinand R. Marcos Jr., the agency will provide P10,000 in cash aid to each family of the deceased and cover funeral expenses.

‘The DSWD Field Office 7 – Central Visayas is now accounting for the number of casualties and their locations. Our social workers are coordinating with the bereaved families to inform them of the Department’s assistance,’ said Assistant Secretary Irene Dumlao, DSWD spokesperson.

The Cebu Provincial Hospital in Bogo City was overwhelmed with casualties, as body bags lined up outside its compound. To assist bereaved families, a booth for the issuance of death certificates was set up near the hospital.

Among the fatalities was a mother and her 1-year-old daughter in Barangay Binabag, Bogo City, after a boulder rolled down and crushed the wall of their house.

Provincial Governor Pamela Baricuatro emphasized that saving lives remains the highest priority as search, rescue, and relief operations continue. As of 3:54 p.m. yesterday, at least 293 residents suffered various injuries and were rushed to hospitals for treatment.

BFP-7 Regional Director FCSUPT Fred Linazan Trajeras Jr. has since joined the Emergency Operations Center (EOC) and the Office of Civil Defense (OCD) in coordinating multi-agency rescue and retrieval efforts across affected areas.

The PCG District Central Visayas has also deployed six highly trained Search and Rescue (SAR) dogs with handlers to Northern Cebu to help locate possible trapped survivors and support ongoing response operations.

At 5:07 p.m., Tuesday, Sept. 30, 2025, the Philippines’ three most notable political icons inaugurated the new Philippine International Convention Center (PICC). President Ferdinand R. Marcos Jr., First Lady Louise Araneta Marcos and former first lady Imelda Romualdez Marcos, 95 and in a wheel chair, cut the ceremonial ribbon at the lobby of the renovated PICC, Asia’s first and grandest international convention center in 1976.

With the vision of the inimitable Imelda and the design of National Artist Leandro Locsin, PICC was built in record time of 23 months by DM Consunji and AG and P for only P100 million. PICC in 1976 signaled to the world that the Philippines was ready for business.

This year, PICC’s renovation took only six months and under budget, thanks to First Lady Liza Marcos, says President Marcos Jr.

In 2025, a year before PICC’s 50th anniversary, PICC’s reopening again signals to the world it is ready for business, under the second Marcos president, BBM.

Coincidentally, Marcos Jr. has engineered the largest housecleaning ever undertaken in the Philippines by any president. BBM is the first whistleblower leader in recorded history. ‘It takes balls to do that,’ deadpans DPWH Secretary Vince Dizon, today his chief housecleaner.

No president, prime minister, autocrat, despot or democrat has ever taken the initiative to tell his people that his house has been invaded by thieves (in cahoots with insiders) and that he needs help badly.

The P1-trillion flood control scam or flood-gate is the single biggest act of corruption in our history. It has no precedent – in amount, in number of participants, in the assembly-line execution of the thievery, in the syndicated symphony of stealing and the outrageous greed and impunity.

PICC was, for a number of decades, the star of Asia’s then nascent MICE business – Meetings, Incentives, Conferences and Exhibitions. Take note: the Philippines had scored an unheard of 8.8 percent GDP growth in 1973 and repeated that same 8.8 percent in 1976 – the year PICC opened for business.

In the 1970s, says RTVM, president Ferdinand and first lady Imelda sought to place the nation on the world stage through culture, architecture and global dialogue. PICC was more than a building. It was the symbol of a nation’s ambition. It was the most modern convention center in Asia, ‘a milestone that declared to the world the Philippines is ready to lead.’

Not surprisingly, BBM was teary eyed and effusive at PICC’s reopening Tuesday.

‘As we look ahead, we recognize the PICC as a symbol of Filipino resilience and creativity,’ he enthused.

BBM thanked mom Imelda, ‘the guiding light, the inspiration, the – well, she’s not the architect but she was the one who put everything together.’

He thanked First Lady Liza, ‘who again has inherited [applause] the tradition of very quick construction projects that actually come in under budget. So, that is always something important to her Ilocano husband.’

When he and Liza toured the new PICC, BBM reminded her: ‘My mother doesn’t need a tour. She invented this.’

The President told his select inaugural guests: ‘As we open the newly renovated Philippine International Convention Center (PICC), we are revisiting a chapter of our nation’s history. We are gathered in a place where history was written, lives were celebrated, where the future will once again be shaped. Every brick, every beam, every hall of this building carries with it nearly five decades of stories.’

BBM said ‘within these halls, the world’s eyes turned to the Philippines as we hosted the Miss Universe pageant in 1994. The leaders of the Association of Southeast Asian Nations or ASEAN gathered in 2017 to build the future of our region.’

‘But what makes the PICC truly special is not only the big moments that made the headlines. It is also the smaller, more personal moments – the ones that never made it to the front page but stayed forever in the hearts of the people. How many parents shed tears of joy as they watched their children receive their diplomas here? How many young professionals stood tall on this stage to swear their oaths, carrying with them both pride and responsibility?’

‘How many artists poured their hearts out in music, in dance, in painting and performances within these walls – only to find that the audience gave them something greater in return: appreciation, encouragement, love even?’

‘And how many couples have begun their journey together, as husbands and wives, while friends and family filled this place with laughter, and tears of joy? These are the memories that give life to PICC. These are the stories that turn a hall of concrete into a home of the Filipino spirit,’ related the President.

On its 50th in 2026, PICC hosts the ASEAN Summit.

Meanwhile, I texted Bangko Sentral Eli Remolona, chairman of the PICC board, to confirm with him the cost of the PICC renovation. No answer.

Was Gov Eli too busy wondering why corrupt senators and congressmen, DPWH engineers and contractors could withdraw billions in a week seamlessly, with gay abandon, from our lovely banking system while we, mortals, have to be interviewed by our bank branch manager on rare occasions we withdraw P500,000?

Has BSP been too lazy or too complicit in allowing the P1-trillion flood-gate, without the Anti-Money Laundering Council raising a whimper?

It would take a whole day for a bank branch to handle a withdrawal of P25 million. So if you withdraw P500 million, how many days would a bank branch take to count that money?

BSP is AMLC chair. Eli worked for 14 years in New York and also taught there. New York is the hotbed of the mafia for whom the $10,000-threshold or limit for moving cash was designed by anti-money launderers.

The Global Youth Summit (GYS) 2025 has marked a historic milestone, gathering over 40,000 young leaders, innovators and advocates nationwide through simultaneous events across SM malls.

Organized by SM Cares, the corporate social responsibility arm of SM Supermalls, in partnership with the Global Peace Foundation (GPF) Philippines, the summit highlighted the strength of the Filipino youth as a nationwide movement for change.

From Luzon to Mindanao, students, youth groups and advocates came together for thought-provoking discussions, keynote sessions and collaborative activities that amplified the collective voice of the Filipino youth.

The summit tackled pressing themes of empowerment, sustainability, innovation and leadership, reflecting the youth’s role in shaping the country’s future.

‘The youth are not just leaders of tomorrow-they are a driving force for change today. The Global Youth Summit proves what is possible when we empower young people nationwide,’ said Royston Cabunag, SM Cares program director for children and youth.

Leonard Faustino, executive director of Global Peace Foundation Philippines, added: ‘Collaboration across Luzon, Visayas, and Mindanao has created one of the largest youth platforms in the country. This summit is proof that when given space and support, our youth can lead transformative change.’

While the SM Mall of Asia Arena leg drew thousands of participants and nationwide recognition, the heart of GYS 2025 was its collective nationwide reach-with simultaneous summits held across 17 SM malls.

Each of the 17 provincial summit locations was deliberately anchored on one of the 17 United Nations Sustainable Development Goals (SDGs), ensuring that every global goal receives equal importance within a holistic platform that champions innovative and actionable solutions for communities nationwide. In line with this, the provincial legs gave young people in local communities the chance to share solutions and contribute to projects aligned with the respective SDGs.

By empowering more than 40,000 Filipino youth across regions, SM Cares and its partners reaffirm their commitment to inclusivity, accessibility and meaningful youth participation on a national scale.

The Global Youth Summit 2025 stands as one of the largest youth movements in the Philippines, uniting voices that will shape the country’s future.

Mapua delivered a fitting tribute to the golden anniversary of the ‘Thrilla in Manila’ via a 90-89 double-overtime cliffhanger over Lyceum of the Philippines University yesterday at the start of the 101st NCAA basketball season at the Smart Araneta Coliseum.

It was a victory that set in motion the Cardinals’ title defense, on the very same day and venue where one of the best, if not the best, sporting moments in history – the heavyweight world title fight between greats Muhammad Ali and Joe Frazier – was staged exactly 50 years ago.

JC Recto paced his team with 16 points on top of nine rebounds, three assists and a game-high five steals while Marc Cuenco scattered 14 points including one FT with 12 seconds remaining that eventually turned out the dagger.

It launched Mapua’s campaign for back-to-back crowns – a year after ending a long championship wait that spanned 33 years.

Yam Concepcion likewise came through with a double-double effort of 13 points and 10 rebounds.

Clint Escamis, the 2023 MVP who decided to skip turning pro to suit up one final time for his alma mater, had an opening-day mishap where he missed all his five three-point attempts and finished with only eight points after fouling out late in regulation.

Members of the promising P-pop boy group AJAA wear their hearts on their sleeves with the release of their latest single, ‘Ako Na,’ which topped on iTunes Philippines. It is now available on all streaming platforms.

The song marks their first single under ABS-CBN’s record label StarPop. Its catchy and upbeat melodies blend with hopeful lyrics that paint a picture of being down bad for love and unafraid to express vulnerability and desire to be chosen by the one they long for.

VXON member Franz Chua co-wrote and produced ‘Ako Na’ with Jhon Carl Maniacop and Theo Martel.

AJAA consists of members Ash, JC, Axl, and Alex who made their debut in 2023. The group dubbed as ‘the new generation of P-pop’ released their first extended play (EP) ‘4 Ü,’ which has amassed nearly three million streams on Spotify. It features the tracks ‘Hany,’ ‘Best Day Ever,’ ‘Cuppy Cake,’ and ‘Torpe.’

In 2024, they released ‘BES I LUV U,’ which was featured in Spotify’s P-pop On The Rise playlist. Early this year, they launched the dance-pop single ‘Dedma,’ which has earned over 300,000 streams on Spotify.