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THE National Collegiate Athletic Association (NCAA) hopes to pick up from where it left off last year as it ushers its 101st season on Wednesday beginning with the centerpiece seniors basketball at the Smart Araneta Coliseum.

Teams which played in last year’s Final Four will have a rematch right away on opening day as defending men’s champion and host school Mapua University battles Lyceum of the Philippines University and College of St. Benilde clashes with San Beda University.

The Cardinals-Pirates tussle is set at 2:30 p.m. followed by the Blazers-Red Lions match at 5 p.m.

An elaborate opening ceremony starting at 12 noon precedes the doubleheader with performances to be provided by songstress Thea Astley, Hannah Precillas, Naya Ambi and Aicelle Santos.

Philippine Sports Commission chairman Patrick ‘Pato’ Gregorio will be the guest speaker when the country’s grand old collegiate league ushers its next 100 years.

‘Easy to recall, Season 101, and we’ll open on October 1. 10-1. So things like that. And with this year’s theme ‘Building Greatness,’ I’m sure for the past 100 years of NCAA, you’ve seen student-athletes rose to the elite level,’ Jose Rizal University athletic director Paul Supan said in Tuesday’s Philippine Sportswriters Association Forum at the Rizal Memorial Sports Complex.

‘So in the next 100 years, in coordination with the PSC and member schools, we hope to sustain our contribution to the national training pool.’

Emilio Aguinaldo College Vice President for Administration Dr. Lorenzo Lorenzo appeared with Supan in the session presented by San Miguel Corp., PSC, Philippine Olympic Committee, Milo, Smart/PLDT and the country’s 24/7 sports app ArenaPlus.

In line with the NCAA’s goal of providing the national training pool with potential members, Lorenzo said the collegiate league is introducing the Olympic sports of gymnastics, weightlifting, boxing and golf in this year’s calendar.

All four sports will initially be demonstration in nature to be played in the second semester.

‘The NCAA and PSC will form a partnership in terms of training and developing these grassroots athletes,’ Lorenzo said.

Supan said under NCAA rules, a demonstration sport that has been played for three straight seasons can be elevated to regular status subject to certain conditions.

Weightlifting (Hidilyn Diaz-Naranjo) and gymnastics (Carlos Yulo) provided the three gold medals won by the country in the Olympics.

New format will also be adopted in basketball, whose games will be played in

The NCAA will stage the basketball games in its original home-the Rizal Memorial Coliseum.

‘This is our home and most of us will acknowledge, this is where the NCAA started,’ said Supan, noting the juniors basketball that kicks off on Thursday will be played at the Ninoy Aquino Stadium between Mapua and Lyceum and St. Benilde and San Beda.

Other sports to be played at the Rizal Memorial Sports Complex are taekwondo, swimming, lawn tennis and hopefully, football, while track and field will be staged at the PhilSports Complex in Pasig City.

THE tournament is young but already, three schools are showing signs of dominance in Season 88 of the University Athletic Association of the Philippines (UAAP) men’s basketball championship.

Surprisingly, Ateneo is on top with an unbeaten 3-0 win-loss slate going into the fourth day of first round eliminations.

I can only think of Kymani Ladi as the significant power behind Ateneo’s resurgence.

At 6-foot-7, Ladi can shoot threes with the ease of a gazelle about to soar. The 23-year-old is from Vallejo, California, whose Filipino father is of Puerto Rican descent.

‘He is also a smart defender,’ Ateneo coach Tab Baldwin said of Ladi in a recent interview with Spin.ph columnist Homer D. Sayson. ‘He plays offensively, with perimeter skills. He is a smart defender.’

But while Ladi may emerge as Ateneo’s savior and prove to be the key to the Blue Eagles’ redemption mission, I have to concede that University of Santo Tomas is also armed this time with a reinforcement looking every bit as a complete package.

I refer to Collins Arkowe, the massively built Nigerian, whose 6-foot-10 frame is packed with 260 pounds of pulverizing power.

In just two games, Arkowe is already producing statement stats that could yet translate into serious title hopes for the Growling Tigers from España.

First, he debuted with 29 points and 17 rebounds in University of Santo Tomas’s (UST) ghastly 87-67 rout of defending champion University of the Philippines, playing practically unstoppable in the shaded lane and transforming the boards into his own private domain.

And then in his second game, he fired 20 points and grabbed 19 rebounds, sparking a rally that erased a 12-point deficit en route to UST’s 93-84 spanking of De La Salle.

At the rate he’s been playing, Arkowe might yet shoulder the Tigers into greater heights-if not into the championship-given that he’s got great back-up in both Nic Cabanero and Forthsky Padrigao.

In both wins of UST, Cabanero and Padrigao dished off their usual deadly sting-with Cabanero continuously carving baskets even on tight situations and Padrigao also firing triples and unleashing his trademark assists in abundance.

I won’t be surprised if, this early, UST coach Pido Jarencio is dreaming to finally end a title drought of 19 years-and duplicating his 2006 victory as a rookie coach.

Jarencio faces another acid test today when UST battles National University (2-0) in a battle of unbeaten teams at 4:30 p.m. at UST’s Quadricentennial Pavillion on España.

It could be an emotional game for Arkowe as he squares off for the first time with the school where he first honed his skills as a junior player at NU.

The game is preceded by the match between La Salle (1-1) and winless Far Eastern U (0-2) at 2 p.m.

THAT’S IT Also unfolding today is the duel between Luzon/ICTSI and VisMin junior teams at the windswept but beautiful The Country Club in Santa Rosa, Laguna. The boys and girls golf skirmishes in the Ryder Cup-style competition is in 7-10, 11-14 and 15-18 age groups. Good luck to Francis Talion, who is Luzon team captain where his daughter, Levonne, is a mainstay in Luzon’s 15-18 division.

SECURITY Bank Corp. announced last Tuesday the appointment of Victor Lee Meng Teck as its next President and CEO.

A statement issued by the lender read that Lee is set to assume the role in early January 2026, following the completion of his work permit, visa and other regulatory requirements. He will succeed Sanjiv Vohra, who will continue to lead the bank until that time. Upon stepping down, Vohra will transition to the role of Senior Advisor to the Board.

Lee is a Singaporean banker with over 30 years of leadership experience throughout Asia. Most recently, he served as CEO of CIMB Singapore and CEO of Growth Markets for CIMB Bank Berhad.

At CIMB Singapore, Lee spearheaded a period of strong growth, doubling revenue and raising return on equity to nearly 20 percent, according to the lender. Under his leadership, the bank was recognized by The Straits Times as one of the Top 3 institutions for customer experience for three consecutive years (2023-2025). He also fostered a culture where employees felt more engaged and valued, with satisfaction levels rising significantly during his tenure, the statement read.

Vohra assumed leadership of the bank just months before the onset of the global pandemic. Despite unprecedented challenges, he led the organization through transformational change-strengthening digital and customer-first strategies, building a culture that has made Security Bank an Employer of Choice, advancing its sustainability agenda, and positioning the bank for long-term profitability.

‘We’re grateful to Sanjiv for his steady leadership during one of the most challenging periods in recent history. His vision and dedication have left the bank stronger, more resilient, and well-prepared for the future,’ Security Bank Chairman Cirilo P. Noel was quoted in the statement as saying.

West Zone concessionaire Maynilad Water Services, Inc. has officially commissioned its Cupang Water Reclamation Facility (WRF) in Muntinlupa City, which is now treating wastewater from Barangays Alabang, Cupang, and Bayanan.

Located in Brgy. Cupang, the facility has a treatment capacity of 46 million liters per day (MLD), supporting Maynilad’s long-term strategy to expand sewerage coverage and protect local waterways by removing harmful pollutants from wastewater prior to safe discharge.

To ensure full alignment with evolving environmental regulations, Maynilad has also initiated the upgrading of the facility to comply with the stricter effluent standards set under Department Administrative Order (DAO) 2016-08, as amended by DAO 2021-19 of the Department of Environment and Natural Resources (DENR). These standards prescribe limits on key wastewater parameters to safeguard public health and the environment.

‘We are not only expanding our wastewater treatment capacity-we’re also future-proofing our facilities to comply with the latest environmental standards,’ said Maynilad President and CEO Ramoncito S. Fernandez. ‘These investments reflect our commitment to sustainability and regulatory compliance as our communities continue to grow.’

The upgrade reflects Maynilad’s proactive approach to building resilient and sustainable infrastructure. The company has kept the Metropolitan Waterworks and Sewerage System (MWSS) informed throughout the process. While DAO compliance was not part of the facility’s original scope, it is now being integrated to ensure long-term regulatory alignment.

The Cupang WRF is one of two major wastewater treatment facilities recently completed in Muntinlupa. Along with the nearby Tunasan WRF, it significantly increases the city’s sewerage treatment capacity, contributing to Maynilad’s broader mission of improving sanitation conditions and promoting environmental protection across the West Zone.

Maynilad is the largest private water concessionaire in the Philippines in terms of customer base. It is a concessionaire of the Metropolitan Waterworks and Sewerage System (MWSS) for the West Zone of the Greater Manila Area, which is composed of the cities of Manila (certain portions), Quezon City (certain portions), Makati (west of South Super Highway), Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon, all in Metro Manila; the cities of Cavite, Bacoor and Imus, and the municipalities of Kawit, Noveleta and Rosario, all in Cavite Province.

THE Department of Public Works and Highways (DPWH) has expanded its internal anti-corruption probe to now include not only flood control projects, but also farm-to-market roads, according to Malacañang.

Palace Press Officer Claire Castro made the pronouncement after the Department of Agriculture (DA) ordered on Monday an audit of ghost or non-existent farm-to-market roads, which were built from 2021 to 2025.

She said DPWH Secretary Vivencio ‘Vince’ B. Dizon has also initiated their separate probe on this type of public works.

‘I also spoke with Secretary Vince this morning, and he said that they are also looking into this because a solution [to this issue] should be found as soon as possible,’ the Presidential Communications Office undersecretary said in Filipino in a press briefing in Malacañang on Tuesday.

The anomalous flood control projects are also being investigated by the Independent Commission for Infrastructure (ICI).

Marcos created the ICI through Executive Order (EO) No. 94 to investigate sub-standard and non-existent public works then recommend to concerned government agencies the prosecution of the involved individuals or parties.

Less than a month since the ICI was formed, its special adviser, Baguio Mayor City Mayor Benjamin B. Magalong resigned due to possible conflict of interest between his role in the fact-finding panel and his duty as a local chief executive.

On Monday, Castro announced the designation by the President of retired Philippine National Police Chief, Rodolfo Azurin Jr. as the new Special Adviser and Investigator of the ICI.

Castro said Azurin was picked for the said position despite his involvement in a drug-related issue during his stint as PNP chief based on his experience and skills as an investigator, as well as ‘not being a politician.’

She also noted no case was filed against Azurin related to his alleged involvement in the cover-up in the arrest of a police sergeant, who yielded 990 kilos of shabu or methamphetamine in 2022. Azurin denied any involvement in the issue.

A LAWMAKER on Tuesday warned that Co’s resignation should not erase accountability for alleged abuses tied to his party-list group, Ako Bicol, saying it exposes systemic weaknesses in Congress.

Cebu Rep. Duke Frasco alleged that Co, as a shareholder of construction firms, profited from billions of pesos worth of projects inserted in the national budget during his term as Appropriations Committee chair. He argued that by resigning, Co evaded sanction from the House but left his party list unaffected, a move he described as ‘impunity.’

But Ako Bicol Rep. Alfredo Garbin pushed back, calling Frasco’s remarks ‘mere conjecture’ unsupported by evidence or legal findings. He invoked the constitutional presumption of innocence, stressing that no case has yet been filed against Co.

‘The resignation of Cong. Zaldy Co should not, and cannot, erase his crimes, nor absolve Ako Bicol Partylist, the vehicle through which these abuses were committed,’ Frasco said.

‘While Co walks away, his conduit, Ako Bicol Partylist, keeps its seat, benefits, and power as if nothing happened. This is not accountability. This is impunity,’ Frasco stressed.

Citing Section 141 (h) of the House Rules, Frasco said, ‘A Member shall not acquire or receive any personal pecuniary interest in any specific business enterprise which will be directly and particularly favored or benefited by any law or resolution authored by the Member that is approved or adopted by Congress during the Member’s term.’

‘Accountability must extend beyond individuals. If consequences are limited only to a nominee, Congress sets a dangerous precedent: that members can violate rules, resign to avoid expulsion, and leave their party untouched. To protect the integrity of our institutions, Ako Bicol Partylist must face investigation, sanction, and, if warranted, disqualification,’ he added.

Garbin, however, that under the 1987 Constitution, Co enjoys the presumption of innocence unless and until charges are filed and proven before a competent court. ‘To prejudge Zaldy Co in the absence of due process would be a dangerous erosion of the rule of law itself,’ Garbin added.

He added that resignation does not shield Co from investigation, citing jurisprudence that public officials remain liable for acts committed in office even after stepping down.

Garbin also dismissed allegations of conflict of interest, saying Co had long divested from any construction-related businesses prior to assuming office. He further clarified that the insertion of funds into the General Appropriations Act (GAA) is a legitimate congressional process.

‘Even as Chairman of the Appropriations Committee, Zaldy Co is not powerful enough to railroad provisions of the budget according to his sole wishes. The GAA undergoes rigorous deliberation in both Houses of Congress, bicameral scrutiny, and final approval by the President,’ he said.

Garbin said the party-list should not be dragged into the controversy, noting its separate juridical personality under the Party-list System Act. ‘To punish Ako Bicol for unproven allegations against one nominee would disenfranchise the millions of Bicolanos who vested their trust in Ako Bicol,’ Garbin said.

Meanwhile, Akbayan Party-list Rep. Perci Cendana has called on Co to come home and confront the allegations leveled against him, stressing that the issue now affects not only Co but also the entire House of Representatives.

‘He should come back and face these allegations. This is no longer just his personal issue-it has become an institutional matter that taints the House as a whole,’ Cendana said.

There is definitely growth outside the National Capital Region (NCR) for the country’s property sector. Moreover, there is a strong demand for horizontal (house and lot/lot only development) units.

Joey Roi Bondoc, research head of Colliers Philippines, says seasoned investors would really look for potential sites outside Metro Manila because of the low yields in Metro Manila. ‘If you’re banking on yields, the returns are very low, around 3 to 4 percent,’ Bondoc told the BusinessMirror in an interview held in Makati City.

‘And if you are an astute investor at this point, it doesn’t make sense to still invest in Metro Manila, because prices aren’t really declining and the rents have softened substantially because of the exodus of the Philippine Offshore Gaming Operators. With the yields being very low, you’re now banking on the price appreciation of the lot only,’ Bondoc adds.

Bondoc says the competitive pricing makes the investment proposition in the provinces, particularly the lot-only segment, far more compelling. For instance, there’s a project like Santa Lucia Land Inc.’s Beverly Place in San Fernando, Pampanga, that has shown strong potential for price increases, which is a more sustainable investment right now.

The demand outside of Metro Manila is fundamentally different-it’s driven by the end-user, not the speculative investor. Furthermore, Bondoc says the shift towards areas outside the National Capital Region (AONCR) and lot only are sustained price appreciation, greater push for sustainability, bigger and more open space, improving road network to and from Metro Manila, and vacancy in Metro Manila condominiums remains elevated and its yields have gone down.

According to Colliers, the average take-up rates of H and L units end-Q2 2025 ranged from 86 to 98 percent. On a per region basis, Southern Luzon posted the highest take-up with 94 percent followed closely by Central Visayas (93 percent) while Davao Region and Western Visayas were tied in third spot with 92 percent and Central Luzon was in fourth with 91 percent.

Cavite bagged the largest takeout with 155,000 followed by Laguna (89,000), Batangas (84,000), Pampanga (65,000), and Cebu (61,000).

For the lot-only market in AONCR, Colliers Philippines reported that the average take-up rate of lot-only units in the end Q2 2025 ranged from 81 to 96 percent. Central Visayas led in the regional take-up with 94 percent. Southern Luzon were tied in the second spot with 93 percent while Davao Region and Western Visayas garnered 92 and 83 percent respectively.

Batangas got 31,000 take-outs followed by Cavite (30,000), Laguna (28,000), Pampanga (24,000) and Cebu (22,000).

Sta. Lucia sees opportunities outside NCR.

The Marbella Lake Residences in Victoria, Laguna, and Sta. Monica Lake Residences in Manaoag, Pangasinan are prime investment opportunities from Sta. Lucia Land Inc. Furthermore, the fundamental value of these properties lies in the lake community concept itself. Both developments offer a mix of residential lots (including prime lakefront/lakeview lots) and commercial lots, providing diverse avenues for business and capital appreciation.

The soon to rise Marbella Lake Residences is the first lake community in Victoria, Laguna and occupies an estimated 73 hectares of land. Incorporating the gifts of nature in the development, Marbella Lake Residences is designed to be a verdant community where future residents are engaged to spend more time in outdoor recreation and embrace prime modern living elevated with greener features.

The prominent feature of the lake community is the man-made lake area built with a lighthouse. While other amenities include a community clubhouse built with a swimming pool, function hall and multipurpose basketball court. Home buyers have a variety of options with its selection of promising lots which are either regular lots or lakefront lots.

As the first lake community in Victoria, Laguna, Marbella is designed as a verdant community that encourages outdoor recreation. Prices vary according to lot type and location; and can range from P12,800 up to P25,200 per square meters. Select residential lots are also being offered at a discounted rate of P10,800 until December 31, 2025.

Meanwhile, Sta. Monica Lake Residences is Sta. Lucia’s first development in Manaoag, Pangasinan-the ‘Pilgrimage Center of the North’-a location that gives the community a strong cultural and historical identity. The property features a lake, lighthouse, and open jogging paths, alongside a multipurpose clubhouse with a function hall and basketball court

Price range starts from P 8,000 to P20,500 per square meter, offering competitive entry prices for investors.

Investing either in Marbella or Sta. Monica Lake Residences means securing a property in a meticulously planned, nature-focused community with a high potential for appreciation, supported by the extensive track record of Sta. Lucia Land Inc.

UNIVERSITY of Santo Tomas and National University aim to join idle Ateneo atop the University Athletic Association of the Philippines Season 88 basketball standings on Wednesday at the UST Quadricentennial Pavilion Arena.

The game starts at 4:30 p.m.

Eyes will be on Nigerian reinforcement Collins Akowe, a former NU Bullpup, who averaged 24.5 points and 18 rebounds in the victories over defending champion University of the Philippines and last year’s runner-up La Salle.

The Tigers are eyeing their first 3-0 start since 2015, the year UST last reached the finals.

Also expected to deliver are Forthsky Padrigao and Nic Cabañero.

NU coach Jeff Napa says the Bulldogs need to work on a lot of things to challenge for the semifinals.

‘Number one is consistency,’ Napa said.

The Bulldogs will lean heavily on Senegalese center Omar John, who averages 12 points and 5.5 rebounds.

In the 2 p.m. game, La Salle tries to get back on track when it takes on Far Eastern University.

The Green Archers split their first two outings, while the Tamaraws are still winless after two games.

THE growth of the country’s export earnings continued to slow in August 2025, according to the latest data released by the Philippine Statistics Authority (PSA).

Based on the International Merchandise Trade Statistics of the Philippines, the country’s exports grew 4.6 percent to $7.06 billion in August 2025 from the $6.75 billion posted in the same period last year.

It can be noted that after peaking at 26.9 percent in June 2025, export earnings slowed to 17.6 percent in July and posted single-digit growth in August.

‘The year-to-date total value of exports, that is from January to August 2025, amounted to $55.7 billion. This represents an annual increase of 12.6 percent from the year-to-date total export value of $49.45 billion in January to August 2024,’ the PSA said.

The commodities that posted contractions in August were copra oil cake or meal which contracted 71.9 percent in August, followed by unmanufactured tobacco at 67.8 percent; other products manufactured from materials imported on consignment basis, 63.4 percent; copper concentrates, 62.5 percent; and other fruits and vegetables, 62.4 percent.

Commodities that posted the fastest growth in August were led by other forest products which surged 200.3 percent; gold, 153.4 percent; footwear, 127.2 percent; iron and steel, 91.2 percent; and desiccated coconut, 89.9 percent.

‘The commodity group with the highest annual increment in the value of exports in August 2025 was electronic products with $303.79 million. This was followed by gold with an annual increase of $160.37 million, and other mineral products with an annual increment of $112.09 million,’ the PSA stated.

Further, PSA said electronic products remained the country’s top exports in August 2025 with total earnings of $3.87 billion or 54.8 percent of the country’s total exports during the period.

The data showed this was followed by other mineral products with an export value of $384.26 million, accounting for 5.4 percent of the total; and machinery and transport equipment with $363.65 million, or 5.1 percent of total export earnings.

Import receipts

Meanwhile, the country’s import receipts amounted to $10.6 billion, indicating an annual decrement of 4.9 percent from the $11.15 billion import value in the same month of the previous year.

In July 2025 and August 2024, the PSA said that the country’s import value recorded annual increases of 5.8 percent and 2.9 percent, respectively.

In August 2025, the PSA said the commodity group with the highest annual decrement in the value of imported goods was mineral fuels, lubricants and related materials with $611.83 million.

This was followed by metalliferous ores and metal scrap, which decreased by $168.7 million, and cereals and cereal preparations with an annual decline of $86.15 million.

‘The year-to-date total import value from January to August 2025 amounted to $88.08 billion. This represents an annual increment of 5.1 percent from the year-to-date total import value of $83.78 billion in January to August 2024,’ the PSA said.

China top export market, import source

Meanwhile, the PSA said the country’s top export market and import source for August 2025 was China.

In terms of exports, Hong Kong, China was the country’s top export destination with an export value amounting to $1.19 billion or a share of 16.9 percent to the country’s total exports in August 2025.

Other top export partners for the month were the United States of America (USA), $1.09 billion or 15.4 percent of the total; Japan, $979.00 million, 13.9 percent; People’s Republic of China, $849.32 million, 12 percent; and Republic of China (Taiwan), $292.18 million or 4.1 percent of total exports.

In terms of import source, the People’s Republic of China was the country’s largest supplier of imported goods valued at $3.19 billion or 30.1 percent of the country’s total imports in August 2025.

Other import sources included Republic of Korea with an import value worth $848.93 million or 8 percent of total imports; Indonesia, $838.78 million or 7.9 percent of total; Japan, $731.06 million or 6.9 percent of total; and USA, $698.41 million or 6.6 percent of the total.

WHILE the government boosted its release of cash allocations, state agencies’ budget use slipped to 93.8 percent as of the end of August, according to the Department of Budget and Management (DBM).

Latest data from the DBM showed that the notices of cash allocation (NCAs) released to government agencies hit P3.356 trillion from January to August this year.

The figure is higher by 7.43 percent from the P3.124 trillion disbursed in the same period last year.

An NCA is a disbursement authority issued by the DBM to government agencies to pay their operating expenses, purchases of supplies and materials, as well as programs and projects.

Following the NCAs released by the DBM as of end-August, government agencies only used P3.147 trillion, posting a utilization rate of 93.8 percent.

However, the cash utilization rate was lower compared to the 95 percent recorded during the same period a year ago.

A higher NCA utilization rate shows the capacity of line agencies to timely disburse their allocated funds and implement their programs and projects.

DBM data further showed that line departments utilized P2.288 trillion or 91.9 percent of the P2.490 trillion in NCAs disbursed to them. The utilization rate was also slightly lower than the 93 percent posted a year ago.

Among the departments, the Department of Public Works and Highways (DPWH) and the Department of Education (DepEd) receive the highest NCAs worth P646.698 billion and P484.589 billion, respectively.

DepEd’s use of its cash allocations moderately improved at 95.8 percent compared to last year’s 95 percent, while DPWH’s budget utilization marginally slowed to 94.3 percent from 95 percent a year ago.

Based on the data, none of the line departments achieved a 100 percent utilization rate of its cash allocations during the eight-month period.

Still, the Commission on Audit registered the highest NCA utilization rate at 99.6 percent, trailed by the Department of Migrant Workers with 98.8 percent and the Department of Foreign Affairs with 98.5 percent.

Furthermore, budgetary support provided to government-owned and -controlled corporations (GOCCs) reached P82.843 billion as of end-August, lower by 10.47 percent year-on-year from P92.540 billion.

Of the amount, P81.697 billion was utilized, equivalent to 98.6 percent, slightly down from last year’s 99 percent.

Meanwhile, NCAs allotted to local government units (LGUs) amounted to P783.083 billion. Approximately P777.298 billion of this amount was utilized, or 99.3 percent.

State agencies, including LGUs, have a remaining P209.082 billion in unused NCAs as of the end of August.

Out of the record P6.326-trillion national budget for this year, 95.5 percent or P6.041 trillion has been released as of the end of August.

For 2026, the national budget is proposed at P6.793 trillion, 7.4 percent higher than this year’s level.