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The Philippines is the only country in Southeast Asia facing a sustained deterioration in its current account, setting it apart from regional peers whose external balances remain broadly stable, according to Bank of America (BofA).

In a report, BofA said it assessed the state of external balances across the Association of Southeast Asian Nations (ASEAN), focusing on trade and its subsequent impact on growth.

‘We find that despite the growing headwinds from external trade, current account balances across the region have remained in a manageable state, with only Philippines showing a steady trend of wider deficits, while other economies in the region remain rangebound,’ it said.

According to the report, the Philippines has consistently posted current account deficits over the past year, while Indonesia, Vietnam and Singapore have strengthened their external positions.

‘On a long-term basis, current account trends in the region appear to show mild but consistent shifts, with Malaysia and Philippines showing a persistent trend of steady deterioration,’ BofA noted.

The Philippines’ current account deficit eased to $5 billion (four percent of gross domestic product) in the second quarter, down by 15.8 percent from $5.9 billion (5.2 percent of GDP) a year ago, as stronger exports helped trim the trade gap.

Meanwhile, Indonesia has recorded improvements due to stronger processing of mineral and resource exports, while Vietnam has swung from a persistent deficit to a sizable surplus.

Thailand remains volatile, shifting between deficits and surpluses depending on tourism inflows. Singapore continues to post large and stable surpluses.

BofA identified weak trade in goods as the key drag on the Philippine current account. While most of ASEAN saw frontloaded export gains in the first half, the Philippines underperformed, keeping its trade deficit wide.

The country’s reliance on remittances and information technology-business process management (IT-BPM) services has partially cushioned the gap, but these inflows are not growing fast enough to close it.

‘Remittances growth, especially in the Philippines, has consistently run behind nominal GDP growth,’ the bank observed, adding that their importance to the external account has gradually diminished.

Tourism receipts, which are helping neighbors like Vietnam and Malaysia recover their services surpluses, have also been slower to rebound in the Philippines.

The Philippines is also grappling with fiscal and monetary pressures. BofA highlighted that the fiscal deficit in August ballooned to P84 billion, up by 56 percent year-on-year, bringing the shortfall to P869 billion from January to August, or 25 percent higher than the same period last year.

On the monetary front, the peso weakened by nearly two percent in September as the Bangko Sentral ng Pilipinas (BSP) signaled it was nearing the end of its policy easing cycle.

The BSP has already lowered interest rates by 150 basis points since August 2024, bringing the key rate down to five percent.

BofA said it expects the central bank to reiterate that ‘the terminal rate is within sight’ at its Oct. 9 policy meeting.

The widening current account gap underscores a structural weakness that could weigh on investor sentiment and external stability.

‘Medium-term challenges remain,’ BofA cautioned, stressing that the Philippines’ heavy dependence on remittances and IT services, coupled with persistent goods trade deficits, makes it more vulnerable than its ASEAN peers.

Despite the challenging external picture, BofA said ongoing government support and a focus on improving fiscal spending quality could prevent a sharper slowdown in economic activity.

Cebu City Mayor Nestor Archival has ordered the immediate mobilization of city enforcement and engineering teams to crack down on illegal structures and fast-track reforestation efforts inside the Central Cebu Protected Landscape (CCPL).

The directive came during a joint site visit and coordination meeting held the other day at the CCPL Cantipla office, where city officials, representatives from the Department of Environment and Natural Resources-CCPL, and the KEEP Forest Foundation mapped out urgent protection measures for the watershed.

The visit focused on strengthening riparian zone protection, accelerating forest rehabilitation, and initiating legal action against unauthorized developments within the protected area. A riparian zone is the stretch of land that borders rivers, streams, and other bodies of water that plays a vital role in maintaining the health of both aquatic and terrestrial ecosystems.

Technical teams from the city and DENR conducted on-site inspections of priority zones and received a briefing on ongoing restoration activities.

A roundtable discussion followed according to the city’s PIO, aligning the roles and schedules of partner agencies and community stakeholders.

KEEP Forest Foundation, a local conservation group active in Central Cebu, presented long-term volunteer maintenance plans and proposals for sustained site care that integrates reforestation, environmental law enforcement, and community education to foster collective stewardship and sustainable development.

A central technical priority identified during the meeting was the issuance of notices of violation and expedited inspections of alleged illegal structures.

Archival directed city teams to coordinate closely with DENR-CCPL to ensure swift legal and administrative action, while upholding due process.

Officials emphasized that enforcement will be paired with community-based restoration and livelihood support to ensure both protection and inclusive stewardship of the watershed.

The collaboration signals a renewed commitment to safeguarding Central Cebu’s ecological integrity through coordinated governance, civic participation, and science-based restoration.

City going after illegal structures in watersheds.

After scoring a total of 10 points in his first three UAAP Season 88 men’s basketball games, University of the East’s Dray Caoile waxed hot for the Red Warriors against University of Santo Tomas Saturday.

Caoile had 15 points in the first quarter, and had 20 at the half. But with the Growling Tigers’ defense firmly focused on him, he finished with 23 markers in the 111-99 UE loss.

The defeat dropped the Red Warriors to a 0-4 win-loss record.

After the game, Caoile, a one-and-done guard for UE, said that while he was happy with his offensive outburst, his focus remains on getting a victory.

‘It definitely always feels good to have the shot going and playing with confidence but ultimately, I want to win, so that’s the only thing that bothers me,’ he said.

‘It feels good to have a good game,’ he added.

Prior to this game, Caoile scored four points twice in his first three games. Against University of the Philippines on September 28, he had two markers.

Through three starts, he averaged 3.3 points, 2.0 rebounds and 1.3 assists per game on 29.4% shooting.

Against UST, though, Caoile shot 7-of-12 from the floor, had four assists, four rebounds and two steals.

‘It felt good. I mean, the shot was just falling. Shout out to my guys for just keep finding me. Hit one, just kept playing. Didn’t really think too much,’ he said.

Caoile underscored that he will continue to ‘keep playing his game’ and try to build on his best UAAP contest thus far.

‘Just keep being aggressive, keep making plays. When the ball comes to me, just take my shot, take a pass,’ he said.

‘[I will] just do what I can to help the team win. That’s scoring, that’s playmaking, rebounding, defense, whatever it is to win these games,’ he added.

Still, the goal remains the same – get a win and start rolling this season.

‘It’s definitely not where we want to be, but just take every loss as a lesson. Go back to film, go back to the drawing board, go back to practice,’ he stated.

‘And, I think we’ll make our run on the wins column soon.’

While Caoile had his career game, John Abate spearheaded UE with 27 points on 12-of-21 shooting. Precious Momowei had a monster double-double of 16 markers and 15 boards, while Mo Tanedo had 11 points.

Despite these stellar plays, it was not enough against the balanced UST team led by Nic Cabanero, who had 22 markers and eight dimes. Forthsky Padrigao and Collins Akowe chipped in 18 points apiece, while Amiel Acido and Mark Llemit had 11 each.

UE will try to grab its maiden win of the season on October 11 against Adamson at the Ateneo Blue Eagle Gym.

Listed mining firm OceanaGold (Philippines) Inc. said yesterday that it has appointed a new chair of its board of directors, marking a major leadership change in the company which posted $30.3 million in revenue in 2024.

In a statement, the Australian-Canadian mining firm said the position was assumed by Brian Martin on Sept. 24, noting that he has more than two decades of experience in the metals and mining industry.

He specializes in corporate strategy, investor relations and business development.

Martin also serves as senior vice president for business development and investor relations at OceanaGold Corp., the parent company listed in Australia and Canada.

‘I look forward to working closely with the Board of Directors and management team to continue delivering strong operational performance and value creation for our shareholders. With a high-quality asset in Didipio and an experienced and dedicated team, we are well positioned to build on our success and contribute meaningfully to the Philippines and the communities we serve,’ Martin said.

In his first week as chair, Martin met with Bangko Sentral ng Pilipinas Deputy Governor Mamerto Tangonan to reaffirm OceanaGold’s commitment to sell at least 25 percent of its annual gold dore output directly to the BSP.

The arrangement, the company said, would help boost the country’s gold reserves and reinforce financial stability.

Martin also visited the Philippine Stock Exchange (PSE) where he met with chief operating officer Roel Refran to highlight the company’s growth prospects and long-term value creation for shareholders.

OceanaGold Philippines, which operates the Didipio gold-copper mine in Nueva Vizcaya, has been gaining visibility in the local equities market since its initial public offering in May 2024.

The firm was added to the PSE MidCap Index in August, signaling investor recognition of its performance and governance record.

‘Our recent inclusion in the PSE MidCap Index is a strong endorsement of the trust investors and regulators place in us. It reflects our consistent performance, transparent governance and commitment to responsible mining,’ Martin said.

The company said it would continue strengthening collaboration with government agencies and host communities as it seeks to sustain growth while ensuring benefits extend beyond its mining operations.

In medical emergencies, response teams conduct triage, assessing who among the patients have the most urgent need for attention.

The Supreme Court may want to implement a similar system in dealing with the many cases that call for its action. The SC can start with the legal challenge against yet another one-year postponement of the barangay and Sangguniang Kabataan elections or BSKE.

President Marcos signed into law last August Republic Act 12232, which not only reset the BSKE from Dec. 1 this year to Nov. 2, 2026, but also gave BSK officials a longer term of four years from the current three.

RA 12232 effectively extended the terms of the current BSK officials by a year through an overly long postponement of the vote. These are acts that the SC had struck down as unconstitutional the first time that Marcos signed an earlier law, RA 11935, which postponed the BSKE scheduled in December 2022.

Election lawyer Romulo Macalintal, who successfully challenged RA 11935 before the SC, is also spearheading the legal challenge against RA 12232, the latest move of the 19th Congress and the executive to pander to their grassroots political operators.

A key argument in the postponement of the BSKE this year is to give full attention to the first-ever parliamentary election in the Bangsamoro Autonomous Region in Muslim Mindanao.

The BARMM vote, however, is no longer pushing through, after the SC struck down the redistribution of seats in the BARMM parliament following the exclusion of Sulu from the region.

Bowing to the SC, Commission on Elections Chairman George Garcia said the BARMM vote has been reset to March 31, 2026. With the postponement, P1 billion worth of ballots, other election paraphernalia and Comelec preparations have gone to waste, Garcia said. Replacing the wasted items will also require additional funds, which could be greater than P1 billion.

In the case of the BSKE this December, a one-year postponement will cost taxpayers an additional P4.3 billion, Garcia said last month.

In the absence of a temporary restraining order from the SC, the Comelec has stopped preparations for the BSKE. But the SC might issue a ruling similar to the one on RA 11935, in which case it will save billions in public funds – and a lot of confusion – if it would issue a TRO on this year’s BSKE postponement.

Better yet, the SC might want to hand down its ruling on the case, giving the Comelec and other stakeholders sufficient time to prepare if the decision favors Macalintal’s challenge.

Trillions in public funds have already gone down the drain due to corruption in flood control projects. If only to save several precious billions, the BSKE postponement case deserves urgent judicial action.

It’s down to the last four queens in the inaugural season of “Drag Race Philippines Slaysian Royale.”

Three Filipina queens – drag sisters Brigiding and Viñas Deluxe of “Drag Race Philippines” Season 1, and Season 2 runner-up Arizona Brandy – and he sole international queen Suki Doll, from “Canada’s Drag Race,” will battle it out for the crown.

The recently aired eighth episode culminated with an epic lip sync battle between Viñas and Season 3 runner-up Khianna, two of the best lip syncers of the entire “Drag Race Philippines” franchise to date, with the former emerging victorious.

Philstar.com spoke to Viñas in an exclusive interview where she described her reaching the Top 4 as amazing, pressuring and deserving.

Back on her original season, she was eliminated at the seventh episode, making it a personal win for the drag queen.

“I think my edge is showing who the real Viñas is, all my sides, everything I can as a drag artist: designing, performing, being a sister,” said Viñas. ” Everyone deserves to be on top but I think I am more relatable, in some aspects. I want to inspire people to achieve their dreams.

Viñas took time to praise Khianna, calling her an amazing performer and admitted being worried to go up against her.

“Sino ba ang kayang tumapat kay Khianna diba?! Napunta sa akin ang baraha and I’m so lucky to be that person. Khianna deserves more than this. I’m so happy na Top 4 ako ngayon,” the drag queen.

Of the remaining queens, Viñas shared being nervous facing Arizona as she believes the latter can “do camp on a higher level” than her.

She did also call her drag sister Brigiding “the most experienced” in Top 4, but Viñas is more worried about her “inner saboteur” tendencies.

Brigiding and Viñas are members of the Divine Divas along with “Drag Race Philippines” Season 1 winner Precious Paula Nicole, who served as a guest judge on the seventh and eighth episode of “Drag Race Philippines Slaysian Royale.”

The eigthth episode saw Suki and Arizona jointly winning Ru badges for their Dragcon Slaysian maxi challenge perfomances.

It marked Suki’s first maxi challenge win and just the second time an international queen earned a Ru badge after Yuhua who was eliminated before Khianna. Arizona meanwhile now has two badges, as many both Viñas and Brigiding.

Viñas is hopeful that the Philippines will one day host its own Dragcon, pointing out the local drag community is very talented and deserves to be noticed.

“I hope I am making you proud. I am doing my best to make the Philippines proud and sana nagta-transcend ito sa likod ng mga camera,” Viñas said in her message to fans, sharing that more happens behind the scenes and the hour-long episodes viewers watch.

She appealed to fans to remain calm, be more appreciative and spread only love, this as many believe the Pambansang Bunganga is huge frontrunner to take the Slaysian crown.

“You are making me stronger everyday, dahil sa support niyo lumalaki ang drag industry sa Philippines, dahil ‘yan sa inyo,” Viñas ended.

The Quezon City government will provide P1 million each in financial assistance to 10 Cebu local government units that were affected by the magnitude 6.9 earthquake last Tuesday.

The assistance will be provided to the local governments of Bogo City and the towns of Medellin, San Remigio, Bantayan, Santa Fe, Tabogon, Tabuelan, Sogod, Carmen and San Fernando – all identified as among those severely affected by the quake.

Aside from financial assistance, Quezon City also deployed 26 personnel to assist in disaster response.

Engineers and other disaster risk reduction technical crew provided expertise in damage assessment and auditing of affected infrastructure, while emergency medical services and psychosocial teams were deployed to provide immediate medical assistance to affected residents.

‘Quezon City extends its heartfelt prayers, support and solidarity to all the victims of the earthquake,’ city hall said in Filipino. ‘We are ready to provide additional assistance to the best of our ability.’

DSWD relief goods not for sale

Meanwhile, the Department of Social Welfare and Development warned the public that DSWD relief goods are not for sale, after the Criminal Investigation and Detection Group (CIDG) raided a warehouse and arrested a businesswoman along Juan Luna Street in Tondo, Manila on Thursday.

The CIDG operatives caught the businesswoman, identified only as Janice, selling P15.52 million worth of relief kits bearing the DSWD logo.

Lt. Gen. Jose Melencio Nartatez Jr., acting Philippine National Police chief, said Janice negotiated with CIDG operatives for the sale of relief goods that are intended for victims of natural calamities.

‘Relief goods and government assistance are sacred lifelines meant to protect our most vulnerable citizens during times of crisis. Selling or misusing them is illegal,’ Nartatez said in a statement.

Lt. Col. John Guiagui, who heads the CIDG-National Capital Region field unit, said Janice agreed to sell around 6,000 boxes of family kits for P2,588 per piece.

Each family kit contains towels, slippers, t-shirts and underwear for adults and children. Once the boxes were loaded into a truck, police moved in and arrested Janice.

Guiagui said they received information that Janice had been a supplier of relief goods since 2020 but her contract had ended.

‘We are determining whether these items came from the DSWD or were part of over-production,’ Guiagui said.

He noted that Janice would still be liable, no matter the outcome of the investigation, for the illegal use of the DSWD logo – a violation under Republic Act 10121 or the Philippine Disaster Risk Reduction and Management Act.

Irene Dumlao, DSWD spokesperson, advised the public that the agency’s food and non-food items are not for sale.

‘The (DSWD) strongly condemns the unauthorized use of our logo and warns unscrupulous individuals that appropriate legal punishment awaits their actions,’ Dumlao said.

National Master and international chess arbiter Edgar de Castro, member of the Philippine team to six Chess Olympiads, passed away on Sept. 28 in Alexandria, Virginia after battling cancer for two years. He was 82.

A beloved husband, father and grandfather, De Castro had always been a chess enthusiast until the latter part of his life.

He served as secretary general of the Philippine Chess Federation, forerunner of the National Chess Federation of the Philippines, and wrote a widely read chess column for The STAR for years.

The Energy Regulatory Commission (ERC) has given Aboitiz-backed Lihangin Wind Energy Corp. (LWEC) the green light to link its large-scale wind farm in Northern Samar to the Visayas grid.

LWEC, a joint venture of Aboitiz Renewables Inc., Vivant Energy Corp. and Singapore-based Vena Energy, is now authorized to build point-to-point limited transmission facilities for its 206-megawatt (MW) San Isidro Wind Power Project (SIWPP).

The project’s interim grid connection will be through the Calbayog substation of National Grid Corp. of the Philippines (NGCP), pending completion of the proposed 138-kilovolt San Isidro substation for its permanent link.

The ERC, however, denied LWEC’s request to manage the dedicated transmission facilities, assigning full operational and maintenance responsibility to the NGCP.

‘In case the subject assets shall be required for competitive purposes, the ownership of the same shall be transferred to NGCP using the fair market price of the said facilities, subject to optimization,’ the ERC ruled.

In evaluating the merits of LWEC’s application, the regulator said it focused on several aspects, including the wind project and the company’s technical capability to construct the proposed transmission assets.

Located in the municipality of San Isidro in Northern Samar, SIWPP is targeted for commercial operations in February next year, based on the application.

The project’s capacity, the ERC said, is expected to help meet the country’s growing power demand. It is likewise aligned with the government’s push to accelerate the development of renewable energy sources.

SIWPP’s generation output will be dispatched through a power supply agreement with retail electricity suppliers, the commission noted.

The actual system peak demand in the Visayas grid reached 2,654 MW as of end-April, while the region’s dependable capacity stood at 3,252 MW, latest Department of Energy data showed.

The Mayors for Good Governance (M4GG) has requested copies of the National Expenditure Program and General Appropriations Act for fiscal years 2023 to 2025 from the House of Representatives, as well as line items involving infrastructure projects with details of their proponents.

In a letter addressed to Speaker Faustino Dy III, the group of nearly 200 local chief executives advocating for clean governance said the request was done to make records involving taxpayers’ money more accessible to the public.

‘We make this request in the spirit of transparency in the use of public funds and to ensure that allocations reflect the true needs of communities,’ M4GG stated in its letter sent on Thursday night.

‘Having access to these records will help local governments and civil society track implementation, strengthen accountability and uphold public trust in our institutions,’ it added.

The letter was signed by the M4GG’s convenors: Joy Belmonte of Quezon City, Sitti Hataman of Isabela City, Benjamin Magalong of Baguio City and Vico Sotto of Pasig City.

Granting the request, the M4GG believes, would set a ‘strong example of open, participatory budgeting’ that prevents the misuse of public resources.

M4GG has exponentially grown since it was formed two years ago – struggling in the early days to recruit even one mayor weekly before 300 new members applied when the flood control scandal erupted.

In an interview with dzRH on Thursday, Magalong said the coalition would continue its crusade against corruption despite the presence of the Independent Commission for Infrastructure (ICI).

He said all documents gathered would be turned over to the fact-finding body. M4GG has an existing memorandum of understanding with the ICI.

Meanwhile, the House of Representatives has officially dropped resigned Ako Bicol party-list congressman Rizaldy Co from the roll of members.

Co decided to resign from his post amid allegations of ‘insertions’ in the current 2025 national budget and his supposed involvement in the flood control projects corruption scandal.

He is still out of the country.