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Last week

Share prices rebounded, with the main index returning to the 6,100-point level, mainly on bargain hunting.

The benchmark Philippine Stock Exchange index (PSEi) gained 81.74 points to close at 6,108.86 points.

The main index was down during the early part of the week, closing at the 5,900-point level during the Monday and Tuesday trading sessions.

‘The local market managed to partially recover some lost grounds in last week’s trading as investors hunted for bargains. However, trading activity was thin implying that market confidence remains weak amid lingering uncertainties,’ Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said.

The average volume of trade reached P5.2 billion, thanks to Tuesday’s P7.49 billion worth of trade, mainly on window dressing of companies.

Foreign investors, who cornered 57 percent of the trades, were net sellers at P4.28 billion.

Other indices posted gains, except for the Property index that shed 30.45 points to close at 2,294.59 points. The broader All Shares index rose 41.05 to 3,685.85, the Financials index inched up by 10.55 to 2,083.19, the Industrial index surged 280.35 to 9,016.39, the Holding Firms index added 52.41 to 4,968.79, the Services index climbed 58.32 to 2,270.26 and the Mining and Oil index soared 1,244.87 to 13,259.22.

For the week, gainers edged gainers 121 to 112, and 28 shares were unchanged.

Top gainers were Nickel Asia Corp., Atok-Big Wedge Co. Inc., Manila Mining Corp. A and B shares, OceanaGold (Philippines) Inc., Global Ferronickel Holdings Inc., NiHAO Mineral Resources International Inc. and Alliance Select Foods International Inc.

Top losers, meanwhile, were Metro Alliance Holdings and Equities Corp. A, Republic Glass Holdings Corp., Citystate Savings Bank Inc., Coal Asia Holdings Inc., Pacific Online Systems Corp., Jackstones Inc. and Pacifica Holdings Inc.

This week

Share prices may decline on news of faster inflation, which could pose a threat to the easing cycle of the Bangko Sentral ng Pilipinas (BSP) if the rate hits the top-end of its target range.

Tantiangco said investors will watch out for the Philippines’s September inflation data and the BSP policy decision.

‘An inflation rate within the BSP’s 1.5 percent to 2.3 percent projection, especially one biased towards the lower end, may give sentiment a boost. Meanwhile, a rate cut and signals of further policy easing in the near term are expected to help lift sentiment too,’ he said.

‘Investors are also expected to take cues from the movement of other financial markets. A further improvement in the Peso’s position and a further decline in yields are expected to help the market,’ he said.

Meanwhile, 2TradeAsia said global slowdown signals and domestic lethargy suggest a cautious approach, but undervaluation in the local equity mart offers selective upside for nimble investors.

‘While the PSEl’s range-bound struggle and global risks keep sentiment muted, these levels present a strategic entry for long-term capital. Keep focused, pick your spots, and let value guide your moves,’ it said.

It sees immediate support at 6,000 points, secondary at 5,800 points, resistance at 6,200 points.

Stock picks

Maybank Securities gave a buy rating on Converge Information and Communications Technology Solutions Inc.

‘We recently hosted a meeting with CNVRG’s management, engaging a select group of local investors. The discussion provided valuable insights, reinforcing our confidence in the sustained demand for broadband services,’ it said.

‘The recent downward revision in guidance appears to be a temporary setback, primarily attributable to manpower constraints and adverse weather conditions.’

It gave a target price of P20 a piece on the stock. Converge shares, meanwhile, were last traded at P12.38 apiece.

Meanwhile, it retained a buy advise on the stock of International Container Terminal Services Inc. (ICTSI), mainly on the positive outlook on the country’s ports sector, where the Razon-owned firm has a dominant position.

It noted the strong momentum of the country’s port sector in the first half of the year. The sector is expected to accelerate in the second half.

‘Growth is anchored by resilient consumption and trade, with foreignbcontainers making up the bulk of traffic. ICT, through MICT [Manila International Container Terminal] port’s dominant gateway role, remains best positioned to capture this momentum.’

ICTSI’s shares closed last week at P512 apiece.

FENDI recently announced that, from October 1st, Silvia Venturini Fendi is taking on the role of Honorary President of the Italian luxury brand, following her distinguished creative tenure, which included her direction of the women’s collections during the brand’s centennial year.

In her new capacity, she will focus on supporting Fendi’s heritage while continuing to champion the brand worldwide and promoting the house’s rich history, exceptional craftsmanship, and the world of Fendi Casa.

Silvia Venturini Fendi represents the third generation of the Fendi family. From 1992 until 2019, she seconded the late Karl Lagerfeld in the Artistic Direction. Since 1994, she was responsible for the Accessories and Menswear lines and lately, the Women’s collection.

‘These have been truly exciting years, a journey I have walked also in the name of my grandmother Adele, my mother Anna, and her sisters. My heart turns to Karl, an extraordinary master who granted me the honor of working by his side, teaching me the art of sharing, a defining quality in my family’s history of women, while guiding me to nurture and protect my own creative vision so that I could then fly on my own,’ says Silvia. ‘What a wonderful journey it has been, not only creatively but also from a human perspective: first through my bond with Karl Lagerfeld, then with Kim Jones and with my fantastic team, who over the years has become part of my family.’

‘Since 1992, Silvia has greatly contributed to shape Fendi’s creative direction and has been pivotal to the brand’s international success,’ says Ramon Rose, chairman and CEO of Fendi.

A new creative organization for Fendi will be announced in due course.

The business community is mourning the loss of Oscar S. Reyes, former president and chief executive of the Manila Electric Co. (Meralco), who died at the age of 79 last October 3.

Reyes, better known as ‘OSR,’ served as president and CEO of Meralco from 2012 to 2019.

‘With strategic foresight and prudence, he guided Meralco, laid the groundwork for modernization while ensuring regulatory compliance, operational integrity, and execution excellence. True to his philosophy of ‘sweating the assets,’ he maximized value for customers and stakeholders alike,’ Meralco said.

Before his death, he was an independent director at PXP Energy Corp., another Pangilinan-led firm.

Joe Zaldarriaga, Meralco head of corporate communications, said his leadership shaped the way he approach challenges and opportunities alike.

‘I have had the opportunity to work closely with OSR for almost a decade. One thing that I never forgot and I still bring to this day is his remarkable work ethic. He placed a lot of premium on diligence and forward thinking, encouraging us to ‘always be ahead of the curve,’ in his words. From the moment I heard that as a marching order from him I made sure I bring that principle with me every single day at work including in important and crucial personal endeavors.’

Reyes also served as country chairman of Shell companies in the Philippines, and President of Pilipinas Shell Petroleum Corp. from 1997 to 2001, as well as a Trustee of Pilipinas Shell Foundation, Inc., leaving a lasting impact through his visionary leadership.

‘We extend our deepest condolences to his family and loved ones. May we know is remarkable legacy and be inspired by the life he lived,’ said Shell.

Reyes graduated cum laude from the Ateneo de Manila University where he received his Bachelor of Arts degree in economics. He also completed all academic units for a Master’s degree in Business Administration.

Senator Alan Peter Cayetano on Sunday appealed to all sitting government officials – from Congress to Malacañang – to resign and give way to a snap election for a completely new set of leaders.

In a statement posted on his official social media pages, Cayetano said this may be the only way to rebuild public trust in the country’s political institutions.

As he made the call for a snap election, social media buzzed with scenarios of another possible coup in the Senate, this time supposedly to install Cayetano as replacement for Senate President Vicente Sotto III, who himself replaced Francis ‘Chiz’ Escudero last Sept. 8.

According to Cayetano, the series of corruption scandals hounding the government ‘has eroded the very foundation of our people’s faith in leadership’ and that genuine accountability requires more than words from public officials.

‘If we are really serious about restoring trust, then let’s go all in,’ Cayetano said. ‘Let everyone resign – from the President down to the last congressman – and let’s hold snap elections.’

‘But here’s the catch,’ he added. ‘None of us who are in office now should be allowed to run again.’

The senator, who currently serves as the minority leader, said his proposal is both symbolic and practical, a ‘national reset button’ meant to show that public service is about stewardship and not self-preservation.

‘Radical honesty means we don’t pretend the system is fine when everyone can see it’s broken,’ he said. ‘If we truly serve the people, then we should be willing to sacrifice our posts for the sake of rebuilding their trust.’

Cayetano’s statement came amid renewed public outrage over a string of high-profile corruption allegations involving infrastructure projects and the misuse of discretionary funds.

Unprecedented call

Political analysts described Cayetano’s call as ‘unprecedented in recent memory,’ noting that while calls for resignation are common, a blanket resignation proposal from a sitting senator is rare.

Cayetano’s ‘resign-all’ challenge echoes earlier reform movements that sought moral renewal in government, such as calls for accountability during the post-EDSA administrations. But unlike past appeals focused on specific officials, Cayetano’s proposal targets the entire political structure.

‘We can’t rebuild trust with the same people who broke it,’ the Minority Leader said. ‘The Filipino people deserve a clean slate, and that starts with us stepping aside.’

Reactions to Cayetano’s call have been mixed on social media. Some praised Cayetano’s candor, calling it a refreshing show of integrity, while others viewed it as political positioning ahead of the 2028 elections.

‘Even if it’s idealistic, it forces a conversation we need to have,’ one netizen commented.

Cayetano ended his statement with a strong reminder: ‘Leadership is not about entitlement, it’s about stewardship. And sometimes, the most honest thing we can do is to let go.

This is part of MCAD Commons, an exhibition project which offers the singular programming of the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde (DLS-CSB) to a larger audience. It fosters creative development, ideas exchange, and curatorial discourse.

After studying in Manila, Elisa Tan spent a decade in the US and Europe, where she became a respected figure in the arts scene. Her early efforts as a painter of large-scale canvases garnered significant recognition in the mid to late 1970s.

When she moved to Paris in the 1980s, her intellectual efforts to merge word, image, and the everyday finally began to reach their most sustained following.

Her envelope series, expressed in her symbology, is a sequence of ever deeper meditations on what she calls ‘containers for thought.’ Within that framework, she creates space for color, abstraction, the concrete, accident, and the deceptive power of the small scale.

A spiritual crisis led her to stop creating public art. She later converted to Christianity and lived a private life in Baguio, where she passed on. Her work has been archived by her estate.

Elisa Tan: Container of Distance presents the archive of her body of work and a poetic constellation of her ideas.

In connection with this exhibition, there will be talks which focus on scholar-curator Dr. Maria Cristina Juan and professorial lecturer Dr. Flaudette May Datuin. They will conduct conversations to expound on the late artist’s works and creative process. It will be held on Saturday, October 11 at 3 pm.

The Elisa Tan: Container of Distance exhibition is free and available for public viewing from October 10 to November 16, 2025. It is open from Tuesdays to Sundays, from 10 am to 6 pm, except holidays.

Both the display and the discussion will be conducted at the Space63, Comuna, 238 Pablo Ocampo Sr. Extension, Makati City.

I continue my series of articles on the various government agencies and private organizations that are engaged in the investigation or oversight of the flood control anomalies. In the last two articles, I dwelled on the Office of the President, the Independent Commission for Infrastructure, the Congressional oversight and investigation committees, and the Financial Watchdogs, to include, among others, the Bureau of Internal Revenue, Anti-Money Laundering Council, and the Securities Exchange Commission.

In this column, I continue my discussion on the Enforcement and Investigative Units, which include, among others, the Office of the Ombudsman, the National Bureau of Investigation, and other offices. Where oversight agencies and financial watchdogs identify red flags, enforcement arms are expected to investigate, prosecute and recommend the filing of civil or criminal charges in court or administrative bodies that will impose sanctions on perpetrators who are charged with criminal and civil offenses.

Several Philippine laws provide the legal arsenal for sanctioning both public officials and private individuals involved in the flood control corruption scandal. Chief among these is Republic Act No. 7080 (Plunder Law), which penalizes with life imprisonment and forfeiture of assets any public officer who amasses P50 million or more in ill-gotten wealth. There is also Republic Act 3019 (Anti-Graft and Corrupt Practices Act), which criminalizes bribery, kickbacks, and undue advantage in public contracts.

The Forfeiture Law of Unlawfully Acquired Properties by Any Public Officer or Republic Act No. 1379 allows the State to recover properties unlawfully acquired by officials or their dummies, even without a criminal conviction.RA 6713 (Code of Conduct and Ethical Standards for Public Officials and Employees) provides administrative sanctions for disciplinary misactions by government officials and employees. Articles 210-212 of the Revised Penal Code on direct and indirect bribery. Together, these laws form a comprehensive legal framework that enables the government to prosecute, imprison, disqualify, and strip the perpetrators-both in government and the private sector-of their ill-gotten wealth. I will discuss in my forthcoming articles what are the best approaches for tapping the Plunder Law and the Forfeiture Law in proceeding against these flood control criminals to effect swift and severe sanctions.

The Office of the Ombudsman serves as the primary prosecuting agency for corruption and malfeasance involving public officials, empowered to investigate, file, and prosecute criminal and administrative cases before the Sandiganbayan and to initiate forfeiture actions under RA 1379. Working alongside it, the Office of the Solicitor General (OSG) represents the State in civil forfeiture and recovery proceedings to reclaim unlawfully acquired properties.

Complementing these prosecution fronts are the National Bureau of Investigation (NBI) and the Criminal Investigation and Detection Group (CIDG). The NBI and CIDG, together with the financial watchdogs that I discussed last week, provide the technical backbone of the inquiry. These offices conduct lifestyle checks, digital forensics, data analytics, surveillance, and evidence-gathering to trace money trails and secure documentary proof of collusion between government officials, professional consultants, bank conspirators, and contractors. Moving forward, these law enforcement agencies, together with the Philippine National Police, shall be tapped to enforce the warrants of arrest for those who will be sanctioned with imprisonment judgements.

Meanwhile, the Insurance Commission (IC) plays a vital but often overlooked role in the enforcement of performance bonds, guarantees, and surety insurance policies that cover defective or incomplete public works. Through its regulatory authority over insurers and bonding companies, the IC can compel these entities to pay valid warranty and performance claims, ensuring that the government recovers financial compensation for substandard flood control projects.

Together, these agencies form a complete accountability chain: the NBI and CIDG investigate together with the various financial watchdogs, the Ombudsman and OSG prosecute and recover, and the IC enforces contractual guarantees-closing the loop of prosecution, restitution, and reform, for defective or substandard flood control works and proceed with the filing of criminal and civil cases for the imposition by the judiciary of sanctions on all erring and conniving individuals.

The Philippine Economic Zone Authority (Peza) signed a registration agreement with a manufacturing firm which will produce jigs and fixtures within the Cavite Economic Zone (CEZ).

Peza said Acuvex Corp. registered as a new ecozone export enterprise that will specialize in manufacturing jigs and fixtures in CEZ.

The investment promotion agency noted that the firm’s project, with an initial investment of about P3 million, is set to begin by the end of the year.

Peza Director General Tereso O. Panga welcomed the new registration as part of the agency’s bid to attract investors.

‘Acuvex’s entry is another step forward in reinforcing CEZ as a hub for high-value and precision manufacturing,’ Panga said in a statement.

‘Each new locator strengthens the ecozone ecosystem and contributes to our vision of a competitive, sustainable, and resilient industrial base for the country.’

By targeting the precision manufacturing sector, Peza said Acuvex complements existing CEZ locators in electronics, automotive, and robotics-related supply chains, while also engaging local businesses and service providers within the ecozone.

‘This latest partnership not only strengthens CEZ’s position as a hub for advanced manufacturing but also underscores Peza’s role in driving inclusive growth and sustaining the Philippines’s global competitiveness.’

Recently, two Chinese manufacturing firms inked registration agreements with the Peza to manufacture transformers, batteries, electric vehicle parts and produce heatsink products in the CEZ.

Peza said the two Chinese manufacturing firms have registered as new ecozone export enterprises set to operate at CEZ in Rosario, Cavite.

It added that CIXIN Precision is investing in the production of heatsink products, CNC products, electroplating, and surface treatment.

‘The project will start commercial operations in March 2026 with a committed investment in new machinery and equipment worth around P40 million within its first year, with a commitment to employ nearly a hundred Filipino workers, mostly in direct production roles.’

Meanwhile, Philippine Newly Ever Rise Technology Corp. will manufacture and assembleof transformers, power supplies, batteries, robotics products, solar systems, and electric vehicle parts, reflecting the growing demand for renewable energy and advanced electronics.

Data obtained by the BusinessMirror from Panga showed that as of August, CEZ has a total of 310 Registered Business Enterprises.

THE government’s debt service bill reached its peak in August, as it more than tripled year-on-year to P664.720 billion, bloated by higher amortization.

Latest data from the Bureau of the Treasury (BTr) showed the government’s debt payments soared by 256.96 percent to P664.720 billion in August this year from P186.218 billion in the same month last year.

Amortization, or principal payments, rose by three and a half times to P601.615 billion in August from P133.437 billion a year ago.

About P597.885 billion of the amortization was settled with domestic creditors, a 389.93-percent surge from a year earlier, while payments to foreign financiers fell by 67.29 percent to P3.730 billion.

Meanwhile, interest payments jumped by 19.56 percent to P63.105 billion in August from P52.781 billion a year ago.

Of the total, P46.377 billion went to local lenders, up by 17.82 percent from P39.361 billion. The remaining P16.728 billion was paid to external backers, a 24.65-percent increase from P13.420 billion.

According to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation, the higher debt service in August is due to the large maturity of retail treasury bonds (RTBs) worth P516 billion.

Sept bill even bigger

Ricafort said August’s debt payments would be the peak, but the government could still see its debt service bill become relatively larger next month, as P288 billion of treasury bonds will mature on September 9.

‘After that, no more large government securities maturities for the rest of 2025,’ Ricafort said.

Next year, bond maturing in February and April, amounting to P200 billion each, are expected to push up the government’s debt servicing, Ricafort added.

9-month debt service

From January to September this year, the debt service bill posted a marginal decrease of 0.64 percent to P1.541 trillion from P1.550 trillion recorded in the same period a year ago.

This is equivalent to 75.02 percent of the P2.054 trillion programmed for debt servicing this year.

Of the nine-month period’s debt payments, P956.739 billion was shelled out for amortization, which dipped by 8.09 percent to P956.739 billion from P1.041 trillion in the previous year.

Amortization payments reached P768.520 billion for domestic debt, down by 12.63 percent from P879.652 billion a year ago.

Payments to external creditors rose by 16.84 percent to P188.219 billion from P161.086 billion.

On the other hand, interest payments grew by 14.66 percent to P584.145 billion during the nine-month period from P509.441 billion last year.

The government settled P429.120 billion worth of interest to onshore lenders, up by 18.30 percent year-on-year from P362.721 billion.

Meanwhile, interest owed to foreign creditors inched up by 5.66 percent to P155.025 billion from P146.720 billion.

BTr data showed the outstanding debt of the government reached P17.468 trillion as of the end of August.

While this slightly dipped by 0.5 percent from P17.563 trillion from end-July, this is seen to increase in the coming months due to more borrowings.

The government has raised a total of P2.266 trillion in borrowings as of end-August, out of its P2.6-trillion program for the year.

WHEN I am beauty shopping at a big event, I try to be cautious because it’s so easy to get carried away and purchase more than you actually need.

I went to the Robinsons Department Store’s BeYOUty Fest 2025 at Robinsons Manila Midtown Atrium, which was part of the month-long celebration of beauty at all RDS branches. There were discounts of up to 50 percent on selected items.

It took me an hour or so to go around the venue and here are the stuff that I got:

Colourette Blur Base Everyday Powder Foundation SPF 15 in Coron. This shade is a light medium with olive undertone. I got it for P599. True to its name, the powder is indeed blurring. It’s something that you could wear over sunscreen, skin tint, or foundation. I won’t say you can wear it on its own because you aren’t supposed to go out without sunscreen on your face. I like the powder and feel like I got my money’s worth even if Coron is slightly lighter on me. It’s not oily and I didn’t get any breakouts because of it.

Mise En Scene Curling Essence 2x Natural (pink tube). I think I got this for around P400 or slightly less than that.

My daughter has curly hair and she’s been using this Korean curl cream for around two years now ever since I got it as a freebie from an event. So she has gone over several tubes of it. It’s reasonably priced, not sticky, and holds her curls well.

Dazzle Me Our Secret Cover Concealer. I had been looking for this in the shade Medium because on TikTok Shop, they only have it in Light. At the event, it was on sale for only P90, I think, so I got the only tube left in Medium.

It’s a decent enough concealer. I put it in my bag for retouching because I recently attended a makeup workshop where I was told by one of the instructors that for long days, it’s good to retouch your undereye concealer.

Barenbliss Pout Plush Transferproof Lip Liner in 394 Kind (pumpkin latte). This is one of those chubby and super matte lip liners. It’s good for girls who don’t retouch a lot and just like to apply lip gloss because you still have some color on your lips but it’s not bold (this shade at least). I’m not sure how I paid for this but it was less than P200. Barenbliss’ booth was the most fun because their colors and packaging are so cute.

Colorgram Fruity Glass Tint in Lovely Raspberry.My daughter likes these tints so I got another shade for her. It’s a typical Korean tint that young people like to wear and the packaging is so fun. I got it for around P300, I think.

I’m happy that all my purchases were mindful and I didn’t go over my budget. Again, I started shopping with a list in my hand so that I’d buy only the things I needed.

Sparkle artist Mika Salamanca continues to open more doors after being hailed as GMA’s first-ever big winner for Pinoy Big Brother Collab Celebrity Edition alongside duo Brent Manalo. From back-to-back magazine covers and endorsement shoots to a new single, a movie, and a series, Mika remains unstoppable-yet she still makes time to nurture her advocacies.

Mika recently released her newest single with Brent, ‘What If Tayo?,’ further solidifying their bond beyond PBB. This followed the successful release of her rendition of ‘Sino Nga Ba Sya,’ which surpassed 500,000 streams on leading audio streaming platforms in under a month. Her big screen debut is also on the horizon as part of the upcoming MMFF 2025 entry Call Me Mother. On top of that, she reunites with her PBB batchmates in another GMA Network and ABS-CBN Studios collaboration, The Secrets of Hotel 88.

An advocate for mental health, Mika also released her first-ever children’s book, Lipad, which aims to inspire and encourage self-belief. She hopes to deliver the message not only to the younger audiences but to all the people who dream of rising above fear, embracing their truth, and taking flight toward the life they deserve. Proceeds from book sales are dedicated to supporting charities and outreach activities for those in need.

In her recent interviews, Mika expressed deep gratitude for all the love and support she receives, saying it fuels her drive to dream big for her family. Now, with both mainstream and online success, Mika is more determined to continue growing and being a positive influence to her supporters. Beyond being the face of big brands, she ensures that she is not the only one benefiting-part of her brand deals includes donating appliances to cancer patients and the elderly in home care.

To continue honing her craft, Mika diligently attends singing and acting workshops. For balance, she also dedicates time to writing and painting, even converting one of the rooms in her condo into a workstation for her artwork, which she plans to release soon.

Mika’s newfound success feels more than just a breakthrough-it’s a rebirth. And she is now fully embracing the life she was meant to live.