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AT&T outlines $250-billion US investment plan to boost infrastructure in AI age

AT&T will spend more than $250 billion over five years in the US to expand its network infrastructure and will ‌hire thousands of technicians this year, it said on Tuesday, as telcos ramp up investments to support surging data demand.

Rapid adoption of artificial intelligence (AI), cloud computing and connected devices has prompted telecom operators to invest heavily in fiber and 5G networks as they also seek to fend off intensifying competition from cable broadband providers.

AT&T, which has about 110,000 employees in the US, said the new hires will help build and maintain its infrastructure.

The outlay includes capital expenditure and other spending, the company said.

The spending will focus on expanding its fiber and wireless networks, including accelerating deployment of fiber broadband, 5G home internet and satellite connectivity to extend coverage across urban, suburban and rural areas.

“It has to spend hard, but it also has to spend smart … and its partnership with AST SpaceMobile is something investors will be keeping a close eye on,” said Danni Hewson, head of Financial Analysis at AJ Bell.

AT&T invested more than $145 billion in its wireless and wireline networks between 2019 and 2023 as telecom operators raced to expand high-speed connectivity.

The spending push comes alongside federal broadband initiatives created under the ‌2021 infrastructure law, including the $42.5-billion Broadband Equity, Access, and Deployment Program.

However, the rollout of funding has faced delays due to a combination of implementation challenges and policy changes under the Trump administration. 

AT&T has secured the largest share of BEAD funding for fiber build‑outs, winning about $1.06 billion, according to New Street Research.

Fiber broadband has become a key battleground between carriers and cable providers as they jostle to cater to demand from home internet customers.

Comcast, a key AT&T rival, is defending its subscriber base while undergoing strategic changes. The company on Tuesday began a $5.9-million network‑expansion project in Greater Hartford and Middletown, set to finish later this year.

Meanwhile, Verizon has accelerated its fixed‑broadband expansion after completing its acquisition of Frontier Communications earlier this year and is rolling out limited‑time discounted bundles to attract customers.

AT&T is also working with satellite partner AST SpaceMobile to expand connectivity to remote regions where traditional network infrastructure is difficult to deploy.

The company said it would continue spending on the FirstNet network built for first responders and bolster investment in network security and artificial intelligence-driven threat detection. — Reuters

Dining In/Out (03/12/26)

Newport World Resorts celebrates women

THIS MARCH, Newport World Resorts honors women with a month-long celebration inspired by International Women’s Day. At Hilton Manila Newport World Resorts, indulgence takes form in the Lavender Berry Whole Cake (P2,400 net) and Mini Cake (P450 net), complemented by signature cocktails including the Rose Chamomile Spritzer at Madison Lounge and Bar, Fiery Lady at the Port Bar, and Tropical Summer at the Freestyle Pool Bar. Each creation costs P500 net. Casa Buenas raises a toast to the season with its Paraiso Glow, a golden pineapple-peach blend with cranberry and fresh grape sweetness, available at P280 net until April 30. The spirit of celebration carries into the evening at The Whisky Library, where Ladies’ Night runs every Wednesday from 9 p.m. to 1:30 a.m. with unlimited drinks from a menu of classic and frozen cocktails or they can craft their own Tonic Temptress from a lineup of gins, artisanal tonics, and botanicals at P1,200 net. Meanwhile, the Gordon Ramsay Bar & Grill Philippines offers a Ladies’ Lunch through its 48-Minute Lunch Express Menu, available Mondays to Fridays from noon to 5 p.m. The menu features modern British highlights such as the Braised New Zealand Lamb Shoulder and Slow-roasted Pork Belly, with desserts including the Salted Peanut Butter Mousse and House-made Cannoli. The 48-Minute Lunch Express Menu is priced at P1,488 for two dishes or P2,488 for three dishes with a complimentary drink. For more information, contact 0917-147-6576 or e-mail reservations@gordonramsayrestaurants.com.ph. For more information on Newport World Resorts, visit www.newportworldresorts.com.

Morton’s The Steakhouse adds to menu

WINE AND DINE at Morton’s The Steakhouse and discover new premium additions to its menu that are designed to bring a sexier vibe to its fine dining reputation. These include French Oscietra Caviar, prized for its lightly nutty flavor and delicate brininess, which is served with finely chopped egg whites and yolks, crème fraîche, and warm buttered bruschetta. Then there is Seared Foie Gras served with a balsamic glaze, fresh arugula, orange segments, pickled onions, and warm buttered bruschetta. The restaurant also now serves a naturally sweet 36-oz Whole Baked Lobster prepared Thermidor-style with beurre blanc, Swiss cheese, and clarified butter. Finally, a fork-tender Veal Shank is another addition. Slow-braised and marrow-infused, it is served atop a bed of mashed potatoes. Morton’s The Steakhouse is open from 11 a.m. to 3 p.m. for lunch service, and 3 to 11 p.m. for dinner. Reserve a table via mortons.com.ph or directly call at 0917-144-9415.

Iced Lemon Fruit Teas for summer at Chagee

CHAGEE is welcoming its first Philippine summer with a fruity splash from the latest addition to its local lineup. The global milk tea store is now bringing to Manila its Iced Lemon Fruit Tea series — infused with real fruit flavors and brewed tea. The series is a permanent addition to the lineup and is the third internationally available flavor the tea chain has brought to the market since its Philippine debut last August. The summer series introduces three flavors: Jasmine Lemon Tea, Da Hong Pao Lemon Tea, and Glutinous Lemon Tea. Peach Oolong Brewed Tea, the latest brewed tea offering, is also joining the menu. The Jasmine Lemon Tea pairs premium jasmine green tea with crisp lemon juice. Da Hong Pao Lemon Tea combines bold, roasted da hong pao tea leaves with zesty lemon, while the Glutinous Lemon Tea blends high-mountain green tea with the subtle sweetness of glutinous rice aroma, and lemon. Peach Oolong Brewed Tea highlights fragrant oolong tea with gently roasted notes, complemented by a subtle peach sweetness. From March 13 to 31, walk-in customers and Chagee app customers are treated to a free Lemon Leather Charm with a purchase of any three Large Iced Lemon Fruit Teas. Grab customers can also get the charm with a P199 top-up. Customers also get a chance to take home a Summer Drawstring Pouch for every purchase of one Large Iced Lemon Fruit Tea with a top-up of P499 and P599 for Grab users. Customers can also take home the summer-exclusive Bucket Hat with a purchase of one Large Iced Lemon Fruit Tea and a top-up of P699 for walk-in and app orders, and P799 for Grab users. And until March 15, customers can choose any four Large Lemon Fruit Teas and get at least P133 off their total basket, exclusively for Grab orders only.

GInsure bullish on growth as many GCash users remain uninsured

BW FILE PHOTO

THE INSURANCE ARM of e-wallet giant GCash is bullish on their growth as a large number of its customers remains uncovered, which they hope to reach via their embedded product offerings.

“A big chunk of this has been with our embedded insurance, our load insurance. When we give insurance available for free, we grow the number of people insured two and a half times more,” GCash Vice-President and GInsure Head Wilfrido De Ocampo told reporters on Tuesday.

To date, GInsure has issued 119 million policies and insured 27 million users. Majority or 75% of the users insured were from outside Metro Manila, while 67% were aged 23-45, 76% from socioeconomic classes D and E, and 56% were female.

After the number of policies they issued more than doubled year on year in 2025, Mr. De Ocampo said he expects significant growth this year.

“On policies made, we continue to be very bullish. I don’t know if we’re going to do double, but certainly [we will see] significant growth in the number of people we insure and also the number of premiums that we give.”

He added that GCash is exploring other ways of expanding coverage, such as insuring other transactions as scams continue to evolve.

However, the penetration rate of GInsure relative to the total user base of GCash is still at the single-digit level, Mr. De Ocampo said.

He said he hopes that their users will be encouraged to learn about more complex insurance policies through their embedded offerings. “By giving it for free, we’re teaching them that insurance is something they have access to.” — A.M.C. Sy

Are you listening?

STOCK PHOTO | Image by Katemangostar from Freepik

WITH the ever-broadening access to online chats, postings, and news, our culture of getting our information through informal channels has gone beyond social gatherings and office meetings. There is no need to have coffee or lunch to pick up opinions on any topic.

We often get our news secondhand, usually from others who probably got it the same way. We don’t need to be present or even connected as players to any incident or event to gain access to what’s going on around us.

The “hearsay culture” affects even business information. It can promote a particular crypto currency or stock to invest in. One is provided with a price it is likely to hit in the next few weeks due to some interest from at least two potential parties, hinting at the prospect of whales entering or leaving that will affect the stock price. This is not even considered “insider information” if coming from an anonymous posting.

The use of intermediaries to deliver bad news (you need to look for another job) rather than formal e-mails taps into this hearsay culture. A person may be designated as the unofficial messenger. He is informally referred to as a “hit man.” He only delivers bad news. Good news can be delivered more directly — we’re sending you to Paris to check out the patisseries near the Louvre.

The parlor game “rumor” illustrates the unreliability of information whispered as hearsay in a chain of conversations from one person to the next, drifting ever farther from the original source as it finally ends with the last person in the chain. In the game of rumor mongering, details are distorted beyond recognition.

In a thriller on the media coverage of the original Iraq invasion, Collateral Damage (2018) by James Long, the main character is a journalist. The narrative on the war is controlled by the military, including choosing which journalists can join the pool of reporters accompanying the troops. Certain videos of collateral damage like fatalities in the civilian sector or even deaths from “friendly fire” are banned. The hoped-for narrative on the media coverage must be a fight between good and evil, with the former winning the battle fairly.

Controlling the narrative is not always possible with hearsay culture.

The “aural” tradition is a tool used to validate narratives that are floated by professional groups to support certain personalities or points of view. Was he arrested or kidnapped? The troll farms can be utilized to give a set of facts a different slant in favor the paying client.

Is it possible to just stick to the facts? But which facts are relevant and how should they be interpreted?

Research departments of banks and investment companies covering business use inputs and perspectives from the investor relations departments of listed companies that are covered. These are further validated by statistics and economic data on markets and the regulatory environment. But can such an analytic approach counter the informal grapevine?

It is easy to test this influence of the hearsay culture on how we view events. One must list down what news of the day he has gathered, and how this was discovered. These sources can fall into the following categories: 1.) It was a topic at a breakfast meeting where somebody overheard something significant from another table; 2.) It was seen online in one of the chat groups posted by someone close to the personalities involved; or, 3.) It turned out to be fake news. Of course, there are also established media outlets.

Even if one only sticks to legitimate media with its editorial oversight, the narratives found there may not always be based on documentary sources or verifiable facts. The source cited may be unnamed, with a quote not made for attribution (from anonymous sources).

Reading habits show that only headlines and maybe the first few paragraphs of a story are carefully read. Seldom do even professed online newshounds stay glued to the phone screen beyond five minutes. Are more details to be found in the remaining 30 minutes?

In checking if the slant of a story is accurate, most are content with the ultimate test for correctness — “I heard it from many different sources.” Still, informal channels can be revealing… and you can pass that on.

 

Tony Samson is chairman and CEO of TOUCH xda.

ar.samson@yahoo.com

How PSEi member stocks performed — March 11, 2026

Here’s a quick glance at how PSEi stocks fared on Wednesday, March 11, 2026.

FDI net inflows fall to 5-year low in 2025

NET INFLOWS of foreign direct investments (FDIs) into the Philippines plummeted to $7.791 billion in 2025, its lowest level in five years, preliminary Bangko Sentral ng Pilipinas (BSP) data showed. Read the full story.

Razon is the richest Filipino on Forbes’ World’s Billionaires List

ENRIQUE K. RAZON, JR. — INVESTORS.ICTSI.COM

By Alexandria Grace C. Magno, Reporter

PORTS AND CASINO tycoon Enrique K. Razon, Jr. saw his net worth surge over 50% to $16.5 billion, making him the richest Filipino on Forbes’ 2026 World’s Billionaires List.

According to the Forbes’ list, there were 15 billionaires from the Philippines, led by Mr. Razon.

Mr. Razon climbed 52 spots to 175th out of 3,428 billionaires on the global list, which was topped by tech mogul Elon Musk. He was the only Filipino in the top 200 billionaires in the world.

Based on Forbes’ estimates as of March 10, Mr. Razon’s net worth stood at $16.5 billion, 51.38% higher than $10.9 billion a year earlier.

Mr. Razon is the chairman of International Container Terminal Services, Inc. (ICTSI), the Philippines’ largest ports operator by revenue, with subsidiaries across the Asia-Pacific, Eastern Europe, Africa, and the Americas.

“The substantial rise in Mr. Razon’s net worth reflects the strong stock price performance of ICTSI, which is now the country’s most valuable listed company,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“Mr. Razon’s rise to the top of the list was largely driven by the surge in ICTSI, whose share price was among the strongest performers on the Philippine Stock Exchange index last year and year-to-date,” DragonFi Securities Equity Research Analyst Jarrod Leighton M. Tin said in an interview.

Mr. Tin noted the rally in ICTSI’s share price has more than offset the sharp drop in the share price of Solaire operator Bloomberry Resorts Corp., where Mr. Razon also has a majority stake.

Mr. Razon has also increased infrastructure investments by acquiring control of Manila Water and has stakes in a gas field and bulk water facilities.

Ramon S. Ang, chairman and chief executive officer of conglomerate San Miguel Corp., ranked 1,189th on the Forbes’ list with an estimated net worth of $3.6 billion. His wealth slipped by 2.7% from $3.7 billion a year ago.

LT Group, Inc. Chairman Lucio C. Tan landed on the 1,223rd spot, with his net worth up by 16.67% to $3.5 billion from $3 billion a year earlier.

Property tycoon and former Senate President Manuel B. Villar, Jr. fell 1,259 spots to 1,376th place from 117th in 2025. He was the highest-ranked Filipino billionaire in the Forbes’ 2025 World’s Billionaires List. His estimated net worth plunged by 81.98% to $3.1 billion from $17.2 billion last year.

“Manny Villar’s net worth declined following the downward revision of Villar Land Holdings Corp.’s previously reported P1.3-trillion revaluation gain, alongside insider-trading allegations that have weighed on the share prices of several other Villar-linked companies,” Mr. Tin said.

The Forbes’ World’s Billionaires List also included the six children of the late Henry Sy, Sr., who founded the SM Group.

Henry T. Sy, Jr. was ranked 1,676th with a net worth of $2.5 billion, followed by Hans T. Sy at 2,274th place with $1.8 billion, Herbert T. Sy at 2,274th as well with $1.8 billion, Harley T. Sy at 2,386th with $1.7 billion, Teresita T. Sy-Coson at 2,481st with $1.6 billion, and Elizabeth T. Sy at 2,600th with $1.5 billion.

Alliance Global Group, Inc. Chairman Andrew L. Tan landed on 2,386th place with a $1.7 billion net worth.

Puregold Price Club founder Lucio L. Co ranked 2,481st with a $1.6-billion net worth, while his wife Puregold Chairman Susan P. Co was at 2,600th place with a $1.5-billion net worth.

Tony Tan Caktiong, chairman of fastfood giant Jollibee Foods Corp., ranked 3,185th with a $1.1-billion net worth.

Gaming, education, and shipping tycoon Eusebio H. Tanco landed on the 3,332nd spot with a $1-billion net worth. He is the chairman of DigiPlus Interactive Corp. and STI Education Systems Holdings, Inc.

This year’s Forbes’ World’s Billionaires List includes a record 3,428 entries, up 400 from last year’s high and the largest since it began in 1987.

The total wealth of the world’s billionaires surged to $20.1 trillion this year from $16.1 trillion in 2025, with 20 people worldwide now holding 12-figure fortunes.

Mr. Musk topped the list for the second year running as the richest billionaire, with a net worth of $839 billion.

The Forbes’ World’s Billionaires List used stock prices and exchange rates from March 1, 2026.

PHL seeking alternative fuel sources; Manibela says fare hike will be ‘last resort’

An attendant updates the fuel prices at a gas station in Cubao, Quezon City, March 10, 2026. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Erika Mae P. Sinaking and Kenneth Christiane L. Basilio, Reporters

THE Philippine government is seeking additional fuel suppliers to help stabilize domestic supply as global oil markets remain volatile, President Ferdinand R. Marcos, Jr. said on Wednesday.

“We are talking to many other countries who we normally do not buy oil from,” Mr. Marcos told a livestreamed briefing from New York City.

He said the government hopes to reach agreements that would allow the Philippines to secure additional fuel shipments and diversify its sources of supply.

The President said the country’s fuel inventory remains sufficient for now, with stocks available locally and more shipments already on the way.

“In terms of supply, we are in good shape,” he said. “Not only do we have inventory in the Philippines, we also are awaiting some supplies coming in that are in transit.”

Authorities are monitoring the incoming shipments to ensure they do not pass through high-risk areas, Mr. Marcos added, noting that the possible closure of the Strait of Hormuz has not yet been factored into the country’s supply outlook.

Despite stable supply expectations, domestic consumers are already facing higher fuel costs as global oil prices push pump prices upward.

The Department of Energy said kerosene prices could reach P122.67 per liter by March 12 after a cumulative increase of P36.

Diesel prices are expected to settle at about P84.75 per liter following a total hike of P24.25 over three days, while gasoline Ron 91 may rise to around P60.85 per liter.

The adjustments are part of a series of staggered increases announced for the week of March 10 to 16 as local fuel retailers respond to higher international oil prices.

“We are trying to keep prices down, but there is an inevitable effect,” Mr. Marcos said. “When oil goes up, everything goes up.”

Global crude prices recently climbed above $100 per barrel before easing to below $90, he added, noting that uncertainty remains over how long the Iran war will last and how long prices will stay elevated.

Because higher fuel costs feed into the prices of goods and services, the President said the government is seeking emergency powers from Congress that would allow it to intervene if global oil prices remain above $80 per barrel for an entire month.

Possible measures include suspending excise taxes on petroleum products and expanding subsidies for sectors most affected by rising energy costs.

The government’s fuel subsidy program is expected to roll out next week, authorities said, as the government tries to cushion the impact on public transport operators and other vulnerable sectors.

‘NOT NORMAL’
Transport groups said they might hold off on requesting fare increases if the government proceeds with tax relief and financial assistance.

Jeepney drivers are already losing P400 to P500 a day because of higher fuel costs, according to Mar S. Valbuena, chairman of transport group Manibela.

“The increase in petroleum products is not normal,” he told lawmakers at a hearing in the House of Representatives. “If this rise in fuel prices continues, we may lose even more of our income.”

Drivers typically earn about P800 a day, meaning the latest price increases are cutting deeply into their take-home pay, he added.

Fuel retailers have raised pump prices several times this year as global oil costs climbed. This week’s adjustments, ranging from P7 to as much as P38.50 per liter, mark the 11th straight increase for diesel and kerosene and the ninth for gasoline.

Mr. Valbuena said transport groups could request a P2 fare increase but described it as a last resort because higher fares could trigger broader inflation.

“Requesting a fare increase is our last resort,” he said, urging lawmakers to quickly approve a measure that would allow the government to suspend excise taxes on fuel so drivers can retain more of their earnings.

Other transport groups echoed the concern. Orlando Marquez, Sr., national president of the League of Transportation Operators of the Philippines, said operators have long sought fare adjustments to offset rising operating costs.

Meanwhile, George Jalandoni, president of the UV Express Association, said shuttle van operators should also be included if authorities decide to raise public transport fares.

“I hope that UV Express vans will be included in the fare increase,” he told lawmakers, noting that operators are also struggling with higher fuel expenses.

Officials from the Land Transportation Franchising and Regulatory Board said the agency is reviewing several pending fare petitions.

Greg G. Pua, Jr., a board member of the regulator, told lawmakers that authorities would act quickly if fare adjustments become necessary.

“Almost all of them have pending petitions,” he said. “We assure [everyone] that we will act immediately and leave no one behind.”

Arsenio M. Balisacan, head of the Department of Economy, Planning, and Development, on Tuesday warned that inflation could accelerate to as much as 5.1% this month as higher oil prices raise transportation and logistics costs across the economy.

First batch of OFWs from Iran arrives; more flights planned

DMW.GOV.PH

THE Philippine government has repatriated the first group of overseas Filipino workers (OFWs) from Iran as it prepares two chartered flights to bring home more workers from the Middle East, President Ferdinand R. Marcos, Jr. said on Wednesday.

“There are two flights that we are planning,” he said at a livestreamed briefing from New York City. The first flight will operate out of Riyadh for Filipinos in Saudi Arabia, Kuwait and Bahrain. The second will depart from Fujairah in the United Arab Emirates (UAE) to transport workers from Dubai, he added.

The Fujairah flight is scheduled for March 13, with an expected arrival in Manila later that evening or early on March 14. Mr. Marcos said the decision to charter these flights follows a slight improvement in regional safety.

“We are arranging charter flights because the situation has eased up a bit,” he said. “Now that the Emirates has deemed it safe to fly, it should be safe enough also for us to charter airplanes to accommodate other Filipinos who wish to return home.”

Migrant Workers Secretary Hans Leo J. Cacdac will join the Dubai flight to provide an on-the-ground assessment of conditions, Mr. Marcos added.

The government is also facilitating land crossings from the UAE, Israel and Oman. Sixteen OFWs from Israel who crossed into Egypt were expected to arrive in Manila on Wednesday evening via a chartered flight arranged by the Department of Migrant Workers (DMW).

The Department of Foreign Affairs confirmed that nine Filipinos evacuated from Iran arrived in the Philippines on March 10 and 11.

Five were minors aged 2 to 14. The repatriation was coordinated through Philippine embassies in Tehran and Ankara, Turkey, which facilitated the land crossing and onward flights amid regional tensions.

These evacuees were among 11 Filipinos moved from Iran into Van, Turkey, following coordinated US and Israeli missile strikes against Tehran’s military assets on Feb. 28.

The strikes were aimed at curbing Iran’s nuclear program and pursuing regime change, and reportedly resulted in the death of Iranian leader Ayatollah Ali Khamenei.

In retaliation, Iran launched missile and drone attacks against US and Israeli bases across Gulf states, including Iraq, the UAE, Kuwait, Bahrain, Qatar and Saudi Arabia.

The DMW said 36 OFWs from Oman arrived safely via Oman Air flight WY843 on Wednesday. The group included 24 workers, eight dependents, and four additional OFWs from Oman and Dubai.

“The airspace in their country of origin is very limited so they found a way to cross the border to a country where they could fly, and now, they’re here,” Mr. Cacdac said in a separate statement.

Mr. Marcos noted that the Department of National Defense and Civil Aviation Authority of the Philippines would assist in all repatriation efforts, ensuring that distressed and affected workers are safely returned amid geopolitical uncertainties in the Middle East. — Erika Mae P. Sinaking and Adrian H. Halili

PHL seeks Portugal’s help to arrest and return fugitive lawmaker

PRESIDENT FERDINAND R. MARCOS, JR. — PHILIPPINE STAR/KJ ROSALES

PRESIDENT Ferdinand R. Marcos, Jr. on Wednesday said the Philippine government is coordinating with Portuguese authorities to bring home former Congressman Elizaldy S. Co, a fugitive in a high-profile flood control and infrastructure scandal.

“We have to ask the assistance of the country where he is, which is presently Portugal,” Mr. Marcos said during a livestreamed presidential briefing from New York City.

The President added that Philippine authorities had requested international support through the International Criminal Police Organization (Interpol).

“We have already issued a red notice with Interpol and continue to coordinate with the Portuguese authorities to have him brought home,” he said in Filipino.

Mr. Co was declared a fugitive from justice by the Sandiganbayan, the country’s anti-graft court, last month after repeatedly evading arrest and failing to appear in hearings for graft and malversation charges.

The cases relate to an allegedly anomalous P289.4-million road dike project in Oriental Mindoro, which was intended to strengthen flood defenses in the province but has since drawn scrutiny over irregularities and suspected misappropriation of public funds.

The Sandiganbayan also canceled Mr. Co’s passport following his failure to cooperate with the proceedings.

The former lawmaker has remained outside the Philippines since President Marcos announced a nationwide crackdown on anomalous flood control and infrastructure projects during his 2025 State of the Nation Address.

That address highlighted several allegedly corrupt contracts across the country, including projects that were either incomplete, overpriced or linked to officials accused of bypassing procurement rules.

Authorities said the goal is to restore public trust and ensure that funds intended for disaster prevention and public works reach their intended purpose.

Legal experts and anti-graft advocates have said the high-profile nature of the case underscores broader challenges in the Philippines’ infrastructure governance.

Officials have stressed that bringing fugitives like Mr. Co to justice is a critical signal that the government is committed to enforcing accountability, particularly in projects funded by public money.

Interpol’s red notice, an international request to locate and provisionally arrest a suspect pending extradition, is the latest step in the Philippine government’s effort to ensure Mr. Co faces the pending graft and malversation charges.

Philippine authorities continue to work with Portuguese counterparts to facilitate his return, while monitoring other international channels to prevent fugitives from evading justice.

The Co case remains a focal point in the administration’s campaign against corruption in infrastructure, particularly in projects related to flood control, disaster mitigation, and climate resilience. — E.M.P. Sinaking

Marcos: US firm to build $200-M glove plant

USMG.STORE

ILLINOIS-BASED US Medical Glove Co. plans to invest about $200 million to build a production hub in the Philippines that could create more than 2,000 jobs, President Ferdinand R. Marcos, Jr. said on Wednesday.

The planned facility will produce medical gloves and other supplies for healthcare providers and the military, he said at a livestreamed briefing from New York.

“They have sent representatives to the Philippines [and are] already starting [preparations] to build their first plant,” Mr. Marcos said. “They want to expand further.”

The amount is $200 million at least in the beginning, he said, noting that the company has secured a local partner to support its operations. “But we’re already talking about the larger investment,” he added.

Mr. Marcos said the project could help position the Philippines as a producer and exporter of medical supplies rather than a net importer.

Company officials told him that the manufacturing process could be deployed quickly, with production able to begin within 48 hours once a facility is completed and equipment is installed.

The investment discussion was among the outcomes of the President’s two-day working visit to New York City, where he met business leaders and investors on the sidelines of the 70th session of the Commission on the Status of Women and a special plenary meeting of the United Nations General Assembly.

During the trip, Mr. Marcos also met executives from JPMorgan Chase & Co. including Chairman and Chief Executive Officer Jamie Dimon to discuss economic cooperation and global financial market developments.

The bank shared insights on rapid advances in artificial intelligence and the need for governments and institutions to prepare for its impact on economies, industries and labor markets, Mr. Marcos said.

The discussion highlighted the growing importance of technological readiness, cybersecurity resilience and workforce upskilling to remain competitive in a rapidly changing global environment, he added. — Erika Mae P. Sinaking

Senate awaiting fuel excise tax bill

PHILIPPINE STAR/BOY SANTOS

THE Senate Ways and Means Committee on Wednesday said it is awaiting the House of Representatives’ third reading approval of the measure granting the President power to suspend or reduce the excise tax on petroleum products.   

“The Constitution requires that the tax measures emanate in the House, so I have to wait for the House to pass the bill on third reading and transmit it to the Senate,” Senator Pilar Juliana S. Cayetano, who heads the panel, told reporters in mixed English and Filipino.   

“I won’t be able to sponsor it until the House passes their version,” she added.   

Ms. Cayetano said the committee is still refining its draft of the measure, particularly on the conditions that would trigger a suspension or reduction of excise taxes and the point for its lifting.

She added that the panel is pushing for a one-month average trigger period to suspend or lower petroleum taxes.   

“If it’s longer than that, the price is not so relevant if the average period is too long. So, if you make it a one-month average, then you will immediately reflect the increase in price,” she said.   

Ms. Cayetano added that the committee is also looking to provide the Department of Energy (DoE) with powers to penalize abusive fuel retailers prematurely increasing prices.   

“We are reviewing now if the DoE needs extraordinary powers to suppress those taking advantage,” the senator said.

President Ferdinand R. Marcos, Jr. last week urged Congress to grant him emergency powers to lower the excise tax on petroleum products to protect consumers from rising fuel prices amid the escalating conflict in the Middle East.

The Philippines, a net importer of oil, is bracing for further price spikes as the war between the United States, Israel, and Iran escalates causing further pressure in oil prices and supply. — Adrian H. Halili

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