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Skittish investors spooked as dystopian AI outlooks go viral

STOCK PHOTO | Image by Rawpixel.Com from Freepik

SINGAPORE — An imagined dystopia of mass unemployment fueled by artificial intelligence (AI), highlighted in Citrini Research’s now viral report, has unsettled global markets, where a recent huge bet on the technology is starting to show cracks.

The report, the latest in a series of gloomy “think pieces” on the disruptive potential of AI, envisions a 2028 scenario where unemployment rises to 10.2%, triggered by layoffs as AI rapidly turfs out software and delivery applications.

This hypothetical downturn, compounded by mortgage and private-equity loan defaults, could send shockwaves through financial systems, sending US stocks tanking, stalling credit markets and the broader economy.

The Citrini report has struck a chord with markets unnerved by AI’s potential negative impact.

Investors have dumped the shares of software companies and those in sectors vulnerable to automation. The US software shares index is down 24% so far this year.

“AI capabilities improved, companies needed fewer workers, white collar layoffs increased … it was a negative feedback loop with no natural brake,” Citrini report author Alap Shah wrote.

Similar big-picture concerns ran through blogs have circulated among investors this month — one by Matt Shumer, the CEO and co-founder of AI firm Otherside AI — about the scale of AI’s disruptive power.

Mr. Shumer says the impact of AI could be “much bigger” than the 2020 COVID crisis that upended everything from global supply chains to the labor force and education.

Damien Boey, portfolio strategist at Wilson Asset Management in Sydney, noted that the market remains uneasy as it juggles cyclical signs of potential gains in risk assets against possible shock unreflected in conventional macro trends.

“The Citrini piece has struck a nerve in this regard,” he added.

WINNERS AND LOSERS EMERGE
While global equity markets remain near record highs, this masks a massive rotation out of many AI-exposed companies into either defensive stocks or the profitable corners of the supply chain.

Since peaking last October, the S&P 500 software and services index is down more than 30% while Asia’s chip-making giants have soared. TSMC is up 30% over the same period and shares in South Korea’s Samsung Electronics and SK Hynix have doubled.

“AI is real… the divergence is real and the selloff in (software) makes sense as AI will force software coding to go to zero,” said Christopher Forbes, head of Asia and Middle East at CMC Markets. “Those in the supply chain will win — chips, data centers, permanent energy.”

The next test for markets comes with AI bellwether Nvidia’s on Wednesday earnings.

EXPERTS URGE MEASURED RESPONSE
Others stressed that as fear dominated, the positives of AI for the global economy were overlooked.

“I would take it seriously, not literally,” said Nick Ferres, CIO at Vantage Point Asset Management, who said criticism of the Citrini report, for underplaying the economy’s ability to adapt, was also valid.

In his piece, Mr. Shumer noted that the “single biggest advantage” workers could gain is to act early both in terms of understanding and adapting to AI.

In another piece dated Feb. 17, the CEO of financial software and data firm ION Group, Andrea Pignataro, said markets should not panic over whether AI will replace software tools, but instead panic over what happens when institutions discover they have been teaching AI “to play without them.”

“So far this year, the stock market has been discounting a scenario in which AI is our Frankenstein monster,” said Ed Yardeni of Yardeni Research.

“We continue to believe that AI is augmenting workers’ productivity rather than making them extinct.” — Reuters

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France’s Macron accepts resignation of Louvre museum chief after jewel theft

LOUVRE Museum — WIKIPEDIA

PARIS — French President Emmanuel Macron accepted the resignation on Tuesday of the head of Paris’ Louvre Museum, which has been grappling with the fallout from a high-profile jewel heist and rolling strikes.

Laurence des Cars tendered her resignation, which Macron accepted, “praising an act of responsibility at a time when the world’s largest museum needs calm and a strong new impetus to successfully carry out major projects involving security and modernization,” his office said.

Ms. Des Cars has faced intense criticism since burglars made off in October with jewels worth an estimated $102 million that are still missing, exposing glaring security gaps at the world’s most-visited museum.

Strikes over pay and conditions since December have also led to regular closures and added to a list of woes that included two water leaks as well as a massive ticket fraud investigation.

Critics including the state auditors’ office have questioned the museum’s low spending on security and infrastructure maintenance while it made lavish purchases of new artwork, only a quarter of which is open to the public, and spent heavily on post-pandemic relaunch projects. — Reuters

How PSEi member stocks performed — February 25, 2026

Here’s a quick glance at how PSEi stocks fared on Wednesday, February 25, 2026.


House body nears committee report on anti-dynasty bill, eyes passage by July

PHILSTAR FILE PHOTO

THE House of Representatives is finalizing its committee report that will consolidate 24 bills seeking to curb political dynasties, with lawmakers aiming to pass the measure before President Ferdinand R. Marcos, Jr. delivers his fifth State of the Nation Address in July.

Lanao del Sur Rep. Ziaur-Rahman Alonto Adiong, who heads the Committee on Suffrage and Electoral Reforms, said the panel is drafting a substitute bill that would unify the various measures into a single proposal.

“There are 24 versions, so we are now in the process of consolidating the substitute bill, so that we can come up with a unified bill that will be the subject of our committee report next week,” he told a livestreamed briefing.

The effort revives a long-running push to implement a constitutional provision that directs Congress to prohibit political dynasties and ensure equal access to opportunities for public service. Almost four decades after the ratification of the 1987 Constitution, no enabling law has been enacted.

Mr. Adiong said the committee seeks to approve its report before Congress adjourns on March 20. Sessions will resume on May 4.

Once the report reaches the plenary, he expects contentious debates.

“It will not be accepted as is by my colleagues,” he said, citing divisions over how broadly the ban should apply.

A key issue is the degree of consanguinity or affinity that would be covered. Most House bills propose barring relatives up to the second degree from running for or simultaneously holding public office, while others seek a fourth-degree restriction.

“There are about 16 or 17 bills that propose the second-degree prohibitions, the rest are fourth degree,” Mr. Adiong said.

The committee is weighing which degree of civil relationship should form the legal definition of a political dynasty.

Mr. Adiong cited existing precedents, including provisions in the Sangguniang Kabataan Reform Act and Bangsamoro Organic Law, which impose restrictions up to the second degree in specific contexts.

“Our basis is already existing policies, although it is not being implemented nationwide,” he said.

The Senate has advanced its own proposal. The chamber’s Electoral Reforms Committee submitted a report to the plenary this week seeking to bar relatives up to the second degree of consanguinity or affinity from holding public office simultaneously or in overlapping terms.

Under Senate Bill No. 1901, relatives or spouses would be barred from holding simultaneous or overlapping terms in national and local offices, as well as from occupying positions across party-list groups and elective posts.

It also prohibits immediate succession, preventing a spouse or relative from taking over a position right after an incumbent family member’s term.

The bill authorizes the Commission on Elections (Comelec) to cancel the certificate of candidacy of people found to be part of a political dynasty or those who willfully conceal such relationships. All aspirants must submit sworn declarations stating they do not fall within the prohibited degree of relation.

Concealment of information, falsification of documents, malicious filings, coercion or engineered resignations to enable relatives to run would be treated as election offenses under the Omnibus Election Code. In cases where multiple relatives file for the same position and none withdraw voluntarily, Comelec may resort to drawing lots.

Business and civil society groups have argued that limiting the ban to the second degree may be too narrow and fall short of the Constitution’s intent. They have urged lawmakers to adopt broader restrictions to dismantle entrenched political clans.

Mr. Adiong rejected claims that a second-degree limit would be weak.

“We don’t have any point of reference to say that it is going to be a weak law,” he said. “What we are actually trying to achieve here is to have an anti-political dynasty measure that will be implementable.”

The debate comes as curbing political dynasties is listed among the administration’s priority measures under the Legislative-Executive Development Advisory Council.

Efforts to pass such a law have repeatedly stalled in a Congress where political families hold significant sway. The Philippine Center for Investigative Journalism has estimated that roughly eight in 10 lawmakers belong to political dynasties, underscoring the political sensitivity of the proposal.

Whether the latest push will overcome decades of resistance may hinge on how lawmakers balance constitutional intent with political realities when the bill reaches the House floor. — Adrian H. Halili

Imee seeks probe into ex-marines’ cash claims

IMEE R. MARCOS — FACEBOOK.COM/SENATEPH

A SENATOR has sought an inquiry into allegations that former Philippine Marine personnel delivered large sums of money to top government officials, claims that have been denied by those implicated.

At a news briefing on Wednesday, Senator Maria Imelda “Imee” R. Marcos said she filed Senate Resolution No. 317 urging the Senate to investigate the money delivery scheme involving 18 former marines and their supposed cooperation with the International Criminal Court (ICC).

“I am hopeful that this will be the beginning of a very serious and comprehensive investigation, which will result in charges and punishment if there are guilty parties,” she told reporters.

“The allegations in the joint affidavit are extremely alarming and serious, involving dozens of lawmakers, Cabinet officials, high government officials, and even the President himself,” added Ms. Marcos, who had criticized the state for handing ex-President Rodrigo R. Duterte to the ICC last year to face charges of crimes against humanity connected to his war on drugs.

Ms. Marcos said the affidavit pointed to the government’s supposed secret cooperation with the ICC, which she said ran contrary to previous statements made under oath by key administration officials.

Lawyer Levito D. Baligod and the former military personnel said in a joint affidavit released on Tuesday that they had delivered suitcases of cash to President Ferdinand R. Marcos, Jr. and other senior officials. They claimed they acted under orders from resigned Party-list Rep. Elizaldy S. Co.

The group also alleged that Mr. Co and former Senator Antonio F. Trillanes IV funded hotel accommodations for ICC investigators. Mr. Trillanes has denied the allegation.

Ms. Marcos, the President’s sister, called on the former military personnel to attend any Senate hearing on the matter.

“If you truly serve the truth, then face it here in the Senate,” she said. “The Senate will not run or turn its back — especially if there are those involved who should not be.”

The resolution was referred to the Senate blue ribbon committee during plenary session on Wednesday afternoon.

Separately, Philippine Navy spokesperson Capt. Marissa Andres-Martinez said four of the 18 people who claimed to have served as “bagmen” were never members of the Philippine Navy or Marine Corps.

“Majority of the individuals were discharged dishonorably from the service, while others were able to retire in good standing,” she said in a statement.

She added that the Navy respects constitutional processes, including judicial and legislative investigations. “The Navy does not and will never prevent any individual from testifying to the truth, as doing so would go against our core values and principles,” she said.

Malacañang also rejected the accusations. Palace Press Officer Clarissa A. Castro described the claims as lacking proof and part of what she called a “lousy script.”

“Recycled lies against the President. A lousy script — not award-winning, not clean,” she told a news briefing in Filipino.

Asked whether legal action would be pursued, Ms. Castro said enforcement agencies such as the Department of Justice, National Bureau of Investigation and Philippine National Police are mandated to act on complaints involving disinformation.

The allegations surfaced amid a government probe into a multibillion-peso flood control scam that has implicated several high-ranking public officials. The controversy has weighed on public confidence and state spending.

Mr. Co, who chaired the House Appropriations Committee, has been linked to the scandal. He faces graft and malversation charges over an allegedly anomalous road dike project in Naujan, Oriental Mindoro.

At a press conference on Tuesday, Mr. Baligod said the 18 men claimed to have funneled P805 billion to Mr. Marcos, former Speaker Ferdinand Martin G. Romualdez and Mr. Co. They also alleged they were ordered to exchange $2 million purportedly intended for ICC investigators, which they said was later given to Mr. Trillanes — an accusation he has denied. — Adrian H. Halili and Chloe Mari A. Hufana

EDSA protesters demand end to dynasties, corruption 40 years on

A large crowd gathers at the EDSA Shrine to celebrate the 40th anniversary of the 1986 EDSA People Power Revolution, Feb. 25, 2026. — ERIKA MAE P. SINAKING

By Erika Mae P. Sinaking

FORTY YEARS after a million Filipinos rose against tanks to end a dictatorship, the spirit of EDSA returned on Wednesday as protesters laid siege to the capital’s main thoroughfare, demanding an end to political dynasties amid a multibillion-peso infrastructure scandal that has worsened poverty across the nation.

The irony of the Philippine political landscape is stark: the bloodless revolt that toppled the late President Ferdinand E. Marcos, Sr., now contrasts with his son, President Ferdinand R. Marcos, Jr., occupying Malacañang. Yet the administration remains largely noncommittal on the significance of the date that forced the Marcos family into exile.

This year’s 40th anniversary events took place despite Mr. Marcos’ declaration of Feb. 25 as a “special working day,” deviating from the nonworking holiday status observed under previous administrations.

“Declaring this an official working holiday doesn’t make sense,” Daniel Franklin Pilario, president of Adamson University, told BusinessWorld during the protest at the EDSA People Power Monument. “If it’s a holiday, it’s for people to celebrate. So in protest, we say, no, it’s an official nonworking holiday so that our staff and our students can come.”

Mr. Pilario said the rally was a response to persistent poverty fueled by the misuse of public funds. “The main cause of poverty is that the money which is supposed to be for the services of the people goes to the hands of the politicians,” he added.

The Philippine National Police estimated the crowd at about 6,000 at the EDSA Shrine and People Power Monument, according to Director of Operations General Ponce Rogelio I. Peñones, Jr.

The protesters included veteran activists, students and religious leaders, unified under the banner: We are the People Power vs. Corruption and Dynasties Then, Now, Tomorrow.

Akbayan Party President Rafaela David called for an “electoral revolution” to break the hold of the country’s most powerful families. “We can no longer tolerate power and politics being concentrated in the hands of few families, like the Marcoses and the Dutertes,” she said in a statement. “Malacañang should no longer serve as a home for dynastic nepo-babies.”

Party-list Rep. Percival V. Cendaña said a genuine anti-political dynasty law would strengthen democracy and fulfill one of EDSA’s long-unrealized promises.

“The abolition of political dynasties is a long-delayed task of EDSA,” he said. “Forty years since the February People Power Revolution, it is time to end their control over our democracy and economy.”

The administration’s stance remained cautious. “It’s part of history,” Palace Press Officer Clarissa A. Castro told a news briefing. “What happened then cannot be erased. The courage of the Filipinos and the acceptance of the event will not be erased from history.”

She added that the President would “study the bills” to restore Feb. 25 as a regular holiday once they reach his desk.

The Catholic Bishops’ Conference of the Philippines (CBCP) in a pastoral letter called for a moral reckoning. Gilbert A. Garcera, CBCP president, noted that corruption, poverty, criminality, lies and treachery continue to plague the nation.

“The enemies are no longer colonial rulers, but corruption, lies, injustice and indifference,” according to the CBCP letter. It urged Filipinos to go beyond the walls of the Catholic Church and demand accountability from those in power.

PDEA opposes Senate abolition plan

PHILIPPINE STAR/MIGUEL DE GUZMAN

THE Philippine Drug Enforcement Agency (PDEA) pushed back against a Senate proposal to abolish the agency, warning that dismantling it would undo reforms aimed at unifying the country’s anti-drug campaign.

“The abolition of PDEA at this stage would in effect reverse the very structural reforms previously adopted to address fragmentation, duplication, and lack of coordination in anti-drug operations,” PDEA Assistant Secretary Renato A. Gumban told a Senate hearing on Wednesday.

The Senate convened the hearing to deliberate a measure that seeks to centralize the government’s anti-drug enforcement by merging PDEA with the Dangerous Drugs Board (DDB).

Mr. Gumban said abolishing PDEA could create “transitional uncertainties and operational gaps” that drug syndicates might exploit.

He urged lawmakers instead to strengthen the agency by expanding its personnel, increasing budget allocations and modernizing equipment, forensic laboratories and surveillance capabilities.

“This will enable the agency to keep pace with technologically advanced and highly adaptive drug syndicates,” he said.

The agency also recommended improving coordination with law enforcement, prosecutors and the Judiciary to address procedural gaps and ensure seamless case flow from arrest to prosecution and adjudication.

“The fight against illegal drugs is not won by dismantling institutions, but by strengthening them,” Mr. Gumban said. “It is not won by restructuring alone but by refining capacity, continuity and competence.”

Senate Bill No. 190, filed by Senate President Vicente C. Sotto III, proposes the creation of a Presidential Drug Enforcement Authority, which will serve as the supervising body for the government’s anti-drug program.

“It is better for the DDB and PDEA to be merged into an authority under the Office of the President,” Mr. Sotto said during the hearing. He added that the proposed authority would consolidate enforcement, prosecution oversight, prevention, rehabilitation supervision and alternative development programs into a single body.

Under the measure, PDEA’s enforcement powers would be absorbed by the Philippine National Police and other anti-narcotics agencies. — Adrian H. Halili

PHL, France seek stronger ties

A PROTESTER holds a French national flag as people gather to protest against the French far-right Rassemblement National (National Rally - RN) party, at the Place de la Republique following partial results in the first round of the early 2024 legislative elections, in Paris, France, June 30, 2024. — REUTERS

THE Philippines and France are eyeing stronger relations as Executive Secretary Ralph G. Recto met with French Ambassador Marie Fontanel to discuss recent milestones in defense and security.

In a statement on Wednesday, Mr. Recto’s office said he met with Ms. Fontanel, who noted the “steady progress of cooperation” between the two nations.

She also commended Mr. Recto for brokering the 2024 government-to-government finance and development agreement during the Tuesday meeting.

The agreement will finance priority projects across agriculture and agro-industry, mining, water and sanitation, infrastructure, transport, and renewable energy, to cut poverty and promote sustainable growth in Filipino communities.

Mr. Recto reiterated Manila’s commitment to strengthening its partnership with Paris. — Chloe Mari A. Hufana

DICT mulls banning Telegram

PEOPLE are seen using their mobile phones along Claro M. Recto Avenue in Divisoria, Manila, Dec. 27, 2022. — PHILIPPINE STAR/EDD GUMBAN

THE Department of Information and Communications Technology (DICT) is considering banning instant messaging platform Telegram in the Philippines over pornography and illegal gambling.

“If we continue to find violations in OSAEC (Online Sexual Abuse or Exploitation of Children) and illegal gambling then we might ban them as a consequence,” ICT Secretary Henry Rhoel R. Aguda said in a Viber message on Wednesday.

Mr. Aguda said the agency has received reports that the online messaging platform is being used for online sexual exploitation, scams, illegal gambling, and deepfake content. He did not provide further details.

In a radio interview, Mr. Aguda said the agency is coordinating with Telegram to enforce restrictions and safety measures to prevent the platform from being used for illicit activities. Should Telegram fail to implement such measures, he added, the DICT may be compelled to ban its use.

Telegram is cloud-based instant messaging platform developed in 2013. The platform has gained popularity due its privacy-focused platform and lax verification process allowing users to easily create and use the platform for messaging, which can also be exploited for illegal activities.

Last month, the DICT also ordered the ban of Grok, the generative artificial intelligence (AI) chatbot developed by X.AI Corp. (xAI), owned by Elon Musk over deepfake and growing threats involving women and minors.

The ban was immediately lifted following Grok’s commitment to implement safeguards that would prevent the generation of inappropriate content.

The DICT is also working on a measure that would require users in the country to have their accounts verified.

The DICT is set to meet with the National Privacy Commission and incumbent telecommunications players to seek comments on the possible implementation of user account verification, which will allow easier tracing in cases of AI misuse online. — Ashley Erika O. Jose

PHL gets $3-M typhoon grant

HIGH WAVES hit a dock in Aurora as Super Typhoon Fung-Wong (locally called Uwan) moves closer to the northern part of Luzon. The central portion of the province has been placed under wind signal No. 5, while the rest of Aurora is under signal No. 4, as of Sunday afternoon. — PHILIPPINE STAR/WALTER BOLLOZOS

THE Asian Development Bank (ADB) has greenlighted a $3-million grant for the Philippine communities affected by Typhoons Tino and Uwan last year.

In a project data sheet, the ADB said that the grant was approved on Monday under the Asia Pacific Disaster Response Fund, which provides fast-tracked grants to developing member countries in the immediate aftermath of major natural disasters.

Through the grant, the ADB will provide emergency cash assistance to eligible disaster-affected families, specifically for affected families in Camarines Norte.

It seeks to “improve access of affected families to basic needs during the immediate post-disaster period, enhance capacity of families to recover and rebuild following the disaster, and reduce negative coping strategies among vulnerable families.”

The ADB first expressed its readiness to support communities affected by the torrential rains and floods that hit the country late last year in a statement on Nov. 7.

In which, the bank shared its commitment to make available up to $3 million in grant funds upon request of the Philippine government.

“We are deeply saddened by the loss of life and the suffering caused by the recent series of disasters in the Philippines,” said ADB President Masato Kanda in a letter to President Ferdinand R. Marcos, Jr.

“This immediate emergency support reflects ADB’s enduring commitment to the Filipino people, addressing both urgent humanitarian needs and long-term development goals.

Apart from the grant, the Manila-based multilateral lender also expressed its readiness to mobilize significantly additional resources to support infrastructure rehabilitation and recovery.

The bank currently provides financial assistance to construct resilient roads, bridges, and railways in the country while helping it achieve its climate action agenda. — Justine Irish D. Tabile

E-certificate rollout to boost civil registry transactions

PHILIPPINE STAR/WALTER BOLLOZOS

THE Philippine Statistics Authority (PSA) is expecting an increase in digital transactions for civil registry documents through the launch of the e-certificate service.

“In 2019, only 6% were transacting online. So, there were a lot of people transacting in the outlets. That’s why the lines were long,” National Statistician Claire Dennis S. Mapa told reporters on Wednesday.

“After the pandemic, this one increased already to, right now, 27% to 30%. So, online transactions are already substantial, but with the introduction of our e-certificate, we feel that this would further increase and people will transition into digital,” he said in mixed English and Filipino.

The PSA recorded an 18.73 million transaction count from in-person and online requests in 2025, lower than the 18.75 million transaction count in 2024.

On Wednesday, the PSA, in partnership with PSAHelpline, launched the e-certificate service, which will enable institutions to receive and verify official civil registry documents in digital form

“This allows stakeholders to transition to modern document submissions — via e-mail, direct portal uploads, or API connections — guaranteeing that sensitive data is transferred both securely and instantaneously,” it said.

Through the service, applicants receive a digital file complete with a unique reference number and QR code that can be shared instantly.

The PSA e-certificate ranges from P290 for birth, marriage, or death certificates to P345 for certificates of no marriage record and no death.

According to the PSA, the bulk of requests still constitute birth certificates.

Data from PSA released on Wednesday showed that the number of registered births from January to September 2025 reached 907,362, which is lower by 8% compared to the 985,916 recorded in the same period in 2024.

Meanwhile, PSA recorded 198,344 marriages in the first nine months last year, reflecting a 30.5% drop from the 285,242 registered marriages in the previous year.

The report also stated a 19% drop in the provisional number of registered deaths from January to August 2025 to 379,097, from registered deaths of 467,954 in 2024.

According to a separate PSA report, the leading causes of death from January to August 2025 were ischemic heart diseases, neoplasms, and cerebrovascular diseases. — Justine Irish D. Tabile

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