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Unilab signs on to upgrade capacity of pharma workforce in PEZA economic zones

DATEM.COM.PH

THE Philippine Economic Zone Authority (PEZA) said Unilab Foundation, Inc., has agreed to help strengthen pharmaceutical manufacturing and workforce capacity in economic zones (ecozones).

“This partnership will position the Philippines as a regional hub for advanced pharmaceutical manufacturing and innovation by strengthening research and development (R&D), quality production, and an artificial intelligence (AI)-enabled workforce,” PEZA said in a social media post  on Wednesday.

PEZA signed the memorandum of understanding to that effect on Feb. 2.

“The agreement focuses on developing pharma-specific competencies, adopting advanced production and quality systems, and enhancing readiness for emerging drug technologies and evolving regulatory requirements,” it added.

The partnership is also expected to improve operational efficiency, elevate product quality and patient safety, and raise occupational health and safety standards for ecozone locators.

“As PEZA and Unilab explore areas of cooperation for the establishment of the Manufacturing Development Alliance, the partnership will drive workforce development through targeted training programs for manufacturing firms in the ecozones,” PEZA said.

“Research and development will likewise be bolstered through joint projects that promote a highly skilled, future-ready workforce,” it added.

As one of the largest healthcare companies in the Philippines, Unilab is expected to bring in global insights in advancing health education, Science, Technology, Engineering, and Mathematics capacity-building, and inclusive workforce development.

“By leveraging PEZA’s AI Tech Academy and Knowledge, Innovation, Science, and Technology (KIST) Parks, we aim to attract more companies into pharma and workforce development, manufacturing, and R&D,” PEZA Director General Tereso O. Panga said.

These will help in “building an integrated value chain that advances the Philippines as a net exporter of pharmaceutical products while helping lower the cost of medicines.” — Justine Irish D. Tabile

PDEA 12 dismantles two cohort drug rings linked to terrorists

COTABATO CITY — The multi-sector Regional Peace and Order Council (RPOC) 12 lauded on Wednesday the Philippine Drug Enforcement Agency (PDEA) 12 for having neutralized two connected drug rings linked to remaining members of the now defunct Dawlah Islamiya terror group.

Citing a report from PDEA 12, Governor Reynaldo S. Tamayo, Jr., presiding chairperson of the RPOC 12, said on Wednesday that anti-narcotics agents first arrested two drug peddlers in an entrapment operation on Thursday last week in Sitio Dalangdang in Barangay Nagpan in Malungon, Sarangani.

Officials of intelligence units of the Army’s 10th Infantry Division and the Police Regional Office (PRO) 12 said three companions of the arrested duo immediately relocated somewhere outside of the municipality after learning about the entrapment.

In a subsequent operation on Monday, four accomplices of the two suspects entrapped in Malungon were arrested by PDEA 12 agents and operatives from different units of the PRO 12 after selling to them shabu in Purok Maunlad in Barangay Apopong in General Santos City.

The four suspects are from Datu Salibo town in Maguindanao del Sur, one of the five provinces in the Bangsamoro region.

Charlene R. Magdurulang, regional director of the PDEA 12, told reporters on Wednesday that their agents have confiscated a total of P380,800 worth of crystal meth (shabu) during both operations, planned with the help of officials of PRO 12 and members of the Tamayo-led RPOC 12.

Mr. Tamayo, now in his last term as governor of South Cotabato, told reporters on Wednesday that he is grateful to the confidential tipsters, among them vigilant Moro datus in Maguindanao del Sur and leaders of the Moro communities in his province.

“Public support for the anti-narcotics operations of the Philippine Drug Enforcement Agency and the Philippine National Police in all regions in the country is so important. We in the Regional Peace and Order Council 12 are supporting both law-enforcement organizations extensively,” Mr. Tamayo said.

Ms. Magdurulang said they have separately charged the two peddlers and their four accomplices with violation of the Comprehensive Dangerous Drugs Act of 2002. — John Felix M. Unson

ADB sees tax compliance, process upgrades as key to boosting ease of doing business

The Asian Development Bank (ADB) said improving tax processes and compliance remains critical to boosting ease of doing business (EoDB). 

Governments face increasing pressure to strengthen economic competitiveness and improve their attractiveness to investors, ADB Country Director Andrew Jeffries said at a briefing Wednesday.  

“Fiscal and tax compliance are regulatory requirements for every business—you know the saying, death and taxes are the only certainties. Therefore, a central element of any ease of (doing) business is … improving these processes,” he said. 

Mr. Jeffries, speaking at the 2026 Economic-EoDB Briefing of the Anti–Red Tape Authority (ARTA), said improving such systems is a “key reform priority.” 

The Philippines ranked 53rd out of 101 economies in the World Bank’s 2025 Business-Ready (B-Ready) report, which measures the state of the business environment. 

In taxation, the Philippines scored 60.46 out of 100. The scores break down into 67.86 for the quality of tax regulation, 52.08 for public services for corporate taxpayers, and 61.44 for the operational efficiency of the tax system. 

However, the ADB official said private firms continue to face hurdles. 

“We also hear the feedback of the private sector that many challenges remain, including the need for greater digitalization, transparency, and timeliness around the processes for tax filings, assessments, and refunds,” he added. 

Earlier this month, the BIR resumed issuing letters of authority and mission orders after two months of suspension amid allegations of misuse. 

”The idea of replacing red tape with red carpet represents a shift from barriers to a welcoming approach that makes processes easier and more accessible,” ARTA Secretary Ernesto V. Perez said. 

“Together, we aim to create a system that works efficiently and responds to the needs of the people,” he added. 

Meanwhile, the Department of Finance (DoF) said ease of doing business is a “constant commitment in building trust with investors and the public.” 

”As we continuously implement reforms, we are ultimately creating an environment that will be attractive to business and investment,” Chief Privatization Officer Michael Peter A. Alejandro said on behalf of Finance Secretary Frederick D. Go. 

European Chamber of Commerce of the Philippines (ECCP) President Paulo Duarte said the B-Ready survey showed progress, but the reality is different when it comes to BIR audits. 

“The European Chamber of Commerce (has) 930 members; they might put the BIR tax audits as one of the most painful elements (of doing business in the Philippines),” he said in a panel discussion. 

Mr. Duarte also noted that processes are long and unclear, with legislative loopholes and “ending with these so-called negotiations in the end that nobody understands.” 

“We see the reforms that the administration is pursuing, especially on the BIR… But we still have a way to go to make (the reforms) tangible,” he said. 

Former Makati Business Club Executive Director Guillermo M. Luz said the BIR remains not only complicated to deal with but also inequitable, with smaller and legitimate businesses bearing the brunt. 

“When we take a look at the case like the flood control scandal, we’re shocked at the amounts of corruption that never surfaced. The BIR has never been mentioned as finding any of these non-tax payments by the contractors,” he said. 

Mr. Luz added that restoring trust requires greater transparency and seamless processes, alongside building confidence that the tax system works fairly for all, rather than favoring a few while penalizing many. 

BIR Deputy Commissioner Marissa O. Cabreros said transparency should come from not just from the BIR side, but also from taxpayers. 

“The BIR is steadfast in (monitoring) compliance … by our revenue officers,” she said. 

Ms. Cabreros also urged taxpayers to embrace transparency to improve compliance, saying this would strengthen the audit selection process. – Aubrey Rose A. Inosante 

Kalinga peace pact system now codified

TABUK CITY, Kalinga — The Provincial Government of Kalinga officially launched this week the codified Pagta, the written version of the province’s traditional Bodong or peace pact system.

The ceremony was held at the Kalinga Sports Center and attended by Governor James Edduba, local officials, tribal elders, and community members.

The Bodong is a long-standing agreement between tribes or sub-tribes to prevent conflict and settle disputes peacefully. For generations, these rules were passed down orally.

The new 137-page Pagta document puts these customary laws into writing to help preserve them and guide future leaders.

Mr. Edduba said the codified Pagta will complement national laws and serve as a bridge between indigenous practices and the formal justice system. He described it as a step toward protecting Kalinga’s culture while strengthening peace and order in the province.

The document was prepared through years of consultations involving the Kalinga Bodong Council of Elders, the Matagoan Bodong Consultative Council, the Provincial Legal Office, Kalinga State University, the Public Attorney’s Office and the National Commission on Indigenous Peoples.

During the launch, traditional chants such as the “Uggayam” were performed, highlighting the cultural importance of the event.

Officials said the written Pagta will serve as a lasting guide to maintain unity, resolve disputes and preserve Kalinga’s heritage for future generations. — Artemio A. Dumlao

Keeping up with SEC updates

The Securities and Exchange Commission (SEC) has rolled out several issuances this year to update the regulatory framework for corporations. More than just procedural changes, the updated requirements represent reforms to help simplify and improve the ease of doing business.  For registered corporations, keeping abreast with the new rules is necessary to avoid potential violations and penalties. Let’s take a closer look at what these changes mean.

STATUTORY AUDIT REQUIREMENT
One of the key changes introduced by the SEC is the increase in the threshold at which corporations must submit audited financial statements (AFS).

Previously, following the Revised Corporation Code (RCC), corporations with total assets or total liabilities of at least P600,000 were required to file AFS. Now, to align with current economic conditions, the SEC exercised its authority under Section 74 of the RCC (with the approval of the Department of Finance) and raised the threshold to more than P3 million in total assets or total liabilities.

In lieu of the AFS, exempt corporations need only to submit the financial statements accompanied by the Statement of Management Responsibility signed by the Chairman of the Board, President/Chief Executive Officer, and Treasurer/Chief Financial Officer duly authorized by the Board of Directors. In their absence, the Board may expressly designate another signatory.

This new threshold is covers fiscal years ending or after Dec. 31, 2025. The higher threshold is expected to benefit startups and small enterprises by removing the need to comply with audit requirements. Nonetheless, businesses should note that the Bureau of Internal Revenue still requires the preparation of the AFS for corporations with gross sales/receipts exceeding P3 million for the taxable year in compliance with the Tax Code.

SPECIAL AUDIT REPORT
Another significant move from the SEC is the expanded use of subscription contracts as supporting documents for applications to increase the Authorized Capital Stock (ACS).

Previously, a cash-funded ACS increase only required the submission of a subscription contract except when the increase amounts to more than P50 million, in which case a Special Audit Report (SAR) was also necessary.

The SEC removed this distinction under Memorandum Circular 6-2026. Under the relaxed rules, a notarized subscription contract executed by the subscriber/s, the president, and the treasurer of the corporation will now suffice, regardless of the amount of increase. If the president and/or treasurer are unavailable to sign the subscription contract, a director or officer may sign, as long as he has been duly authorized by a Board Resolution.

However, the Special Audit Report must still be submitted in case the applicants for increase in ACS are corporations which are either listed, public as defined under the Securities Regulations Code, offering/selling securities to the public or holders of secondary licenses regulated by the SEC. It should be emphasized that these changes only apply to increase in ACS settled in cash. In case the increase in ACS is paid in kind, specific SEC requirements depending on the form of payment must be followed.

This move is expected to shorten the preparation of the documentary requirements and, hopefully, the review process for increase in ACS applications. This would also allow companies to save costs normally incurred in the preparation of the SAR.

BENEFICIAL OWNERSHIP REGISTRY
Another notable change in SEC rules affects the disclosure requirements for Beneficial Owners. As most people are aware, Beneficial Owners refer to any natural person who ultimately owns or controls or exercises effective control over a corporation or legal entity. To ensure that corporations are misused for purposes contrary to law such as corruption, money laundering, terrorism and the like, the SEC requires corporations to disclose their beneficial owners.

Previously, beneficial ownership information was reported through a separate page of the General Information Sheet (GIS). This has now changed with the SEC’s launch of the Hierarchical and Applicable Relations and Beneficial Ownership Registry, or HARBOR, the SEC’s new beneficial ownership registry. Beginning Jan. 30, corporations are now required to file the beneficial ownership information via HARBOR, and will no longer form part of the GIS.

As part of this transition, new versions of GIS have also been released. Access to HARBOR requires the authorized filer to log in through their eSECURE account, which is integrated with the SEC’s electronic filing system (eFAST).

For new corporations, beneficial ownership information must be provided during the incorporation process. For existing corporations, the rule would depend on when the GIS is filed. If the 2026 GIS was submitted with the beneficial ownership information before Jan. 30, 2026, then no separate HARBOR filing is required for 2026. The beneficial ownership information must only be uploaded via HARBOR when the 2027 GIS is filed.

On the other hand, if the GIS is submitted on or after Jan. 30, 2026, then the new GIS template must be used, and the beneficial ownership information must be disclosed via HARBOR. Any change in the beneficial ownership information must be reported within seven days of its occurrence. Similarly, if a GIS submitted before Jan. 30, 2026 needs to undergo amendment, then the GIS using the new template must be filed, and separate HARBOR disclosure is required.

Under this new system, corporations only need to input beneficial ownership information once through HARBOR (except when changes occur). Since HARBOR is integrated with the SEC’s eFAST, the submission of the beneficial ownership declaration form will be done (by clicking submit) as part of the GIS filing process. This effectively reduces the information needed to be manually inputted in the GIS on a yearly basis.

With all accounts now interconnected (eSECURE, eFAST and HARBOR), it is important to ensure that all information encoded is consistent across accounts to avoid any discrepancies or complications.

The SEC’s digitalization efforts demonstrate meaningful reforms. While the initial transition may present challenges, such as account creation and portal navigation, these initiatives hold promise for delivering long-term benefits to the public, enhancing transparency, streamlining compliance, and improving the overall compliance experience. They say every journey begins with a single step, so it is extremely encouraging that the SEC has already taken several steps to carry out its reform agenda.

The views or opinions expressed in this article are solely those of the author and do not necessarily represent those of Isla Lipana & Co. The content is for general information purposes only and should not be used as a substitute for specific advice.

 

Aimee Dela Cruz is a principal at the Tax Services department of Isla Lipana & Co., the Philippine member firm of the PwC network.

aimee.rose.d.dela.cruz@pwc.com

Russia, facing labor crunch worsened by war, pivots to India for workers

A RUSSIAN FLAG flies with the Spasskaya Tower of the Kremlin in the background in Moscow, Russia, Feb. 27, 2019. — REUTERS

MOSCOW — A group of weary-looking Indian men carrying sports bags queued at passport control at a busy Moscow airport one recent evening after flying over 2,700 miles — and via Uzbekistan — to get work.

“I have a contract for one year. In the rubbish disposal business. The money is good,” said Ajit, one of the men, speaking in English.

Faced with what the authorities say is an immediate shortage of at least 2.3 million workers, a shortfall exacerbated by the strain of Russia’s war in Ukraine and one that Russia’s traditional source of foreign labor — Central Asians — is not able to fill, Moscow is turning to a new supplier: India.

INDIAN INFLUX HELPS RUSSIA MAKE UP LABOR SHORTFALL
In 2021, a year before Russia sent its troops into Ukraine, some 5,000 work permits were approved for Indian nationals. Last year, almost 72,000 permits were okayed for Indians — nearly a third of the total annual quota for migrant workers on visas.

“Currently, expatriate employees from India are the most popular,” said Alexei Filipenkov, director of a company that brings in Indian workers.

He said workers from ex-Soviet Central Asia, who do not need visas, had stopped coming in sufficient numbers. Official figures show they still made up the majority of some 2.3 million legal foreign workers not requiring a visa last year, however.

But a weaker ruble, tougher migration laws, and increasingly sharp anti-immigrant rhetoric from Russian politicians have eroded their numbers and encouraged Moscow to boost visa quotas for workers from elsewhere.

The choice of India for unskilled labor reflects strong defense and economic ties between Moscow and New Delhi.

India has been buying discounted Russian oil that Moscow — due to Western sanctions — cannot easily sell elsewhere, although that may now be in question.

President Vladimir Putin and Indian Prime Minister Narendra Modi signed a deal in December to make it easier for Indians to work in Russia. Denis Manturov, Russia’s first deputy prime minister, said at the time that Russia could accept an “unlimited number” of Indian workers.

At least 800,000 people were needed in manufacturing, and another 1.5 million in the service and construction sectors, he said.

INDIANS WORKING IN RUSSIAN FACTORIES AND FARMS
Brera Intex, a Moscow textiles company, has hired around 10 workers from South Asia, including Indians, to make curtains and bed linen.

Sat at a sewing machine, 23-year-old Gaurav from India said he had been working in Russia for three months.

“I was told to come (over) to this side, that the work and money are good,” he said. “Russian life is very good.”

Married with two children, he said he spoke to his family back in India by phone every day and told them he missed them.

Olga Lugovskaya, the company’s owner, said the workers — with the help of samples and supervision — had picked up the work in time and were highly motivated.

“Some of the guys who came in didn’t even know how to switch on a sewing machine,” she said. “(But) after two or three months, you could already trust them to sew a proper finished item.”

Outside Moscow, the Sergiyevsky farm relies on Indian workers too, using them to process and pack vegetables for an average salary of about 50,000 rubles ($660) per month, a salary for which the farm says locals will not work.

“I have been working here, at Sergiyevsky, for one year,” said Sahil, 23, who said he was from India’s Punjab region.

“In India there is little money, but here there is a lot of money. The work is here.”

US pressure on India to halt its purchases of Russian oil — something President Donald J. Trump has linked to a trade deal between the United States and India announced this month — could yet dampen Moscow’s appetite for Indian workers.

But for now, it’s unclear how New Delhi will recalibrate its oil purchases, and Moscow has played down any suggestion of tensions. — Reuters

Frayna closes in on PNWCC title, clinches Olympiad slot

JANELLE MAE FRAYNA — FACEBOOK.COM/NCFPCHESS

JANELLE MAE FRAYNA just secured her seventh World Chess Olympiad in Samarkand, Uzbekistan this September.

She now sets her sights on the one trophy she lost in the Philippine National Women’s Chess Championship (PNWCC) two years ago.

And the country’s first and only Woman Grandmaster came a step closer from achieving it after surviving past Shania Mae Mendoza in the 14th and penultimate round on Tuesday night in Malolos, Bulacan.

With a round to go, the 29-year-old enlisted Army personnel from Bicol would need just a draw against Bernadette Galas to reclaim the crown she last won five years ago.

It will also be her fourth national title after she also previously won in 2013 and 2016.

Ruelle Canino, the one who came from nowhere and unseated Ms. Frayna last time, was a full point behind after she drew with Vic Derotas Glysen in 41 moves of a King’s Indian clash.

Like Ms. Frayna, Ms. Canino had an inferior position but, unlike the former, did not have the luck to steal a win and instead settled for a standoff in this event bankrolled by host Mayor Christian Natividad and the Philippine Sports Commission.

Ms. Canino, along with Jan Jodilyn Fronda and Ms. Galas, who each had 9.5 points, will battle for the two remaining spots to Samarkand.

Ms. Fronda drew with Maria Lavandero in 52 moves of a Center-Counter while Ms. Galas had the same result with Allaney Jia Doroy also in 52 moves of an English Opening. — Joey Villar

PLDT battles tough Bella Belen-led Capital1 in PVL All-Filipino tourney

PLDT HIGH SPEED HITTERS — FACEBOOK.COM/PREMIERVOLLEYBALLLEAGUE

Games on Thursday
(FilOil Arena)
4 p.m. – PLDT vs Capital1
6:30 p.m. – ZUS vs Akari

LIKE ITS sibling rival Cignal, PLDT is following a path heavily reliant on their faith in one another.

And the PLDT High Speed Hitters hope to continue to thread the same pathway and remain unbeaten as it clashes with a beastly Bella Belen and the unpredictable Capital1 Solar Spikers on Thursday in the PVL All-Filipino Conference at the FilOil Arena.

“It’s a big thing that we’re an intact team, it was the reason we were solid in our first game,” said PLDT coach Rald Ricafort after their emphatic 25-22, 25-17, 25-23 spanking of 10-time champion Creamline a week ago.

PLDT tackles in its 4 p.m. duel a Capital1 side that split its first two outings following a win over ZUS Coffee and a setback to Nxled.

A win for the Manny V. Pangilinan franchise will send them to joint second with Nxled (2-0) and closer to its sister squad Cignal, who like the former, stuck with its old squad and skipped joining the free agent spending binge like the rest.

Savi Davison cut like a knife on that one after unleashing a monster 26-point performance, half of which came in the opening set when PLDT set the tone for the surprisingly straight-set win.

“I’m working a lot on my patience and how to wait and I hope to keep calm again as we try to do this coming forward,” said Ms. Davison.

Meanwhile, Akari (0-1) and ZUS (0-2) gun for a first win as they face off at 6:30 p.m. — Joey Villar

NU Lady Bulldogs are battle ready to defend their UAAP championship in Season 88

NATIONAL UNIVERSITY LADY BULLDOGS — FACEBOOK.COM/SHAKEYSSUPERLEAGUE

THE ROAD to the UAAP volleyball supremacy has to still go through the mighty National University (NU).

On the heels of the departure of their championship core led by Bella Belen and Alyssa Solomon, the Lady Bulldogs will march into the battlepit with an untouched confidence in defending the crown amid an expected heavy resistance from the seven other teams.

Pundits see this season as a wide-open race especially after the graduation of four of NU’s Super Six but new coach Regine Diego assured that the Jhocson-based spikers have enough firepower to hold off any coup d’état in UAAP Season 88 starting this Saturday at the Mall of Asia Arena.

“We will do our best to defend the title. Rebuilding should not be on our minds. We will just play as champions,” beamed returning mentor Ms. Diego, who took over from Sherwin Meneses in the offseason, during the pre-season press conference on Wednesday at the same venue.

Aside from Mses. Belen and Solomon, NU also lost middle blockers Sheena Toring and Erin Pangilinan — leaving ace setter Lams Lamina and spiker Vange Alinsug as the only remnants of their UAAP dynasty.

The Lady Bulldogs last season completed a back-to-back feat for their third overall crown in the last four seasons for a fitting swan song to the “Big 4” and not even a transition stage should stop them from preserving it, with reinforcement now from super rookie and former UAAP juniors MVP Sam Cantada from Adamson.

NU in fact showed its capability even without Ms. Belen and company by completing a four-peat in the Shakey’s Super League Pre-season Unity Cup and sweeping the Maharlika Pilipinas Volleyball Association.

“Of course, there will always be that pressure. This is the UAAP and NU. Everything will have a challenge and pressure but I just want them to play their best so hopefully we can defend the championship,” added Ms. Diego, whose wards will open their defense against University of Santo Tomas this Sunday.

Expected to stand in the NU’s way are De La Salle University and Santo Tomas, which took turns in challenging them in the four straight finals, with Adamson University, Far Eastern University and the rejigged University of the Philippines (UP) tipped to join the mix.

Other matchups feature UP versus University of the East on Saturday then Adamson against Ateneo de Manila University on Sunday. It’s the same cast in the men’s side led by the five-peat champion NU Bulldogs.

Meanwhile, UAAP Commissioner Mike Verano will implement a new system for fair play and sportsmanship with the launch of “green cards” for honest players.

The rule will have officials handing out green cards to a player who voluntarily acknowledges a block touch or a net touch to fast-track the adjudication process and reduce the need for unnecessary video challenges.

The UAAP team with the most green cards after the season will be feted with “Sportsmanship Award” on top of the individual accolades.

“This is the most important innovation for Season 88. This will reward the student-athletes with their honesty and sportsmanship,” said Mr. Verano. — John Bryan Ulanday

PSEi jumps to seven-month high on strong peso

PHILIPPINE STAR/KRIZ JOHN ROSALES

THE MAIN INDEX rose to a seven-month high on Wednesday, even soaring above the 6,500 line during the session, supported by a strong peso and as players looked ahead to the Bangko Sentral ng Pilipinas’ (BSP) policy meeting next week, where a rate cut is widely expected.

The Philippine Stock Exchange index (PSEi) went up by 0.37% or 24.22 points to close at 6,498.82, while the broader all shares index climbed by 0.37% or 13.43 points to end at 3,606.53.

This was the benchmark’s best finish in almost seven months or since it closed at 6,525.04 on July 14, 2025, which was also the last time the PSEi ended above the 6,500 line.

“The local market closed higher, backed by the appreciation of the local currency,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

On Wednesday, the peso jumped by 24 centavos to close at a near four-month high of P58.29 versus the greenback, data from the Bankers Association of the Philippines showed.

“The market was treading above the coveted 6,500 level before sliding down in the last minute of trading as bargain hunting activities prevailed, positioning ahead of the Monetary Board meeting next week,” AP Securities, Inc. said in a market note.

The PSEi opened Wednesday’s trading session at 6,492.33, rising from Tuesday’s close of 6,474.60. It hit an intraday high of 6,543.35 and a low of 6,474.04.

The BSP’s policy-setting Monetary Board will hold its first review for the year on Feb. 19, where analysts expect a sixth straight rate cut amid weak growth and manageable inflation.

BSP Governor Eli M. Remolona, Jr. earlier said a cut is possible at this month’s meeting if they see the need to support domestic demand, especially after economic growth slumped to a five-year low in 2025.

However, on Wednesday, he said inflation returning within their target range last month and expectations of economic recovery amid the return of confidence may have narrowed their easing space.

The Monetary Board has lowered benchmark borrowing costs by a total of 200 basis points since its rate cut cycle began in August 2024.

Majority of sectoral indices closed in the green on Wednesday. Mining and oil rose by 1.54% or 276.79 points to 18,168.51; property increased by 1.21% or 26.96 points to 2,241.36; financials went up by 0.83% or 17.95 points to 2,176.62; and industrials climbed by 0.8% or 73.65 points to 9,199.67.

Meanwhile, holding firms fell by 0.2% or 10.58 points to 5,172.72, and services went down by 0.12% or 3.47 points to 2,685.70.

Advancers outnumbered decliners, 106 to 89, while 69 names closed unchanged.

Value turnover jumped to P9.17 billion on Wednesday with 2.95 billion shares from the P6.86 billion with 754.25 million issues that changed hands on Tuesday.

Net foreign buying decreased to P834.62 million from P1.01 billion in the previous session. — A.G.C. Magno

Ten dead after shooter opens fire at high school in Canada

A Canadian flag flies in front of the Peace Tower on Parliament Hill in Ottawa, Ontario, Canada, March 22, 2017. — REUTERS

TEN PEOPLE including the shooter are dead after an assailant opened fire at a high school in western Canada on Tuesday in one of the country’s deadliest mass casualty events in recent history.

The outburst brought to Canada the type of mass shooting more common in the neighboring United States, and was carried out by a shooter described as female, police said.

Six people were found dead inside a high school in the town of Tumbler Ridge in British Columbia, two more people were found dead at a residence believed to be connected to the incident, and another person died on the way to hospital, the Royal Canadian Mounted Police (RCMP) said.

At least two other people were hospitalized with serious or life-threatening injuries, and as many as 25 people were being treated for non-life-threatening injuries, police said.

A suspected shooter was also found dead from what appears to be a self‑inflicted injury, police said, adding they did not believe there were any more suspects or ongoing threats to the public.

“It’s hard to know what to say on a night like tonight. It’s the kind of thing that feels like it happens in other places and not close to home,” British Columbia Premier David Eby told reporters.

Police released almost no details about the shooter except to say the person was described a female — potentially an unusual development as mass shootings in North America are almost always carried out by men.

A police active shooter alert said the suspect was described “as female in a dress with brown hair.” Police Superintendent Ken Floyd later confirmed at a news conference that the suspect described in the alert was the same person found dead in the school. Police did not say how many of the victims may have been minors.

‘TIGHT-KNIT COMMUNITY’
Tumbler Ridge is a remote municipality with a population of around 2,400 people in the foothills of the Rocky Mountains in northern British Columbia, approximately 1,155 kilometers (km) (717 miles) northeast of Vancouver. Images of the town show a snow-covered landscape filled with pine trees.

Tumbler Ridge Secondary School has 160 students in grades seven through 12, roughly ages 12 to 18, according to its website. The school was closed for the rest of the week, and counseling will be made available to those in need, school officials said.

Officials said the town’s small police force was on the scene within two minutes of receiving a call, and that victims were still being assessed hours after the incident.

“This is a small, tight-knit community with a small RCMP detachment as well, who responded in two minutes, no doubt saving lives today,” Nina Krieger, British Columbia’s public safety minister, told reporters.

The shooting ranks among the deadliest in Canadian history.

In April 2020, a 51-year-old man disguised in a police uniform and driving a fake police car shot and killed 22 people in a 13-hour rampage in the Atlantic province of Nova Scotia, before police killed him at a gas station about 90 km (60 miles) from the site of his first killings.

In Canada’s worst school shooting, in December 1989, a gunman killed 14 female students and wounded 13 at the Ecole Polytechnique in Montreal, Quebec, before committing suicide.

In response to the shooting, Canadian Prime Minister Mark Carney postponed a planned announcement in Halifax on Wednesday for a new Defense Industrial Strategy and subsequent trip to Germany for the Munich Security Conference, a spokesperson said.

“I am devastated by today’s horrific shootings in Tumbler Ridge, B.C. My prayers and deepest condolences are with the families and friends who have lost loved ones to these horrific acts of violence,” Mr. Carney said on X. — Reuters

Australia charges two Chinese nationals with foreign interference

REUTERS

SYDNEY — Two Chinese nationals are set to appear in court on Wednesday, after Australian police charged them with foreign interference on grounds of covertly collecting information about a Buddhist group, on behalf of a Chinese government security agency.

It is the second instance of Chinese nationals being charged under foreign interference laws that Australia introduced in 2018, and the pair become the fourth and fifth individuals so charged.

The Australian Federal Police said a 25-year-old man and a 31-year-old woman allegedly worked with another Chinese woman, who was charged in August, to gather information about the Canberra branch of the group, Guan Yin Citta.

“Multiple foreign regimes are monitoring, harassing and intimidating members of our diaspora communities,” Australia’s spy chief, Mike Burgess, said in a statement issued jointly with police.

“This sort of behavior is utterly unacceptable and cannot be tolerated.”

Each defendant faces a count of reckless foreign interference, carrying a maximum jail term of 15 years, on the court appearance in the Australian capital.

The Chinese Embassy in Australia did not immediately respond to a request seeking comment.

The introduction of the foreign interference laws had strained ties with China, Australia’s largest trading partner. Two prior such cases involved Australian citizens accused of working with Chinese intelligence agencies.

Police said the investigation began last year after spy agency the Australian Security Intelligence Organisation provided information.

Foreign interference is one of Australia’s principal security concerns, added Mr. Burgess, the agency’s director-general.

“A complex, challenging and changing security environment is becoming more dynamic, diverse and degraded,” he added in the joint statement. — Reuters

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