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Peso rebounds as focus turns to BSP review

BW FILE PHOTO

THE PESO recovered against the dollar on Tuesday as the market expects the Bangko Sentral ng Pilipinas (BSP) to pause its easing cycle against this week even as September inflation came in slower than expected.

The local unit closed at P58.10 versus the greenback, rising by 25 centavos from its P58.35 finish on Monday, Bankers Association of the Philippines data showed.

The peso opened Tuesday’s session steady at P58.35 versus the dollar. Its intraday best was at P58.08, while its worst showing was at P58.38 against the greenback.

Dollars exchanged rose to $1.34 billion on Tuesday from $1.19 billion on Monday.

“The dollar-peso closed lower as local inflation data came out lower than expected but was still higher than last month’s reading, giving BSP space to hold rates,” a trader said in a phone interview.

Headline inflation picked up to 1.7% in September from 1.5% in August, the Philippine Statistics Authority reported on Tuesday.

This was the fastest pace in six months or since the 1.8% print in March, but was within the BSP’s 1.5-2.3% forecast for the month and below the 1.9% median estimate in a BusinessWorld poll of 12 analysts.

For the first nine months, the CPI averaged 1.7%, matching the BSP’s forecast for the year and still below its 2-4% annual target.

The Monetary Board will meet to review policy on Thursday (Oct. 9), with analysts divided on their rate call. Ten of the 16 analysts in a BusinessWorld poll expect the central bank to pause anew after it delivered three straight cuts, while the remaining six said a fourth consecutive 25-basis-point (bp) reduction could happen this week to help support domestic demand and boost the economy.

The central bank has lowered benchmark borrowing costs by a total of 150 bps since it kicked off its rate cut cycle in August 2024, with the policy rate now at 5%. BSP Governor Eli M. Remolona, Jr. has left the door open to one more cut this year that could mark the end of this easing round.

The peso rose following the release of data showing that the country’s gross international reserves hit an 11-month high at end-September as this could provide support to the local unit, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Preliminary BSP data showed that the country’s dollar reserves rose to $108.805 billion at end-September, the highest level since the $111.084 billion in October 2024.

For Wednesday, the trader said the peso could consolidate between P57.90 and P58.30 per dollar, while Mr. Ricafort sees it ranging from P58 to P58.25. — A.M.C. Sy

Bringing back magic and myth

OFFICIAL PHOTO BY EXPLODING GALAXIES

“TELL THE STORY. Make a song,” is how Filipino novelist Erwin E. Castillo concludes his preface to the new edition of The Firewalkers. In it, he details how the novel arose in 1992 “while the country tried to rearrange itself, but not too much, and not really.”

Now re-published by local press Exploding Galaxies — the third in its collection of reprinted, forgotten Filipino classics — The Firewalkers is an epic filled with magic and murder. Set in 1913 in the mountain town of Lakambaga, Cavite, it opens with police sergeant Gabriel Diego faced with a series of mysterious deaths, connected with otherworldly ancestors, mythical monsters, and cowboys that roam the land.

This edition also includes a companion piece, “The Watch of La Diane,” which serves as a postlude. The story is set and written in the 1970s, following two lovers who set off across America.

“Most of my grandchildren — bright, tech-savvy, world-traveled cosmopolitans — will be strangers in the world of The Firewalkers and ‘The Watch of La Diane.’ They will be unsure, uncomfortable, vulnerable. But I hope I’ve designed the funhouse, the labyrinth, well enough to lure them in, so they may experience their moment screaming above the abyss, to be able to later declare, ‘I am escaped to tell thee,’” said Mr. Castillo in his official statement.

At the launch of the new edition on Sept. 27, he detailed the long and winding road of his career, from his days writing for The Philippines Free Press, where his mentor Nick Joaquin served as editor-in-chief, to his writing fellowship in the US (and later opting out of getting a green card), to his career as an ad man in the 1980s.

“When The Firewalkers was first published in 1992, it was already five years after EDSA. Time was passing by so quickly. It seemed important then to show, ‘no, we did not stop writing; no, we never stopped trying to learn to write.’ That was 33 years ago,” he said.

NO BRAINER
For Exploding Galaxies publisher Mara Coson, it was a no-brainer to reintroduce Mr. Castillo and his work to today’s generation of Filipino readers.

“Erwin Castillo has long joined the list of enigmatic Filipino writers whose work has been praised for generations and until kingdom come and yet has remained so hard-to-find,” she said about the release.

Through this edition, they hope to take him out of that frustrating category. “This is a book that demands to be read and enjoyed again, because it is unquestionably one of our greatest works of Filipino literature,” Ms. Coson said.

Mr. Castillo, born in Manila in 1944, grew up in Mendez-Nuñez, Cavite, and Project 4, Quezon City. He studied at the University of the Philippines, where he was later writer-in-residence. Among the many awards he has won are the Tagayan and Palanca prizes.

Despite all that, in his own words, he comes from “a provincial storytelling tradition, from a distant, perhaps imagined mountain.”

“Nobody ‘should’ read the book. But if ever you begin, I hope you will find it knowledgeable, intelligent and good-hearted, loving and brave,” he said of the new edition.

For Ms. Coson, his approval of resurrecting the novel reflected “generosity not just towards the readers of this edition, but towards trusting us that this all has to be done, that this book has to be reopened.”

In his speech, Mr. Castillo acknowledged the tumultuous nature of Philippine history, which has circled back to the same problems time and again from the 1900s up to now. He cited the winds of the amihan and habagat, which take turns to shape the lives of Filipinos.

His final statement for people who’d want to read the book encapsulates his hopes for it: “The book aspires to suggest another way, a guide to survival that is tentative and hesitant but may, if only at this precious, this single instant, assure you we have done as well as we are able.”

The Firewalkers is available in Fully Booked, National Bookstore, and select bookstores including Everything’s Fine in Makati and Mt. Cloud Bookshop in Baguio, as well as in online marketplaces Shopee and Lazada. — Brontë H. Lacsamana

The Papal guidelines on artificial intelligence: Not a replacement for the human person

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(Part 3)

As we saw in the last two columns in this series, Pope Leo XIV — true to the promise he made immediately after being elected Supreme Pontiff of the Catholic Church — has been issuing moral and ethical guidelines about the use of artificial intelligence (AI) in today’s highly industrialized society (at the level of Industrial Revolution 4.0).

In keeping with the doctrinal continuity that has always characterized the Teaching Authority of the Catholic Church, Pope Leo XIV has been clearly influenced by a document that was issued at the beginning of 2025, during the papacy of the late Pope Francis. I am referring to the “Guidelines on Artificial Intelligence” issued through the Pontifical Commission for Vatican City State’s Decree No. DCCII that contained the basic principles behind the Guidelines.

These Guidelines contain principles and standards for the ethical, responsible and controlled use of AI within the Vatican City State. The main objective of the Guidelines is to ensure that AI research, development, and implementation are aimed at achieving the common good and place people at the center. In keeping with the definition given by the social doctrine of the Church, the integral human development of each individual person is the objective of the common good. This differs from the definition given in some so-called free societies which define the common good as “the greatest good for the greatest number.” This pragmatic definition has on occasion given an erroneous majority the dubious right to victimize the minority, as in the case of Nazi Germany.

The Guidelines address several highly relevant issues, including ethics and transparency, which not only involves protecting human dignity but also adopting systems that are easily accessible and controllable by users. Needless to say, transparency is absolutely essential in order to foster trust in the use of AI and to ensure that decisions made by automated systems are clear and aligned with ethical principles. The Guidelines ensure that AI should serve people, not dominate them and that final decisions are always made by humans, not machines.

There is also an emphasis on security and data protection. The Guidelines emphasize the need for data security and confidentiality, especially biometric data. In this regard, the use of AI must be guided by principles of protection, in order to prevent data misuse.

The Guidelines also highlight the importance of non-discrimination and sustainability. Furthermore, economic and environmental sustainability are required investments to adopt intelligent technologies that have positive long-term impacts. There should also be continuous monitoring of data management and data processing to ensure that results are accurate, appropriate, and in line with the principles of transparency and proportionality.

The Guidelines include certain restrictions regarding the implementation of AI. Firstly, as regards to discrimination and psychological harm, it is strictly prohibited to use AI for any discriminatory acts, such as making statements that may violate human rights or cause psychological or physical harm. Another important point addresses access to AI by people with disabilities. The use of AI is categorically prohibited if it prevents access to the disabled.

As regards scientific research and healthcare, AI must be used to improve health management and medical protection, without influencing the decision-making freedom of doctors.

There is also a prohibition of violating copyrights of creative and artistic works. The Guidelines emphasize that content generated through AI must be recognizable and that the Vatican Governorate hold economic and authorship rights over content created within its territory.

Within the context of infrastructures and services, AI can be used to improve economic and environmental sustainability. However, it must never compromise security or limit the decisions made by experts. AI can be used to simplify administrative procedures and improve their efficiency, but decision making should always be up to humans. The Guidelines include a provision to monitor the impact of regulations on its use. In the workforce, for example, AI can be used to upgrade staff training and workplace safety, and foster transparency in personnel selection, avoid discrimination, and respect human dignity.

In the legal field, AI can only be used for the organization and simplification of legal work and legal research. Effectively, it can never be involved in making final decisions nor ever replace magistrates in their judgment. In the area of security, the Guidelines establish that the use of AI will be regulated by specific implementing regulation. Thus a set of special regulations will dictate its use in the field of protection and security. Repeatedly, the Guidelines state that it is fundamental that AI be an aid to human decision-making and never a replacement for it.

Since he was elected Pope, Leo XIV has refined these guidelines by articulating some key principles further:

1. AI is an exceptional product of human genius, but above all it is a tool. Pope Leo XIV acknowledges AI’s extraordinary achievement, especially in areas like healthcare and scientific discovery. Yet, he consistently emphasizes that AI remains “above all else a tool.” It must serve human beings, not diminish or replace them.

2. Pope Leo insists that all AI applications must be evaluated against the integral development of the human person and society. This includes material, intellectual, and spiritual well-being, alongside respect for cultural and spiritual diversity. He frames human dignity not as optional but as the “superior ethical criterion” by which AI’s benefits or risks must be assessed.

3. Pope Leo XIV emphasizes special care for children and young people. He warns that AI access to vast data must not be mistaken for true intelligence. Authentic wisdom is about being open to life’s ultimate truths, not merely consuming information. Youth must be helped, not hindered, in their journey toward maturity and responsibility.

4. Pope Leo underscores shared responsibility among those who develop, manage, and use AI systems. Developers should embed ethical intent, while users must wield AI responsibly. He calls for regulatory frameworks centered on the human person, both locally and globally.

5. At the Vatican’s “Jubilee of Governments” gathering, Pope Leo affirmed that legislation and policy must be grounded in natural law, transcending contingent beliefs. AI must not undermine human identity, dignity, or fundamental freedoms.

6. Advocating for “human-compatible AI,” Pope Leo references a need for “algor-ethics” — a blend of algorithm and ethics. AI should reinforce human value rather than become instruments of dehumanization. Transparency, fairness, and inclusivity are crucial — especially in decisions impacting marginalized groups (e.g., asylum applications).

To summarize, Pope Leo XIV stresses that AI is a tool, not a replacement for the human person. He described AI as an “exceptional product of human genius,” but affirmed it remains, fundamentally, a tool whose moral value depends on how it is used. He repeatedly asserted that AI must never replace or undermine human dignity or identity. He also expressed concerns about AI’s potential to harm the intellectual, neurological, and spiritual development of children and young people. He warned that access to data should not be mistaken for authentic intelligence or wisdom — which involves openness to transcendence, truth, and moral depth. He emphasized the importance of intergenerational mentorship — helping young people integrate truth into their moral and spiritual lives.

The Pope also urged political leaders to ensure that AI serve the common good, respect natural law, and not erode human freedoms. He warned about potential misuse for selfish gain or to incite conflict, underlining that human moral vigilance is indispensable.

(To be continued.)

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

SEC seeks explanation from Villar Land appraiser over asset valuation

BW FILE PHOTO

THE Securities and Exchange Commission (SEC) has directed E-Value Phils. Inc., the appraiser of Villar Land Holdings Corp.’s properties, to explain its valuation of assets owned by the Villar Land group as part of an ongoing review of the accuracy of the developer’s financial reporting.

In a show-cause order dated Sept. 29, the SEC Office of the General Accountant asked E-Value Phils. to explain why it should not be penalized for its valuation of properties owned by Villar Land group companies, including Althorp Land Holdings, Inc., Chalgrove Properties, Inc., and Los Valores Corp.

The order was issued after the commission conducted special onsite inspections to assess E-Value’s compliance with SEC Memorandum Circular No. 2, Series of 2014, which sets guidelines on asset valuations and adopts international valuation standards for appraisal reports.

“The SEC will continue to investigate this matter thoroughly in the interest of upholding transparency and accountability in valuation practices and accuracy in financial reporting. The Commission will provide updates as necessary in the interest of the public, while upholding the required confidentiality of the proceedings,” the SEC said in a press release on Tuesday.

On Sept. 30 last year, Villar Land acquired Althorp Land Holdings, Inc., Chalgrove Properties, Inc., and Los Valores Corp., which together own 366 hectares of land, for P5.2 billion.

The SEC said the delays in the submission of Villar Land’s audited financial statements occurred because its external auditor, Punongbayan & Araullo (P&A), sought to review the fair value of the properties.

Villar Land initially hired SEC-accredited valuer E-Value Phils., which reported a P1.33-trillion increase in value.

P&A later engaged Crown Property Appraisal Corp. to conduct an independent review, which resulted in a much lower value increase of P8.63 billion.

In August, the SEC Markets and Securities Regulation Department (MSRD) imposed the maximum P1-million administrative fine on Villar Land and 11 of its officials, totaling P12 million, in lieu of suspending the company’s registration statement and permit to offer and sell securities.

The latest show-cause order stems from the commission’s continuing investigation into Villar Land Holdings’ delayed submission of its audited financial statements, in violation of Republic Act No. 8799, or the Securities Regulation Code. — Alexandria Grace C. Magno

PHL banks face moderate risk from corporate segment amid global uncertainty

GLOBAL macroeconomic uncertainty due to trade concerns could affect corporate borrowers’ debt servicing capacity, Moody’s Ratings said. — REUTERS

PHILIPPINE BANKS face moderate risk from their exposure to corporates as the uncertain global macroeconomic environment could affect businesses’ capacity to repay their debt, Moody’s Ratings said.

“Banks in Indonesia and the Philippines face a moderate level of risk, despite having lower levels of corporate leverage relative to regional peers,” Moody’s Ratings said in a report dated Oct. 6.

“For the Philippines, corporate asset risks stem from high counterparty concentration which could result in material credit impact on banks in the event of corporate default,” it added.

The debt watcher said Philippine banks’ operating environment is stable. However, in terms of risk factors, it flagged moderate risks from the pace of corporate debt growth, the proportion of nonperforming and underperforming corporate loans, and capitalization and loan loss buffers.

Meanwhile, it sees low risks from corporate leverage levels, the proportion of debt to corporates with weak debt servicing capacity, and foreign currency debt risks.

Moody’s Ratings said the ongoing global trade uncertainty could affect economic credit conditions in Southeast Asia, which would affect companies’ debt servicing ability.

However, the potential impact could be less in countries like the Philippines as its economy is more domestically driven with low reliance on trade, compared to those with significant trade exposure to the United States and China, like Vietnam and Thailand.

This comes even as banks in the Philippines have the greatest exposure to corporate loans in the region, making up 73% of total system loans at end-2024, Moody’s Ratings said.

“This increases the banks’ vulnerability to corporate asset risks amid a deterioration in the financial health and debt repayment abilities of corporates, where the credit impact could be material given the much larger ticket sizes of these exposures relative to non-corporate borrower segments.”

It, however, noted that this share is beginning to decline as Philippines banks are now focusing on growing their retail lending portfolios to boost their margins as interest rates go down.

Meanwhile, the growth in new corporate nonperforming loans (NPLs) is also expected to be contained amid supportive operating conditions and easing interest rates, Moody’s Ratings added.

“Corporate NPLs have moderated over the past few years, and in 2024, delinquencies in the corporate segment were below the systemwide average in most banking systems. This was partly because of a post-pandemic recovery in economic activity, as well as an uptick in retail delinquencies, particularly in the Philippines, Vietnam, Thailand and India,” it said.

“For most economies in the region, we expect corporate NPLs to remain below the systemwide average as the majority of corporates have adequate financial buffers to cope with rapidly changing economic and trade conditions, compared to SME (small and medium enterprises) and retail borrowers… Most banks in the region maintain adequate loss-absorption buffers to withstand some asset quality deterioration.”

It added that Philippine banks have a lower proportion of outstanding debt associated with corporates that have weak debt servicing capacity compared to regional peers, even as they have sizable exposure to the construction and real estate sectors, which are cyclical and account for a higher proportion of debt at risk.

In the region, Moody’s Ratings said banks in Vietnam face high corporate asset risks due to the rapid growth of corporate debt, their high exposure to borrowers from both trade-oriented and cyclical sectors, and their weak loan loss coverage and capital buffers. — K.K. Chan

British author Jilly Cooper, famous for novels of sex and snobbery, 88

A NEW generation discovered Jilly Cooper’s books after Rivals was made into a series by Disney+ in 2024.
A NEW generation discovered Jilly Cooper’s books after Rivals was made into a series by Disney+ in 2024.

LONDON — Jilly Cooper, the British author of novels such as Rivals and Riders whose 1980s bestsellers were a blend of sex, satire, and class-based snobbery, has died aged 88, her agent said in a statement on Monday.

Ms. Cooper, a longstanding friend of Britain’s Queen Camilla, sold 11 million copies of her books in Britain alone.

From the mid-1980s, her raunchy novels depicting the romantic adventures of an upper-class set of characters in the fictional county of Rutshire, modelled on Gloucestershire where she and Camilla both lived, gained huge commercial success.

QUEEN PLAYS TRIBUTE TO ‘LEGEND’
Camilla called Ms. Cooper, a life-long dog-lover who was a guest at her 2005 marriage to King Charles, a “wonderfully witty and compassionate friend,” in a statement issued by Buckingham Palace.

“Very few writers get to be a legend in their own lifetime but Jilly was one, creating a whole new genre of literature,” Camilla said. “May her hereafter be filled with impossibly handsome men and devoted dogs.”

Last year, Rivals found a new generation of fans when it was made into a series for Disney+. Sales of books published decades before shot up once again, as the themes of adultery and class rivalry thrilled younger audiences.

“You wouldn’t expect books categorized as ‘bonkbusters’ to have so emphatically stood the test of time but Jilly wrote with acuity and insight about all things,” Ms. Cooper’s agent, Felicity Blunt at Curtis Brown, said in the statement.

Ms. Cooper was born in Essex in 1937. In the 1960s, she was a newspaper columnist for the Sunday Times, commenting on marriage, sex, and household chores, before she started writing novels in the 1970s.

It was not until Riders in 1985 that she had her breakthrough. At the center of the story was Rupert Campbell-Black, a handsome, ruthless showjumper and womanizer, who lives in his family’s manor house in Rutshire.

“There’s far less bonking now. People are so serious. I think we need more joy,” Ms. Cooper said last year.

LIFE IN THE COTSWOLDS
Ms. Cooper had moved to Gloucestershire, in the wealthy Cotswolds area of western England, with her husband, Leo Cooper, a publisher of military history books in the early 1980s, and it was there she met Camilla.

Life amongst the aristocratic country estates and the honey-colored villages of the area inspired her novels, Ms. Cooper said.

At that time Camilla was married to her first husband, Andrew Parker Bowles. Speaking on a podcast last year, Ms. Cooper compared him to her most famous character, the dashing rogue Rupert Campbell-Black.

“He’s been a great friend for a long time… so he’s very like Rupert. He’s beautiful and blond and stunning,” she said of the queen’s first husband.

Ms. Cooper wrote more than 40 books, many of them produced in a summerhouse at the bottom of her garden while she listened to classical music.

Prime Minister Keir Starmer’s spokesman on Monday called Ms. Cooper “a literary force,” whose wit, warmth and wisdom brought joy to millions.

She died after a fall on Sunday, her agent’s statement said. She and her husband had married in 1961 and had two adopted children. He died in 2013.

Filming for the sequel to Rivals began earlier this year. — Reuters

The case for nuclear power as a strategic baseload imperative

BW FILE PHOTO

The Philippines, despite its own challenges, is on track to achieve upper middle-income status by the end of this year or in 2026 — a milestone defined by the World Bank based on gross national income per capita. Beyond economic symbolism, this signals real improvements in the quality of life for many Filipinos. But to sustain this momentum, one crucial factor stands out: a stable, reliable, and affordable energy supply.

Energy underpins industrial competitiveness, digital transformation, inclusive development, and our attractiveness to large-scale, job-generating investments. Simply put, economic progress cannot be sustained without a robust baseload power generation system.

At the same time, power generation must align with the government’s emission goals and the move towards reducing our dependence on coal-fired power plants that emit greenhouse gases into the atmosphere.

The Philippine Energy Plan (PEP) 2023-2050 recognizes the urgency of transforming the sector in the decades ahead. It envisions an energy future that is affordable, reliable, resilient, and sustainable, with nuclear power integrated as a strategic component of the clean energy transition.

Under the PEP, the government has set ambitious targets: 35% of the energy mix from renewables by 2030, rising to 50% by 2040, and surpassing half of the total mix by 2050. But bridging the gap between ambition and reality remains a challenge. Many renewable sources — while promising — are still in the early stages of development and come with high costs. This creates an urgent need for a stable, low-carbon power source to complement the transition. Nuclear energy, with its ability to deliver clean and consistent baseload power, is uniquely suited to fill that role.

Public support for nuclear energy is also clear. A May 2024 Social Weather Stations survey commissioned by the Department of Energy found that 70% of Filipinos favor nuclear energy as part of the country’s power mix. Beyond power generation, nuclear energy can reduce oil imports, create high-quality jobs, and support climate action.

The government has responded with serious intent. Last month, President Ferdinand Marcos, Jr. signed Republic Act 12305, or the Philippine National Nuclear Energy Safety Act, laying down the regulatory framework for nuclear integration. This is a landmark development.

Building on this, Energy Secretary Sharon Garin issued her first policy directive following her confirmation — Department Circular 2025-10-0019 — during the 2nd International Nuclear Supply Chain Forum held on Oct. 2-3. The Circular creates the enabling framework for the country’s first commercial nuclear power project (NPP), the Pioneer NPP, which will be prioritized as a baseload plant regardless of the technology chosen. Ms. Garin has also committed the Department’s support for offtake agreements to help bring the project to viability.

But the government cannot embark on this nuclear journey alone.

Nuclear development demands a whole-of-society effort. Industry, foreign partners, the academe, and civil society must work together to build a secure, future-ready nuclear supply chain for the benefit of generations to come.

The private sector has already stepped up. In April 2025, Meralco launched its Nuclear Energy Strategic Transition (NEST) program — its flagship initiative to explore nuclear power as a long-term, low-carbon solution. NEST follows a multi-track approach: evaluating large-scale greenfield projects with international partners, assessing the potential of Small Modular Reactors (SMRs), and studying the possible rehabilitation of the Bataan Nuclear Power Plant.

Meralco is reinforcing its commitment through partnerships with leading South Korean institutions. Via the Meralco Power Academy, it recently signed an MoU with KEPCO International Nuclear Graduate School (KINGS) to launch the FISSION Program (Filipino Scholars and Interns on Nuclear Engineering), sending scholars abroad starting March 2026. Strategic agreements are also underway to explore SMR deployment in the Philippines.

On the diplomatic front, the Philippines has formalized partnerships with the US and Canada through the 123 Agreement and Administrative Agreement, respectively. The Department of Energy is also pursuing similar arrangements with South Korea and Japan — two countries with proven nuclear programs and technology.

These partnerships not only accelerate technical capacity but also underscore a broader strategic imperative: energy security in a time of geopolitical uncertainty. In a region facing volatile fuel markets and heightened competition for resources, nuclear energy provides a hedge — giving the Philippines greater control over its energy future while reducing vulnerability to external shocks.

Next year will be a test of readiness. After years of planning and partnership-building, the real work of developing nuclear infrastructure that delivers — on budget, on time, and on target, must now begin.

This phase requires decisive, coordinated implementation anchored in consistency of purpose and disciplined action. Nuclear energy must move from the margins of policy to the center of execution, supported by capable institutions and long-term planning.

The challenge is not only technical. It is institutional and political. Advancing this agenda will require coordination across agencies, consistency across administrations, and a recognition that energy security is a strategic imperative. If we get this right, we won’t just meet immediate demand — we will reshape our energy landscape to support a new era of inclusive prosperity

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

MacroAsia breaks ground on P2-B Iloilo water project

MacroAsia’s waterworks system in Solano, Nueva Vizcaya. — MACROASIACORP.COM

MACROASIA CORP. has broken ground on the P2-billion New Earth Iloilo Water Supply Project, which aims to address the rising water demand in Iloilo.

The project is being implemented by New Earth Water System, Inc. (NEWS), a wholly owned subsidiary of Boracay Tubi System, Inc. (BTSI), which is majority owned by MacroAsia.

“This facility will not only close the immediate supply gap, but will also provide Iloilo with resilient and sustainable water infrastructure for the future,” NEWS and BTSI Chairman Eduardo Luis T. Luy said in a statement on Tuesday.

The project’s first phase involves the construction and development of a water treatment facility with an initial capacity of 37.5 million liters per day (MLD), expandable up to 50 MLD.

NEWS will also build transmission lines and a distribution network of pipelines to deliver treated water to off-take points of the supply system.

The project is expected to be completed within two years. Once finished, NEWS will hold the necessary water rights and permits in Iloilo, including a certificate of public convenience that will allow it to supply, treat, and distribute water to Iloilo City and nearby municipalities such as Sta. Barbara, Pavia, Oton, Leganes, Cabatuan, Maasin, and San Miguel.

“Once operational, the facility is expected to help address the current water supply shortfall in Iloilo, which has affected households and businesses in underserved areas,” it said.

MacroAsia said the project’s tariff structure will remain competitive, balancing affordability and sustainability for consumers.

“The New Earth Iloilo Water Supply Project is expected to enhance public health and sanitation, support economic development, and strengthen the province’s resilience against water scarcity,” the company said.

MacroAsia’s core businesses include aircraft maintenance, repair, and overhaul (MRO); airline and institutional catering; ground handling; property development and leasing; and water utility services.

At the stock exchange on Tuesday, shares in MacroAsia rose by four centavos or 0.95% to close at P4.25 each. — Ashley Erika O. Jose

Inflation Rates in the Philippines

HEADLINE INFLATION accelerated to a six-month high in September, mainly due to costlier fuel and vegetables, but remained below the central bank’s 2-4% target, the Philippine Statistics Authority (PSA) said on Tuesday. Read the full story.

Inflation Rates in the Philippines

HitPay teams up with Ingenico to roll out payment system for SMEs

HitPay

HITPAY Payment Solutions, Inc. has partnered with financial technology company Ingenico to launch an all-in-one system that will allow small and medium enterprises (SMEs) to accept major types of payments like cards and e-wallets for transactions.

The payments system, available via an integrated smart terminal, lets merchants process transactions made via major credit and debit cards, e-wallet QRs, and even cross-border payments.

The smart terminal also allows SMEs to manage end-to-end operations from a single platform, including unifying online and offline payment methods, issuing invoices, and automating recurring billings.

HitPay said this would help improve small businesses’ cash flow and operations. The partnership also leverages Ingenico’s global payments network and HitPay’s network made up of 25 regional payment partners to allow SMEs to serve both domestic customers and tourists.

“As the Philippines accelerates its ‘cash-lite’ goal, SMEs need to provide choice, speed, and security at checkout without being overwhelmed by complex software, multiple reconciliation steps, and high integration costs,” HitPay Co-Founder and Chief Executive Officer Aditya Haripurkar said in a statement.

“Our collaboration with Ingenico goes beyond terminals and transactions; it is about democratizing access to enterprise-grade tools, giving SMEs the confidence to play their full part in the Philippines’ digital future,” Mr. Haripurkar said.

Hitpay has already rolled out the terminal to businesses in industries like retail, food & beverage, and travel. “The partnership aims to equip 10,000 SMEs in the Philippines in the next two years.”

“Ingenico’s mission has always been to simplify payments for businesses of every size. By working with HitPay and leveraging a comprehensive network of payment and banking partners, we’re giving Filipino SMEs access to secure and innovative tools that allow them to grow and stay relevant in a fast-changing market,” Ingenico Southeast Asia Channel Markets Head Xavier Michel said.

HitPay has an operator of payment system license from the Bangko Sentral ng Pilipinas. — Aaron Michael C. Sy

Olympian Ilona Maher gets her own Barbie doll

TEAM BARBIE Members (L-R): Ellie Kildunne, Ilona Maher, Nassira Konde and Portia Woodman-Wickliffe. — CORPORATE.MATTEL.COM
TEAM BARBIE Members (L-R): Ellie Kildunne, Ilona Maher, Nassira Konde and Portia Woodman-Wickliffe. — CORPORATE.MATTEL.COM

NEW YORK — American Olympian Ilona Maher is taking the leap from the rugby pitch to the toy-store shelves, as the bronze medalist was honored with her own signature Barbie doll on Monday.

Ms. Maher conquered the social media game in her last two Olympic appearances, bringing her sport to new heights in a country where rugby rarely breaks through to the mainstream. She picked up her bronze with the US team in Paris.

“It’s going to feel really real when I get to give it to a young girl,” said Ms. Maher, one of the most recognisable figures in her sport. “For them to get to enjoy the Barbie, see themselves in the Barbie, that’s when I think I’ll have a tear in my eye.”

The Maher Barbie doll, made by Mattel, will be available at retailers next year.

Featuring her signature red lipstick and braided ponytail, Ms. Maher insisted that the doll have her broad shoulders and muscular frame, advancing her mission of body positivity.

“We wanted to see that in the Barbie and they did such a good job with it. I mean, she’s been hitting the gym,” she told Reuters.

“I just wanted to make sure I felt seen in the Barbie and that I feel proud to give this to somebody else so that they feel like they see themselves in it as well.”

The 29-year-old praised the manufacturer’s attention to detail, with the doll appearing game-ready with knee-pads and precise replicas of her Adidas cleats.

Three other rugby players — England’s Ellie Kildunne, New Zealand’s Portia Woodman-Wickliffe, and France’s Nassira Konde — will also be immortalized in doll-form in celebration of International Day of the Girl, though Ms. Maher’s is the only doll that will be at retailers in fall 2026.

“Barbies are the ultimate image of beauty and femininity. And so that’s what we grew up seeing every day,” said Ms. Maher.

“What I want is that when girls play with this and they see my Barbie and the broad shoulders and the big arms, that can kind of shape their views of beauty as well.” — Reuters

The AI suicide problem knows no borders

FREEPIK

By Catherine Thorbecke

How are Chinese artificial intelligence (AI) developers protecting their most vulnerable users? A string of dystopian headlines in the US about suicide and youth mental health has put mounting pressure on Silicon Valley, but we’re not seeing a similar wave of cases in China. Initial testing suggests that they may be doing something right, although it’s just as likely such cases would never see the light of day in China’s tightly controlled media environment.

A wrenching wrongful death lawsuit against OpenAI filed by the parents of Adam Raine alleges that the 16-year-old died by suicide after the chatbot isolated him and helped plan his death. OpenAI told the New York Times it was “deeply saddened” by the tragedy, and promised a slew of updates, including parental controls.

I tried engaging with DeepSeek using some of the same so-called “jailbreak” methods that the American teen had reportedly employed to circumvent guardrails. Despite my prying, the popular Chinese platform didn’t waver, even if similarly I cloaked my queries under the guise of fiction writing. It constantly urged me to call a hotline. When I said I didn’t want to speak to anyone, it validated my feelings but still emphasized that it was an AI and cannot feel real emotions. It is “incredibly important that you connect with a person who can sit with you in this feeling with a human heart,” the chatbot said. “The healing power of human connection is irreplaceable.”

It encouraged me to bring up these dark thoughts with a family member, an old friend, a coworker, a doctor, or a therapist, and even practice with a hotline. “The most courageous thing you could do right now is not to become better at hiding, but to consider letting one person see a tiny, real part of you,” it stated.

My experiment is purely anecdotal. Raine engaged with ChatGPT for months, possibly eroding the tool’s built-in guardrails over time. Still, other researchers have seen similar results. The China Media Project prompted three of China’s most popular chatbots — DeepSeek, ByteDance Ltd.’s Doubao, and Baidu, Inc.’s Ernie 4.5 — with conversations in both English and Chinese. It found all were markedly more cautious in Chinese, repeatedly emphasizing the importance of reaching out to a real person. If there’s a lesson, it’s that these tools have been trained not to pretend to be human when they’re not.

There are widespread reports that Chinese youth, grappling with rat-race “involution” pressures and an uncertain economy, have been increasingly turning to AI tools for therapy and companionship. The technology’s diffusion is a top government priority, meaning agonizing headlines of things going wrong are less likely to surface. DeepSeek’s own research has suggested that open-source models, which proliferate throughout China’s AI ecosystem, “face more severe jailbreak security challenges than closed-source models.” Put together, it’s likely that China’s safety guardrails are being pressure-tested domestically, and stories like Raine’s simply aren’t making it into the public sphere.

But the government doesn’t seem to be ignoring the issue either. Last month, the Cyberspace Administration of China released an updated framework on AI safety. The document, published in conjunction with a team of researchers from academia and the private sector, was notable in that it included an English translation, signaling it was meant for an international audience. The agency identified a fresh series of ethical risks, including that AI products based on “anthropomorphic interaction” can foster emotional dependence and influence users’ behavior. This suggests that officials are tracking the same global headlines, or seeing similar problems festering at home.

Protecting vulnerable users from psychological dangers isn’t just a moral responsibility for the AI industry. It’s a business and political one. In Washington, parents who say their children were driven to self-harm from interactions with chatbots have given powerful testimonies. US regulators have long faced criticism for ignoring youth risks during the social media era, although they’re unlikely to stay quiet this time as lawsuits and public outrage mount. And American AI companies can’t criticize the dangers of Chinese tools if they’re neglecting potential psychological harms at home.

Beijing, meanwhile, hopes to be a world leader in AI safety and governance, and export its low-cost models around the world. But these risks can’t be swept under the rug as the tools go global. China must offer transparency if it is truly leading the way in responsible development.

Framing the problem through the lens of a US-China race misses the point. If anything, it allows companies to use geopolitical rivalry as an excuse to dodge scrutiny and speed ahead with AI development. Such a backdrop puts more young people at risk of becoming collateral damage.

An outsize amount of public attention has been paid to frontier AI threats, such as the potential for these computer systems to go rogue. Bodies like the United Nations have spent years urging multilateral cooperation on mitigating catastrophic risks.

Protecting vulnerable people now, however, shouldn’t be divisive. More research on mitigating these risks and preventing jailbreaks must be open and shared. Our failure to find the middle ground is already costing lives.

BLOOMBERG OPINION

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