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Pag-IBIG Fund to maintain 3% socialized housing rate under Expanded 4PH amid Middle East conflict

Pag-IBIG Fund said it shall maintain its 3% annual interest rate for qualified socialized housing loans under the Expanded Pambansang Pabahay para sa Pilipino Program, keeping homeownership affordable at a time when the conflict in the Middle East continues to unsettle global oil markets and drive volatility in oil prices.

The move supports President Ferdinand R. Marcos, Jr.’s direction to keep decent and affordable housing within reach of Filipino workers, especially those from the low and moderate income sectors seeking to achieve homeownership.

“In keeping with the directive of President Ferdinand R. Marcos, Jr., Pag-IBIG Fund shall maintain the 3% interest rate for qualified socialized housing loans under the Expanded 4PH so that more Filipino workers can continue to pursue homeownership even during a time of global uncertainty,” said Department of Human Settlements and Urban Development Secretary Jose Ramon P. Aliling, who chairs the Pag-IBIG Fund Board of Trustees. “By keeping monthly amortizations low, we are helping more working families secure a home of their own while supporting sustained housing production and the jobs it generates, in step with broader national efforts to keep the economy stable.”

Under the program, first-time homebuyers, particularly those earning less than P47,856 per month in the National Capital Region and less than P34,686 outside NCR, may qualify for the subsidized 3% rate for the first five years of the loan term. All overseas Filipino workers, regardless of income, may also qualify. Separately, under Pag-IBIG Fund’s Early Bird Promo, the first 30,000 qualified borrowers may enjoy the same 3% rate for the first 10 years of their housing loan, allowing them to save more and benefit from affordable and predictable monthly amortizations for a longer period.

The loan may be used to purchase socialized house-and-lot and condominium units priced at up to P950,000 and P1.8 million, respectively. It also provides up to P100,000 in additional financing for home improvements, such as utility connections and home fixtures, and carries a 100% loan-to-value ratio, meaning no cash equity is required. At these terms, monthly amortization is about P4,005 for a house-and-lot unit worth up to P950,000 and about P7,589 for a condominium unit worth up to P1.8 million, amounts that are lower than the cost of monthly rent. In addition, eligible borrowers may further benefit from additional subsidy provided by the national government, which may bring down the annual interest rate to as low as 1% and make monthly payments even lower.

Meanwhile, Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said maintaining the 3% rate reflects Pag-IBIG Fund’s strong fiscal standing and its continuing commitment to carry out President Marcos’ housing agenda in a way that keeps homeownership within reach of working Filipino families.

“We continue to heed the direction of President Marcos in helping uplift the lives of Filipino workers by keeping homeownership affordable for those who need it most,” Ms. Acosta said. “Our strong fiscal standing allows Pag-IBIG Fund to keep the subsidized 3% rate in place so more working Filipinos can continue pursuing homeownership under the Expanded 4PH.”

Ms. Acosta added that, beyond keeping loan rates low, Pag-IBIG Fund is also making it easier and less costly for members to look for a home through regional housing fairs that bring together quality housing units available for sale, partner developers, and Pag-IBIG Fund financing support in one venue. Earlier this year, Pag-IBIG Fund launched its series of regional housing fairs through the Central Luzon Housing Fair. It is set to hold similar fairs in South Luzon, the Visayas, Mindanao, and the National Capital Region in the coming weeks. The Central Luzon fair gathered over 40 developers, financing institutions, and government agencies in one venue and provided on-site assistance for loan applications.

“Through these regional housing fairs, we are making it easier and less costly for members to find a home by bringing quality housing units available for sale, partner developers, and Pag-IBIG Fund financing together in one place,” Ms. Acosta said. “That is how Pag-IBIG Fund will continue providing more Filipino families with practical pathways to homeownership, turning affordable financing into real opportunities to own a home.”

Pag-IBIG Fund’s capacity to sustain this support is backed by its record housing loan performance in 2025, when it released P140.54 billion in housing loans benefiting 90,727 Filipino workers and their families, reflecting both the strength of its finances and its continued ability to help more members achieve homeownership.

 

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Approved building permits rise 0.5% in January

PHILSTAR FILE PHOTO

Approved building permits inched up by 0.5% year on year in January, the Philippine Statistics Authority (PSA) reported on Friday.

Preliminary data showed the number of building projects covered by the permits rose to 13,577 in January from 13,504 a year earlier.

This was a turnaround from the 11.5% drop in January 2025 and the revised 2.6% contraction in December.

Construction projects covered 2.80 million square meters (sq.m.) of floor area, down 29.4% year on year from 3.96 million sq.m.

Approved building projects were valued at P37.05 billion in January, lower than the P51.63 billion in the same month in 2025.

“The uptick in January construction permits may be attributed to smaller construction projects being done early in the year,” Marco Antonio C. Agonia, an economist at the University of Asia and the Pacific, said in an email.

“While the headline permit reading looks encouraging, the actual increases were for improvements to existing structures and smaller projects such as streets and billboards,” he added.

Mr. Agonia noted that this contrasts with the year-on-year decline in the total floor area of approved permits for residential and nonresidential projects.

“The pickup in permits reflects deferred projects moving forward as confidence improves, particularly in commercial and infrastructure-related build,” Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said in a Viber message.

Residential buildings, which made up 60.1% of the total number of constructions, inched down by 0.6% in January to 8,156 from 8,204 a year ago.

This type of construction amounted to P16.97 billion, down from P21.83 billion in the same month in 2025.

According to Mr. Agonia, the annual decline in residential constructions can be attributed to developers being “reluctant to commit to large construction projects early on, instead choosing to defer them.”

For Mr. Ravelas, “residential construction remains cautious as affordability and financing costs still weigh on households.”

Single-type houses, which accounted for 82.5% of the residential constructions, fell 8.7% year on year to 6,727 in January from 7,367.

Meanwhile, nonresidential constructions also dropped 3.8% annually to 3,292 from 3,423. This made up 24.2% of the total number of constructions during the month.

Permits for nonresidential buildings were valued at P16.25 billion, lower than P25.94 billion registered in January 2025.

Commercial building permits contracted 7.2% year on year to 2,315 from 2,495. These made up 70.3% of all nonresidential constructions.

Approved building permits for addition, or any new construction that increases the height or area of an existing building, climbed 4.9% annually to 495 from 472 in the previous year.

On the other hand, alteration and repair totaled 1,111, down 0.4% from 1,115, and were valued at P2.68 billion.

By region, Calabarzon had the greatest number of approved building permits at 3,177, accounting for 23.4% of all permits.

This was followed by Central Luzon (11.7% share with 1,585 permits) and Ilocos Region (8.9% share with 1,204 permits).

Mr. Ravelas sees steady retail price growth looking ahead.

Mr. Agonia expects construction project approvals to remain “the same” in the coming months, citing pressure due to the Middle East war.

“While rate cuts will help, elevated interest rates from the Middle East war, cost pass-throughs for construction materials, and consumer pessimism will likely hamper developer appetite,” he added. — Isa Jane D. Acabal

Philippine refiner Petron buys Russian crude, eyes more if Iran war persists

Storage tanks at the Petron Corp. Mandaue Terminal, in Mandaue City in Cebu, the Philippines, April 23, 2024. BLOOMBERG

Petron Corp., the Philippines’ only refiner, has procured 2.48 million barrels of crude oil from Russia as the Southeast Asian nation scours the world for alternative suppliers to support domestic energy needs with the war in Iran raging.

“If the current crisis persists and alternative crude sources remain unavailable or insufficient, Petron may again be compelled to consider purchases of Russian crude oil to augment the national fuel supply,” parent San Miguel Corp. said in a statement to market regulators late on Friday.

The crude will augment Petron’s inventory of petroleum products until June, San Miguel said, adding that the purchases were made “strictly out of extreme necessity.”

On Feb. 28, the same day that the US and Israel launched a military campaign against Iran, Petron was advised that one shipment of 2 million barrels of crude did not gain safe passage at the Strait of Hormuz as Iran announced its closure. A second shipment of 2 million barrels of crude was also cancelled on March 7 due to the heightened risk in the Red Sea and Strait of Hormuz, San Miguel said.

The Philippines, which sources nearly all of its oil requirements from the Middle East, is trying to find alternative sources to ease the supply crunch that has triggered an energy emergency declaration by the government. It’s also negotiating for fuel supply from Japan, China, South Korea and India.

Manila has said it had 45 days worth of oil supplies as of March 20.

The country is set to receive this week the first batch of diesel from its order of over 1 million barrels, Executive Secretary Ralph Recto said on Sunday, citing “oil diplomacy” efforts by officials led by Energy Secretary Sharon Garin.

“From Indonesia also comes the ironclad guarantee of a steady supply of coal,” Recto added. Indonesia is the Philippines’ main supplier of coal which fuels more than half of its power grid.

Budget carrier Cebu Air Inc. said it has enough jet fuel supply to last until June. In a post on X on Sunday, the airline said it’s “working closely with suppliers and industry partners to ensure continued fuel availability in the months ahead” to sustain operations.

Its comments followed a similar assurance by rival Philippine Airlines Inc. days earlier, whose chief said people need “to work together to make sure that everybody has access to fuel.” — Bloomberg

Empowering women entrepreneurs through grassroots financial literacy

Across the Philippines, women entrepreneurs play a crucial role in sustaining local economies. From sari-sari stores and karinderyas to neighborhood retail businesses, women-led enterprises form a large part of the country’s micro, small, and medium enterprise (MSME) sector.

Yet, despite their economic contribution, many women business owners continue to face barriers when it comes to formal financing, financial knowledge, and digital tools.

This is what the Wais Tindera Caravan seeks to address. As the flagship financial literacy program of GCash, it is designed to equip small business owners and women entrepreneurs with knowledge on digital finance, responsible borrowing, and sustainable business growth.

In celebration of the International Women’s Day, GCash and its lending arm Fuse Financing, Inc., kicked off its Women’s Month run at the Commonwealth District 2 Gymnasium, Quezon City last March 8. The event gathered over 400 women-led MSMEs, local government representatives, and financial experts for a morning dedicated to financial learning and business empowerment.

Participants attended interactive workshops covering essential topics for small business owners such as budgeting, saving strategies, and responsible borrowing.

The program also introduced digital financial tools that entrepreneurs can use to access formal lending services and manage their businesses more effectively.

“It is very important that they are informed,” said Quezon City District 2 Councilor Aly Medalla. She then noted that hesitation among women entrepreneurs often stems from lack of information about available financial resources.

“They’re already doing it daily, but ensuring that it is incorporated responsibly — that is our responsibility [as government officials].” Ms. Medalla added.

For Fuse Financing, Inc. Chief Product Officer and Strategy Head Baby Aquino, financial education plays a critical role in enabling entrepreneurs to maximize opportunities.

“With financial literacy, it’s not just giving them access to funds,” Ms. Aquino said. “It’s also teaching them how to manage them better.”

She added that many women entrepreneurs still face challenges in accessing financial tools.

“[Women] are lagging behind in terms of gaining knowledge [in] running businesses. That’s why we go to grass roots,” she said.

Throughout the event, participants engaged in a variety of activities, including workshops, discussions, interactive games, and raffle draws.

Among the participants was Robelia Dell, a kakanin vendor. Ms. Dell shared that the program provided valuable insights.

“Malaki ang naitutulong nito sa mga kababaihan dahil may karagdagang kaalaman. Nakakatulong din para sa mga gustong magsimula ng negosyo kung paano sila makakakuha ng pangpuhunan,” she shared.

The Wais Tindera Caravan highlights the growing importance of financial inclusion in supporting small businesses, particularly those led by women. By combining financial education with digital financial tools, the initiative aims to help entrepreneurs gain confidence and resources they need to grow.

As the Wais Tindera Caravan continues to roll out in different communities, GCash affirms that empowering women entrepreneurs with knowledge, access, and opportunity is not only good for business but essential as well for building more inclusive and resilient local economies.

 

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NTC activates nationwide communications support for Holy Week 2026

The National Telecommunications Commission (NTC) has mobilized nationwide public assistance operations to ensure reliable and uninterrupted communications during the Holy Week observance.

All NTC Regional Offices are directed to coordinate closely with the National Disaster Risk Reduction and Management Council (NDRRMC), Civic Action Groups (CAGs), Amateur Radio Groups (ARGs), and Local Government Units (LGUs), including their Local Disaster Risk Reduction and Management Offices (LDRRMOs), to strengthen on-the-ground communication support and emergency response.

To further enhance readiness, the NTC will facilitate the swift issuance of temporary permits and licenses to ensure the seamless operation of communication support teams, especially as millions of Filipinos are expected to travel nationwide.

Telecommunications and broadcast entities are likewise enjoined to actively assist in the timely and accurate dissemination of public advisories.

Through these coordinated efforts, the NTC reaffirms its commitment.

 

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China conducts patrol around disputed South China Sea shoal

FILE PHOTO of a China Coast Guard vessel fires a water cannon at the BRP Datu Pagbuaya near Thitu Island, in the latest flare-up between Manila and Beijing in the disputed South China Sea. — PCG

BEIJING — China conducted naval, air, and coast guard patrols around the Scarborough Shoal in the South China Sea on Sunday, its military and Coast Guard said.

The shoal is in the Philippines’ exclusive economic zone but China also claims it as part of its territory.

The patrols came after Beijing and Manila restarted high-level talks last week over the disputed waters and discussed oil and gas cooperation in the area.

The talks were also the first broader discussion on bilateral relations since March 2023, aimed at confidence building among others, the Philippine foreign ministry said on Saturday.

Recent maritime confrontations have heightened tensions, with Manila accusing Beijing of “dangerous maneuvers” and deploying water cannon to interfere with its resupply missions in contested areas.

“Such patrols serve as an effective countermeasure to cope with all sorts of rights-violation and provocative acts,” the Chinese military’s Southern Theater Command said in a statement on Sunday.

The Philippine embassy in Beijing did not immediately respond to a request for comment.— Reuters

China protests US alert over security rules change in Hong Kong

A view Hong Kong's city skyline from the Wan Chai District. — ED GERONIA

BEIJING — China’s top diplomat in Hong Kong has met the senior US diplomat in the city to protest against a US public alert over new security rules in Hong Kong, the Chinese Foreign Ministry said.

In a statement released late on Saturday, the Chinese foreign ministry’s Hong Kong office said Commissioner Cui Jianchun met US Consul General Julie Eadeh on March 27 and expressed “strong dissatisfaction and firm opposition”, urging Washington to stop interfering in Hong Kong’s affairs and China’s internal affairs “in any form”.

Hong Kong this month amended its enforcement rules for the national security regime, making it an offense in national security cases to refuse to provide passwords or other decryption assistance to access an electronic device.

In response to the rule changes, the US Consulate General in Hong Kong issued a security alert on March 26, calling for contact with the Consulate in case US citizens are arrested or detained in connection with the new security enforcement rules.

“We do not discuss the details of diplomatic engagements,” a US Consulate spokesperson said in response to a request for comment. — Reuters

Israel blocks Cardinal from Jerusalem’s Holy Sepulchre on Palm Sunday, sparking outcry

A general view shows part of Jerusalem and Al-Aqsa compound, also known to Jews as the Temple Mount in Jerusalem's Old City in the early hours of June 13, 2025. — REUTERS

JERUSALEM — Israel blocked Jerusalem’s Catholic cardinal from marking Palm Sunday at the Church of the Holy Sepulchre, sparking an international outcry that led Prime Minister Benjamin Netanyahu to reverse the ban for the remainder of Holy Week.

The Latin Patriarchate of Jerusalem said Israeli police prevented Cardinal Pierbattista Pizzaballa and Friar Francesco Ielpo from entering the Holy Sepulchre, built on the site where Christians believe Jesus was crucified and rose from the dead.

The police cited security concerns related to the war in Iran for the ban.

“As a result, and for the first time in centuries, the Heads of the Church were prevented from celebrating the Palm Sunday Mass at the Church of the Holy Sepulchre,” it said in a statement.

Mr. Netanyahu posted on social media just after midnight that he instructed relevant authorities to grant full and immediate access to the cardinal.

“Today, out of special concern for his safety, Cardinal Pizzaballa was asked to refrain from holding Mass at the Church of the Holy Sepulchre,” he said.

“Even though I understand this concern, as soon as I learned about the incident with Cardinal Pizzaballa, I instructed the authorities to enable the Patriarch to hold services as he wishes.”

Israeli police said all holy sites in Jerusalem’s Old City – including those sacred to Christians, Muslims, and Jews – had been closed to worshippers since the start of the US-Israeli war on Iran, particularly locations without bomb shelters.

Police said they had rejected a request from the Patriarchate for a Palm Sunday exemption.

“The Old City and the holy sites constitute a complex area that does not allow access for large emergency and rescue vehicles, which significantly challenges response capabilities and poses a real risk to human life in the event of a mass casualty incident,” police said.

RESTRICTIONS AFFECT EASTER, RAMADAN, PASSOVER

Palm Sunday marks the beginning of Holy Week, the most important week in the Christian calendar, leading to Easter. The Old City would typically be busy, with Roman Catholics passing through the massive wooden doors of the Holy Sepulchre.

This year, Christians, Muslims, and Jews have been unable to observe Easter, Ramadan or Passover as usual due to police restrictions. Jerusalem’s Al-Aqsa Mosque was largely empty during Ramadan, and few worshippers have come to Judaism’s Western Wall as Passover approaches on Wednesday.

Italy’s Prime Minister Giorgia Meloni criticized the police action and Foreign Minister Antonio Tajani said on social media that he would summon Israel’s ambassador over the incident.

France’s President Emmanuel Macron condemned the Israeli police’s decision, which he said “adds to the worrying increase in violations of the status of the Holy Places in Jerusalem”.

US Ambassador to Israel Mike Huckabee said denying the Patriarch’s entry to the church on Palm Sunday was “difficult to understand or justify”.

The Vatican did not respond to a request for comment. On Sunday, Pope Leo said that God rejects the prayers of leaders who start wars and have “hands full of blood”, in unusually forceful remarks as the Iran war entered its second month.

INCONSISTENT ENFORCEMENT, RESIDENTS SAY

On March 16, shrapnel from ballistic missiles fired by Iran and debris from Israeli interceptors ​that shot them down fell by the church and the nearby hilltop plateau​ known to Muslims as Al-Aqsa compound and to Jews ​as Temple Mount.

Residents of the Old City and religious officials said police restrictions on worship had not been implemented consistently.

They noted that Muslim Waqf preachers were able to access Al-Aqsa Mosque during Ramadan and Eid al-Fitr, and that cleaners were permitted ahead of Passover to remove prayer notes from the Western Wall, an annual ritual.

On Sunday, Franciscan friars and worshippers were also allowed into another Old City shrine, a short walk through the Old City’s narrow alleyways from the Holy Sepulchre, to mark Palm Sunday. A Reuters photograph showed around a dozen people bowing their heads in prayer and carrying palm fronds. — Reuters

1 weekend, 8 coastal sites, 2.3 metric tons of trash cleared: MPIF’s Shore It Up! drives nationwide marine cleanup

Metro Pacific Investments Foundation (MPIF), the corporate social responsibility arm of Metro Pacific Investments Corporation (MPIC), brought together a total of 2,894 volunteers, cleared 2.3 metric tons of marine litter, and planted 600 mangroves, in its biggest Shore It Up! Weekend yet — a nationwide annual marine conservation initiative that mobilized communities across eight partner sites: Del Carmen, Siargao; Alaminos, Pangasinan; Puerto Galera, Oriental Mindoro; Medina, Misamis Oriental; Cordova, Cebu; Marinduque; Mabini, Batangas; as well as partner organizations Tubbataha Reefs Management Office and the Resort Owners Association of Mabini, Batangas.

Celebrated every last weekend of March, Shore It Up! Weekend, now on its 18th year, is MPIF’s flagship coastal and marine conservation effort, anchored this year on the theme “One Hour for the Planet, One Weekend for Our Shores.” Across the country, communities carried out coordinated coastal and underwater cleanups alongside mangrove planting initiatives. As part of the weekend, participating sites also observed Earth Hour through local activities, complementing the broader call for environmental action.

MPIF President, Melody del Rosario joins volunteers in showing love for the shores of Del Carmen, Siargao.

Collective Action Across Communities

Underwater cleanup led by SIU partner, Resort Owners Association of Mabini (ROAM)

Marine Protection, Inspection and Conservation Guardians, together with Eco-guides from the Mangrove Protection Information Center and Mangrove Propagation and Information Center, were mobilized alongside hundreds of volunteers — including local residents, fisherfolk, students, youth groups, civic organizations, dive groups, and environmental advocates. Working closely with local government units and partners, they removed waste from both shorelines and nearshore waters. Across all sites, activities were designed based on local environmental needs and priorities.

Mangrove planting efforts in Alaminos, Pangasinan

From collection to disposal, all participating sites followed a systematic approach to waste management, with 2.3 metric tons of debris segregated and recorded. Plastic bottles, totaling 13,054 pieces, accounted for the largest share of collected waste, followed by food wrappers, plastic cups and plates, plastic bags, and plastic bottle caps. Marine litter was sorted, documented, and turned over to proper channels through local waste management systems and partner agencies. This ensured that cleanup efforts were not only immediate but complete, leaving sites clean, restored, and responsibly managed end-to-end.

“This weekend showed what sustained, collective action can look like when communities come together for a shared purpose. Across our partner sites, we saw people take ownership of their coastal spaces — not just by removing waste, but by being part of a larger effort to protect and preserve them,” said MPIF President Melody del Rosario. “Shore It Up! has always been about working alongside communities, and this year’s turnout and results reflect how that shared responsibility continues to grow.”

Volunteers work together to clear coastal areas in Cordova, Cebu.

Community-Led Initiatives Across Sites

Across participating locations, local government units and communities extended the impact of Shore It Up! Weekend beyond its core activities through locally driven initiatives aligned with their approach to environmental stewardship. In Del Carmen, Siargao and Puerto Galera, activities included the opening and blessing of mangrove nurseries, supporting ongoing coastal restoration efforts. Del Carmen also brought together the community through festivities highlighting sustainable fashion and cultural expression.

Marine debris collected by ROAM during an underwater cleanup

In Marinduque, the observance of Earth Hour took on a more reflective tone through a candlelight commitment wall titled “Beyond Earth Hour: What Will I Change?” held at the provincial capitol grounds, followed the next day by the turnover of environmental support materials, including metal waste bins donated to barangay councils. Meanwhile, in Cordova, Cebu, local government offices, including the Public Information Office and tourism office, participated in a coordinated lights-off initiative during Earth Hour, highlighting the role of institutions in promoting environmental responsibility.

Volunteers sort and segregate collected waste along the shores of Tubbataha.

Beyond the Weekend: Turning Action into Lasting Impact

While the impact of Shore It Up! Weekend is visible in the volume of waste removed, its value extends beyond the cleanup itself. Global studies continue to highlight the scale and persistence of marine litter, particularly plastics, and the need for coordinated action from source to sea. At the community level, initiatives like Shore It Up! help translate awareness into participation, demonstrating how collective, localized efforts can contribute to broader environmental outcomes.

By working closely with coastal communities and local partners, MPIF continues to strengthen the foundation for sustained marine conservation. Through Shore It Up!, the Foundation supports not only immediate environmental restoration but also the long-term goal of protecting biodiversity, sustaining livelihoods, and encouraging responsible stewardship of the country’s coastal resources.

Driving Impact Across the Sustainable Development Goals

Community volunteers gather in Puerto Galera for the coastal cleanup initiative.

Aligned with Gabay Kalikasan, one of the MVP Group’s Gabay Advocacies for a Sustainable Philippines, Shore It Up! actively supports these United Nations Sustainable Development Goals through its integrated, community-driven approach to environmental conservation.

Shore It Up! Weekend demonstrates how a single, coordinated initiative can advance multiple Sustainable Development Goals in tandem. By mobilizing communities to manage waste and protect shared spaces, the initiative contributes to more sustainable and resilient communities (SDG 11), while its focus on coastal and marine protection supports life below water (SDG 14).

Volunteers from ROAM Mabini following an underwater cleanup effort

Mangrove planting and ecosystem restoration efforts further strengthen life on land (SDG 15) and enhance natural defenses against climate risks (SDG 13). Central to these efforts is the collaboration among local governments, communities, and partner organizations, highlighting the role of partnerships (SDG 17) in driving long-term environmental impact.

 

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Pakistan prepares to host peace talks as Iran accuses US of ground assault plans

Emergency personnel work at the site of a strike on a residential building, amid the US-Israeli conflict with Iran, in Tehran, Iran, Mar. 16, 2026.—via REUTERS/MAJID ASGARIPOU

ISLAMABAD/TEL AVIV — Pakistan said on Sunday it was preparing to host “meaningful talks” to end the conflict over Iran in coming days even though Tehran said it is ready to respond if the United States moves in with soldiers on the ground.

Speaking after talks between regional foreign ministers, Pakistan’s Foreign Minister Ishaq Dar said they had covered possible ways to bring an early and permanent end to the war in the region as well as potential US-Iran talks in Islamabad.

“Pakistan will be honored to host and facilitate meaningful talks between the two sides in coming days, for a comprehensive and lasting settlement of the ongoing conflict,” he said. It was not immediately clear whether the US and Iran had agreed to attend.

The US State Department and the White House did not immediately respond to requests for comment on potential talks in Pakistan.

Complicating Pakistan’s bid are the maximalist positions set out by the United States, Israel, and Iran on what it would take to end the conflict.

Iran’s parliament speaker Mohammad Baqer Qalibaf earlier accused the US of sending messages about possible negotiations while at the same time planning to send in troops, adding that Tehran was ready to respond if US soldiers were deployed.

“As long as the Americans seek Iran’s surrender, our response is that we will never accept humiliation,” he said in a message to the nation.

REGIONAL POWERS PROPOSE PLANS TO REOPEN STRAIT OF HORMUZ
Initial discussions between Pakistan, Saudi Arabia, Turkey, and Egypt had focused on proposals to reopen the Strait of Hormuz to shipping, sources familiar with the matter said.

Iran’s effective blockade of oil and gas shipments through the strait since the US and Israel began attacking the country on February 28 is spreading economic pain around the world.

As the conflict entered its second month, it showed no signs of slowing. Israel’s military said it had launched over 140 air strikes on central and western Iran, including Tehran, over the 24 hours to Sunday evening, hitting ballistic missile launch sites and storage facilities, among other targets.

Iranian state media reported that strikes had hit Mehrabad airport and a petrochemical plant in the northern city of Tabriz.

The director of the World Health Organization said Israel’s expanding military operations in southern Lebanon had resulted in the death of “yet another” health worker after 51 had already been killed. Israel says Iran-backed Hezbollah militants use medical facilities for cover, which the group denies.

A chemical plant in southern Israel near the city of Beer Sheva was hit by a missile or missile debris as Israel fended off multiple salvos from Iran, prompting official warnings to the public to stay away due to “hazardous materials”.

Another missile hit open ground near homes in Beer Sheva, located near several military bases, injuring 11 people.

The war has killed thousands of people and hit countries across the Middle East: major aluminium plants in Bahrain and the United Arab Emirates were damaged by air strikes over the weekend.

The UAE is seeking reparations from Iran for attacks on civilians and vital facilities and guarantees to prevent any repetition, an adviser to the president said.

Yemen’s Iran-aligned Houthis joined the conflict on Saturday, launching their first attacks on Israel and raising the prospect they could target and thus block a second key shipping route, the Bab el-Mandeb Strait. Israeli authorities said on Sunday that they had intercepted two drones launched from Yemen.

US MARINES START ARRIVING IN MIDDLE EAST
Washington has dispatched thousands of Marines to the Middle East, with the first of two contingents arriving on Friday aboard an amphibious assault ship, the US military has said.

The Washington Post quoted US officials as saying the Pentagon was preparing for weeks of ground operations in Iran, adding that it was not yet clear if President Donald Trump would approve such plans.

Reuters has reported that the Pentagon has considered military options that could include ground forces.

Mr. Trump faces a stark choice between seeking a negotiated exit or a military escalation that risks a protracted crisis that would likely weigh further on his already low approval ratings.

Washington said last week it had offered a 15-point ceasefire plan, with a proposal to reopen the Strait of Hormuz and restrict Iran’s nuclear program, but Tehran has rejected the proposal and put forward alternatives of its own.

ISRAEL HITS DOZENS OF TARGETS ACROSS IRAN
An Israeli official said Israel would continue carrying out strikes against Iran on what were described as military targets, adding there was no intention to scale back the campaign ahead of any possible talks between Washington and Tehran.

A building housing Qatar’s Al-Araby TV in Tehran was hit on Sunday, the semi-official Mehr news agency reported.

“The missile hit. The ceiling and everything fell on our heads. … There was no military target here,” said Al-Araby camera operator Mohammadreza Shademan.

The International Atomic Energy Agency said on Sunday that Iran’s heavy water production plant at Khondab, which the country reported had been attacked on Friday, had suffered severe damage and is no longer operational. The installation contains no declared nuclear material, the UN nuclear watchdog added in a social media post on X.

The increasingly unpopular war has weighed on Mr. Trump’s Republican Party. Demonstrators took to city streets across the US on Saturday in protests against the conflict.

US political figures offered sharply different assessments on the duration of the conflict and its aims.

“It is going to be a matter of weeks when all of the objectives will be carried out,” Republican Senate candidate Andy Barr said on the “Fox News Sunday” program. “This is not going to be an occupation of Tehran.”

But Democratic lawmakers said the strategy was failing, citing US casualties and Iran’s ongoing attacks on nearby regions. “This president is pushing us further and further into a conflict with no foreseeable off-ramp,” Senator Cory Booker, a New Jersey Democrat, told NBC’s “Meet the Press.” — Reuters

Gov’t eyes offshore issuance in Q2

US dollar banknotes are seen in this illustration taken on March 24. — REUTERS

THE GOVERNMENT is looking at tapping the offshore bond market in the second quarter, the Bureau of the Treasury (BTr) said.

“We still have $2.5 billion left in the borrowing program, so we are looking at whether we issue (in the) second quarter or third quarter,” National Treasurer Sharon P. Almanza told reporters on the sidelines of an event on Thursday.” There is a possibility for a second-quarter issuance.”

In January, the government raised $2.75 billion from a triple-tranche dollar bond issuance. It generated $500 million from the 5.5-year bonds at a coupon rate of 4.25%; $1.5 billion from the 10-year paper at a coupon rate of 5%; and $750 million from the 25-year papers at a 5.75% coupon.

Ms. Almanza said US Treasury yields have remained relatively stable compared with local rates, creating a less volatile environment.

Meanwhile, the BTr is hoping the central bank’s off-cycle policy move on March 26 will help calm markets and drive demand for government securities in the coming quarter.

This follows the drop in bids and spike in yields in March after the US-Israeli war on Iran began. 

The Bangko Sentral ng Pilipinas (BSP) kept its policy rate unchanged at 4.25% during a surprise off-cycle meeting last week, amid growing concerns over the impact of the Middle East war on the economy.

BSP Governor Eli M. Remolona, Jr. had said they decided to stand pat as their growth outlook remains clouded and as emerging inflationary risks prove supply-driven, “for which monetary policy has limited effectiveness.”

The BSP now expects headline inflation to average 5.1% this year from 3.6% previously. If realized, the headline print would breach its 2%-4% target.

Ms. Almanza said that a large maturity in April worth about P200 billion could add liquidity to the market and drive demand for government securities.

“We have a maturity in April. So, hopefully, those funds will be reinvested,” she said.

The government is looking to borrow up to P784 billion from the domestic debt market in the second quarter or up to P364 billion via Treasury bills and up to P420 billion through Treasury bonds.

Ms. Almanza noted that the borrowing plan for the second quarter includes a mix of short-term and medium-term securities.

“We’re combining the long with the short. And then we’re reducing the volume for the longer tenors,” she said.

Ms. Almanza also said foreign participation in the government securities market could surge as soon as the country’s re-entry into JPMorgan Chase & Co.’s Government Bond Index-Emerging Markets (GBI-EM) is confirmed by the first week of April.

“They said that the investors don’t wait for the actual inclusion. So, after the announcement, funds will [start coming in already],” she said.

In September last year, Philippine peso-denominated government bonds (RPGB) were tagged as “Index Watch Positive,” which is the final review phase for the bonds’ potential inclusion in JPMorgan’s GBI-EM.

JPMorgan’s GBI-EM tracks the performance of sovereign and quasi-sovereign bonds issued by emerging market countries. The country’s inclusion will need to be approved by a certain percentage of investors reviewing the index.

The Philippines’ global peso notes were removed from the GBI-EM in January 2024 due to illiquidity. Potential inclusion in the index are RPGBs issued from 2023 with tenors up to 20 years. — A.M.C.Sy

Prolonged Mideast war could dampen banana, pineapple exports

A vendor picks from a pile of bananas at a wholesale market in Manila, Philippines, July 10, 2025. — REUTERS

By Vonn Andrei E. Villamiel, Reporter

DESPITE a strong year-to-date growth in Philippine banana and pineapple exports, the Department of Agriculture (DA) said a prolonged Middle East war threatens to disrupt the country’s outbound shipments.

“I think there would be a [negative] effect on our exports, considering the situation. Hopefully, the effects won’t last long,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. told BusinessWorld in a WhatsApp message.

Trade disruptions due to the fighting in the Persian Gulf risk affecting gains achieved in the two sectors.

According to preliminary data from the Philippine Statistics Authority, although fresh banana shipments slipped by 5.1% in February, year-to-date exports grew by 7.6% to $244.68 million from $227.31 million in the same two-month period in 2025.

Pineapple exports and related products also surged 45.5% to $188.05 million as of February from $129.21 million in the same period last year.

Bananas and pineapples rank as the ninth and 10th largest export commodities, respectively, and the second and third most valuable in the agriculture sector after coconut oil.

The concern is heightened as Iran and other Middle Eastern countries are key markets for Philippine fruit shipments.

In 2025, Iran was the largest buyer of Philippine bananas in the Middle East, importing $97.53 million worth of the region’s nearly $200 million in shipments.

Other major markets for bananas in the Middle East include Saudi Arabia ($62.71 million), the United Arab Emirates ($13.12 million), Iraq ($6.19 million), Qatar ($5.12 million), and Bahrain ($3.78 million).

Together, the region accounted for more than 11% of the Philippines’ total fresh banana exports in 2025.

For fresh pineapples, the United Arab Emirates was the top Middle Eastern market, importing $15.83 million, followed by Iran with $11.94 million and Saudi Arabia with $2.62 million. The region accounted for almost 6% of the country’s total pineapple exports in 2025.

Mr. Laurel said the DA is monitoring the situation closely and will assist the private sector in the event of a prolonged shipping disruption.

“If there are market disruptions, the private sector will surely try to find other channels to sell their goods, and we will be assisting them. [We’ll constantly try] to look and assist in all possible ways,” he said.

Mr. Laurel earlier told reporters that the country’s banana sector can leverage their geographic proximity advantage over South American suppliers to redirect shipments to traditional East Asian markets like Japan.

“The main factor that could affect banana exports is freight costs. Because Japan is relatively close, we may have a slight advantage over South American suppliers,” he said on the sidelines of a Senate hearing last week.

Mr. Laurel said that, despite lower tariffs for South American suppliers, the Philippines maintains a competitive edge in banana exports due to shorter shipping distances and lower freight costs.

Japan is the country’s biggest market for fresh bananas, with exports valued at $920.49 million in 2025. It is also the Philippines’ second-biggest market for fresh pineapple in East Asia, with shipments at $174 million.

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