Ako Bicol Party-list Provides Critical Medical Assistance Amidst Nationwide Storms

Amid recent storms and monsoon rains affecting the country, the Ako Bicol Party-list has persistently delivered vital medical support to underprivileged Filipinos in several major public hospitals across Metro Manila. One beneficiary, 26-year-old janitor Jude Ivan Jugador from Caloocan City, was seriously injured in a motorcycle accident. Upon admission to Dr. Jose N. Rodriguez Memorial Hospital and Sanitarium, doctors diagnosed a fractured elbow requiring surgery and a costly metal implant priced at P95,000. With Jude unable to work and his partner's income as a part-time notary staff insufficient, Ako Bicol intervened by covering the entire implant expense, enabling Jude to undergo the procedure and commence his recovery. Similarly, single mother Emily Ruado sought treatment for her son Niño at the Philippine Children’s Medical Center. Niño was suffering from severe dental conditions, including gingivitis and tooth decay, necessitating a P30,000 procedure beyond the family’s financial means. Ako Bicol fully funded the dental care, allowing the family not only to complete the treatment but also to return to their home province. At the National Kidney and Transplant Institute, Vilma Caraga faced a critical situation with her husband Francisco, diagnosed with end-stage chronic kidney disease. He urgently required a Permcath procedure to continue dialysis, costing P57,000. With Vilma earning only P600 daily as a cleaning lady, payment seemed impossible until Ako Bicol provided full financial support, offering essential assistance at a desperate time. From orthopedic surgery and dental care to dialysis access, Ako Bicol Party-list has steadfastly extended needs-based medical aid to patients in key specialty hospitals within Quezon City, demonstrating commitment to responsive grassroots assistance even in challenging weather conditions.

Trump Urges Major Pharma Firms to Match U.S. Drug Prices with International Rates

President Donald Trump has dispatched letters to the CEOs of 17 prominent pharmaceutical companies, urging them to lower U.S. prescription drug prices to levels comparable with those paid abroad, according to the White House. This move follows an executive order signed in May that demands drug manufacturers cut domestic medicine costs or face potential government interventions, including rules to force price reductions or importing cheaper medicines from other countries. Among the companies contacted were Eli Lilly, Sanofi, Regeneron, Merck & Co., Johnson & Johnson, and AstraZeneca. Copies of the letters were shared on Trump’s Truth Social platform. In the correspondence, Trump criticized previous proposals addressing drug pricing as ineffective, stating, \"Most proposals my Administration has received to \"resolve\" this critical issue promised more of the same; shifting blame and requesting policy changes that would result in billions of dollars in handouts to industry.\" Following the announcement, shares of key pharmaceutical firms such as Pfizer, Eli Lilly, and Gilead Sciences declined roughly 2%, while the NYSE Arca Pharmaceutical Index dropped 3%. Trump’s directive calls for drugmakers to extend \"most-favored-nation\" pricing to all patients enrolled in Medicaid and for new drugs to be included under this pricing framework. The policy aims to bring U.S. prescription drug prices down to the lowest rates paid by member countries of the Organisation for Economic Co-operation and Development (OECD), which comprises many of the world’s leading economies. Additionally, companies are expected to refund excess revenue earned abroad if price hikes in other countries led to higher costs than those imposed in the U.S., effectively offsetting price reductions domestically. Trump also demands that U.S. prices not be exceeded by prices offered to other developed nations. His administration plans to facilitate direct sales to patients by eliminating intermediaries, contingent on adherence to most-favored-nation pricing. Pharmaceutical companies were given until September 29 to submit binding commitments in support of these terms. Trump warned, \"If you refuse to step up, we will deploy every tool in our arsenal to protect Americans from abusive drug pricing practices.\" Industry experts expressed skepticism about the feasibility of compliance. Stacie Dusetzina, a health policy professor at Vanderbilt University, indicated that companies might assess whether some drugs could be offered through direct sales at reduced prices. UBS analyst Trung Huynh characterized the letters as a reiteration of past demands with limited practical impact, calling it \"just another shot in the dark.\" Despite the push, several pharmaceutical firms, including Pfizer, Novartis, AbbVie, and EMD Serono (the U.S. arm of German Merck), indicated willingness to collaborate with the administration. Pfizer spokesperson Amy Rose noted, \"Our discussions have been productive,\" emphasizing ongoing collaboration to enhance access and affordability for American patients. U.S. consumers currently pay significantly higher rates for prescription medicines than those in other developed nations—often nearly three times as much. Pharmaceutical companies argue that steep price reductions could hamper innovation, considering the country’s substantial investment in research and development. The administration continues to advocate for voluntary industry reforms, with some companies committing to expanding U.S. manufacturing capabilities as part of broader efforts to address drug pricing concerns.

SEC Proposes Expanded Sustainability Reporting for Major Nonlisted Firms

The Securities and Exchange Commission (SEC) has unveiled a proposal to broaden sustainability reporting requirements by including large nonlisted entities (LNLs) alongside publicly listed companies (PLCs). On July 30, the SEC issued a draft memorandum circular (MC) inviting public feedback on guidelines and a roadmap for implementing Philippine Financial Reporting Standards (PFRS) related to sustainability disclosures. Stakeholders are invited to submit comments on the draft MC by August 15. Currently, all PLCs are mandated to file annual sustainability reports under SEC Memorandum Circular No. 4, issued in 2019. According to the SEC, this initiative aims to institutionalize sustainability reporting, enhance environmental, social, and governance (ESG) accountability, and improve the quality and comparability of non-financial disclosures across companies in the Philippines. The new framework also seeks to align disclosures with international standards, thereby attracting ESG-focused investors to the Philippine capital markets. Under the proposed regulations, starting in 2026, entities will be required to adhere to PFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and PFRS S2 (Climate-related Disclosures). Implementation will occur in phases based on market capitalization for PLCs and annual revenue for LNLs: - **Tier 1:** PLCs with market capitalization over ₱50 billion as of December 31, 2025, must begin reporting in 2027. - **Tier 2:** PLCs with market capitalization between ₱3 billion and ₱50 billion as of December 31, 2026, begin reporting in 2028. - **Tier 3:** PLCs with market capitalization of ₱3 billion or less as of December 31, 2027, and LNLs with annual revenue exceeding ₱15 billion in the preceding fiscal year, start reporting in 2029. The draft MC also outlines transitional measures and the phased introduction of mandatory limited assurance for Scope 1 and 2 greenhouse gas emissions reporting. The SEC emphasized that the draft MC applies solely to entities regulated under its jurisdiction as defined by the Revised Corporation Code. The design of the phased implementation was informed by a national survey assessing market readiness and tier segmentation. Exemptions are available for LNLs whose immediate, intermediate, or ultimate parent companies already prepare the required sustainability disclosures within the Philippines, provided these are included in the parent company’s reports. Economist Robert Dan J. Roces of SM Investments Corp. noted that the draft MC expands the scope of sustainability reporting to encompass significant nonlisted firms long exempt from such formal disclosures. He added, "The phased rollout and gradual assurance requirement reflect a mature regulatory touch, and may help position the Philippines as a regional leader in transparency while meeting investor demand for fuller ESG data." However, Roces also cautioned about potential compliance difficulties for firms lacking resources or established reporting frameworks, stating, "Success will depend less on intent than on clear rules, strong guidance, as well as enforcement." Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort commented that the draft MC could improve companies’ attractiveness to both domestic and international investors. "Global and local regulators encourage investors to patronize companies and governments that comply with ESG standards as compliance with ESG standards signals good business practices," he said. The SEC continues to welcome input from interested parties as it refines its approach to embedding sustainability within business reporting standards across the Philippines.

Quentin Millora-Brown Awaits Resolution to Represent Philippines as a Local Player

Filipino-American basketball player Quentin Millora-Brown is optimistic about the possibility of representing the Philippines as a local player in international tournaments. Currently classified as a naturalized player in FIBA competitions, the 24-year-old big man is awaiting the outcome of an appeal that could change his status. "We’re just hopeful that the appeal will go through and that I’ll be changed from naturalized to local," Millora-Brown shared. "There’s an appeal in the works. The lawyers and my agent are kind of taking care of that. I don’t really have all the details on that but if you want to know more, they can probably tell you more if you reach out to them." Standing 6-foot-10, Millora-Brown is eager to don the Philippine national team jersey, describing the opportunity as a dream he would never refuse. "It would be amazing. There’s so much respect for all of those guys and absolutely, just the ability to play for your country is amazing," he said. The Washington, D.C.-born and Virginia-raised center expressed admiration for Gilas Pilipinas’ talent and coaching, hoping for continued success in international play. "They’re a well-coached team, they have so much experience, so much talent," he noted. "I’m excited to see how they perform and I hope that they do just a little better just because of us." National team coach Tim Cone also praised Millora-Brown following their recent exhibition match, where the player scored six points with seven rebounds and two assists. "He’s awesome, man. I’d love to have him. He is physical, gets to the offensive boards really well, and has great size," Cone said. "But it’s not there yet. I mean, I can dream and wish. I dream we had Michael Jordan and Kobe Bryant, you know, that’s not possible either. So, if I had an opportunity, I would love to have QMB on the team." Millora-Brown’s grandfather was a proud University of the Philippines alumnus, adding a personal significance to his potential representation of the country. The basketball community remains hopeful the appeal will result in his classification as a local player, unlocking more opportunities to contribute to the national squad.

Semirara Mining Reports 33% Decline in H1 Net Income Amid Falling Coal and Power Prices

MANILA, Philippines – Semirara Mining and Power Corporation (SMPC) experienced a 33-percent decrease in net income during the first half, affected primarily by declines in coal and electricity prices. In a statement released on Monday, SMPC reported net earnings of P8.4 billion, down from P12.6 billion in the same period last year. Revenue from its coal segment fell by 42 percent, while the power division’s income dropped by 16 percent. The company’s second-quarter net income similarly declined by 33 percent, reaching P4.1 billion compared to P6.1 billion a year earlier. Coal production, however, increased by 8 percent to 5.6 million metric tons in the second quarter from 5.2 million metric tons previously, with total shipments remaining flat at 4.6 million metric tons. Despite the higher output, the average selling price for coal decreased by 20 percent to P2,223 per metric ton from P2,780. The downturn in coal prices corresponded to broader market trends, as the Newcastle Index, the benchmark for thermal coal in the Asia-Pacific region, fell 26 percent year-on-year to $100.5 per metric ton. Similarly, the Indonesian Coal Index 4 declined by 16 percent to $46.4 per metric ton. In contrast, Semirara’s power segment benefited from increased plant availability, resulting in a 17-percent rise in power sales to 1,435 gigawatt hours from 1,228 gigawatt hours. Approximately 56 percent of energy sales were made through the Wholesale Electricity Spot Market. Despite higher volume, the average price for power sales decreased by 19 percent to P4.51 per kilowatt hour from P5.58. Prices in the spot market saw an even steeper drop of 42 percent to P4.04 per kilowatt hour from P6.91. Maria Cristina Gotianun, SMPC president, COO, and chief sustainability officer, stated, \"While energy prices eased, we ramped up coal production and boosted power generation. By keeping our costs under control and operating more efficiently, we were able to cushion the impact of weaker prices.\" Looking forward, Gotianun remarked that prices are expected to stabilize, with the company focusing on increasing coal output to meet its 18 million metric ton target and optimizing power generation to maximize contracted capacity.

Sandiganbayan Rejects Former DCWD Official’s Bid to Dismiss Graft Charges Citing Delay

The Sandiganbayan has dismissed the plea of former Davao City Water District (DCWD) general manager Wilfredo Carbonquillo to have graft charges against him dropped due to alleged delays violating his constitutional right to a prompt resolution. Carbonquillo faces two graft charges related to the 1998 tender rigging of the P33-million Cabantian Water Supply System Project. Although the complaint was lodged with the Office of the Ombudsman in April 1998, formal charges were only brought to court in March 2000. Carbonquillo argued that the almost two-year interval between the filing of the complaint and the indictment unlawfully infringed upon his right to a speedy disposition of his case. However, the Sandiganbayan has maintained its position, previously denying his motion to quash in July. The tribunal ruled that Carbonquillo's 24 years spent evading the court effectively waived any claim to a constitutional right to speedy proceedings. This decision underscores the judiciary’s stance on accountability and procedural delays, emphasizing that prolonged absence from legal processes cannot be used as grounds to dismiss criminal charges.

SM Prime Holdings Reports Record-High Net Income of P24.5 Billion in First Half

SM Prime Holdings Inc. announced on Monday that it achieved a record net profit of P24.5 billion in the first half of 2024, marking an 11 percent increase compared to P22.1 billion in the same period last year. The company attributed the growth to higher rental income, strong real estate sales, and increased ancillary revenue. The firm reported its best half-year earnings to date, with second-quarter net income rising 10 percent to P12.8 billion. Consolidated revenues grew 5 percent to P68 billion from P64.7 billion a year earlier. Rental income derived from malls, offices, hotels, and convention centers made up 60 percent of total revenue, real estate sales contributed 29 percent, while cinemas, food and beverage outlets, amusement services, and other offerings accounted for the remaining 11 percent. "The redevelopment efforts and new attractions at our flagship Mall of Asia significantly boosted foot traffic and tenant sales," said SM Prime President Jeffrey Lim. He added, "Strong consumer activity and improving business confidence positively impacted contributions across our portfolio." Malls remained the largest contributor, generating 69 percent of total profits or P17 billion, which is a 14 percent increase driven by new mall openings, increased visitor numbers, and high occupancy rates. Residential income saw a modest 2 percent growth to P5.1 billion, supported by revenue from completed units and sales from previous years, accounting for 21 percent of earnings. The office and warehouse segment grew 9 percent to P1.7 billion, representing 7 percent of total income due to higher warehouse occupancy. Revenue from hotels and convention centers reached P635 million, up 20 percent from P527 million, comprising 3 percent of overall income. This growth was fueled by strong room occupancy and an active schedule of meetings, incentives, conferences, and exhibitions (MICE). Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 10 percent to P41.6 billion, while operating income rose 11 percent to P34.4 billion. Expressing optimism, the company highlighted favorable conditions such as stable inflation, easing policies, and strong domestic consumption that are expected to enhance consumer confidence and demand. Capital expenditures totaled P37.3 billion during the first half as part of a P100 billion full-year investment plan aimed at high-impact projects to drive long-term value. Lim affirmed, "Our results demonstrate the resilience of our diversified business portfolio. With our capital expenditure program on track, we are well-positioned to sustain growth in key markets." Chief Finance Officer John Nai Peng Ong revealed plans to raise between P15 billion and P20 billion from retail bonds in the fourth quarter, emphasizing that aside from refinancing maturing loans, no additional fundraising activities are currently planned. On the stock market, SM Prime shares increased by 70 centavos or 3 percent to P24 per share, outperforming the Philippine Stock Exchange index which rose 0.67 percent that day.

Semirara Mining and Power Reports 33% Decline in Q2 Profit Amid Stabilizing Energy Prices

Semirara Mining and Power Corporation (SMPC), led by the Consunji family, announced a 33% decrease in its second-quarter net income, posting ₱4.1 billion as coal and electricity prices stabilized from last year’s elevated levels. This reduction in earnings affected the integrated energy firm's margins despite higher coal output and power generation. The reported figure also reflected a 6% decline from the first quarter's ₱4.35 billion, as weaker coal segment performance counterbalanced gains in the power business. Maria Cristina C. Gotianun, SMPC's president, COO, and Chief Sustainability Officer, stated, "While energy prices eased, we ramped up coal production and boosted power generation. By keeping our costs under control and operating more efficiently, we were able to cushion the impact of weaker prices." Market indicators showed notable declines: the Newcastle Index averaged $100.5 per metric ton in Q2, down 26% year-on-year, while the Indonesian Coal Index 4 fell 16% to $46.4. In the Philippines, spot electricity prices in the Luzon-Visayas grid dropped sharply by 42% to ₱4.04 per kilowatt-hour. For the first half of 2024, SMPC recorded consolidated net income of ₱8.4 billion, marking a 33% decrease compared to ₱12.6 billion during the same period last year. Coal selling prices for Semirara declined 20% to ₱2,223 per metric ton due to market corrections and a higher volume of lower-grade coal shipments. However, total coal production rose by 8% to 5.6 million metric tons, supported by improved seam access at the Narra mine. Shipments stayed steady at 4.6 million metric tons as increased deliveries to company-owned power plants offset decreased export volumes. Electricity sales in the quarter increased 17% to 1,435 gigawatt-hours (GWh) from 1,228 GWh a year earlier, driven by enhanced plant availability and increased average capacity. Notably, the SCPC Unit 2, which was offline for a 77-day maintenance last year, has since resumed full 300MW operation. Looking ahead, Gotianun remarked, "We expect prices to remain relatively stable. Our focus is on ramping up coal production toward our 18 million metric ton target and optimizing our generation mix to maximize contracted capacity." As of June-end, 38% of SMPC's dependable 840MW capacity was secured through contracts, with the remaining 435.6MW available for spot market sales after covering internal requirements. SMPC remains the Philippines' largest coal producer and operates two major subsidiaries—Sem-Calaca Power Corporation and Southwest Luzon Power Generation Corporation—that provide baseload power through bilateral agreements and participation in the Wholesale Electricity Spot Market (WESM).

Cebu FC Unveils Revamped Squad Ahead of AFF Shopee Cup

CEBU CITY, Philippines — Cebu Football Club (CFC) Gentle Giants revealed a restructured team roster in anticipation of the AFF Shopee Cup, combining young local talents with new foreign recruits as they prepare to compete against Brunei’s Kasuka FC on August 8. The squad was formally introduced during a media event held on August 1 at the Dynamic Herb–Borromeo Sports Complex. This presentation comes as Cebu FC gears up not only for the regional tournament but also for the forthcoming Philippines Football League (PFL) season. The updated roster features a blend of returning players alongside new internationals from Australia, Canada, and Tajikistan. Cebu FC parted ways with 14 players over the off-season, including notable names such as Rintaro Hama, Guytho Mijland, and Kainoa Bailey. The significant turnover presents a major test for head coach Glenn Ramos, who must rebuild team cohesion on a compressed timeline. "The challenge is indeed substantial," Ramos acknowledged. "However, our local players already share a level of chemistry, particularly those who have worked with me before and can quickly grasp my coaching approach. Additionally, we’ve incorporated seven new foreign players." Ramos noted that only roughly two weeks of training have been possible due to the gradual arrival of the newcomers, with some Australian players still en route during the media day. "Honestly, our chemistry isn’t fully developed yet, but I remain optimistic," he said. Retained foreign players include Marius Kore and Abou Sy, while the core local lineup features young prospects such as Daniel Gadia, Papu Corsame, Jeremiah Borlongan, E.R. Orale, Jacob Liao, Joshua Broce, Kaj Amirul, Jaime Rosquillo, and Leo Maquiling. Additionally, head coach Ramos’s son, Glenn Thomas, has rejoined the team following a short break. "The majority of our squad is very young, with the youngest player just 19 years old," Ramos explained. "Several have represented the Philippine U-23 team. Our international acquisitions from Canada and Tajikistan further strengthen the squad. Despite the many new faces, I am confident in our competitiveness." Due to time constraints, the team has prioritized match simulations and tactical drills over traditional training routines. "If we had even a full month to prepare with a complete roster, we would be in a strong position," Ramos reflected. "But presently, our responsibility is clear. I’ve instructed the players to approach this tournament with professionalism and to challenge our opponents vigorously." Cebu FC plans to announce its newly signed foreign players later this week. Ahead of their debut in the AFF Shopee Cup, the team will face Stallion Laguna FC in a warm-up match scheduled for August 4 in Manila, before traveling to Brunei for their opening game against Kasuka FC.

Ateneo Researchers Develop AI Tool to Support Small Businesses Through Handwritten Logbook Digitization

The Ateneo de Manila University’s Business Insights Laboratory for Development (BUILD) is pioneering an initiative to integrate artificial intelligence (AI) as an augmentative tool for small business operations across the Philippines. Recognizing the dominance of small enterprises in the national economy, BUILD researchers have focused on improving how these businesses manage their everyday transactions. The team, including Zachary Matthew Alabastro, Joseph Benjamin Ilagan, Lois Abigail To, and Jose Ramon Ilagan, concentrated on the widespread use of traditional pen-and-paper logbooks. These physical ledgers are a low-cost, reliable method for recording daily sales and inventory in settings ranging from food stalls in shopping centers to neighborhood sari-sari stores. Despite their dependability, these handwritten logs pose challenges when trying to analyze data efficiently. Conversely, AI excels at processing and extracting meaningful insights from business data, such as identifying sales trends, monitoring product performance, and recommending inventory adjustments. However, many small business owners remain hesitant to adopt fully digital solutions due to concerns about steep learning curves and potential job losses. To address this, the researchers advocate for a "copilot" model whereby AI supports and enhances human decision-making rather than replacing it. At the Artificial Intelligence in Human-Computer Interaction Conference 2025 held in Sweden, they presented their study showcasing how optical character recognition (OCR) combined with large language models (LLMs) can transform handwritten sales records into structured digital data. Developed and tested in a food stall within Ateneo’s Student Enterprise Center, the system utilizes Python programming alongside AWS for OCR and Anthropic’s Claude 3 Haiku LLM for interpreting the handwritten entries. This approach enables even users without digital expertise to easily understand their inventory performance and sales trends. By capturing photos of logbooks, the AI reads product names, matches prices, and generates detailed sales summaries. This facilitates quick identification of best-selling items or slow-moving stock, empowering small businesses to make informed decisions about restocking and pricing. Although the prototype currently demonstrates moderate accuracy, the team is optimistic about future enhancements. The technology also promises adaptability, with potential uses extending to inventory management, delivery tracking, and payroll documentation. Ultimately, the AI-driven tool aims to mirror the pen-and-paper logbook’s simplicity and affordability while gradually providing small businesses access to insights traditionally available only to larger companies. As AI systems improve in understanding local handwriting styles, Filipino micro-entrepreneurs stand to benefit significantly from this accessible innovation.