Marcos Reshuffles Revenue Agencies as PSEi Hits 2026 Low

President Ferdinand Marcos Jr. swore in new heads of the Bureau of Customs, the Bureau of Internal Revenue and the Bases Conversion and Development Authority at Malacañan Palace on Friday, part of a wider reshuffle that also moved the leadership of the Philippine Economic Zone Authority and the Toll Regulatory Board 4010. The same day, the Philippine Stock Exchange Index (PSEi) — the benchmark gauge of the country's 30 largest listed companies — fell 1.18 percent, or 67.06 points, to 5,593.49, its lowest close so far in 2026 and its third straight session of losses 3722. The peso weakened for a third trading day to ₱63.72 against the US dollar from ₱63.70 on Thursday 24.

Those two developments dominated the business pages in the items reviewed here. The reshuffle drew the heaviest single-item coverage value in the set: the Inquirer's report on Charlito Martin Mendoza taking his oath as Customs commissioner carried an estimated ₱755,244 in advertising-equivalent value — the notional cost of buying the same space as paid advertising, not a count of readers 62. The Manila Times' account of the wider cabinet changes carried an estimated ₱676,084 10. The market story ran across at least five outlets, from broadsheet business desks to online-only publications, each framing the decline around the same three pressures: a resurgent dollar, expectations of tighter US monetary policy, and a downgrade to the Philippines' growth outlook by Fitch Solutions' BMI research unit 873724.

Away from the trading floor, the day's coverage split into several distinct stories. The Philippine Economic Zone Authority (PEZA), the agency that administers tax-incentivized industrial parks, announced record investment approvals of ₱315.5 billion for 2026 as of November 10, eclipsing the ₱311.9-billion high set in 2012 6. Students from seven schools in Baguio City and Benguet walked out of classes to protest Pax Silica, a US-led initiative to secure supply chains for artificial intelligence, semiconductors and critical minerals, ahead of US President Donald Trump's arrival in Manila on November 17 572. And a former public works engineer told the Sandiganbayan anti-graft court that ₱213 million in kickbacks was delivered in a single drop to the residence of then-Senator Jinggoy Estrada 4878.

Key themes

1. Marcos installs new heads at Customs, BIR and BCDA in a second reshuffle. Customs Commissioner Ariel Nepomuceno moves to the Bases Conversion and Development Authority (BCDA) as president and chief executive, BIR Commissioner Charlito Mendoza takes over Customs, and Finance Undersecretary Rolando Ligon takes charge of the BIR 1063. Outgoing PEZA Director General Tereso Panga becomes executive director of the Toll Regulatory Board, while BCDA chief Joshua Bingcang moves to PEZA 46.
2. The PSEi closes at 5,593.49, its lowest level this year, down 1.18 percent on the day. The index has now fallen for three consecutive sessions, with net value turnover of ₱5.19 billion and foreign investors recording net outflows of ₱260.51 million 2237. Financials was the only sector to advance, gaining 0.99 percent, while International Container Terminal Services Inc. was the session's biggest laggard, down 4.23 percent 22.
3. PEZA reports ₱315.5 billion in investment approvals for 2026, beating a 14-year-old record. The tally as of November 10 surpassed the ₱311.9 billion set in 2012, with more projects expected before year-end 6. Across the top three investment promotion agencies, approved investments rose 39 percent to ₱1.40 trillion from January to September, with the BCDA posting the fastest growth at 142.5 percent 26.
4. Baguio students walk out against Pax Silica two days before Trump's Manila visit. Students from the University of the Philippines Baguio, University of the Cordilleras, Saint Louis University, University of Baguio, Benguet State University, Easter College and Baguio City National Science High School marched from their campuses to Igorot Park; organizers described the protest as peaceful 5.
5. A former DPWH engineer testifies that ₱213 million in kickbacks reached Jinggoy Estrada's residence. Henry Alcantara told the Sandiganbayan Fifth Division that the amount came from projects funded under the 2025 General Appropriations Act and was delivered in one drop at the Diamond Hotel basement in Manila 4878.
6. GMA Network posts a ₱77.36-million net loss for the third quarter. Revenue fell 21 percent to ₱3.06 billion from ₱3.89 billion a year earlier, which the broadcaster attributed to the absence of political advertising tied to the 2025 midterm elections, geopolitical uncertainty and inflation 18.
7. Conglomerates report weaker nine-month earnings as the peso and fuel costs bite. San Miguel Corp.'s net income fell 40 percent to ₱47.3 billion, JG Summit Holdings' attributable profit dropped 33 percent to ₱12.5 billion, and DITO CME Holdings' attributable net loss widened 77 percent to ₱17.1 billion, driven by foreign exchange losses 212542.
8. Senator Raffy Tulfo files a resolution seeking a Senate probe into hazardous overhead cables. Senate Resolution No. 776 targets electrocutions and road accidents caused by improperly installed power and telecommunications lines, citing an April 28 incident in which a Grade 3 student lost both hands after contact with an exposed power line 7.

How the narratives stack

Dominant. The reshuffle and the market slide shared the top of the day's business coverage in the items reviewed. The reshuffle produced the two highest-value single items in the set — the Inquirer's oath-taking report at an estimated ₱755,244 in advertising-equivalent value and the Manila Times' cabinet story at ₱676,084 6210 — and was picked up by at least five outlets, including the Daily Tribune, which framed it as a "Palace rigodon" that also touched the Commission on Audit after its chairperson, Gamaliel Cordoba, was appointed a Supreme Court associate justice, leaving the constitutional auditing body without a head 46. The market story ran across the Inquirer, the Manila Times, the Daily Tribune and Philstar, each citing the same proximate causes 37242287. Within this captured set, the two stories together account for the bulk of the day's business-desk output; the monitoring's configuration toward Philippine business and national news outlets shapes that picture.

Counter-narrative. The investment data told a different story from the market slide. PEZA's record ₱315.5 billion in approvals and the 39-percent rise in approved investments across the top three agencies to ₱1.40 trillion suggest that firms are still committing capital to the country even as portfolio investors sell 626. Trade Secretary Cristina Roque said the performance of the investment agencies demonstrated that global and local businesses continued to see the country as an ideal location for expansion 26. The two readings are not contradictory: approved investment pledges are forward-looking commitments that may take years to build, while the stock index reflects what traders will pay for existing shares today.

Emerging. Opposition to Pax Silica is forming ahead of Trump's visit. The Baguio walkout was the most visible expression, but it built on a University of the Philippines Diliman College of Science forum held on October 19 titled "PAX SILICA: Progress for Whom?", where UP experts questioned who stands to gain from the initiative and cited potential costs to mining communities, water supply, biodiversity and foreign policy 69. The Daily Tribune's preview of the Trump visit noted that the trip is likely to endorse the Pax Silica framework, making the protest a live counterpoint to the official agenda 72.

Under-covered. The Sandiganbayan testimony against Senator Estrada received comparatively little attention in the items reviewed — two stories, one in English and one in Filipino, both from the same day's court hearing 4878. The peso's weekly decline of about 1 percent, nearly erasing its 1.1-percent appreciation the previous week, was reported inside the market stories rather than as a standalone item 24.

Platform insights

The monitoring writeup for this window did not include social-media engagement data, so this section is limited to what the news coverage itself reveals about how stories travelled.

• Facebook. No engagement figures were captured for this window. The Baguio walkout was documented through the Baguio City Public Information Office's photo release, which is the kind of material that circulates on Facebook among student and local-government pages 5.
• X. No engagement figures were captured. The reshuffle and market stories are the type of fast-moving news that typically trends on X during Philippine trading hours, but the items reviewed do not include post-level data.
• Reddit. No engagement figures were captured for this window.
• YouTube. No engagement figures were captured for this window.

Key voices and communities

Economic managers and revenue agencies. The reshuffle put four officials into new roles at agencies that collect or deploy public money: the BIR, which collects internal revenue; Customs, which collects import duties; the BCDA, which converts former military bases into commercial developments; and PEZA, which administers economic zones 1040. Their framing, delivered through Malacañang, is that the moves are meant to streamline government transactions and attract investment. Marcos told Mendoza, "We have best faith in you" 40.

Market analysts. RCBC Chief Economist Michael Ricafort attributed the peso's weekly decline to a stronger US dollar, higher US Treasury yields and renewed concerns over inflation and possible Federal Reserve rate hikes 24. Regina Capital Development Corp. Head of Sales Luis Limlingan and Philstocks Financial Inc. both pointed to profit-taking and the BMI growth downgrade 3787. First Metro Securities said sentiment was hit by "a resurgent dollar and rising Fed hike bets" 87.

Student and academic groups. The Baguio walkout organizers and the UP Diliman scientists who spoke at the October forum are framing Pax Silica around distributional questions — who bears the environmental and social costs of mining and semiconductor supply chains 569. Their audience is both the government and the incoming US delegation.

Business groups. The ASEAN Business Advisory Council (BAC) is using the summit season to pitch the region as an investment destination, with council member Michael Tan saying ABIS 2026 is about "positioning the Philippines and ASEAN as a competitive, connected business and investment destination" 81.

Anti-graft witnesses and courts. Former DPWH district engineer Henry Alcantara's testimony places the Sandiganbayan — the special court that tries public officials for graft and plunder — at the center of the day's accountability news 48.

Narrative streams

The reshuffle puts new chiefs at four revenue and investment agencies

Marcos administered the oath of office in separate ceremonies at Malacañan Palace on Friday to Charlito Martin R. Mendoza as Customs commissioner, Rolando T. Ligon Jr. as BIR commissioner, and Ariel F. Nepomuceno as BCDA president and chief executive 40. The moves cascade through the agencies: Mendoza returns to Customs after leading the BIR, having previously served as district collector of the Port of Cebu from July 2019 to October 2022 and as Finance undersecretary for the Revenue Operations Group from April 2024 to November 2025, where he oversaw collection performance at both the BIR and Customs 62. Nepomuceno, the outgoing Customs commissioner, takes over the BCDA from Joshua Bingcang, who moves to PEZA as director general, replacing Tereso Panga, who becomes executive director of the Toll Regulatory Board 1063.

The BCDA is the state-owned corporation that manages the conversion of former US military bases — including Fort Bonifacio in Taguig and Clark in Pampanga — into commercial and industrial developments; its approved investments grew 142.5 percent to ₱145.46 billion in the first nine months, the fastest among the top three investment agencies 26. PEZA administers the country's economic zones, where locators receive tax incentives in exchange for export production and employment. Putting the BCDA's chief in charge of PEZA, and Customs' chief in charge of the BCDA, keeps the same small pool of officials circulating among the agencies that approve, locate and clear goods for investment.

The reshuffle also reached the Commission on Audit, the constitutional body that audits government spending. Its chairperson, Gamaliel Cordoba, was appointed a Supreme Court associate justice, leaving the audit body without a chairperson 46. For companies that deal with Customs and PEZA — importers, exporters, locators and logistics firms — the practical question is continuity: whether the new chiefs keep the simplification and digitization programs their predecessors started, or reset priorities. Mendoza's record at the BIR and his earlier Customs posting suggest continuity at the border agency; the BCDA and PEZA changes are less predictable because both agencies are in the middle of large land and zone development programs.

The PSEi closes at its 2026 low as the peso weakens

The PSEi fell 67.06 points, or 1.18 percent, to 5,593.49 on Friday, its lowest close this year, extending a decline that began earlier in the week 3722. The broader All Shares index shed 0.66 percent, or 20.83 points, to 3,154.93 87. Net value turnover reached ₱5.19 billion, with foreign investors recording net outflows of ₱260.51 million 22. Financials was the only sectoral index to advance, gaining 0.99 percent; Puregold Price Club Inc. led gainers with a 4.11-percent increase, while International Container Terminal Services Inc. fell 4.23 percent 22.

The peso closed at ₱63.72 against the US dollar from ₱63.70 on Thursday, a third straight day of weakening 24. Ricafort said the currency's weekly decline reached 1 percent, nearly erasing its 1.1-percent appreciation the previous week, amid a stronger dollar, higher US Treasury yields and renewed inflation concerns 24. Philstocks said investors were taking profits as they digested recent corporate earnings, and cited the BMI growth downgrade 37. First Metro Securities said the main gauge fell after holding near flat through the morning, hit by "a resurgent dollar and rising Fed hike bets" 87. Investors also stayed cautious ahead of next week's ASEAN Summit, where regional leaders will discuss economic and geopolitical issues 37.

For ordinary savers and pension-fund members, the index level matters because it sets the mark-to-market value of equity holdings in retirement and insurance portfolios. For companies planning to raise capital, a 2026 low makes share sales more expensive. The peso's move matters more directly: it raises the local-currency cost of servicing foreign-currency debt, which is exactly what hit DITO CME Holdings, whose foreign exchange losses surged to ₱21.3 billion from ₱2.2 billion and whose attributable net loss widened 77 percent to ₱17.1 billion 42. JG Summit Holdings cited the peso's depreciation as a factor in its 33-percent profit decline, alongside higher jet fuel costs 25.

PEZA reports a record ₱315.5 billion in investment approvals

PEZA announced on Friday that investments in the country's economic zones reached a record ₱315.5 billion in 2026 as of November 10, eclipsing the ₱311.9-billion high set in 2012, with more projects expected before year-end 6. The announcement came as the agency bade farewell to Tereso Panga, who served 28 years at PEZA, the last three as director general 6. Across the top three investment promotion agencies, approved investments rose 39 percent to ₱1.40 trillion from January to September: the Board of Investments (BOI) approved ₱942.90 billion, up 23 percent; PEZA approved ₱309.60 billion, up 76.6 percent; and the BCDA approved ₱145.46 billion, up 142.5 percent 26.

Approved investments are pledges that have cleared the agencies' screening, not money already spent; they convert into factories, offices and equipment over months or years, and some pledges are never built. Still, the direction is the opposite of the stock market's. Roque said the performance showed global and local businesses continued to see the country as an ideal location for expansion 26. Sweden's ambassador to Manila, Anna Pernilla Ferry, said Swedish firms are counting on a Philippines–European Union free trade agreement to turn interest into investment, citing the examples of Vietnam–EU and Singapore–EU deals; around 60 Swedish companies and brands operate in or are represented in the Philippines 29. A free trade agreement is a treaty that reduces tariffs and other barriers between signatories; the Philippines and the EU have been negotiating one, and its conclusion would give European manufacturers a tariff advantage similar to what Vietnamese exporters gained after their 2020 deal.

For workers and local governments in economic zones, the record matters because zone locators are the country's main source of formal manufacturing employment outside Metro Manila. For the new PEZA chief, Bingcang, the record sets a high base against which 2027 will be measured.

Students walk out against Pax Silica before Trump's visit

Students from seven educational institutions in Baguio City and Benguet staged a mass walkout on Friday, November 13, marching from their campuses through the city and converging at Igorot Park to protest Pax Silica ahead of Trump's visit to the Philippines 5. Participants came from the University of the Philippines Baguio, University of the Cordilleras, Saint Louis University, University of Baguio, Benguet State University, Easter College and Baguio City National Science High School; organizers described the activity as peaceful 5.

Pax Silica is a US-led initiative to secure supply chains for artificial intelligence, semiconductors and critical minerals — the inputs that go into chips, batteries and defense electronics. For the Philippines, participation would mean closer alignment with US sourcing priorities, which in practice touches mining permits, export rules and foreign investment in processing plants. The Baguio protest follows an October 19 forum at the UP Diliman College of Science where experts questioned who stands to gain from the initiative and cited potential costs to mining communities, water supply, biodiversity and foreign policy 69. The Daily Tribune's preview of the Trump visit said the trip is likely to emphasize continuity — reaffirming the alliance, confirming existing security commitments and endorsing the Pax Silica framework — while tariff relief and large-scale new investment are likely to take longer 72. The Philippines has submitted a joint executive order to the US Trade Representative's office certifying that domestic law prohibits forced labor, hoping to bring the 12.5-percent tariff on Philippine exports down to 10 percent 72.

For mining companies and semiconductor firms, the protest signals that Pax Silica will face public scrutiny over environmental and distributional costs, not just diplomatic framing. For the government, the walkout in a university city two days before a state visit puts the initiative's domestic opposition on the record before any agreement is signed.

A former DPWH engineer testifies that ₱213 million reached Estrada

Henry Alcantara, a former district engineer at the Department of Public Works and Highways (DPWH), testified before the Sandiganbayan Fifth Division on Thursday that ₱213 million in kickbacks from infrastructure projects was delivered in a single drop to the residence of former DPWH undersecretary Roberto Bernardo, who was then Senator Jinggoy Estrada's contact at the agency 48. Alcantara said the amount was taken from projects funded under the 2025 General Appropriations Act and implemented by the Bulacan 1st and 3rd District Engineering Offices 48. In the Filipino-language account, he said the money was delivered in one drop at the basement of the Diamond Hotel in Manila, on Bernardo's instruction, by his driver Edrick San Diego 78.

Alcantara said lists of projects amounting to ₱855 million were forwarded to Bernardo before the congressional bicameral conference committee began deliberating on the national budget, and that Estrada was allegedly allocated a kickback equal to 25 percent of the budget earmarked for a particular project 48. The bicameral conference committee is the panel where the House and Senate reconcile their versions of the budget; projects inserted at that stage are harder for the public to trace. Estrada is facing plunder and graft cases before the court; the testimony is evidence in an ongoing trial, not a finding of guilt.

For construction firms and local governments in Bulacan, the testimony describes how public works budgets were allegedly allocated by district office and by legislator. For taxpayers, it is a reminder that the 2025 budget's district-level line items are the subject of a live criminal case.

Broadcast and telecom earnings show the cost of a weak peso and a quiet ad market

GMA Network Inc. reported a consolidated net loss of ₱77.36 million from July to September, reversing a ₱102-million profit in the same period last year, with quarterly revenue down 21 percent to ₱3.06 billion from ₱3.89 billion 18. Nine-month net income plunged 98 percent to ₱32.9 million from ₱2.07 billion 18. The broadcaster attributed the decline mainly to the absence of political advertising tied to the 2025 midterm elections, and also cited geopolitical uncertainty, persistent inflation and mounting business costs 18.

DITO CME Holdings, the parent of DITO Telecommunity, reported an attributable net loss of ₱17.1 billion for the first nine months, up 77 percent from ₱9.65 billion, with consolidated net loss widening 80 percent to ₱44.9 billion from ₱24.9 billion 42. Foreign exchange losses surged to ₱21.3 billion from ₱2.2 billion, and interest expenses rose 17 percent to ₱15 billion from ₱12.8 billion 42. Globe Telecom Inc., by contrast, posted record nine-month service revenues of ₱129 billion, up 6 percent from ₱121.7 billion, with data-related services accounting for about 90 percent of gross service revenues 73.

For media buyers and advertisers, GMA's results confirm that the post-election ad market is soft and that budgets are shifting toward digital placements. For telecom competitors, DITO's losses show the cost of building a network on foreign-currency debt while the peso weakens; Globe's record revenue shows the same currency pressure is manageable for an incumbent with a larger subscriber base and more peso-denominated cash flow.

Other business and policy items from the day

San Miguel Corp. reported a 40-percent drop in net income to ₱47.3 billion for the first nine months, weighed down by unrealized foreign exchange losses and a high year-earlier base that included a one-time gain from the Chromite transaction; excluding non-core items, core income was flat as higher costs and interest expenses offset a 34-percent rise in consolidated revenues to ₱1.5 trillion 21. Nickel Asia Corp. reported a 19-percent rise in attributable net income to ₱6.16 billion from ₱5.19 billion, despite a one-time ₱1.99-billion impairment from divesting its 10-percent stake in Taganito HPAL Nickel Corp. to Sumitomo Metal Mining Co. Ltd. 2865. PNB Holdings Corp. grew net income 16 percent to ₱317.02 million 45. PhilWeb Corp.'s net income rose 36 percent to ₱64.2 million in the third quarter from ₱47 million in the previous quarter, with business-to-business digital solutions accounting for 64 percent of group revenue 49.

First Philippine Holdings Corp. approved the sale of its 90.74-percent controlling stake in Rockwell Land Corp. to Crème Investment Corp., a firm headed by Eugenio "Gabby" Lopez III, for approximately ₱15.9 billion 31. The transaction covers 5.296 billion common shares at ₱3 each and 2.75 billion preferred shares at ₱0.01 each, and remains subject to definitive agreements and conditions 31.

Senator Raffy Tulfo, chairman of the Senate Committee on Public Services, filed Senate Resolution No. 776 seeking an investigation into hazardous "spaghetti wires" — tangled overhead utility cables — citing electrocutions and road accidents, including an April 28 incident in which a Grade 3 student's hands were amputated after contact with an exposed power line, and a January 21, 2026, accident in Alegria, Cebu, where a 33-year-old French man was injured 7. The resolution asks the committee to examine the root causes of improper installation and maintenance by power and telecommunications companies.

On the environment and infrastructure side, Bulacan Governor Daniel Fernando inspected Angat Dam with the provincial disaster office and the National Power Corp. amid concerns over El Niño's effects on water supply, agriculture and public health; Napocor's dams department manager, Maria Teresa Serra, said water supply remained sufficient and precautionary measures were in place 66. Cebu City Mayor Nestor Archival said the city will declare a State of Imminent Disaster next week under Republic Act 12287, the Declaration of State of Imminent Disaster Act signed in September 2025, which allows local governments to access emergency funds and tap private water suppliers 85. Pre-construction work began on the ₱4-billion Cebu-Cordova Link Expressway–Cebu South Coastal Road interchange, with six marine drilling rigs conducting geotechnical investigations 79. Iloilo City signed an agreement with the Department of Environment and Natural Resources Western Visayas for the first cadastral survey of the Jaro River since 1920, fully funding the ₱6,028,860 project to establish legal boundaries and support flood mitigation 68.

In education, Senator Loren Legarda took part in the Commission on Higher Education's Final Report Turnover and Strategic Policy Dialogue on November 5, which discussed the World Bank's functional review of the agency conducted from November 2025 to July 2026 1. The Department of Education turned over 133 information and communications technology units to Metro Manila public schools through the IT and Business Process Association of the Philippines, including 33 refurbished laptops from Etrading Software Limited Philippines 2. Teachers at San Juan National High School in Ilocos Sur received 21 MacBook Neo laptops as part of the department's nationwide distribution of more than 231,000 laptops under its Computerization Program 3.

Conversation trajectory

The new Customs and BIR chiefs' first policy moves — watch over the next 4–6 weeks. Mendoza and Ligon inherit digitization and collection-target programs; the first signal will be whether either announces staffing changes at the district or division level, or reaffirms existing targets. The BIR's collection performance is reported monthly, and the next release will show whether the transition disrupted collections.

The PSEi's next support level and the peso's holiday-season flows — watch through the ASEAN Summit and the December remittance season. Ricafort said lower crude oil prices and seasonal dollar conversions from overseas Filipino workers, exporters and business process outsourcing firms for holiday spending and 13th-month pay could provide support for the peso 24. The ASEAN Summit in Manila next week is a scheduled event where regional leaders will discuss economic and geopolitical issues 37; any investment announcements from the accompanying ASEAN Business and Investment Summit will be checkable against the pledges already recorded 81.

Pax Silica protests around Trump's November 17 arrival — watch the days before and after the visit. The Baguio walkout is the first mass action; whether it spreads to Metro Manila campuses and whether the government responds publicly will indicate how much domestic opposition the framework will face. The Daily Tribune's preview said the visit is likely to endorse the framework while tariff relief takes longer 72.

The Sandiganbayan trial's next hearing — watch for the defense's cross-examination and any corroborating testimony. Alcantara's account of the ₱213-million drop is the prosecution's evidence; the court's next scheduled sessions will show whether other witnesses corroborate the delivery and the 25-percent allocation 4878.

PEZA's year-end approvals under new leadership — watch the December board meetings. The record ₱315.5 billion was as of November 10, with more projects expected before year-end 6. Bingcang's first board approvals will show whether the pace continues into 2027, when the agency has said a new record is within reach.

Trigger events. Trump's Manila arrival on November 17; the ASEAN Summit and the ASEAN Business and Investment Summit opening this weekend at Solaire Resort in Parañaque 81; the December 16 budget adoption in Lower Merion is not relevant to this sector, but the Philippine Congress's budget deliberations for 2027 will be the next test of the district-level allocations described in the Sandiganbayan testimony 48.

Response guidance

Companies dealing with Customs and PEZA: brief your compliance teams on the new leadership before the first post-transition audit or clearance cycle. Mendoza's return to Customs and Bingcang's move to PEZA mean the officials who sign off on valuations, clearances and locator incentives have changed. Importers and zone locators should confirm that pending applications are documented and that any verbal understandings with the previous officials are put in writing.

Investor-relations teams at listed conglomerates: prepare for questions about foreign-currency exposure. San Miguel, JG Summit and DITO CME all attributed part of their earnings declines to the peso 212542. Analysts will ask for the share of debt denominated in dollars and the hedging policy; have those figures ready before the next earnings call.

Media and advertising sales teams: plan for a soft election-free ad market through the first half of 2027. GMA's 21-percent revenue decline and its attribution to the absence of political advertising set expectations for the sector 18. Digital and events-based placements are the growth areas; Globe's data revenue growth shows where consumer attention and spending are moving 73.

Mining, semiconductor and manufacturing firms with US-linked supply chains: prepare a public position on Pax Silica before November 17. The Baguio walkout and the UP forum show that opposition is organized around environmental and distributional costs 569. Companies should be able to explain what community benefits and environmental safeguards accompany any supply-chain agreement, in plain language, for local audiences.

Local governments and utilities: audit overhead cabling before the Senate hearing. Tulfo's resolution cites electrocutions and road accidents from tangled wires 7. Utilities and local governments should document inspection and maintenance schedules and be ready to present them publicly.

Construction and infrastructure firms in Bulacan: review 2025 project documentation. The Sandiganbayan testimony describes project lists forwarded before the bicameral conference and a 25-percent allocation 48. Firms that worked on Bulacan district projects should ensure their contracts and payments are documented independently of any legislator's endorsement.

Water utilities and agricultural businesses in Central Luzon and Cebu: prepare for El Niño contingency messaging. The Angat Dam inspection and Cebu City's planned State of Imminent Disaster declaration signal that water availability will be a public issue through the dry season 6685. Utilities should publish supply data and conservation guidance before shortages prompt rumors.

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