Smuggling Crackdown: Philippine Navy units seized P3.2M worth of alleged smuggled cigarettes in Pagadian, arresting a 23-year-old and finding 57 master cases without required BIR stamps and health labels. Public Health & Regulation: CAPHRA pushed back on WHO guidance for nicotine pouches, warning that overly broad restrictions could block regulated adult access to lower-risk alternatives while still calling for tougher youth protections. Inflation/FX & Energy Shock: With the Iran war dragging on, the peso slid to a fresh record low near P62 per dollar as oil and rate expectations pressured markets. Infrastructure Slowdown: Infrastructure spending fell 48% in March as DPWH disbursements and stricter billing validations bite, adding to investor caution. Banking Resilience: Banks’ NPL ratio eased to 3.29% in March, a three-month low, suggesting borrowers are still broadly paying despite external risks. Governance Watch: The Philippines dropped four spots in a global good governance index, citing weaker leadership and foresight scores. Housing & Peace Economy: Valenzuela informal settlers received ECMP support under 4PH to secure land they’ve occupied for decades, while Mindanao ex-rebel groups got livelihood seed capital under Opapru’s transformation push. Markets: PSEi stayed weak on profit-taking and geopolitical noise, while gaming revenues dipped 15.9% in Q1 on softer e-games turnout.