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Globe Telecom Inc. bought back $426.42 million worth of its dollar-denominated perpetual capital securities following its tender offer, which formed part of its liability management program.

In a disclosure on Thursday, the Ayala-backed telco said the accepted tenders represented majority of the $600 million senior perpetual capital securities issued in 2021.

After the offer expired on April 22, about $173.58 million in principal amount of the securities would remain outstanding, Globe said.

Settlement of the accepted securities is expected by April 24.

This buyback comes as the company moves closer to redeeming the remaining balance of equity instruments, which carry an initial distribution rate of 4.2 percent.

The police have filed a criminal complaint against seven cadets and two police officers of the Philippine National Police Academy (PNPA) in Silang, Cavite, over the alleged hazing of 22 plebes (first-year cadets) on April 3, Good Friday.

The Criminal Investigation and Detection Group (CIDG) filed the complaint for violation of Republic Act No. 11053 or the Anti-Hazing Act of 2018 with the Office of the Provincial Prosecutor in Imus, Cavite.

Among those charged were third-year PNPA cadets Harold Locop Heje, Lance Elroy Guinitaran Gayramon, Mhicco Legarda Escalante, Renz Matthew Abuhan Cutab and Renald Perfecto Brunio, as well as second-year cadets James Baldazan Bandao and Christopher Fernandez Dayag.

Also named in the complaint were the duty officers for the day, Maj. Mark Anthony Cailing and Senior Master Sgt. Silverio Dolorfino Jr.

In a press briefing on Wednesday, PNPA director Brig. Gen. Redrico Maranan said that under the antihazing law, on-duty supervisors in training institutions tasked to directly oversee cadets or trainees may also be held criminally liable when such incidents occur.

Administrative liability

He added that the PNP Internal Affairs Service is also conducting an investigation into the police officers’ possible administrative liability under the principle of command responsibility.

Maranan said that based on their investigation, the on-duty officers who were supposed to supervise the activities of PNPA cadets were not on campus when the hazing occurred.

Following the incident, PNP chief Gen. Jose Melencio Nartatez Jr. ordered tighter anti-hazing measures across all systems within the PNPA, which is composed of two main branches: the Tactics Group and the Academics Group.

Maranan said that because the hazing occurred under the Tactics Group, it will be prioritized for reforms.

According to him, cadets have been segregated by class and assigned to separate barracks to ensure all interactions are supervised by tactical and assistant tactical officers.

Maranan said that closed circuit TV cameras will be installed in and around barracks, classrooms and other areas where cadets conduct various activities.

Tactical officers will also be required to use body-worn cameras so their actions can be properly documented and reviewed.

In a separate statement, Nartatez said the filing of cases against those involved in the alleged hazing ‘shows that the PNP’s system of discipline and accountability is working.’

‘Regardless of the people and the ranks involved, there will always be a certainty of facing the consequences of violating our rules and regulations, and the rule of law,’ he said.

Travelers flying within and out of the Philippines are facing significantly higher airfares for the rest of April after the Civil Aeronautics Board (CAB) approved a Level 19 fuel surcharge, pushing additional charges to as much as P15,397 per ticket.

This new rate brings jet fuel surcharges close to the maximum Level 20 and marks a sharp increase from Level 8 imposed from April 1 to April 15.

Before the Middle East conflict broke out, Level 4 surcharge had applied.

Under Level 19, fuel surcharges for domestic flights now range from P627 to P1,834, up from P253 to P787 earlier in April-equivalent to increases of 147.83 percent and 133.04 percent, respectively.

For international flights, the surcharge rises to at least P2,070.77 and as much as P15,397.15, from P835.05 to P6,208.98 previously, representing a 147.98-percent increase.

CAB issued the advisory on Wednesday, although the new rates had taken effect for tickets issued starting April 16.

‘This interim measure shall be in effect until the current situation stabilizes, or as may be revised or revoked accordingly,’ it said.

These new rates will be applied at a conversion rate of P59.95 per US dollar.

Up 436% from prewar levels

This adjustment comes as global jet fuel prices remain high, reaching $184.63 per barrel as of April 17, from $99.40 per barrel prior to the Iran conflict, based on data from the International Air Transport Association.

Compared with prewar levels, Philippine jet fuel surcharges have now increased by 436 percent.

In March, carriers were unable to immediately reflect the price surge, as surcharges had already been set at Level 4 before hostilities escalated. At that level, domestic charges ranged from P117 to P342, while international surcharges were between P385.70 and P2,867.82.

Level 20 remains the highest allowable tier under CAB rules, with domestic surcharges ranging from P661 to P1,993 and international charges from P2,183.11 to P16,232.44.

On top of base airfare

Under CAB Resolution No. 25, Series of 2022, fuel surcharges are optional and charged on top of the base airfare. These may be removed if the one-month average price of jet fuel falls below P21 per liter.

In a statement, AirAsia Philippines said the increase reflects mounting cost pressures on carriers amid the ongoing conflict.

‘With the ongoing geopolitical uncertainty, our operational cost base has significantly exceeded initial forecasts-global jet fuel prices have surged to more than double 2025 levels,’ the airline said.

A mother-and-daughter duo, both classified as high-value individuals (HVIs) in the regional drug trade, was arrested by authorities following a midnight buy-bust operation in Jaro district here on Tuesday.

Personnel from the Iloilo City Police Office-City Drug Enforcement Unit (ICPO-CDEU) conducted the sting at around 12:05 a.m. on April 21, in Barangay Simon Ledesma. The operation resulted in the seizure of roughly 70 grams of suspected shabu (meth) with a total estimated street value of P476,000.

The arrested individuals were identified by police under the aliases ‘Welnie,’ 64, and her daughter ‘Pani,’ 37. Both suspects are residents of Iloilo City and are currently unemployed. According to investigators, the pair had been under intense surveillance for nearly a month prior to the arrest.

The coordinated effort involved multiple units, including the Iloilo Maritime Police Station, the ICPO Special Weapons and Tactics (SWAT) Team, and the Station Drug Enforcement Team of Police Station 9.

In addition to the 10 heat-sealed transparent plastic sachets containing the suspected narcotics, authorities recovered the marked buy-bust money and various non-drug related items from the scene.

Police Brigadier General Josefino D. Ligan, Regional Director of Police Regional Office 6, lauded the joint task force for the successful operation.

Welnie and Pani are currently in police custody.

As of last week, according to the latest reports from the Overseas Workers Welfare Administration (Owwa) and the Department of Migrant Workers (DMW), 6,532 overseas Filipino workers (OFWs) and their dependents have been repatriated from the Middle East, due to the region-wide turmoil caused by the United States and Israel’s war against Iran.

That may seem like a small drop in the total number of Middle East-based OFWs-an estimated 2 million-plus-but the Owwa and DMW expect that many more Filipino workers will seek repatriation in the coming weeks and months as the region continues to simmer.

The returning OFWs mostly come from countries such as Kuwait, the United Arab Emirates, Lebanon, Qatar, and Bahrain, as well as Israel. With Iran attacking neighboring countries in retaliation for what it perceives as their support for the US and Israel’s aggression, the entire region has been dragged into the conflict, with the effects on the global economy projected to linger for years to come.

Whatever happens in the Middle East has particularly stark implications for the Philippines. Not only has the war’s disruptions on oil and commodity shipments triggered painful spikes in the prices of fuel and goods in the local market, but if the conflict stays unresolved or, worse, escalates, the potential displacement of hundreds of thousands of OFWs presents a vastly more consequential problem.

Critical lifeline

The war has been an ‘unprecedented shock’ for the region’s economies, as the International Monetary Fund put it, with five of the Gulf’s eight oil- and gas-producing countries-Bahrain, Iran, Iraq, Kuwait, and Qatar-headed for a contraction in their gross domestic product this year. The three major producers in the group-Saudi Arabia, the UAE, and Oman-will be able to stay above water but with markedly slower growth.

Those five most affected countries alone host approximately 500,000 to over 600,000 Filipino workers. They now face the prospect of being sent home, if not because of the direct destruction of their workplaces and accommodations, then from potential widespread job layoffs as their host countries’ economies reel from the conflict.

In the immediate term, the Philippines stands to lose, or at least receive much less of, some $6.5 billion in remittances-about 18 percent of the country’s total remittance earnings-sent by OFWs from the region. These funds primarily drive household consumption, keeping Filipino families afloat by giving them cash for daily needs, education, health care, and other immediate concerns. One shudders at the idea of millions of Filipino homes suddenly losing this critical lifeline.

Reintegration program

The United Nations Development Programme has warned that up to 32.5 million additional people worldwide could be pushed into poverty because of the war. In the Asia-Pacific region, that would be some 8.8 million people. In the Philippines specifically, due to the cascading effects of higher fuel prices alone, around 1.34 million Filipinos are at risk of falling into poverty, according to the Philippine Institute for Development Studies.

Against this urgent backdrop, the administration now has its hands full squeezing and reprioritizing the budget to address the immediate needs of those hardest hit by the fuel shock, such as transport drivers and delivery workers.

Displaced OFWs are another sector that requires quick assistance, and the Owwa has requested an additional P12-billion budget for the repatriation and reintegration of these workers.

Owwa said its initial emergency repatriation funding amounted to only around P1.286 billion, of which over P700 million has been spent. About P9 billion of the requested P12 billion in extra funding will pay for more emergency repatriations, including immediate financial assistance to affected OFWs. The remaining P3 billion will be for their reintegration program covering livelihood assistance, skills training, business loans for start-up ventures, counseling, and financial literacy training.

Monumental challenge

The agency has estimated that, should the war not ease up, some 60,000 OFWs may end up being forcibly uprooted from the Middle East. That is a staggering number that the country has to prepare for-not only in terms of quick funding, such as the additional allocation that should be given Owwa posthaste, but also in the work of resettling these Filipino workers in their homeland with dignity, and eventually harnessing, or upgrading if need be, their skills and know-how.

The Marcos administration has a monumental challenge in its hands in making sure such reintegration efforts do go somewhere. Are conditions in the country becoming viable enough for returning OFWs to decide to stay for good-to build a business, or work in a local firm, and generally take their chances on the home front? Or would they feel that the country, after all this time, has yet to get its act together-that better prospects remain abroad, even in the face of war and uncertainty?

The testimony of the lead witness and former Public Works undersecretary Roberto Bernardo is needed to block the bid for temporary freedom of former Senator Ramon ‘Bong’ Revilla Jr.

Associate Justice Karl Miranda, the chairman of the anti-graft court’s Third Division, stressed the importance of Bernardo’s testimony during the bail hearing for Revilla’s malversation case and those of several co-accused.

Previous witness testimonies cited Bernardo as the one who informed them that Revilla allegedly received a 30-percent ‘commitment’ for the P92.8 million flood control project in this case, which was found to have no visible structures.

Bernardo was supposed to take the witness stand this Thursday, but he skipped today’s proceeding as prosecutors informed the court that he was hospitalized on Wednesday.

Revilla already posted P90,000 bail on the graft charge, but he remains in jail due to malversation, which is non-bailable. In such cases, the accused may be granted bail only if, after a hearing, the prosecution fails to prove that the evidence of guilt is strong.

Miranda said that without Bernardo’s testimony, ‘there will now be a question as to the strength of your evidence.’

‘If we are going to establish that the evidence of guilt is strong, we need to present Undersecretary Bernardo,’ Deputy Special Prosecutor Omar Sagadal told the court.

‘He will be presented to prove that the evidence of guilt is strong,’ Sagadal also said.

On Wednesday, the Third Division ordered Dr. Warlin Basuel, Medical Officer IV of the Sandiganbayan, to verify Bernardo’s condition.

The medical certificate states that Bernardo ‘is suffering from chronic rhinosinusitis, follicular pharyngitis, and acute bronchitis and is currently being treated at the Asian Hospital and Medical Center’ and that he would need bed rest for five days.

Reporting his findings in court, Basuel said Bernardo had a cough, while noting that he had sinus surgery in December last year.

‘You’re saying that he’s not malingering, he’s not feigning physical symptoms of illness?’ Miranda asked.

‘In my observation, he’s really suffering from a cough,’ Basuel said.

However, Basuel noted that Bernardo expressed willingness to testify on Friday.

Basuel was ordered by the court to issue a final recommendation regarding Bernardo’s condition by the end of the day.

This recommendation will be used as a basis for the court to determine whether it will allow Bernardo to skip Friday’s proceeding, which is the final hearing on the bail petition.

Sarah Geronimo, through her production unit, denied speculation that she is planning to enter politics after a viral video showing her asking fans to ‘vote’ for her.

In a statement on Wednesday, April 22, G Productions, founded by Geronimo and her husband Matteo Guidicelli, addressed circulating clips that fueled online buzz about the actress-singer’s possible election bid, or if she were campaigning for her namesake, Vice President Sara Duterte, who has expressed her intention to run for president in 2028.

‘We have seen a few clips making the rounds suggesting that Sarah is gearing up for the next election, or at least testing the waters,’ the company began.

The production company clarified that the moment was taken out of context, explaining that the video came from a live event where the singer made a playful remark during her closing spiel.

‘For context: the video came from a live event where, as part of her closing spiel, Sarah playfully asked the audience to vote for her in the next election,’ the statement continued. ‘It was a lighthearted moment meant purely for fun and crowd interaction.’

G Productions stressed that Geronimo has no political plans at present, emphasizing that she remains focused on her career as a performer.

‘Sarah is exactly where she wants to be – on stage, doing what she loves, and inspiring people through her talent and artistry,’ it said, urging the public to ‘enjoy the moment for what it was and resist adding any political color to an onstage joke.’

The clarification came after a clip circulated online showing Geronimo telling the audience at Earth Day Run 2026, ‘iboto niyo po ako sa susunod na election,’ prompting speculation that the pop star might be considering a political run, or quietly endorsing Duterte.

Geronimo has been making headlines after she consistently slammed and expressed frustration with the alleged corruption in the government linked to flood control projects.

But while she has remained neutral in her political views, her husband Matteo has been associated as supporter of Duterte’s father, former Pres. Rodrigo Duterte through his involvement as an Army reservist, and when he openly expressed admiration for the former Chief Executive.

The elder Duterte is currently incarcerated in the Hague, Netherlands and is facing trial for crimes against humanity in connection with alleged thousands of extrajudicial killings that were committed during his administration in line with his anti-drug war campaign.

ACEN Corp. is not slowing down its renewables expansion to hit 8,000 megawatts by yearend, with a capital-raising initiative on its radar even as geopolitical risks hound the global market.

At the Ayala firm’s annual stockholders’ meeting in Makati City, its president and CEO Eric Francia said ACEN was exploring all options to secure fresh funds for the rollout of more clean power assets.

Francia expressed hope for pursuing fundraising activities in the next six to 12 months.

He noted that conducting a stock rights offering, previously targeted at P30 billion, remains on the table.

But Francia could not provide figures on how much the company intends to raise.

Market-driven

‘Timing and structure will ultimately depend on prevailing market conditions,’ the CEO said.

‘We continue to closely monitor external factors, including geopolitical developments in the Middle East, inflation trends, interest rate movements and overall capital market sentiment,’ he added.

Francia, however, said that the firm was ‘in no rush’ as ACEN assesses its capital strategy.

‘But certainly within the year, we would like to have a firm view in terms of what our capital strategy is and get going with those decisions,’ he said.

P80-B outlays

This year, ACEN is boosting its investments to more than P80 billion, significantly higher than the actual spending that reached P55 billion in 2025.

About 75 percent of the investment for 2026 would boost the Philippine operations of the Ayala Group’s listed energy arm. Several solar and wind facilities are in the pipeline.

ACEN will also scale up its investments in battery energy storage systems to complement the expansion of its solar portfolio.

‘I believe that we should be on track to get to eight-plus gigawatts by the end of the year. That would add around a gigawatt [1,000 MW] plus of new capacity-not operational, but we expect to be starting the construction of new capacity around the region,’ Francia said.

Asia-Pacific expansion

Aside from the Philippines, ACEN is present in Australia, Vietnam, Lao PDR, Indonesia and India.

Due to lower power prices and the temporary shutdown of some Northern Luzon wind assets, ACEN saw a 60-percent plunge in net income last year. Profit fell to P3.8 billion from P9.36 billion.

Revenues also dropped by 14 percent to P32 billion against the previous P37.3 billion.

Customers of Manila Electric Co. (Meralco) can expect a bigger rebate as regulators ordered the swift implementation of P14.17-billion remaining refunds beginning May, as Filipinos reel from rising prices due to the Middle East war.

Based on a document posted on its website, the Energy Regulatory Commission (ERC) directed the Manuel V. Pangilinan-led firm to hasten the rollout of the remaining refunds out of the original amount of P19.96 billion.

This is part of an earlier order that declared July 2022 to December 2024 as a lapsed period.

The true-up calculation shows the gap between Meralco’s actual weighted average tariff and the regulator-approved rate for the period under review.

The refund program started a year ago, initially covering P5.8 billion at a rate of P0.1189 per kilowatt hour (kWh).

Now, the ERC has mandated a higher average refund rate of P0.2511 per kWh.

Residential customers, in particular, will see a reduction of P0.4278 per kWh.

Immediate relief

‘By expediting the refund, we are providing more immediate relief to Meralco consumers, particularly in the face of rising electricity costs driven by global and domestic factors,’ ERC chair and CEO Francis Saturnino Juan said in a statement on Wednesday.

‘The true-up mechanism is a safeguard embedded in our regulatory framework, ensuring that tariffs remain cost-reflective and reasonable at all times,’ he added.

The ERC said the remaining amount would be refunded over a shorter period of 12 months instead of the original 36 months.

According to the ERC, the refund will be under a separate line item in their power bills, allowing consumers to check the amount being returned to them.

In February, Meralco sought regulatory approval for a capital spending of P272 billion for a five-year period, or until 2030.

Rate reset

Under a rate reset process, a regulated entity such as Meralco must submit to the ERC its spending and proposed projects over a certain period, usually five years, unless extended by the regulator. This will then be the basis of the rate that will be passed on to consumers.

Meralco is the country’s biggest power distributor, delivering electricity to over 8.2 million consumers in Metro Manila and nearby provinces, including the municipalities of Sto. Tomas, Batangas City and San Pascual.

Philippine National Police (PNP) Chief Gen. Jose Melencio Nartatez Jr. has ordered police officers conducting checkpoint operations to speed up inspections of trucks transporting essential goods.

‘Amid the challenging situations that our country is experiencing, our personnel on the ground stationed at checkpoints will ensure that the flow of goods remains unhampered and uninterrupted,’ Nartatez said in a statement on Thursday.

He also said the new directive will not affect the police force’s crackdown on smuggled goods.

‘Checkpoint operations will continue to support law enforcement objectives without compromising the movement of legitimate cargo,’ the PNP chief said.

The top cop added that the police force will coordinate with local government units (LGUs) and other agencies to ensure that regulations are still enforced without disrupting essential transport.

Nartatez’ statement came after Executive Secretary Ralph Recto said ‘unnecessary and unreasonable’ checks and inspections of food trucks conducted by the police and LGUs at checkpoints delayed travel and wasted fuel.

Recto made the pronouncement on Tuesday, appealing to government agencies to help farmers and traders take advantage of reduced toll and port fees to soften the impact of high fuel prices on food.