Bank of Thailand chooses its targets

The Bank of Thailand has vowed to prioritise addressing the country’s structural problems next year to support economic growth and unlock its full growth potential, according to governor Vitai Ratanakorn.

Speaking at a media briefing on Thursday, Mr Vitai said the regulator wants to maintain its focus on structural challenges through targeted measures, highlighting household debt, access to credit for small and medium-sized enterprises (SMEs), the supervision of non-bank financial institutions and illicit financial activities associated with grey money.

The measures are expected to help steady Thailand’s uneven economic recovery, he said. The central bank recently upgraded its GDP growth forecast for 2026 to 2.4% from 2.3%, raising its forecast for 2027 to 2.1% from 1.8%.

‘The Bank of Thailand will continue to support economic growth reaching its potential, in line with our monetary policy role. However, we did not set a specific time frame for when Thai GDP growth will reach its potential level,’ Mr Vitai said.

To ease household debt burdens, the central bank is continuing with debt restructuring efforts under the existing ‘Clear Debt, Going Forward’ scheme, which has covered 182,000 loan accounts belonging to individual and SME borrowers.

Additional initiatives to help households and SMEs manage their debt burdens will be explored, he noted.

Although the country’s household debt-to-GDP ratio has declined from around 90% to 85.9%, supported by economic growth, household finances remain fragile, particularly among lower-income groups.

‘We want to focus on debt affordability at the individual and household levels, as well as household well-being, rather than the overall debt-to-GDP ratio,’ Mr Vitai said.

Curbing illicit financial transactions and tackling grey money will remain a focus, with the central bank preparing more regulations governing cash-related transactions as part of these efforts, he said.

New rules being drafted tighten controls on cash transactions involving gold, including a proposed limit of 10 million baht per transaction. The regulations are expected to take effect next month, said Mr Vitai.

The central bank currently requires financial institutions to report gold transactions conducted through digital platforms when the value reaches 50 million baht per transaction.

The bank also introduced various measures to monitor cash transactions and curb grey money, including requiring banks to report cash transactions worth at least 5 million baht per transaction.

Since the introduction of these measures, cash withdrawals exceeding 5 billion baht have declined by 57% year-to-date, while gold withdrawals involving quantities of at least two kilogrammes have fallen by 85%.

To support SME lending, Mr Vitai said the central bank would continue introducing initiatives to expand their access to credit, including the SME Credit Portal, loan guarantee mechanisms for SMEs and the use of alternative data to improve credit assessments.

Witness: 25% of infra project budget given as ‘proponents’ commitment’

A former Public Works and Highways official on Thursday said 25 percent of the budget allocated for infrastructure projects in the 2025 General Appropriations Act (GAA) are given as ‘commitments’ to certain proponents, including senators.

This was according to former Public Works and Highways Regional Director Gerard Opulencia, who testified as a prosecution witness before the Sandiganbayan Fifth Division on Thursday during the continuation of Sen. Jinggoy Estrada’s bail hearing for a plunder case.

‘Question 64 of your judicial affidavit states the method by which the commitment is computed. It states that a commitment is 25 percent of the GAA allocations for the projects your office submitted,’ the defense told the ex-official of the Department of Public Works and Highways (DPWH), who confirmed the statement.

When Associate Justice Gener Gito asked how his office accounted for these commitments, Opulencia said they had a ‘strategy’ for adjusting government project budgets to accommodate them.

‘Before, in my time, we had a strategy on how we would adjust the program report. So, we will have an adjustment or allowance, where we add qualifications, to consider the commitments. There was a time that there was a 5 to 10-percent allowance,’ he said.

Opulencia also said contractors gave commitments as ‘pasasalamat’ or expressions of gratitude. He confirmed that a winning contractor was usually already identified even before a project was put out for bidding.

Despite his revelations, Opulencia told the court that he had never personally delivered commitments to a proponent or witnessed money being handed to Estrada or other accused DPWH officials.

Opulencia also confirmed to the defense that he previously instructed three district engineering offices to each prepare and deliver P120 million, for a total of P360 million, to be given to former DPWH Undersecretary Roberto Bernardo.

Opulencia said Bernardo had instructed him to collect the amount sometime last year, to be given as a ‘commitment’ to a proponent. Opulencia said he initially did not know who the money was for, but noted that Bernardo later revealed in his affidavit that the commitment was given to Estrada.

When asked by justices if he ever sought for a share of the commitments from the district engineering offices, Opulencia said never thought of making such a request because of the promotions he had received.

‘CASH FLOW’ FROM DPWH The Department of Justice receives P40 million in cash sent by Metro Manila Public Works Director Gerard Opulencia (second from right), part of the P150 million in alleged kickbacks that he vowed to return. Present at the turnover are Prosecutor General Richard Fadullon and Justice Secretary Fredderick Vida (5th and 6th from left), among other officials. (File photo from TETCH TORRES-TUPAS / INQUIRER.net)

‘Because, truthfully, with the gratitude for the promotions I received, I really just followed the instructions of Usec. Bernardo,’ he said.

After Opulencia, the prosecution also presented Vergel Nino Garcia, Bernardo’s former driver and aide, as a witness.

Garcia testified that he helped deliver 12 boxes to Estrada at the Atriaga building in San Juan City, although he did not know what these boxes contained.

According to Garcia, he personally saw Estrada during the delivery, whom he said was wearing leather shoes and a collared shirt.Aside from Estrada, Garcia said he also made deliveries to former Education Undersecretary Trygve Olaivar, former Sen. Bong Revilla, the now-deceased former DPWH Undersecretary Catalina Cabral, former DPWH Secretary Manuel Bonoan, and at a Cherry Mobile building.

Weak infra spending to keep cement demand flat

An umbrella group of cement manufacturers in the Philippines expects cement demand to finish the year flat, as construction activity across public and private projects remains sluggish.

Reinier Dizon, president of the Cement Manufacturers Association of the Philippines (Cemap), said cement demand from January to September was down 2 to 3 percent from the same period last year.

But the group is banking on a pickup in construction activity in the fourth quarter to help demand recover and at least match last year’s estimated 34 million metric tons (MT), equivalent to about 85 million bags.

‘Perhaps that’s not a bad thing considering what we’ve gone through this year,’ Dizon told reporters on the sidelines of a business summit organized by the Federation of Philippine Industries, where he also serves as president.

‘(We have) an inflationary environment and government spending has been rather muted this year,’ he added.

That subdued outlook comes as government infrastructure spending remains weak amid heightened scrutiny of public works projects following the flood control fiasco, which erupted more than a year ago.

In July, infrastructure and other capital outlays slipped 4 percent to P89.6 billion. The slowdown was more pronounced in the first seven months, with spending plunging 36 percent to P457 billion from P713.5 billion a year earlier.

Private construction activity has also shown signs of weakness, with approved building permits falling 31 percent to 10,968 in August, the lowest level in more than six years.

Still, Cemap hopes the resumption of government infrastructure projects, particularly those put on hold following the flood control controversy, could provide a much-needed lift to cement demand.

‘Hopefully, what will be the game changer for Q4 will be the DPWH (Department of Public Works and Highways) side,’ Dizon said.

Another potential boost could come from El Niño, as drier conditions generally favor construction activity. Dizon, however, acknowledged that the weather phenomenon could still be ‘tricky’ as it could also bring episodes of heavy rainfall.

Production surplus

This year, Dizon expects cement imports to decline by about 30 percent, largely due to the imposition of safeguard duties of P349 per MT on shipments from China and Indonesia after they exceeded exemption thresholds.

Cement imports could reach around 4 million MT this year, based on Cemap estimates.

Even with imports projected to decline, Dizon emphasized that the Philippines still has more cement production capacity than domestic demand can absorb.

The country currently has the capacity to produce approximately 52 million MT of cement annually, compared with demand of just 34 million MT last year.

That leaves roughly 18 million MT in excess annual production capacity, even before accounting for imported cement.

With existing capacity already far exceeding domestic requirements, Dizon sees little immediate incentive for manufacturers to commit to additional capacity-expanding investments.

He also cited rising energy costs and the weakening peso as additional challenges facing the industry.rements, Dizon sees little immediate incentive for manufacturers to commit to additional capacity-expanding investments.

Mindanao on track to build more clean energy sources

Mindanao is on track to achieve a balance between renewable energy (RE) and ‘dirty’ and expensive fossil fuels – mostly coal – by 2030, with the Department of Energy (DOE) announcing the potential delivery of at least 1,000 megawatts (MW) of clean energy within the next three years.

Speaking during the 4th Mindanao Clean Energy Forum here last week, Energy Assistant Secretary Sabine Marie Romero acknowledged Mindanao’s ‘strong renewable energy foundation,’ citing the large combined capacity of state-owned hydroelectric power plants along the Agus and Pulangi rivers, which generate about 1,000 MW.

‘Mindanao is where RE can thrive,’ Romero said, noting that the region can lead the way for a clean energy future for the country.

Under the country’s nationally determined contribution to reducing global greenhouse gas emissions, Mindanao had set a target of making RE constitute half of the region’s energy mix by 2030, at par with fossil fuels, mainly coal.

The Mindanao target is more ambitious than the national goal of getting RE at 35 percent by 2030 and 50 percent by 2040.

According to a study by the multistakeholder Mindanao Renewable Energy Acceleration and Coordination Hub, the region requires 1,400 MW of additional installed RE capacity to achieve the 50:50 goal by 2030.

Romero noted that as of July this year, the DOE had recorded 25 committed RE projects that have a total potential capacity of 1,026 MW, expected to be delivered between 2026 and 2029. Of these, the bulk-or some 675.96 MW-are solar capacities.

She said the DOE forecast RE to reach 56 percent of Mindanao’s energy mix by 2030 ‘if all committed and green energy auction projects come online as scheduled.’

Attracting investments

Based on DOE data, RE share in Mindanao’s total installed energy capacity is 32.5 percent in 2025, while 35 percent in gross power generation, 20 percent coming from hydro.

According to Romero, the agency had put in place policies and programs to further attract RE investments in the country, such as easing foreign ownership limit, preferential dispatch of all RE resources in the wholesale electricity spot market, and coming up with a framework for the development of offshore wind resources.

Throughout the country, the DOE set a 10-year green energy auction plan that will offer a cumulative total of 25 gigawatts (GW) of RE capacity that will deliver power from 2027 to 2035.

For Mindanao, Romero cited the 20 GW integrated renewable energy and energy storage system, 20 MW roof-mounted solar, and 175 MW run-of-river hydro, which will be offered in upcoming green energy auctions.

She emphasized that there is a need to ensure that the energy is ‘reliable, affordable and sustainable’ so that it can power Mindanao’s industrialization, agribusiness expansion, urbanization and the rise of micro, small and medium enterprises.

‘Every megawatt we build must answer’ the needs of the people, she said, adding the need for transmission and distribution assets in the region to be ready to handle the increased generation capacity.

Cheap option

Ben Cyrus Ellorin, project director of Consumers for Renewable Energy Action in Mindanao, welcomed the ‘DOE buy-in’ of the push to accelerate the building of RE capacities in Mindanao and throughout the country.

Ellorin noted that Mindanao became dependent on coal-fed capacities in 2016, when the aging Agus and Pulangi plants could no longer cater to the region’s expanding needs, prompting distribution utilities to forge long-term supply contracts with coal-fired plants that sidelined RE capacities.

The shift to RE acquired a backdrop of urgency as fossil fuel prices had steadily climbed, especially due to the ongoing crisis in the Middle East, raising electricity rates in the region, he added.

‘Renewable energy is the cheapest option today,’ said energy planner Alberto Dalusung III, energy transition adviser of the Institute for Climate and Sustainable Cities.

Dalusung said that moving forward, energy planning in the region must be sensitive to the needs of industries that support massive job creation, citing, for one, the planned expansion of a steel-making plant in Davao.

Assistant Secretary Romeo Montenegro, Mindanao Development Authority deputy executive director, emphasized the need for reliable and affordable energy to further drive Mindanao’s ‘phenomenal growth,’ inviting RE investors to locate on the island to help sustain its development

Dalusung noted that several path-breaking efforts for RE were started in Mindanao, such as the first solar power farm and a hydropower plant designed to run in tandem with a solar capacity, all in Misamis Oriental, and a biomass power facility in Maguindanao del Norte.

’Dolls After Dark’ takes center stage this Halloween Season at Discovery Resorts

This Halloween season, Discovery Boracay and Discovery Coron transform into haunted hideaways for ‘Dolls After Dark’, adding a touch of thrilling mystery to their annual trick-or-treat traditions on the islands. Happening on October 31, 2026, kids and families are invited to an afternoon filled with playful frights and exciting activities.

The Biggest Halloween Dollhouse Event on Boracay Island

Discovery Boracay transforms into Hollow Manor, a Victorian-era dollhouse, opening its doors to both in-house and walk-in guests. Children are invited to take part in this curious world to play, dance, and share sweet treats with its peculiar living doll hosts.

Participation is complimentary for in-house guests, who can register on October 31, at 12 NN. Walk-in participants may register from October 29 to 31 for PHP 888 net per child. Upon registration, each child receives a passport to collect stamps at six activity stations, where they can earn a special Halloween souvenir.

The festivities begin at 3 PM in the Lounge with face-painting and photo opportunities, followed by a costume parade, fun games and activities. Among the main highlights of the celebration is the costume competition where children are encouraged to come in their best Halloween-inspired costumes for a chance to win exciting prizes, including one from event sponsor Ipanema.

The Halloween fun continues at the Andros Function Room where children can take part in the official trick-or-treat activity before the festivities conclude at 6 PM.

Beyond the main event, guests can also enjoy a week-long lineup of activities from October 26 to November 1, featuring complimentary kids’ activities such as creative craft sessions and fun beachside games. Families can also make the most of their stay with the Weekend Buffet at Sands Restaurant, available every Friday to Sunday from 6 to 10 PM at PHP 1,888 net per person.

With a week of Halloween activities for the whole family to enjoy, Discovery Boracay sets the scene for a memorable end to October.

A Haunted Dollhouse Adventure in Coron

The Halloween magic of ‘Dolls After Dark’ takes on a mysterious charm as Discovery Coron invites families into a world of curious dolls, playful frights, and island-inspired surprises.

The celebration kicks off at 4 PM with a lineup of Halloween activities for the whole family to enjoy, including Creepy Doll Face Painting, the Trick-or-Treat Trail, and the ‘Witch’s Flight

Challenge’. Exciting prizes up for grabs for the Best in Costume, including toys and a pizza voucher. The evening culminates in a Halloween movie screening at 6:30 PM. All activities are complimentary for in-house guests, with no prior registration needed.

In addition to the exciting kids’ activities, adults get to have their own fun with a captivating Halloween Dinner by the Beach. The menu boasts fall favorites like Chicken Pumpkin Curry andSlow Braised Pork Belly with Apple Cider Glaze, as well as delightful themed desserts for everyone to enjoy.

Guests are also invited to come in their favorite costumes and dance under the moonlight to tunes from the resort’s musical guest, Center Stage Band.

Special giveaways from REBISCO will be available at both celebrations.

JBC submits 5 names to Malacañang for next chief justice

The Judicial and Bar Council (JBC) on Thursday decided to send the names of five candidates aspiring for the chief justice post to Malacañang after extensive deliberation.

The names, which will be transmitted directly to the Office of the President, comes ahead of the mandatory retirement of incumbent Chief Justice Alexander G. Gesmundo on November 6.

Aspiring for the top judiciary posts are Senior Associate Justice Marvic M.V.F. Leonen, Associate Justices Alfredo Benjamin Caguioa, Rodil Zalameda, Japar Dimaampao, and Jose Midas Marquez.

JBC is constitutionally mandated to vet applicants for the judicial positions and top posts at the Office of the Ombudsman.

Once Malacañang formally receives the list, the President has a 90-day constitutional window from the vacancy date to select and appoint the nation’s 28th Chief Justice.

PVL: Creamline thriving in all-to-play format, says Jema Galanza

Jema Galanza credits Creamline’s hot start in the 2026 PVL All-Filipino Conference Siklab Series to the Cool Smashers enjoying every game together and making the most of their opportunities.

Galanza stood out in another Creamline balanced attack with 16 points and 11 excellent receptions, as Creamline outlasted Capital1, 25-18, 31-29, 25-16, for a 4-0 record on Thursday night at Santiago Sports Arena in Isabela.

‘I’m really happy because everyone is performing and contributing. I always say in interviews that everyone deserves to play, so I think this season is really an opportunity for everyone to show what they can do,’ said Galanza in Filipino.

The former league MVP believes that the all-to-play format has been bringing out the best in the Cool Smashers, who also have Alyssa Valdez, Bernadeth Pons, Tots Carlos, Michele Gumabao, Bea De Leon, Pangs Panaga, and setters Jia De Guzman and Kyle Negrito.

‘It’s a good thing because opponents never really know who to focus on. Even we don’t know exactly who will step up on a given day, but we’re enjoying this season because the PVL’s format is different this time. We’re focusing more on ourselves and enjoying the game because the starting six isn’t always the same,’ Galanza said.

More than their talent-rich roster, Galanza and the Cool Smashers continue to thrive on their ‘good vibes’ culture that has helped them win 11 titles since joining the league in 2017.

‘It might seem like a small thing to others, but what stands out for us is how much more we’re enjoying the game because everyone gets to play. We get excited to see what each of us can contribute. Instead of focusing only on the pressure of the game, we’re enjoying the experience together as a team,’ said the veteran outside spiker.

‘We always enjoy playing together, but having everyone available makes a big difference because coach Sherwin (Meneses) can think more clearly about how to rotate the players. Ate Jia and Pons, in particular, make significant contributions to the team,’ she added.

Galanza is also grateful to their fans, who have been cheering them wherever they go, after a memorable game night in out of town.

‘I think it’s wonderful. I always say that whenever we play in different places, the support we receive is incredible. What’s even more heartwarming is that the fans aren’t just supporting Creamline – they’re there to watch and support both teams,’ she said.

Dali operator slips into capital deficit

The operator of discount grocery chain Dali Everyday Grocery returned to a P1.03 billion capital deficit in 2025, as mounting losses prompted its auditor to flag uncertainty about its ability to continue as a going concern.

Hard Discount Philippines Inc. posted a P1.83-billion net loss last year, narrower than the previous year’s P1.97 billion, despite sales climbing 52.29 percent to P51.66 billion.

Accumulated losses reached P7.07 billion, up 34.92 percent from P5.24 billion in 2024.

Its current liabilities also exceeded current assets by P1.19 billion, compared with P134.6 million a year earlier.

Auditor SyCip Gorres Velayo and Co. said these conditions indicated a ‘material uncertainty’ that could cast significant doubt on the company’s ability to continue as a going concern.

‘These conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern and, therefore, the company may be unable to realize its assets and discharge its liabilities in the normal course of business. Our opinion is not modified in respect of this matter,’ the auditor said.

The company ended 2024 with positive equity of P728.76 million after receiving a P4-billion deposit for future stock subscription.

Last year’s losses pushed it back into a capital deficit. Still, the grocery operator improved its margins. Cost of goods sold increased 49.21 percent to P45.65 billion, slower than revenue growth.

Consequently, gross income rose 80.51 percent to P6.01 billion, lifting its gross profit margin to 11.64 percent from 9.82 percent.

Operating expenses climbed 47.69 percent to P7.1 billion, although their share of revenue declined to 13.75 percent from 14.17 percent. Other charges increased 45.63 percent to P626.98 million. Loss before income tax narrowed 10.14 percent to P1.71 billion.

Hard Discount ended 2025 with total assets of P25.41 billion, up 21.17 percent, while total liabilities grew faster, up 30.63 percent to P26.44 billion.

Current assets totaled P6.62 billion, including P1.45 billion in cash and P3.99 billion in merchandise inventories. Current liabilities reached P7.81 billion, mostly trade and other payables of P7.04 billion.

Right-of-use assets worth P12.03 billion and property and equipment of P6.29 billion accounted for most of its P18.79 billion in non-current assets. Non-current liabilities stood at P18.64 billion, led by P12.32 billion in lease liabilities and P5.23 billion in deposits for future stock subscriptions.

Separately, parent company HDPM Sin Pte. Ltd. provided a P573.8-million loan in August 2025 for general corporate purposes

Hard Discount also received a P1.67-billion cash infusion from the parent during the year.

Prosec raises possible tax evasion in VP Duterte’s income gap

v citing an alleged P111.85-million gap between her declared income and bank deposits examined during her Senate impeachment trial.

In a press briefing, Alonto Adiong said the discrepancy raised questions not only about Duterte’s alleged unexplained wealth but also about whether she had properly declared her income and paid the correct taxes.

He cited financial records showing P174.96 million in bank inflows compared with P63.11 million in declared income from 2022 to 2025, leaving a difference of P111.85 million.

Those figures were part of the findings of forensic accounting expert Alexander Cabrera, who examined Duterte’s income tax returns, bank records, and other financial documents, which were presented during the impeachment trial.

Cabrera included the P111.85-million alleged undeclared income in his broader estimate of P817.87 million in unexplained wealth and undeclared assets involving Duterte and her husband, lawyer Manases ‘Mans’ Carpio.

According to Alonto Adiong, the prosecution wanted Duterte to explain the sources of the deposits and why the amounts differed from the income reported to the Bureau of Internal Revenue.

The alleged discrepancy forms part of the second impeachment article, which accuses Duterte of accumulating unexplained wealth and failing to fully disclose all her assets.

The prosecution maintains that public officials must be able to account for their wealth and show that their assets came from lawful sources.

Duterte has denied wrongdoing, while her lawyers have challenged the prosecution’s evidence and conclusions.

The House prosecution has retained only Article II after withdrawing three other impeachment charges.

The defense is scheduled to begin presenting evidence when the trial resumes Nov. 9.

Calapan bishop mourns death of SVD missionary priest

Calapan Bishop Moises M. Cuevas is mourning the death of Society of the Divine Word (SVD) missionary priest Rudolf Holzgartner, who spent more than five decades helping form generations of Filipino priests at Saint Augustine Seminary here.

Cuevas described Holzgartner, who passed in Germany on Wednesday, as a model of charity, prayer and discipline whose influence extended beyond the seminary to the families and communities he served.

Holzgartner held several key positions at the seminary, serving as prefect, procurator, rector and spiritual director. He also managed the seminary farm, which helped support the institution.

Cuevas said Holzgartner’s formation work influenced the first generation of the local clergy and generations of seminary formators, including those who continued their work until recent years.

‘We cherish and admire the formation values he helped build into the culture of all our seminaries,’ the bishop said.

He recalled that Holzgartner demanded discipline and excellence in academics, athletics, farm work and outdoor activities, pushing seminarians to reach their potential through daily discipline rather than output alone.

Despite his uncompromising standards, Holzgartner earned the gratitude and affection of his former students, even in their old age, Cuevas said, citing the priest’s visits during his retirement as a testament to how much he was loved.

‘He was empowering long before the term became fashionable,’ the bishop said.

Cuevas also praised Holzgartner’s quiet dedication to charity and prayer, saying the full extent of his assistance to the poor, workers and their families might never be known.

‘Just as he was with his charity, so was he with his prayer, plain and steady, no fanfare but always there,’ he said.

He also urged the Saint Augustine Seminary community, alumni, priests and laypeople to offer a requiem Mass for Holzgartner at the earliest time. He encouraged seminarians to include the deceased priest in their Masses