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ONE of the Philippines’ largest foreign investors expressed continuing confidence in the administration of President Marcos, acknowledging the President’s reforms and programs to strengthen the investment climate.

During a courtesy call in Malacañan Palace, I Squared Capital top executives led by Founder and Chairman Sadek Wahba reaffirmed the company’s confidence in the Philippines and its continuing commitment to invest in the country’s infrastructure development.

Marcos, together with several Cabinet officials, discussed with I Squared Capital executives the company’s plans to support the Philippines’ infrastructure development, particularly on energy, transport and logistics, and digital infrastructure.

I Square Capital executives made a courtesy call in Malacañan Palace ahead of the inauguration of the Company’s expanded Royale Cold Storage (RCS) facility in Bulacan.

With about $2 billion in enterprise value already invested across various sectors in the Philippines, I Squared Capital is one of the country’s largest foreign investors. Its investments contribute to advance the administration’s infrastructure initiatives, while fueling economic growth and job creation.

Headquartered in Florida, USA, I Squared Capital is a leading global infrastructure investor managing over US$50 billion in assets, with investments in more than 90 companies across over 70 countries.

Marcos’ administration has strengthened public-private partnership (PPP) and pursued investment incentives and liberalization measures.

These measures include the CREATE More Act of 2024; the PPP Code of the Philippines enacted in 2023; the Public Service Act of 2022; and the Amended Renewable Energy Act Implementing Rules (IRR) enacted in 2022.

THE government’s push for fiscal consolidation may falter without transparent spending and depoliticized allocations, economists warned, as the national budget should shift from political patronage to inclusive growth.

In a commentary by New York-based think tank GlobalSource Partners, economists Diwa Guinigundo and Wilhelmina Mañalac said that a transparent budget execution, enhanced audit capability and depoliticized allocation mechanisms are necessary for a credible fiscal consolidation plan.

‘This is the only way that the national budget can evolve from a tool of distributive politics into a genuine instrument of inclusive and sustainable growth,’ they said.

Guinigundo and Mañalac said that while debt-funded spending helped protect the economy from recent shocks and the pandemic, the ‘rapid pace’ of debt buildup now runs the risk of crowding out social and infrastructure investments.

The Philippines’s outstanding debt stands at a tall P17.5 trillion, with about P1 trillion of next year’s budget set aside for interest payments alone.

‘To sustain fiscal sustainability, the government must tighten its deficit path, improve revenue efficiency and rationalize low-impact spending,’ they said.

They also called for a medium-term fiscal strategy anchored on credible deficit reduction targets, sound expenditure management and improved public sector productivity.

The 2026 national budget, they said, highlights the urgency of these reforms as spending continues to expand amid persistent governance challenges.

Despite the realignment of P255 billion from flood control projects to education, food security and healthcare, they noted that this exposes the weak gatekeeping role of agencies in ensuring the integrity and efficiency of capital outlays, particularly those susceptible to political capture.

Civil society groups, they added, have raised concerns over the persistence of pork and patronage-style allocations in social protection programs, as well as legislators’ control over infrastructure budget.

‘These embedded entitlements blur the line between constituency service and pork allocation, weakening programmatic targeting and outcome monitoring,’ Guinigundo and Mañalac said.

The P250 billion worth of unprogrammed appropriations in next year’s budget and the persistence of these allocations likewise reflect a continuing tension between fiscal flexibility and fiscal discipline-a tradeoff that, they said, the Philippine budget system has yet to resolve.

While some procedural reforms show progress, they noted that the bicameral conference committee is still viewed as a ‘black box’ where last-minute insertions and realignments occur without disclosure.

They warned that without addressing the loopholes in unprogrammed spending, opaque bicameral adjustments and politically driven allocations, the administration’s fiscal consolidation goals could remain ‘procedural rather than substantive.’

GOOD news for persons with disability (PWD) who currently go to the trouble of lining up periodically to renew the disability cards that allow them precious discounts on essentials.

A bill seeking lifetime validity for Persons with Disability (PWD) Identification Cards. Under Tulfo’s Senate Bill 1405, which seeks to amend Republic Act 7277 or the ‘Magna Carta for Persons with Disability.’ The issuance of PWD IDs will be free of charge and shall be valid for the lifetime of the cardholder.

‘This is the plight of Filipino PWDs: once their ID expires, they need to line up again to get their requirements, and they need money for transport fares. They need to yet again allot time, energy, and resources just to renew their IDs, despite their disability. It is like adding insult to injury!’ the senator lamented.

‘Their PWD IDs are very important because they receive their benefits through that card. Giving expiry dates to their IDs is like depriving them of access to the benefits given to them by law,’ he added. The ‘Magna Carta for Persons with Disability’ provides several benefits and privileges, including a 20-percent discount on goods and services, equal opportunities for employment and education, among others.

‘The government should lighten the load of the PWDs who have long been suffering from their personal battles,’ added Tulfo, chairman of the Senate Committee on Social Justice, Welfare, and Rural Development.

The neophyte senator said the bill, when enacted into law, ‘is a small but meaningful step toward respecting PWDs’ rights, easing their burdens, and streamlining public service.’

Tulfo, who has been championing the rights of marginalized sectors, likewise called for better implementation of the Magna Carta for PWDs and the cooperation of local governments.

THE Philippines and the 27-member bloc European Union (EU) moved a step closer toward forging a free trade agreement after they recently concluded the fourth round of negotiations.

‘We just finished our 4th round of PH EU FTA negotiations, and I can say it was a productive one. We made remarkable progress in the text based negotiations,’ Trade Undersecretary Allan B. Gepty told the BusinessMirror in a Viber message on Sunday.

Gepty also told this newspaper that both parties hope to iron out pending issues concerning the trade agreement before the year ends.

‘We hope to stabilize the text within the year. We also started market access negotiations for goods, services, and investments including discussions on modalities for government procurement,’ the Philippines’ chief negotiator said.

During the recently concluded negotiations, Gepty said these chapters were covered: Mutual Administrative Assistance on Customs Matters; Trade and Sustainable Development; Trade in Goods; Services and Investment; Digital Trade; Intellectual Property; Competition; Rules of Origin; Government Procurement; Tehnical Barriers to Trade; Sanitary and Phytosanitary Measures; State Owned Enterprises; Trade Remedies; Energy and Raw Materials; Dispute Settlement; Exceptions; Initial Provisions; and Institutional Provisions.

The Philippines’ chief negotiator for the free trade deal with the EU pointed out that this FTA is expected to introduce chapters which were not present in the trade deals which the Philippines already entered into.

Gepty told this newspaper these are the new chapters: Anti-Fraud Clause, Mutual Administrative Assistance, Sustainable Food Systems, Government Procurement (rules and market access), and ‘comprehensive’ chapters on Good Regulatory Process and Trade and Sustainable Development.

On Sunday, a labor group expressed ‘grave concern’ over the government’s ‘rush’ to sign an FTA with the EU, saying this deal would ‘cost us far more than it claims to deliver.’

Unions for Trade Justice pointed out in a statement that this trade deal seems to be ‘intruding into vital areas such as government procurement, competition, investment policy, digital trade, and even minerals.’

The labor group also noted that these provisions would allow EU investors to ‘compete with our local industries unhampered by government regulation.’

Meanwhile, the labor group also said it is ‘alarmed’ by the digital trade provisions, saying these are ‘crafted to protect Big Tech, not our people.’

‘Data is the raw material of the digital economy, yet this FTA could hand control of it to foreign corporations and prevent us from regulating them. Even the USA has realized in its own trade talks in Indo Pacific Economic Framework [IPEF],’ the labor group said in its statement.

As such, the labor group stressed that rushing this trade deal is not about development, ‘it’s about giving away our economic sovereignty.’

‘If the deal threatens our ability to chart our own economic path, to protect workers, and to build industries that serve our people-then we must stop and rethink,’ added the Unions for Trade Justice.

At a recent forum, European Chamber of Commerce of the Philippines (ECCP) President Paolo Duarte underscored the importance of signing the FTA with the Philippines as the 27-member bloc aims to grow European investments in the Philippines.

‘When it comes to FDI investments, Europe is not top five. It’s our goal to bring Europe to the top five,’ Duarte said during the European-Philippines Business Dialogue.

The fourth round of negotiations for the FTA between Philippines and EU was held in Cebu in the past week.

Trade between the Philippines and the EU amounted to $15.54 billion in 2024, data from the Board of Investments (BOI) showed.

Of these, $8.07 billion are Philippine exports to EU while $7.46 billion are imports from the EU.

President Ferdinand Marcos issued two new executive orders (EO) that seek to ensure that farmers will get a ‘fair price’ for their unmilled rice and a ready market for their other produce.

Marcos signed last Saturday EO 100 which imposed a floor price for rice to protect farmers from unscrupulous traders during ‘volatile market prices, particularly during the peak of harvest seasons when farmgate prices often drop due to oversupply, weather-related impacts, or unfair trading practices.’

He also issued EO 101 which directed all national and local government agencies to fully implement Republic Act (RA) 11321, which establishes the Farmers and Fisherfolk Enterprise Development Program.

‘In view of the rising production costs coupled with climate-induced production risk and the widening profit margin gap between farmgate price and retail prices, the government recognizes the urgent need to guarantee a fair and just return to farmers by setting a floor price that covers production costs and provides reasonable income while ensuring the affordability and stability of rice supply for consumers,’ EO 100 read.

The EO was issued after the average farmgate price of the Philippines’s food staple fell to P8 per kilogram, which is below the production cost.

EO 100 ordered the creation of a Steering Committee chaired by the Department of Agriculture while the Department of the Interior and Local Government will serve as vice chair. Its other members are the Departments of Trade and Industry, Social Welfare and Development, Agrarian Reform, and the National Food Authority.

The committee was tasked to set the floor price for paddy rice that will be procured by local government units and national government agencies from accredited farmers and fisherfolks cooperatives and enterprises (FFCEs) under RA 11321, or the ‘Sagip Saka Act

The floor price will be based on cost of production, prevailing market prices, reasonable margins for farmers, welfare of farmers and consumers, and ‘other relevant factors.’

The committee will conduct regular monitoring to ensure that the floor price is being implemented and those which violate the policy will face administrative sanctions.

National government and instrumentalities will be allowed to purchased unmilled rice and store it in public facilities.

Meanwhile, EO 101 directed the DA to establish Sagip Saka desks in its regional and field offices to register farmers and fisherfolks.

RA 11321 created the Farmers and Fisherfolk Enterprise Development (FFED) Council-created under the Sagip Saka Act to ensure the EO101’s implementation.

‘Big win’

House Speaker Faustino Dy III and Senator Francis Pangilinan said the two EOs will allow farmers to ‘live with dignity.’

Dy said the twin directives show that the administration understands the difficulties faced by those who work in the country’s farms and coastal communities.

‘Once again, President Marcos has proven his genuine concern for our farmers. Through EOs 100 and 101, he is protecting their livelihood, reinforcing food security, and delivering long-overdue justice to those who have long toiled in our fields and seas,’ Dy said.

‘For years, farmers have been forced to sell their harvest for less than what it’s worth. This policy gives them the fair value they deserve.’

Pangilinan said the two EOs represent a ‘big win’ for farmers and the agricultural sector as a whole.

‘This is such a big victory for our farmers and the farming sector. We thank the President and all those who helped us push for these two EOs. These EOs demonstrate that when the government listens to farmers and takes decisive action, we can ensure that those who feed the nation are able to live with dignity,’ he said.

‘When we advocated for the Sagip Saka Act, this is the kind of support we envisioned for our farmers and fisherfolk. It is high time they reap the rewards of their hard work.’

The Sagip Saka Act, which was principally authored and sponsored by Pangilinan, allows national government agencies and local government units to purchase food directly from farmers and fisherfolk without the need for public bidding.

GCash is aware of an online post alleging that user information is being sold on the dark web.

The security and privacy of our users remain our highest priority. We take these allegations seriously and immediately launched an investigation with our cybersecurity experts and relevant authorities to verify the authenticity of these claims.

Initial findings show that the alleged dataset does not match the data structure used within GCash systems. Further analysis reveals that it includes individuals who are not GCash users, and that many entries appear incomplete, inconsistent, or invalid. These findings strongly indicate that the material being circulated did not originate from GCash.

At this time, there is no evidence of any breach in GCash systems. All customer accounts and funds remain secure.

We continue to work closely with the Bangko Sentral ng Pilipinas (BSP), the National Privacy Commission (NPC), and the Cybercrime Investigation and Coordinating Center (CICC) to validate information from all possible sources and ensure that our systems remain protected.

We urge users to remain vigilant and to report any suspicious activity only through official GCash channels. Visit the GCash Help Center at https://help.gcash.com, or via customer service chatbot Gigi on the GCash app. Users may also call the GCash hotline at 2882.

GCash remains fully committed to safeguarding customer data, strengthening our defenses, and upholding the trust of millions of Filipinos.

The recent chorus from the 51st Philippine Business Conference and Expo is both heartening and ripe for healthy skepticism. Vice President Sara Duterte and Philippine Chamber of Commerce and Industry President Enunina Mangio struck a powerful chord: Technology, particularly digital transformation, must be the nation’s primary weapon against the entrenched scourge of corruption. This vision is compelling, necessary, and long overdue. But pronouncements from podiums must translate into concrete, sustained action.

The Vice President rightly framed technology as a ‘strategic tool’ far beyond physical infrastructure. Her emphasis on using it to impose ‘checks and balances,’ create transparent ‘paper trails,’ eliminate arbitrary decisions, and prevent ‘unconstitutional budget insertions’ cuts to the core of systemic graft. The promise is clear: digital systems can close the ‘backdoor transactions’ that drain public coffers and erode trust. Making all government transactions visible and immutable online would dramatically shrink the shadows where corruption thrives.

PCCI President Mangio sharpened the focus, championing blockchain technology as a game-changer. Her argument is persuasive: blockchain’s inherent permanence and resistance to tampering offer ‘unprecedented’ opportunities for bringing financial inclusion, reducing transaction costs, and crucially, monitoring government projects and the national budget in real-time. The Department of Information and Communications Technology’s existing exploration of blockchain, cited by Mangio, adds weight to this potential.

The vision articulated by both leaders is undeniably the right one. A Philippines where digital platforms ensure every peso is tracked, every contract is visible, and every decision leaves a permanent, auditable record, is a Philippines poised for genuine progress and restored public faith.

However, the gap between aspiration and reality remains dauntingly wide. Declaring technology the solution is the easy part. The monumental task lies in execution, overcoming entrenched resistance, and addressing critical challenges.

The digital divide: Effective digital governance requires universal access and digital literacy. Millions of Filipinos remain offline or lack the skills to engage. A digital anti-corruption fortress is useless if vast segments of the population are locked outside.

Political will: Technology exposes. It removes discretion. It dismantles patronage networks built on opaque processes. Powerful interests benefiting from the status quo will resist fiercely. Will the current and future administrations possess the unwavering political will Mangio implicitly called for to implement systems that genuinely constrain their own power and that of their allies?

Systemic overhaul, not just technology: Plugging in blockchain or e-procurement platforms onto fundamentally flawed or corrupt processes is futile. Technology must be accompanied by rigorous process redesign, robust legal frameworks (like the E-Governance Act awaiting decisive action), and a cultural shift within the bureaucracy towards transparency and accountability. Cybersecurity and data sovereignty: Mangio rightly flagged these as critical. Centralizing sensitive government data creates an irresistible target for hackers. Robust, continuously evolving cybersecurity measures and clear policies on data ownership and privacy are non-negotiable prerequisites.

The human cost: As Mangio noted, digital transformation disrupts jobs. ‘Comprehensive strategies for workforce adaptation and social protection’ are vital to ensure progress doesn’t come at the cost of widespread dislocation and inequality.

The call for a digital revolution against corruption is a powerful and welcome signal. It acknowledges the scale of the problem and points towards a modern solution.

The people have heard grand promises before. What they demand is tangible, rapid progress: the swift passage of enabling laws, significant investment in digital infrastructure and literacy, the fearless implementation of transparent platforms even when they inconvenience the powerful, and robust safeguards for security and privacy.

Technology can be a potent weapon against corruption, but only if wielded with unwavering integrity, inclusivity, and a relentless commitment to systemic change. The ‘Future is Now,’ as the conference theme declared. Let us see if our leaders possess the courage to truly unleash technology’s power. The nation watches, hoping this digital dawn heralds genuine transparency, not just another false promise fading in the light of day.

A leader of the House of Representatives has urged the Bangko Sentral ng Pilipinas (BSP) to seriously consider establishing a strategic Bitcoin (BTC) reserve, following the cryptocurrency’s strong market rally that pushed its value past $125,000 this month, from just below $100,000 at the end of 2024.

Camarines Sur Rep. Miguel Luis ‘Migz’ R. Villafuerte, chairman of the House Committee on Information and Communications Technology, said this surge should prompt the BSP to ‘take a long, hard look’ at adopting Bitcoin as part of the country’s monetary diversification strategy for long-term financial security.

‘Given current market conditions and more favorable U.S. policies seen to support further crypto growth, experts predict Bitcoin could reach between $165,000 and $250,000 before the year ends,’ Villafuerte said.

He explained that such bullish forecasts ‘make a compelling case for the BSP to begin building a strategic BTC reserve-an opportunity for the Philippines to benefit from the growing role of digital assets in the global financial system.’

To enable this, Villafuerte said Congress must pass new legislation aimed at diversifying national reserves, similar to other countries’ stockpiles of strategic assets. He is the author of House Bill (HB) 421, which seeks to establish a ‘National Bitcoin Reserve.’

Bitcoin briefly dipped to $105,000 during a recent market sell-off but quickly rebounded to around $115,000-another sign, Villafuerte said, of its market resilience.

‘In order for the State to promote and maintain economic prowess, including monetary stability and the convertibility of the peso, especially in times of crisis, the 20th Congress needs to write new legislation aimed at diversifying our assets to ensure financial security by stockpiling on strategic assets such as BTC,’ he said.

Villafuerte said the Philippines currently holds dollar and gold reserves, but the rising global importance of Bitcoin underscores the need for complementary assets. ‘BTC’s significance in driving economic resilience worldwide makes it necessary for us to take decisive legislative action,’ he added.

He noted that Bitcoin-introduced in 2009 as a decentralized alternative to traditional assets like cash, gold, and real estate-has since become the world’s best-performing financial asset, appreciating by a third this year alone. U.S. Federal Reserve Chairman Jerome Powell has even likened it to ‘digital gold.’

Financial giants also share the optimistic outlook. J.P. Morgan has said Bitcoin remains undervalued compared to gold and could rise 40% higher, while UK fintech firm Finder forecasts a potential surge to $250,000 later this year.

Under HB 421, the proposed Strategic Bitcoin Reserve would mandate the BSP to acquire 2,000 BTC annually for five years-a total of 10,000 Bitcoins-to be held in trust for at least 20 years. The BSP Governor would lead a Bitcoin Purchase Program (BPP), ensuring transparent and market-sensitive acquisitions, subject to periodic review based on global conditions.

The bill further stipulates that no BTC from the reserve may be sold, auctioned, or otherwise disposed of within the 20-year holding period, except for the purpose of retiring government debt instruments. After the holding period, the BSP may recommend selling no more than 10% of the reserve every two years.

HB 421 also mandates the BSP Governor to coordinate with the Departments of Finance, Defense, and ICT, the Securities and Exchange Commission, and industry experts to guarantee the physical and digital security of the proposed Bitcoin Reserve.

‘The establishment of a strategic Bitcoin reserve is a forward-looking step toward financial sovereignty and digital readiness for the Philippines,’ Villafuerte said.