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When American investment bank Lehman Brothers collapsed during the 2008 global financial crisis, seven Philippine banks-with combined exposure amounting to $386 million-had to bite the bullet.

Ayala-led Bank of the Philippine Islands (BPI) wasn’t one of them.

That BPI was the only major bank that emerged unscathed from the mortgage subprime crisis was largely due to banking luminary Xavier P. Loinaz.

As a member of the executive committee, he vetoed a proposal to buy any subprime instrument at a time it was the hot asset class on Wall Street.

‘I don’t care if it is triple A-rated. If we don’t understand it, we are not buying it,’ Loinaz said in a meeting that discussed the proposal. This is based on the recollection of Monetary Board member Romeo Bernardo, a former BPI director who had seen Loinaz at work for decades.

This is but one example of Loinaz’s ‘high level of diligence and risk management mindset,’ he said.’I have personally been educated on banking and good corporate governance, even before it became fashionable, by him in my two decades as a bank director-something I much value in my present job,’ Bernardo told the Inquirer.

The banking community is mourning the loss of Loinaz, who died on Oct. 4, about a week short of his 82nd birthday.

Known as ‘XP’ at work, Loinaz served as president and CEO of BPI from 1982 to 2004, one of the longest leadership tenures in Philippine banking.

BPI president and CEO Jose Teodoro Limcaoco said Loinaz’s leadership had defined an era of resilience and innovation for BPI, and guided the bank with discipline and foresight through some of the most challenging periods in Philippine history.

Loinaz helmed the bank through episodes of political turbulence and economic crises, including two people power revolutions, coup d’état attempts, the debt crisis in the 1980s and the 1997 Asian financial crisis.

After stepping down as CEO, he continued to guide the bank for another 16 years until 2020.

He retired due to health reasons and survived a previous bout with pancreatic cancer.

‘To us at BPI, Xavier Loinaz was not only a visionary leader but also a mentor and an inspiration. He taught us discipline, integrity, and the importance of serving with purpose. The innovations he introduced, and the people he guided, continue to carry his legacy forward,’ Limcaoco said.

‘We will always be grateful for his steady hand and his belief in the Filipino spirit. He leaves behind an institution made stronger by his leadership-and a family of bankers who will forever remember him with respect and gratitude,’ added Limcaoco.

As BPI chief, Loinaz took the big steps and embarked on a number of mergers and acquisitions (MandAs) to scale up BPI.

Four significant MandA deals were done during his term: Family Bank in 1985, CityTrust Banking Corp. in 1995, Far East Bank and Trust Co. in 2000 and DBS Philippines in 2002.

Limcaoco noted that the purchase of Family Bank from the Gotianun family became BPI’s gateway into consumer banking.

‘Tough but fair’

His successor as CEO, Aurelio Montinola III, was among Loinaz’s mentees.

‘Xavier was my mentor and friend. He was a fearless, no-nonsense innovative leader who shaped BPI banking from 1979 to 2004. Tough but fair, feared by some but loved by all, intimidating but kind. We will all miss him,’ Montinola said in a text message to the Inquirer.

During his tenure, BPI became the first Philippine bank to introduce automated teller machines or ATMs in the early 1980s and later launched internet banking in 1999.

Aside from landmark banking MandAs, Loinaz’s acquisition of life and property and casualty insurance companies also marked the dawning of bancassurance in the Philippines, a pioneering step that integrated banking and insurance services for Filipino families.

Limcaoco recalled that Loinaz had led the purchase of Ayala Life, FGU Insurance Corp. and Universal Reinsurance.

‘He eventually merged UniRe with Malayan Reinsurance to form today’s Philippine National Reinsurance Corp.,’ he said.

In the bank’s official statement, BPI said Loinaz would be remembered ‘for his wisdom, integrity and commitment to excellence-values that remain a guiding presence for the institution long after his presidency.’

‘His vision was also not just for the bank, but for a stronger, more inclusive Philippines. XP’s legacy extends far beyond the walls of BPI. He touched the broader business community and the many lives of people he mentored, guided, and inspired along the way. To those who had the privilege of working with him, he was more than a leader-he was a model of excellence, humility and unwavering faith in the Filipino,’ the bank said. /cb

It is an undeniable fact that beauty pageants for women are widely celebrated in the Philippines, while male pageants-often boxed in by stereotypes and marked by semiotic differences from female pageantry-receive less attention, reflecting how society succinctly perceives masculinity. However, with our very own Kirk Bondad recently named Mister International 2025 (see ‘Kirk Bondad of Philippines is Mister International 2025,’ Inquirer.net, 9/26/25), this narrative might be overturned, clarifying that male pageantry is more than just about the body or looks-it actually has substance as well.

It is well-known among many Filipinos that Bondad once represented the Philippines in Mister World 2024, where he finished in the Top 20 during the competition held in Vietnam. Afterward, he earned the right to represent the country in Mister International 2025, successfully clinching the coveted international title in Thailand.

Upon arriving in the host country, Bondad was already considered an early favorite to win by pageant fans across the globe. He did not disappoint his supporters, delivering a stellar performance throughout all events of the competition-up to the finals night-where his superb communication skills and charisma shone. I believe that male pageants have evolved into empowering platforms, and Bondad’s journey exemplifies this transformation.

Moreover, I hope to see more Filipino male contestants represent the country on the international stage, setting the bar high in communication skills and beyond, as audiences increasingly gravitate towards these qualities. I also look forward to the growing support that male pageants are receiving in the country.

The Office of the Ombudsman is traditionally perceived as the institution empowered to investigate illegal, unjust, or improper acts and omissions of public officials. While this quasi-judicial and investigatory function is its most visible and exercised role, the Ombudsman’s constitutional mandate extends far beyond the reactive dispensation of justice. It is equally entrusted with a proactive duty, one that is less familiar to the public and, perhaps, even underappreciated within the institution itself.

Section 13, Article XI of the 1987 Constitution vests in the Ombudsman the authority to ‘determine the causes of inefficiency, red tape, mismanagement, fraud, and corruption in the government and make recommendations for their elimination and the observance of high standards of ethics and efficiency.’ This provision articulates not merely an ancillary power but a constitutional directive for preventive and reformative governance.

In this light, the Ombudsman is not confined to acting upon complaints or public outrage. It possesses the constitutional prerogative and moral duty to serve as the vanguard of institutional integrity. By identifying systemic weaknesses and recommending structural reforms, the Ombudsman can transform itself from a reactive investigator into a catalyst for enduring administrative renewal and ethical governance.

The Constitution also empowers the Ombudsman to ‘request any government agency for assistance and information necessary in the discharge of its responsibilities.’

It is my earnest hope that the next Ombudsman breathe life into this oft-overlooked constitutional duty. By embracing its role not only as a watchdog but as an architect of reform, the Ombudsman can become a true enabler and catalyst of the change our nation so deeply yearns for.

A team of geologists tasked with identifying areas prone to flooding and sinkhole formation was deployed to Cebu following a magnitude 6.9 earthquake that struck off the province on Sept. 30, the Department of Environment and Natural Resources (DENR) said Monday.

In a statement, the DENR-Mines and Geosciences Bureau (MGB) said it dispatched an eight-member team from its Central Office and Central Visayas Regional Office ‘to conduct a comprehensive post-disaster geohazards assessment across several areas in Cebu province.’

‘The assessment aims to identify zones susceptible to flooding, rain-induced landslides, ground subsidence, and sinkhole formation,’ the agency explained.

‘The initiative aims to enhance public safety and guide local government units in land-use planning and disaster risk reduction, particularly in communities situated on karst terrains characterized by limestone formations that are prone to dissolution and collapse,’ it added.

DENR Assistant Secretary Michael Cabalda said the assessment covers ground validation and geohazards data analysis.

‘This study will enable us to pinpoint areas susceptible to flooding, rain-induced landslides, and those areas with high potential for ground subsidence and provide technical recommendations to LGUs for proper zoning, building regulation, and emergency preparedness,’ said Cabalda, who also serves as the MGB director.

He said the results of the assessment will be disseminated to local officials, the National Disaster Risk Reduction and Management Council, and other concerned partners.

To date, the DENR said preliminary surveys have already been conducted in the proposed Tent City, Barangay Cogon, and Bogo City. /mcm

Jisoo of Blackpink on Monday unveiled a mysterious teaser hinting at the release of a surprise single. The image, posted on her social media, features a silhouette of her collaborator, suggesting a duet.

According to an industry source, the partner is Zayn Malik, a former member of One Direction.

In the teaser, Jisoo stands in the foreground while a male figure with his back turned looms behind her – his identity hidden, yet bearing a striking resemblance to the British singer-songwriter.

‘Jisoo is releasing a new ballad duet with Zayn, sometime this month,’ an industry source told The Korea Herald on Sunday. The source did not provide further details about the collaboration, but hinted that the UK pop icon may have been invited to Blackpink’s recent concert in New York for a reason.

Zayn, in July, was spotted attending Blackpink’s New York concert on July 27 with his daughter, Khai. Shortly after the concert, he shared a photo on Instagram showing himself in the crowd holding Khai, both raising their hands in the air, with the caption: ‘@BLACKPINKOFFICIAL THANK YOU 🙂 ME and KHAI LOVED IT.’

Jisoo is currently midway through Blackpink’s world tour ‘Deadline,’ which began in Seoul in July. She is taking a short break following the London shows on Aug. 15-16 and is scheduled to resume the tour in Kaohsiung, Taiwan, on Oct. 18.

The upcoming single will be Jisoo’s first music release since her solo EP ‘Amortage,’ released in February, which included the tracks ‘Earthquake,’ ‘Your Love,’ ‘Tears,’ and ‘Hugs and Kisses.’

Zayn, who rose to global fame as part of One Direction – one of the world’s best-selling boy bands – left the group in March 2015 and has since maintained a solo career.

A new era dawns on the Miss Grand International tilt, as the Thai-based pageant organization unveiled its ‘Unity Torch’ crown, which will be used by its titleholders from 2025 to 2027.

The pageant organization revealed the ‘Unity Torch’ crown during its welcome ceremony, where the reigning titleholder CJ Opiaza graced the stage in a golden crown decked with emeralds and white gemstones.

‘Adorned in Thai tradition, Queen CJ embodies grace as she introduces the 5th Miss Grand International crown, the jewel of the 2025-2027 era,’ the post read.

According to the Thai-based pageant, the ‘Unity Torch’ crown features an emerald centerpiece ‘symbolizing the eternal flame of wisdom and hope,’ white gemstones, and flowing global lines that showcase ‘global connection.’

‘The Unity Torch Crown. The 5th generation crown of Miss Grand International will be worn from 2025 to 2027. It embodies freedom, purity, and unity, with an emerald centerpiece symbolizing the eternal flame of wisdom and hope,’ its post read.

‘Flowing golden lines represent global connection, while daisy motifs in white gemstones reflect sincerity and true leadership. The crown shines as a beacon of inspiration, guiding the world toward peace and harmony,’ the post continued.

The new crown will be worn by the successor of reigning titleholder CJ Opiaza, who will be named at the global tilt’s coronation night on October 18 at the MGI Hall in Bangkok, Thailand.

The Philippines’ own Emma Tiglao is on a quest to bring home the country’s second title.

House Speaker Faustino ‘Bojie’ Dy III has admitted that trust in the chamber has been very low and urged lawmakers and staffers to work diligently to restore the people’s confidence.

Dy made the remarks during the flag-raising program at the Batasang Pambansa on Monday, noting that he has heard accounts of House staffers not wearing their uniforms while commuting out of fear of being publicly shamed amid widespread outrage over corruption schemes in government infrastructure projects.

Instead of taking offense, Dy said the House should use this as a reminder to redouble its efforts.

‘I know that the situation in Congress now is not easy during these times. There is a huge challenge for our institution and even for each one of us,’ he said.

‘I have even heard stories of our colleagues who are forced to wear different clothes or remove their uniforms due to fear that they might be picked on while commuting towards Congress,’ he told the audience.

‘It may be hard to accept, but the people’s trust towards our institution really went down. But this is also a reminder to improve our work and regain that lost trust through honest service,’ he added.

Dy reminded lawmakers and House staffers that they can always rely on hope.

‘Let us all remember: For every storm, the sun will rise again. For every dark night, light will emerge. There will always be light at the end of each tunnel,’ he told the employees.

‘I am here to give my thanks because, despite everything, you continue to serve with care and honesty. Each document addressed, each door guarded, and every area you ensure cleanliness of-all of these have an important role in our everyday duty,’ the speaker said.

In his fourth State of the Nation Address last July 2025, President Ferdinand Marcos Jr. condemned government officials and contractors who allegedly benefited from flood control projects at the expense of the people.

This came after Senator Panfilo Lacson’s warning that half of the country’s almost P2 trillion funds since 2011 for flood control may have been lost to corruption.

Marcos later inspected several projects, many of which were found to be either substandard or completely non-existent.

Multiple investigations-including Congress-were launched, but several lawmakers were implicated for either having interests in the companies that do flood control projects or being accused of diverting funds for such purposes.

The flood control scandal eventually reached Congress’ leadership.

Last September 8, former Senate President Francis Escudero was replaced by Senate President Vicente Sotto III, after Escudero was criticized for receiving a P30 million campaign donation in 2022 from a contractor whose firm secured several government infrastructure projects.

In the House, former House Speaker Ferdinand Martin Romualdez relinquished his post last September 17 to allow an independent commission to probe his alleged involvement in flood control issues.

Romualdez has not been connected to any of the top companies involved in flood control projects, but he was one of the lawmakers named by contractor couple Pacifico ‘Curlee’ Discaya and Cezarah ‘Sarah’ Discaya as allegedly receiving kickbacks from the projects.

During a previous Senate blue ribbon committee hearing, Curlee Discaya said that several House members have asked for a percentage of public funds allocated to infrastructure projects after his companies bagged government contracts.

Discaya added that on top of lawmakers’ request for a kickback was a 25 percent cut that would allegedly be given to Romualdez and Co.

Romualdez dismissed the Discaya couple’s allegations, calling it ‘false, malicious, and nothing more than name-dropping.’/abc

Coach Tim Cone couldn’t focus on anything other than Barangay Ginebra’s dismal loss at the hands of former pupil LA Tenorio and Magnolia to open the PBA’s 50th season.

‘I’m happy for LA, sad for myself,’ Cone said as the Gin Kings absorbed an 80-73 defeat in the Philippine Cup on Sunday at Smart Araneta Coliseum.

There was a lot of talk about the coaching battle between Cone and Tenorio coming into the game, which ended with the Hotshots taking control for the majority of the contest.

‘You guys are making a big deal out of it,’ Cone said of the faceoff with Tenorio. ‘We’re friends. It’s the same thing when I played against Chot Reyes or Jeff Cariaso, or Johnedel Cardel, or Willy Wilson. They’re all my ex-players, ex-coaches, Luigi Trillo, you know. It’s the same.

‘It’s much bigger for LA than it was for me tonight. Put it that way. It was his first game, he’s gonna remember it. I’m gonna forget this one really quickly,’ added Cone.

Ginebra got 16 points and 17 rebounds from Stephen Holt, but Scottie Thompson was scoreless and Japeth Aguilar could only produce five points and five rebounds.

The Gin Kings also turned the ball over 21 times.

‘Too many turnovers, not enough effort on defense, didn’t execute tonight, didn’t play a very good game at all,’ Cone lamented.

‘Give credit to them, they were more prepared than we were. They looked sharper, looked better.’

The 2025 Miss Asia Pacific International pageant staged a scaled-down production of its preliminary competition following the magnitude 6.9 earthquake that shook the island last Sept. 30.

The preliminary competition was held at a portion of the Lapu-Lapu Ballroom of Bai Hotel Cebu in Mandaue City on Monday morning, Oct. 6, with the event going on a by-invitation only to limit guests.

Originally set as a public affair on Oct. 3 at the JPark Island Resort and Water Park in Lapu-Lapu City, the planned preliminary event was canceled because of the tremor, which also jolted the pageant’s Benefit Gala Night.

The earthquake, with its epicenter traced in Bogo City, left a trail of destruction to property and infrastructure, and claimed the lives of dozens, with northern Cebu the hardest hit. Organizers of the international pageant decided to realign the delegates’ activities to foster solidarity with those affected by the earthquake, and canceled the preliminary competition show and other events.

For four straight days since Oct. 1, the ladies took part in relief missions, including the packing of goods at the Cebu Province Warehouse and at their hotel residence.

On Oct. 3, the ladies got to see the earthquake’s effects up close when they distributed goods to the towns of Daanbantayan, Medellin, and San Remigio in the northern part of the island.

Miss Asia Pacific International Executive Director Jacqueline Tan-Sainz told Inquirer Entertainment that the pageant decided in the last minute to still hold a preliminary competition show, for the sake of the delegates who had prepared for it, and expressed their desire to showcase what they can offer. The delegates were said to be looking forward to a preliminary competition show and had prepared gowns for it, different from the ones that they would use for the finals.

In the simplified staging of one of the most crucial phases of the annual pageant, the ladies paraded in swimsuits by Filipino designer Sonny Boy Mindo, albeit on a much smaller stage than the one they walked on at the Benefit Gala Night.

Among the judges were Belgian beauty Selena Ali, second runner-up in last year’s competition, designers Daniel Manila and Phillip Tampus, life coach Carelle Herrera, and Zanea Strategy Manager Hannah Casaño.

At the end of the preliminary competition, the best-performing ladies were recognized. Adjudged Best in Swimsuit was Anita Rose Gomez of the Philippines, while Brazil’s Isabela Fernandes was proclaimed Best in Evening Gown. The two ladies scored two accolades each during the event. Gomez landed second in the gown contest, while Fernandes was second in the swimsuit segment.

Filipino-American bet Kayla Jane Usison from the United States finished third in the evening gown round, while Belgium’s Jana Janssens, who sustained an injury during the gala night quake, was third in the swimsuit contest.

The preliminary competition is an important event for the pageant because part of the scores that will determine the semifinalists will come from it. The closed-door interview scheduled in the afternoon will also contribute to the ladies’ fate.

The 2025 Miss Asia Pacific International coronation night will be held at the Cebu Coliseum on Oct. 8. Forty-three ladies are competing for the title.

Town officials here have expressed openness to hosting a nuclear power plant, welcoming the recent enactment of Republic Act 12305 or the Philippine National Nuclear Energy Safety Act (PhilAtom Law), which ensures the safe and responsible use of nuclear energy in the country.

Mayor Noel Uson, in a statement on Monday, said they are in full support of nuclear energy utilization in the country.

Vice Mayor Melchora Yaneza said the law would address the concerns regarding nuclear power plants, including safety and security.

‘Security measures are essential to manage the risks associated with nuclear technology. So, these are also our considerations,’ she said.

She added that 66 percent of the people in Labrador have signed a campaign supporting the construction of a nuclear power plant in exchange for free electricity.

Department of Science and Technology Philippine Nuclear Research Institute director Dr. Carlo Arcilla, in a phone interview on Monday, said the importance of the Republic Act 12305, authored by Pangasinan second district Rep. Mark Cojuangco, is that it establishes an independent regulatory body for nuclear safety.

‘So, it means that the regulator’s job is to make sure that the construction, the site, the operation, the commission, and the waste are properly safe. Actually, safety, security, and safeguards,’ he said.

He added that there is a need for safeguards to ensure that nuclear materials are not used for terrorism or the manufacturing of nuclear weapons.

‘When you start making a nuclear power plant, there has to be protection of the materials, protection of the public. So, it has special conditions. The International Atomic Energy Agency, for the past 60 years, they have compiled the best practices on how to make sure that nuclear plants are safe. So, if you’re going to make a law, you have to follow the guidance that’s been given. The ones who will implement are the regulator,’ he said.

The law will create the Philippine Atomic Energy Regulatory and Safety Authority (PhilATOM), which will serve as the independent regulator of all nuclear and radiation activities in the country, ensuring compliance with the highest international standards set by the International Atomic Energy Agency (IAEA).

Arcilla said PhilATOM will only give two licenses to nuclear plants.

‘One, license to construct. So, you have to satisfy all of the safety issues. After you construct, license to operate. Are you ready to operate it? Consistently and safely according to standards,’ he said.

Cojuangco, in a separate statement, said the law is the first step towards a cheaper, cleaner, and reliable electricity source.

‘This will cause annual national savings worth billions of dollars because if we have nuclear energy, coal importation from other countries will be lessened. Aside from this, we are gearing towards fossil fuel independence, creation of more jobs, and hopefully will end poverty in our country, as I believe nuclear energy is the answer to the annual energy crisis in the country,’ he said.

The PhilAtom Law will also act as the Philippines’ official point of contact for nuclear and radiological emergencies, strengthening ties with global partners and boosting the country’s standing as a credible, responsible nuclear nation. (PNA)/coa