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The Maharlika Investment Corp. (MIC) and former House Speaker Martin Romualdez denied any links to British-Swiss financier Patrick Mahony, who was convicted by a Swiss court last year for his role in the multi-billion-dollar case involving Malaysia’s sovereign development fund.

Citing that the Philippines’ wealth fund operates within a legal mandate, MIC said that its workforce consists of qualified professionals in investment and legal functions who uphold high standards of competence, integrity and accountability.

‘These reports contain false, baseless and damaging allegations suggesting that an individual named Mahony serves as an advisor, consultant or affiliate of MIC,’ the wealth fund said.

Romualdez said he has never been in any discussion, meeting or communication with any individual regarding investments involving the Maharlika Wealth Fund.

‘The reports attempting to link me to such matters are entirely unfounded, misleading and malicious,’ Romualdez said.

A Malaysian investigative media outlet Sarawak Report, alleged that Mahony was directly involved in advising on the management and structural framework of the Philippines’ sovereign wealth fund.

It also said, ‘particularly troubling are the reports that he is frequently seen with the prominent Manilla businessman and senior politician, the former Speaker of the Parliament Martin Romualdez, who is a first cousin of the current President and considered a powerful political player.’

The report added that Mahony had previously relocated his family to Makati City, where he maintains accommodations and a staffed office in the Alpha Suites building.

Mahony was convicted by a Swiss court and sentenced to six years in prison for his role in one of the most significant financial scandals in recent years, which held him accountable for actions in 1Malaysia Development Berhad, according to Sarawak.

MIC strongly denied the allegations made in the reports, asserting that there is no truth to claims linking the organization to Mahony, as the individual has never been involved with the corporation in any capacity, whether formal or informal.

MIC also called for the immediate correction or retraction of what it described as misleading content to prevent the spread of false and potentially damaging information about the country’s sovereign wealth fund.

‘The public is urged to rely solely on verified information issued through MIC’s official channels, and credible and reputable news organizations, and to exercise discernment against unverified, misleading or politically driven disinformation,’ it said.

University of Perpetual Help solidified position in Group A after it downed Emilio Aguinaldo College, 69-60, yesterday in NCAA Season 101 at the Filoil EcoOil Arena.

But the Altas had to overcome an excruciatingly slow start and erase a double-digit deficit in the opening quarter by stifling the Generals with their resolute defense in the final three periods in snaring their sixth win in seven outings.

‘We need to win as much as we can for us to have a chance,’ said UPHSD coach Olsen Racela, also cautioning his wards not to fall to a wrong sense of complacency.

‘We need to really play cautiously and not be overconfident,’ he said. ‘As long as we stick to our system, especially on defense, we’ll be okay.’

The Generals slipped to 3-4.

The Philippine National Police is ready to arrest businessman Charlie ‘Atong’ Ang and other personalities facing charges in connection with the disappearance of sabungeros or cockfight enthusiasts, acting PNP chief Lt. Gen. Jose Melencio Nartatez Jr. said yesterday.

Nartatez made the remark after the Department of Justice reported that the murder complaint filed against Ang, actress Gretchen Barretto and several others is up for resolution.

State prosecutors will decide on whether to dismiss the complaint or recommend the filing of charges in court.

‘Once the arrest warrants are out, the PNP will immediately act in coordination with the court to ensure its proper and lawful implementation,’ Nartatez said in a statement.

Nartatez ordered the Criminal Investigation and Detection Group and other police units to be ready to implement court-issued warrants that may be issued related to the case.

Prospective bidders for the North-South Commuter Railway (NSCR) project must have a net worth of at least P114 billion to compete for the concession to manage the country’s largest railway.

The Department of Transportation (DOTr) has issued the bidding documents for the P229-billion contract to operate and maintain the NSCR, the country’s single largest infrastructure investment co-funded by Japan.

Based on the instruction to bidders, the DOTr will select the offer with the lowest bid amount, or the smallest availability payments required every year.

The STAR broke the story that the DOTr plans to use availability payments as the bid parameter for the concession of the NSCR. This means the agency will award the deal to the bidder who asks for the lowest annual compensation to sustain the railway.

The bidders, however, will be required to show financial capability and technical expertise to be able to vie for the concession. In particular, bidders must present a background that they have operated a railway for three consecutive years over the past eight years.

The railway they have operated and maintained must have handled 45,000 passengers per hour in each direction, and bidders must show that they have kept this running 98 percent of the time.

Bidders have to possess a net worth of at least P114.65 billion, coupled with a letter testimonial from an established financial institution regulated by the Bangko Sentral ng Pilipinas.

For consortiums, the DOTr will assess the weighted sum of net worth of each member that holds a minimum of 15-percent stake, with the weight measured against their equity.

To participate, bidders have to pay the non-refundable fee of P1.16 million, or $20,000. Further, bidders have to submit a bid security of P2.37 billion to ensure they would comply with all of the post-award requirements if declared the winner.

For the timeline, the DOTr will issue the draft concession agreement on Nov. 7 and will hold a pre-bid conference on Nov. 20. It will host site visits and one-on-one meetings with prospective bidders from Nov. 17 to 28.

It will come out with the final concession agreement on April 30, 2026, and bids have to be submitted to the agency by May 29, 2026.

The DOTr earlier said it expects at least four groups – mostly made up of Filipino and foreign investors – to compete for the P229-billion concession to run the country’s largest railway, following the agency’s efforts to market the project in roadshows in Singapore, Paris, Manila and Tokyo.

The NSCR, costing P873.6 billion and co-financed by Japan, will span 147 kilometers across 35 stations between the Clark International Airport and Calamba, Laguna, and it is expected to ferry 800,000 passengers daily once completed.

The future operator of the NSCR will manage its trains, stations and depot, including its interline with the Metro Manila Subway Project.

On the opening day of the Mobile Legends Bang Bang Professional League (MPL) Philippines playoffs, Team Liquid Philippines and TNC prevailed over Team Falcons Philippines and Twisted Minds to survive the knockout rounds.

Hungry to defend its crown, Team Liquid Philippines was quick to take a 2-0 series lead in the best-of-five series against Team Falcons Philippines, all thanks to goldlaner’s Kiel “Oheb” Soriano key pickoffs during crucial team fights. Facing elimination, Marco “Super Marco” Requitiano pulled his team from the brink with a crucial triple kill by the lord in Game 3 to extend the series.

Game 4 belonged to anyone as both teams traded kills and objectives. But the turning point had been the final lord of the game with the Cavalry not only getting the objective but punishing Team Falcons with two pick-offs, which gave Team Liquid the go signal to end the series and eliminate Team Falcons from the tournament.

In the other knockout match of the day, TNC and Twisted Mind went all out, trading matches in a series that extended to a Game 5.

In the do-or-die game, both TNC and Twisted Minds went for their comfort picks, going for the heroes they know and have found wins on. While it looked like the draft favored Twisted Minds, it was TNC that took advantage in execution as the Phoenix Army punished Twisted Minds in team fights, targeting key heroes and objectives to swiftly take the decider.

The playoffs shift to a double-elimination format heading into the upper bracket semifinals Thursday, starting with Team Liquid Philippines against ONIC Philippines at 3 p.m., followed by Aurora versus TNC at 7p.m.

Despite an expected ‘deluge of cases,’ the Sandiganbayan is aiming to expedite the trial of perpetrators of the flood control corruption – and finish it in six to eight months.

The Office of the Ombudsman is expected to file cases against those involved in flood control anomalies by next month.

In an interview on GMA News Tuesday night, Sandiganbayan Presiding Justice Geraldine Faith Econg assured the public that the justices of the anti-graft court are ready to conduct a speedy but fair trial.

‘We (Sandiganbayan justices) can also do our share in making sure that there is accountability when it comes to people who are charged. We’re prepared for the deluge of cases. Kung kailangan may mananagot, pananagutin natin (If someone needs to be held accountable, we will hold him accountable). But there’s always due process,’ Econg said.

She said the Sandiganbayan is set to submit to the Supreme Court its new rules on expedited proceedings for the high tribunal’s approval.

If approved, the entire proceedings of corruption cases – from the arraignment of the accused, presentation of evidence and eventually to promulgation of judgement – can be finished in six to eight months.

Chief Justice Alexander Gesmundo vowed to immediately review the Sandiganbayan’s suggestion.

‘So any suggestions or recommendations from the Sandiganbayan as to expedite the cases involving flood control projects, for sure we will review immediately, see to it that they are implemented and properly drafted,’ Gesmundo said on the sidelines of the celebration of the third anniversary of SC’s five-year Strategic Plan for Judicial Innovations.

Under the proposed internal rules, five to 10 days shall be allotted for the arraignment and pre-trial proceedings once the accused is arrested or has voluntarily surrendered, while 120 days shall be allotted for the trial proper with the prosecution and the defense having 60 days each to present their respective evidence.

Once the trial is terminated and the case is submitted for decision, the court division handling the case must issue its judgement within 60 days.

‘We will give the ponente 40 days (to write the decision). The most senior member who is not a ponente 10 days to review and then the junior, another 10 days to review, so 60 days (in total),’ Econg explained.

She said that while she cannot promise conviction as the judgement must be based on the evidence, she can guarantee a decision in less than a year from the filing of the cases.

‘So, by next year we will have [decisions]. I cannot assure you kung makulong (if someone will be put in prison), but we will have decisions,’ Econg said.

Meanwhile, Econg said the anti-graft court is also open to the possibility of livestreaming the hearings of the flood control cases, subject to the approval of the SC.

‘If that’s the clamor, we will reiterate a request (to the SC). And the beauty of continuous trial, because I have tried it several times when I was in the lower court, even the media, even the public who sits, you would know whether the accused would be guilty or not,’ Econg said.

‘If the Supreme Court allows, of course we are (going to livestream) because we are not hiding anything,’ she added.

Ombudsman Jesus Crispin Remulla said the preliminary investigation on six flood control projects in Bulacan and Oriental Mindoro has already begun.

The ongoing investigation is in connection with the complaint filed by the Department of Public Works and Highways last Sept. 11 involving P249 million worth of anomalous flood control projects in Malolos, Hagonoy, Baliwag, Bulakan and Calumpit in Bulacan implemented by the DPWH Bulacan 1st District Engineering Office.

Also subject of the ombudsman’s preliminary investigation is the report recently submitted by the Independent Commission for Infrastructure (ICI) involving P289.5 million worth of flood control projects in Naujan town in Oriental Mindoro implemented by the DPWH Region IV-B through contractor Sunwest Inc. in 2024.

In its report, the ICI urged the ombudsman to determine appropriate charges against 18 public officials, including resigned congressman Zaldy Co.

Babymetal’s first concert in the Philippines was one that showed off their identity as a kawaii-metal band. They wore metallic skirts with armor-like tops, fitting outfits for their branding, which contrasted sharply with their adorable visuals.

Right from the energetic first number of Babymetal Death to the second performance of Headbangeeeeerrrrr!!!!! that had the venue jumping, raising their hands, and headbanging, it was clear how Araneta Coliseum was taken on a wild ride. When Babymetal asked, ‘Are you ready to headbang?’ – the crowd delivered on Oct. 7.

Su-metal, Moa-metal, and Momo-metal kept the energy high with back-to-back performances of Pa Pa Ya!! in a song that had the crowd waving their towels in time to the beat and KxAxWxAxIxI that had the venue chanting along to the kawaii lyrics.

The concert got a short break before the Kami band lit up the stage with instrument solos where the audience clapped along to the beat. Babymetal then returned to the stage with a ‘Kamusta, Manila? Masaya kami makita kayo!’ This was more meaningful because the Japanese trio was supposed to arrive in the country for a show five years ago, but it got canceled due to the circumstances then.

This happiness was clear in the band and the fans’ energy throughout a performance of Metali!!, where Babymetal had the audience crouching down before leaping back up into song. This was also evident in Kon! Kon!, which closed in a rush of energy and applause. The concert then took a calmer turn with the more atmospheric Sunset Kiss, as fans savored the music.

Ahead of Song 3, a video animation about three sisters, who loved the number 3 so much that they channeled the power of three to drive away a ferocious bear, filled the venue. It led into powerful chants of ‘1, 2, 3’ among the audience.

Meanwhile, RaTaTaTa had everybody in a craze: moving along to the music, chanting to the song, and partying. Su-metal screamed into her microphone, ‘Everyone jump!’ But everyone was already doing so even before she spoke.

It was a perfect lead-in to their biggest hit, Gimme Chocolate!! The crowd went wild the moment the words ‘give me’ popped up on screen as red lights illuminated the venue, with Su-metal shouting ‘Hey, Manila!’ The Big Dome floor shook from the fans’ excitement. Audience members in the pit danced with each other in joy. People in the higher seats had their hands up high. At the end of the song, the screams were the loudest they’d been that whole night.

Babymetal ended the show with a bang through From Me to You and Road of Resistance, the latter of which had Su-metal, Moa-metal, and Momo-metal waving huge black Babymetal flags to the cheers of the audience.

It was a show with the highest energy I’d ever witnessed. A spectacle of cuteness blended with heavy metal that gave countless fans unforgettable memories. The curtains fell to heartfelt gratitude and ‘Ingat kayo’ from the band.

As the Big Dome crowd chanted their name with a deafening ‘BABYMETAL!’ the Japanese trio declared a strong ‘We are.Babymetal!’

Security Bank Capital, the investment banking arm of Security Bank Corp., said the maiden offering of Maynilad Water Services Inc. could open the floodgates to a more robust initial public offering (IPO) market in the country next year.

‘We’re hoping that the Maynilad IPO does well post-listing and that will actually encourage issuers to come out again and investors to invest and buy shares,’ Security Bank Capital president and CEO Virgilio Chua said.

‘So we’re bullish about that IPO because it’s been quite some time since we’ve seen a significant IPO. Last year, we had three IPOs but relatively very small. The Maynilad IPO in itself is about P34 billion,’ Chua said.

Maynilad is targeting to raise as much as P34.3 billion from the offering of up to 1.66 billion primary common shares to the public and a preferential offer of up to 24.9 million primary common shares to First Pacific Co. Ltd. at P15 per share.

Security Bank Corp.-Trust and Asset Management Group is joining as one of the domestic cornerstone investors in the offer.

‘We’re very positive and excited for that upcoming IPO, notwithstanding all the issues on the corruption on the construction projects, they were able to push through with the bookbuilding and priced the IPO. Initially, it was targeted at P20 per share, but we were able to achieve P15 per share and it is oversubscribed on the oversubscription volume,’ Security Bank Capital coverage and origination team head Maria Margarita Antoinette Lee said.

‘So we see that there’s still a lot of interest, especially from foreign investors. We have good quality cornerstone investors coming in, such as International Finance Corp. and Asian Development Bank. We believe that Maynilad will be performing well also in the secondary market,’ Lee said.

Offer period for Maynilad’s IPO starts today and will end on Oct. 29, with listing on the Philippine Stock Exchange on Nov. 7 under the trading symbol ‘MYNLD.’

At present, however, Chua said it is still hard to say what next year’s IPO pipeline would look like.

‘I know GCash has deferred theirs. SM Prime REIT has deferred theirs as well. So we don’t know. Maybe they will reconsider, but that is just my own opinion, that with the improvements in the sentiment in the equity capital market, maybe they will be encouraged to actually go out,’ he said.

James Ryan Lam and Fidel Concepcion carved out a pair of 70s to seize the joint lead midway through the P3.5 million ICTSI Apo Golf Classic in Davao yesterday.

Against the fabled Apo Golf and Country Club layout, Lam and Concepcion matched outputs for the second straight day in separate flights by tallying identical 141s over 36 holes – marking a rare return to the top of the Philippine Golf Tour leaderboard for both.

Lam fired three birdies against a lone bogey for a 36-34 card.

Veteran Elmer Salvador matched the leaders’ two-under card after opening with a 72. He finished at 142, just a shot off the lead, and now stands alone in third.

In women’s play, Chanelle Avaricio roared into a huge lead with a four-under-par 68, punctuated by an eagle-2 on hole No. 1.

‘My short game really carried me today – especially the putting,’ said Avaricio, whose four-under 140 total kept her safely ahead of Princess Superal, who pooled a 148 after a 73.

President Marcos wants local government units (LGUs) to handle classroom construction funds, Malacañang said yesterday.

An agreement to accelerate classroom construction nationwide will be signed by the Department of Public Works and Highways (DPWH), Department of Education (DepEd) and LGUs, Presidential Communications Undersecretary Claire Castro said.

Funds will be downloaded to LGUs to implement the construction, while the DPWH and DepEd will oversee and monitor progress, she explained.

Around 2,370 classrooms are being targeted for completion by next year.

Enough is enough

Funds for classroom construction in 2026 should no longer be given to the DPWH after completing only 22 facilities this year, Education Secretary Sonny Angara stressed.

‘Enough is enough,’ he said, as the country grapples with widespread corruption in infrastructure deals.

Public Works Secretary Vince Dizon earlier admitted that the DPWH built only 22 of the 1,700 classrooms targeted for completion this year.

‘The budget should be returned to the DepEd in 2026,’ Angara said.

‘It is unacceptable that only 22 classrooms were completed under the previous DPWH leadership despite the funding and assistance from the DepEd,’ he added.

Angara has vowed to give the funds to LGUs, the Armed Forces of the Philippines Corps of Engineers and private sector.

With a classroom shortage of 146,000, Angara said the agency will work hard to build 40,000 classrooms by 2028.

As mandated in the Constitution, education will receive the highest allocation in 2026 – a record-high P1.28 trillion, as approved on third and final reading by the House of Representatives earlier this month.

Under Angara’s leadership, the total education allocation increased from P1.22 trillion to P1.28 trillion, after the House added P56.6 billion.

For the basic education facilities program, the House added P35 billion, bringing its total to P63.2 billion.

‘This would translate to 25,200 new and rehabilitated classrooms for fiscal year 2026,’ House appropriations panel chair Rep. Mikaela Angela Suansing said.

Poor performance

With the DPWH’s dismal performance, the Marcos administration must fix and streamline the classroom construction process and hold erring officials accountable, the Alliance of Concerned Teachers said.

The ACT is also skeptical of the proposed Classroom-Building Acceleration Program, as it ‘shifts the national government’s constitutional duty to provide free, quality education onto local governments and the private sector.’

State engineers are generally uninterested from building classrooms in public schools due to the absence of huge kickbacks, Batangas Rep. Leandro Leviste said.

‘The reason there’s a classroom shortage is because there are almost no kickbacks in classrooms. It is easier to do substandard work on the thickness of an asphalt project than on a three-story classroom building,’ he asserted.

‘Corruption has incentivized horizontal projects like flood control, asphalt overlay and slope protection to be prioritized in the DPWH budget over vertical projects like classrooms,’ he added.

Wellness break for teachers

In another development, the DepEd has announced a wellness break for learners and teachers from Oct. 27 to 30.

The Teachers’ Dignity Coalition earlier asked Angara to act on their petition to allow a health break for educators instead of requiring them to attend an in-service training (INSET).

In the school calendar, the period of Oct. 27 to 30 is officially designated as a health and wellness break for teachers and learners.

Forcing teachers to attend the in-service training defeats the purpose of the supposed wellness break, the group pointed out.

Angara said schools and divisions that have paid for venues and meals for INSET can reschedule.

‘If not feasible, activities may still push through voluntarily and teachers who join will no longer be required to attend similar trainings later in the school year,’ he added.

INSET and professional development programs should still be conducted within the remaining days of school year 2025-2026, the DepEd maintained.