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The Securities and Exchange Commission (SEC) will expand the assets that may be infused into real estate investment trusts (REIT) in its bid to encourage more companies to list their properties.

SEC Chairman Francis E. Lim said the commission has its own ideas on how to amend the rules, such as redefining income-generating assets.

‘For example, the toll roads, although the company is not the owner, but it has a real right to operate the highway in that long piece of land, that’s a ‘reitable’ asset,’ Lim said.

According to the REIT Act of 2009, an income-generating real estate are those properties that are held for the purpose of generating a regular stream of income, such as rentals, toll fees, user’s fees and the like, as may be further defined and identified by the SEC.

The law gave the SEC the authority to ‘promulgate rules to include real rights over real property, provided they generate interest or other regular payments to the REIT.’

Lim said the agency can include power plants or cell towers, which can be characterized as real estate.

‘They are, under the law, considered immovable properties,’ he said. ‘Real estate assets are immovable properties and therefore by definition under the civil court, they are real property and therefore if they generate income on a regular basis, that’s a ‘reitable’ asset.’

Passed by Congress in 2009, the REIT law did not take off immediately in the country amid issues on public ownership and taxation on asset transfers.

Ayala Land Inc.-backed Areit Inc. was the first to brave the market and listed at the height of the pandemic in August 2020. Four more REITs followed suit the following year in 2021-DoubleDragon Corp.’s DDMP REIT Inc., Filinvest REIT Corp., Megaworld’s Mreit Inc. and the Gokongwei’s RL Commercial REIT Inc.

In 2022, the Villar group added two of its own-VistaREIT Inc. in June and Premiere Island Power REIT Corp. in December-along with Citicore Energy REIT Corp. of the owners of Megawide Construction Corp.

THE Philippines is eyeing higher foreign holdings in peso-denominated government bonds, boosted by the possible inclusion in the JP Morgan bond index.

On the sidelines of the Philippine Development Forum last Monday, National Treasurer Sharon P. Almanza told reporters that having a bigger foreign participation rate is better.

‘We want to increase participation. But since we haven’t really seen before that it’s too high, we want to manage the impact volatility in terms of rates domestically and peso,’ Almanza said, adding that a 10-percent foreign participation rate is also a ‘good number.’

According to the Bureau of the Treasury (BTr), foreign ownership of peso-denominated government bonds amounted to $12.78 billion or roughly P728.46 billion.

The foreign participation rate has more than tripled, increasing from 1.8 percent in 2021 to 6.03 percent as of August 2025.

Almanza said foreign holdings of government bonds rose from P400 billion at the start of the year to over P700 billion.

However, Almanza said: ‘We also have to manage the volatility because this month, although in and out, we’ve seen sell-offs, especially the fast money or hedge funds.’

The sell-off, Almanza noted, is not isolated to the Philippines, as even regional counterparts are experiencing the same.

The alleged corruption unveiling in the government is also not seen as a factor that could hinder the Philippines’ possible inclusion in the JP Morgan bond index, Almanza added.

‘It’s not because of the corruption issue [here], but it’s really because of the United States. This is more of an external development than domestic,’ Almanza said.

The Philippine Peso-denominated government bonds (RPGBs) have been placed on Index Watch-Positive for potential inclusion in the widely tracked JP Morgan Government Bond Index-Emerging Markets (GBI-EM) series.

Being placed on the positive watchlist signals the possible inclusion in the bond index, which is a key benchmark for international investors.

Entry into the index could expand the country’s investor base, deepen the market and reduce reliance on foreign currency borrowings to support growth.

If the Philippines were included, it would have a weight of about 1 percent of the GBI-EM Global Diversified Index, covering government bonds issued since 2023 with tenors of up to 20 years.

The watch period is expected to run six to nine months, with updates and rebalancing estimates due in the first quarter of 2026.

MORE expensive rice and fuel may have increased the country’s inflation rate in September and could prompt the Bangko Sentral ng Pilipinas (BSP) to hit the brakes on its monetary policy easing this week.

This was according to ANZ Research, which said the country’s September inflation print could increase to 2.1 percent. While this is still within the BSP’s 2 to 4 percent inflation target, this is significantly higher than the 1.5 percent posted in August and 1.9 percent recorded in September 2024.

Given this, ANZ Research said this could prevent the Monetary Board from reducing policy rates further. This means the country’s key interest rates could stay at 5 percent.

‘The BSP has so far lowered rates by a cumulative 150 bp [basis point] in the current cutting cycle. At its last meeting, the central bank characterized the current policy rate as appropriate given manageable inflation and output near potential,’ ANZ Research said.

‘However, real rates remain restrictive amid subdued inflation. We think that the BSP will wait for the Q3 [third quarter] GDP data, out in November, before cutting rates by another 25 bp in December,’ it added.

ANZ Research said, however, noted that while key policy rates have been reduced by 150 bps, it has not translated into lower interest rates for local Filipinos.

Citing BSP data, ANZ Research said, non-performing loans remained above prepandemic levels. Consumer loans in Asian countries like the Philippines still account for 22-29 percent of total loans.

‘In these economies, sustained stress in this segment is likely dampening monetary policy transmission, particularly through the lending channel,’ ANZ Research said.

The think tank said lending standards in the Philippines have become more stringent. ANZ Research said ‘banks in both economies [India and the Philippines] are surprisingly cautiously optimistic about a recovery in demand for loans.’

Earlier, the BSP reported that loans extended by Universal and Commercial Banks (UKBs) posted their slowest growth in nine months.

BSP data showed loans from UKBs grew 11.2 percent in August 2025, the slowest since the 11.1 percent posted in November 2024. In April 2025, these loans also grew 11.2 percent.

The data showed that after adjusting for seasonal fluctuations, outstanding UKB loans increased by 0.4 percent month-on-month in August.

Following the 6.9 magnitude earthquake that struck Cebu and surrounding provinces on September 30, 2025, DigiPlus Interactive Corp., through its social development arm, BingoPlus Foundation, mobilized immediate assistance to the hardest-hit families residing in the island’s northern region.

On October 5, 2025, the Foundation delivered 1,000 family relief packs to the municipalities of Daanbantayan and Medellin, enabled by employee volunteers from Cebu-based BingoPlus branches.

Each pack was designed to support the immediate needs of a family of five and included 10 liters of potable water in reusable containers, 5 kilograms of rice, a hygiene kit, and basic medicine. Collectively, the effort reached 1,000 families or about 5,000 individuals across both municipalities.

‘These are communities that need swift, reliable help,’ said Paul Henczen Tamayo, BingoPlus Foundation Program Manager for Resilience and Healthcare. ‘Through our BayanihanPlus initiative, we work hand in hand with local officials and community leaders to reach the hardest-hit areas, prioritize those most in need, and get essential goods to families without delay.’ Dan Kemuel Mabano, BingoPlus Area Manager for Cebu adds, ‘While we had initially targeted the towns of Bogo and San Remigio, information on-ground advised us to go farther up into Medellin and Daanbantayan because relief goods still needed to reach those areas too.’

This deployment underscores DigiPlus and BingoPlus Foundation’s ongoing commitment to stand with Filipinos in times of crisis – leveraging the reach of its retail network to deliver immediate relief and hope to communities in need.

Don Adviento, BingoPlus Regional Manager for Visayas and Mindanao shared, ‘Following BingoPlus Foundation team’s quick deployment of relief packs from our DigiPlus warehouse in Parañaque, our employees from Cebu City, Mandaue, and Talisay volunteered to oversee the final distribution in northern Cebu.’

‘It was a challenge transporting our stocks and navigating through the congestion and aftershocks, but it is rewarding to be able to deliver much-needed help to our fellow Cebuanos. Daghang salamat (many thanks) for the teamwork – from our head office, to our branches and our LGUs (local government units),’ adds Judaline Geraldez, Branch Manager of BingoPlus Park Mall and team lead of employee volunteers deployed.

The Foundation continues to assess the evolving needs of affected communities in coordination with local government units and partner agencies as recovery progresses. For coordination, assistance, or partnership opportunities.

Despite challenges in transporting and distributing relief packs to the northernmost towns affected by the 6.9 magnitude earthquake in Cebu, BingoPlus employee volunteers remain all smiles throughout the initiative, reflecting their commitment to ‘multiply the fun’ and ‘multiply the good’ for communities they serve.

The reported death toll of the September 30 magnitude 6.9 earthquake in Cebu has gone up to 71, the National Disaster Risk Reduction and Management Council said.

However, the agency said in its Sunday morning situation report that the count is still up for validation.

In the same report, the NDRRMC said 559 were reported injured, but the number is also still up validation.

NDRRMC added that 128,464 families or 455,631 individuals were affected by the earthquake.

A total of 405 families of 1,251 individuals are now housed in four evacuation centers.

The agency said eight road sections and 15 bridges were affected, with four roads and seven bridges remaining still unpassable on Sunday morning.

Power, NDRRMC said, has been restored in 43 localities but 48 towns and cities remain without electricity also as of Sunday morning.

The tremblor, NDRRMC said also affected communication facilities in 17 towns and cities and service has been restored in seven.

Of the three seaports affected, one has already become operational, it added.

Navy brings in materials

THE Navy (PN) on Sunday announced that one of its transport vessels, the BRP Agta (LC-290) successfully conducted a humanitarian assistance and disaster response (HADR) and brought 44.66 tons of construction materials were transported to th similarly devastated Masbate City, Masbate on October. 4.

The Navy Public Affairs Office chief, Capt. Benjo Negranza, said the hip departed Ouano Wharf, Mandaue City, Cebu on October 3, carrying essential construction materials intended to support the recovery and rehabilitation of communities severely affected by Severe Tropical Storm Opong.

This mission was made possible through the support of the Tanging Yaman Foundation, Incorporated, which coordinated with the PN to deliver much-needed aid to the disaster-stricken areas, Negranza added.

Meanwhile, Negranza said another PN vessel, the BRP Dagupan City (LS-551), departed Cavite on October 4, carrying 18,000 kilograms of relief goods bound for communities affected by the recent 6.9-magnitude earthquake that struck Cebu and nearby provinces.

Onboard are food packs, bottled water, hygiene kits, sleeping mats, and other essential relief items consolidated by the Civil Military Operations Group of the Navy (CMOG-PN) through the generous donations of private stakeholders and partner organizations.

This effort forms part of the Navy’s HADR mission to support earthquake-stricken areas.

BRP Dagupan City also transported one chemical truck, two mobile showers, one disaster response truck, two ambulances, and one special rescue vehicle provided by the Valenzuela City DRMMO, along with additional donations from Manila Water, Civil Military Operations Regiment of the Army (PA) and the Naval Reserve Center.

Transparent relief, rehab through tech

THE provincial government of Cebu has tapped University of Cebu (UC) students to help them develop an app that logs and pins requests for relief following the massive arthquake that struck the province last Sept. 30.

Dr. Nikki Catalan, health consultant of the provincial government, this app will be linked with the relief tracker of the local government.

The public, she added, will now ‘see what’s needed, where help is going, and in the long run, track rehabilitation together.’

‘Stay tuned as we continue building a more transparent and united way to bring aid where it’s needed most,’ she added.

UC students, who are taking up a Bachelor of Science in Information Technology, developed the ‘Cebu Relief App’ (https://cebu-calamity-response.vercel.app) three days ago in an aim to connect those in need with those who can help.

This app, developed by Clint Alonzo, Ralph Adriane Dilao, and Vince Clave, is a platform that connects victims of calamities.

Victims of calamities may use their app to pin their location to request urgent relief. Here, they could input their needs, such as food, water, medicine, shelter, and other essentials.

Volunteers and responders can also use the app to requests and view details by clicking the pinned locations in real-time on the map.

‘This isn’t just any app-it’s Bayanihan made digital. Every pin represents a family. Every pin represents a life,’ Alonzo said in a post on his Facebook account.

The availability of the app comes in handy especially at a time when the major roads in northern Cebu suffer a gridlock as more and more private individuals and groups travel there to bring relief causing a massive traffic jam.

Cebu Gov. Pamela Baricuatro appealed to the public to have donations centralized as she admits delivery of relief has slowed down due to the traffic gridlock.

More cops sent to help

THE National Police (PNP) on Sunday announced that it has sent more personnel and assets to ensure that the distribution of relief goods and items to quake-battered communities in Cebu are done as expedtiously as possible.

In a statement, the acting PNP Chief, Lt. Gen. Jose Melencio Nartatez Jr., said focus will be on northern areas badly battered by the earthquake.

‘The quick response and continuous hard work of our personnel on the ground not only paved the way for government assistance reaching more affected communities, especially in the northern part of Cebu, but also resulted in the gradual restoration of normalcy in the entire province,’ he said.

Nartatez said the PNP is coordinating closely with the Cebu provincial government and local disaster response teams to streamline relief distribution to remote communities.

He added that PNP officers are assisting in logistics, road clearing, security and traffic management to prioritize the transport of relief items.

Nartatez added that several mobility assets, including high-speed watercraft from the Maritime Group, have been dispatched to isolated areas.

Govt team eyes safe zones

A GOVERNMENT housing team has been deployed to northern Cebu to survey areas devastated by last week’s earthquake and locate safe ground for residents displaced by landslides and damaged homes.

Officials from the Department of Human Settlements and Urban Development (DHSUD) met with local disaster councils in Bogo City on Saturday to map out possible relocation sites for affected families.

The city is among the worst hit by the magnitude 6.8 tremor that struck on Tuesday.

The team visited Purok Joseph in Barangay Dakit, where several houses had collapsed near what geologists believed was part of the fault line that triggered the quake. Residents in the area remain in makeshift tents as local officials search for safer ground.

One of the proposed sites, a vacant lot within the city, is being considered for a temporary ‘tent city’ to house families who have yet to return home.

Housing Secretary Jose Ramon Aliling earlier directed the agency’s regional office to conduct field surveys and identify the kind of shelter support the government can provide.

The quake killed more than 70 people and injured hundreds, according to disaster officials.

More than 47,000 families were affected across Cebu, with widespread damage reported in northern towns following intense ground shaking and secondary landslides.

Dole allocates P11-M Tupad aid

AN initial P11 million in emergency employment aid has been allocated for workers affected by last week’s magnitude 6.9 earthquake in Cebu, the Department of Labor and Employment (Dole) said.

In a statement over the weekend, Dole said the amount will fund the Tulong Panghanapbuhay sa Ating Disadvantaged Workers (Tupad) program for 1,513 beneficiaries whose jobs or livelihoods were disrupted by the quake.

Tupad is a short-term employment program that provides temporary income to workers affected by disasters, economic shocks, or displacement.

Under the scheme, beneficiaries are hired for community-based work such as clearing debris, cleaning roads, or helping restore damaged public facilities in their localities.

They are also paid based on the highest prevailing minimum wage in the region.

According to Dole-Central Visayas, the initial batch of beneficiaries includes 862 workers from Cebu, 163 from San Remigio, 163 from Medellin, 81 from Sogod, 81 from Daan-Bantayan, and 163 from Bogo City.

Another 400 workers from the towns of Medellin and Tabogon are also set to receive their Tupad wages amounting to P2.004 million.

Dole said it is prioritizing aid for workers whose employment was displaced or interrupted by the calamity, includinng those from the micro, small, and medium enterprise sector.

The agency’s Cebu Provincial Office has already deployed personnel to profile affected individuals and continuously assess the situation in coordination with local government units.

The department has yet to release the total number of affected workers across the region.

Workers’ safety

LABOR Secretary Bienvenido E. Laguesma reminded employers in Cebu that workers’ safety and health should come first ‘more than anything else.’

‘Safety should always be considered, and the measures to ensure it should be the one undertaken-not simply to prohibit them [from leaving],’ Laguesma said in a recent interview.

His reminder came after the BPO Industry Employees Network (BIEN)-Cebu denounced alleged violations of occupational safety and labor standards by BPO firms during the September 30 earthquake. (Related: https://businessmirror.com.ph/2025/10/02/cebu-bpo-workers-file-complaint-against-unsafe-post-quake-policies/).

Among the reported incidents were claims that one company required agents to continue taking calls while the quake was ongoing, while another allegedly blocked exits on one floor to prevent workers from leaving.

Employees who refused to report for work were reportedly issued notices to explain, stripped of attendance incentives, and subjected to administrative sanctions.

Laguesma also clarified that BIEN-Cebu did not file a formal complaint, contrary to earlier claims in the workers’ statement.

He said the group only filed a letter requesting a dialogue, which is set to take place on Monday.

‘We also need to see which companies are involved so that our actions will be fair and impartial. This will help us determine the appropriate measures to take if it is proven that there were erring employers,’ Laguesma said.

The yield curve of fixed income market would likely to remain stable if the central bank decided to hold its rates steady, an executive of the Manulife Investment Management and Trust Corp. (MIMTC) opined last Monday.

However, if a surprise cut does happen, it could result in a flattening of the yield curve, MIMTC Head of Fixed Income Jean Olivia de Castro said. A yield curve that is less steep would encourage more demand for longer-dated bonds and support loan growth, De Castro added.

However, she said the flattening may also heighten sensitivity to the currency and food price risks.

‘Overall, the MB’s (Monetary Board) cautious approach reflects a desire to preserve policy flexibility and anchor financial stability amid lingering local and global uncertainties,’ de Castro said.

The policy-making MB of the Bangko Sentral ng Pilipinas (BSP) will meet on Thursday.

De Castro, however, said the MB is widely expected to hold its policy rate at 5 percent, balancing the recent return of inflation toward target with persistent upside risks from food supply shocks and peso volatility.

She advised fixed-income investors to have a dual approach, such as investing on short-term tenors for flexibility amid policy uncertainty, while selectively adding longer tenors to lock in at current yields.

‘With short-term yields at multi-year lows and long-term yields near 1-year lows, maintaining a defensive duration stance is advisable until inflation risks-especially from food and the currency-are better contained,’ de Castro said.

The country’s inflation rate is expected to return to the 2- to 4 percent target band defined by the BSP by the end of 2025, she said.

‘Upside risks remain, notably from sticky food prices due to supply shocks stemming from typhoons and the extended rice import ban. Additionally, potential peso weakness beyond the 58 levels could complicate the inflation outlook and recommend prudence in adjusting monetary policy. Against this backdrop, the BSP is expected to have one more rate cut before the end of the year,’ de Castro said.

She said persistent weakness of foreign direct investment may keep yields elevated on fixed income securities.

A recovery, meanwhile, could happen if infrastructure and reforms gain traction. This could enhance liquidity, lower long-term rates and improve the relative attractiveness of Philippine bonds, according to de Castro.

The Department of Energy (DOE) has cleared the Manila Electric Co.’s (Meralco)competitive selection process (CSP) for a 200-megawatt (MW) baseload power supply from renewable energy (RE) facilities.

According to DOE Undersecretary Mario Marasigan, the agency has processed a certificate of conformity (CoC) for the conduct of Meralco’s competitive auction. ‘We issued it. I cannot remember the exact date, but I think the papers came through last week or the other week.’

Meralco, for its part, said over the weekend that it has yet to receive the CoC from the DOE.

A CoC should be issued by the DOE prior to the conduct of CSP. Meralco awaits the issuance of two more CoCs for the 450-MW mid-merit and 600-MW baseload requirements.

‘We have cleared the 200 megawatts. We received the comments of the PCC [Philippine Competition Commission] and the ERC [Energy Regulatory Commission]. In that sense, we deemed it ok to release the certificate of conformity for the 200 megawatts only,’ said Marasigan.

It can be recalled that Meralco has voluntary offered for review to the PCC the 200-MW baseload, 450-MW mid-merit, and 600-MW baseload, with deliveries scheduled to commence in the next five years.

The PCC and ERC will then submit their comments to the DOE which, in turn, will be referred to Meralco for appropriate comments and reply. Meralco’s reply to the comments of PCC and ERC will then have to be evaluated by the DOE.

‘If Meralco feels that they have already complied with the comments of the PCC and ERC, then they can proceed. So, what we certified in our COC was actually the conformity of the 200-megawatt baseload requirement RE,’ added Marasigan.

The 200-MW baseload supply of RE is necessary to comply with Renewable Portfolio Standards (RPS) policy, which requires power distributors like Meralco to source an increasing percentage of their electricity from RE sources to meet national RE targets.

Aside from the three CSPs, Meralco also plans to conduct another competitive bidding for 900-MW of baseload requirement, the last on its CSP list for the year.

‘There is another one coming in, a 900-MW baseload CSP. We are supposed to do that latter part of this year,’ said Meralco Senior Vice President and Regulatory Affairs head Jose Ronald Valles.

Meralco utility economics head Lawrence Fernandez said the 900-MW capacity is targeted for February 5, 2030, with a contract term of 15 years.

Coach Johnedel Cardel is hoping Titan Ultra can seal a deal that will bring back 7-foot veteran Greg Slaughter to the PBA.

Slaughter, who made a surprise appearance during the league’s two-day festivities over the weekend, is currently in talks with Titan Ultra’s new management about a potential return to the PBA.

‘Greg [Slaughter] is the type of player that you must have in your team,’ Cardel told BusinessMirror on Monday. ‘He is in shape, and we are confident that he is the missing link in our team. We are hoping that he can play for us.’

At 37, Slaughter is no stranger to the spotlight. A former standout for Ginebra and NorthPort, he’s already met with team manager Aldriane Anglim, and signs point to a promising reunion. The last time the 12-year veteran suited up in the PBA was in 2021, where he posted averages of 16.1 points, 10.8 rebounds, and 1.9 blocks per game for the Batang Pier-before contract talks hit a snag.

After his PBA stint, Slaughter took his talents overseas to Japan’s B.League, playing for Rizing Zephyr Fukuoka from 2022 to 2023. He returned to Philippine soil in 2024 to compete in the Maharlika Pilipinas Basketball League (MPBL) for Manila, and now plays for Basilan Starhorse.

Should the deal push through, Titan Ultra will unleash a formidable frontcourt duo: Slaughter and 6-foot-8 rookie Mario Barasi.

The twin-tower setup could help the team match up with the likes of San Miguel Beer, Ginebra, Converge, and TNT-especially in the paint against nine-time MVP June Mar Fajardo of the Beermen.

‘Everybody is excited to have him just like what Calvin [Abueva] said, it will be comfortable if we have him,’ Cardel added. ‘Greg is going to be our equalizer against any competitive teams like the San Miguel Beermen, Ginebra, Converge and TNT.’

‘The good thing so far is Greg’s openness to return to the PBA. We are just hoping that he can play for us in this conference,’ Cardel said. ‘He also said that he is ready to play for us. It is a great sign for the team.’

The Philippines has long been hailed as a country blessed with a significant demographic dividend-a youthful population that, if properly nurtured, could drive economic growth and social progress for decades. Yet, this optimistic narrative is now under serious threat. Recent reports from the Philippine Business for Education (PBEd) and international assessments reveal a disturbing truth: the country’s education system is failing to equip its young population with the skills they need to thrive, potentially turning the nation’s greatest asset into its biggest liability.

PBEd Executive Director Hanibal Camua’s warnings are clear and sobering. Without urgent and comprehensive reforms in basic education, the Philippines risks transforming its demographic dividend into a demographic deficiency within just five years. Instead of becoming productive contributors to the economy, many young Filipinos may end up unemployed or trapped in low-quality jobs, reliant on government assistance programs rather than driving the nation’s progress.

The data paints a grim picture. The Philippines ranked 64th out of 69 economies in the 2025 IMD World Talent Report, far behind Asean neighbors like Malaysia, Thailand, and Indonesia. Filipino students performed near the bottom in the 2022 PISA assessments, showing little improvement from previous years. Most alarmingly, a World Bank study indicates that nine out of 10 Filipino children cannot read and comprehend a simple text by age 10-a fundamental measure of learning poverty that should be unthinkable in a country aspiring to develop its human capital.

Functional literacy statistics echo these concerns: while most Filipinos can read and write, only about 70 percent can truly understand and apply information effectively. This gap underscores a critical weakness in the education system-one that threatens not only individual futures but the nation’s competitiveness in a rapidly evolving global economy.

The problem is not new, nor is it the fault of any single administration. Instead, it reflects decades of systemic underinvestment and neglect in education. The Philippines, once a regional education leader, has been overtaken by its neighbors, who have invested more heavily in talent development and education reforms.

It would do well for policymakers, educators, and stakeholders to recognize the urgency of the crisis. Addressing learning poverty must be a national priority, with increased funding, improved teacher training, updated curricula, and stronger accountability measures. The government should also foster partnerships with the private sector and civil society to innovate and scale effective educational interventions.

Failure to act decisively risks squandering one of the country’s most precious resources-its youth. The demographic dividend can only be realized through a competent, well-educated workforce ready to meet the demands of the 21st century. Without this, the country will face not just economic stagnation but a deepening social divide, as a growing population of under-skilled workers struggles to find meaningful employment.

The Philippines has a window of opportunity to avert this looming crisis. By acknowledging the severity of the problem and enacting comprehensive reforms, the country can still harness the potential of its demographic dividend. Failure to act decisively risks squandering this opportunity, potentially trapping a generation of Filipinos in a cycle of poverty, and transforming a potential strength into a devastating weakness.

There is a crying need to rewrite the script of this nation’s fractured soul-a people coming to grips with a story of insatiable greed now surfacing in the flood-control projects. Many of these were ghosts from the start; others, though completed, collapsed into substandard ruin. What is unfolding is not just corruption but its industrial-scale perfection-a naked grab for treasury money by DPWH engineers, contractors, and lawmakers who treated public funds as private quarry. The emerging tally-close to a trillion pesos-is a ledger of betrayal written in concrete and mud.

That staggering sum could have built classrooms for the 18 million 10-year-olds trapped in functional illiteracy. It could have financed cold-storage chains for farmers, laid down a steel industry for true industrialization, or paved the roads and bridges that connect forgotten communities. Instead, we find ourselves drowning in debt-P16 trillion and rising, nearly triple the national budget-while the floodwaters of neglect lap at our doors.

Something is profoundly amiss. Citizens, stunned by the audacity of it all, now demand less talk and more reckoning-the swift filing of cases against those already unmasked in the Senate and House hearings. Just last Friday, a business leader called me at dawn, asking the question that now hums across coffee tables and construction sites alike: Why do the hearings go on when the evidence already screams?

After all, each crack that let the floodwaters in was a line from an old ledger of deceit: overpriced contracts, ghost projects certified ‘completed,’ signatures of men who mistook public trust for private spoil. Families clung to rooftops while the waters climbed, wondering why the wall that was meant to protect them surrendered after a single season. The answer, as always, was not in the rain-it was in the rot.

We have reached the point where corruption is no longer an accounting error; it is an engineering flaw in the nation’s design. The flood-control scandal is not just about missing billions-it is the story of a Republic rebuilding its defenses on sand. What has been washed away is not merely infrastructure but confidence itself-the belief that government can still be trusted to do something as elemental as keeping its people dry.

Yet the flood did not begin with the rain. It began the day we allowed blacklisted contractors to find their way back into the game-rebranded, renamed, often with the same engineers and the same ghosts signing new papers. We built walls with recycled deceit. The absence of vetting is not a clerical lapse; it is the architecture of impunity. Our flood-control program mirrors our politics: patchwork repairs over unexamined foundations. From the post-Edsa promise of cleansing to today’s ghost projects, the pattern remains-a Republic that cannot remember its past mistakes keeps rebuilding them.

The record is damning. As far back as 2009, firms once debarred quietly resurfaced. The hearings have now unmasked a familiar cast: Wawao Builders, St. Timothy Construction Corp., Syms Trading, and others that siphoned funds for phantom or substandard projects. Preceding them were companies once blacklisted-Val Engineering and Construction, MEP Construction, Benjosh Construction and Supply, DVH Construction Services, NKU Construction and Supply, Cheina Construction, Syndite Construction Corp., M.R. Vargas Construction, R. Semilla Construction and Marketing, JTA Builders, UBAS Construction, MLU Construction, L.M. Baltonado Construction, Audric Construction and Supply, JLP Construction and Supply, and Rex E. Morales Construction. The carousel spins on the taxpayers’ coin.

But a breach, once named, can also be repaired. This scandal must not end in cynicism; it can be the blueprint for reform if we rebuild not only the walls but the way we build them. Begin by reclaiming procurement from the shadows-publish every contract, map every project, invite citizen engineers to audit the sites, and file swift cases against those already caught. This is not radical; it is simply doing in daylight what has long been done in the dark. It will tell a weary middle class and the flood-soaked poor that the carousel is being dismantled at last.

Beyond systems lies the deeper engineering of trust. We must treat corruption not as an occasional scandal but as a flaw in our national foundation-one we are all obliged to repair. Every case filed, every contractor banned for good, every appointee properly vetted becomes a new brick in a stronger civic levee. And if we pour that mix with integrity and vigilance, the next generation may yet stand on banks that hold-not because the rains are kinder, but because we finally learned how to build together.