Author: user user

BSP move in focus as US Fed hike looms

A possible interest rate hike in the United States is putting the Bangko Sentral ng Pilipinas (BSP)’s next move in focus, with analysts offering differing views on whether further tightening is needed and how soon it should come.

Reyes Tacandong and Co. senior adviser Jonathan Ravelas said a possible US Federal Reserve rate increase could prompt an off-cycle BSP hike of 25 to 50 basis points, potentially as early as today.

However, Chinabank chief economist Domini Velasquez sees neither a need nor a meaningful chance for such a move.

Security Bank chief economist Angelo Taningco also sees a low probability of an off-cycle hike but expects the BSP to raise rates by 25 basis points at its October meeting.

The Fed has yet to announce its decision as of yesterday, with the outcome expected Thursday morning, Manila time.

‘I wouldn’t be surprised if there is an off-cycle hike in reaction to the Fed,’ Ravelas said.

An off-cycle hike is an increase in the central bank’s benchmark interest rate outside a scheduled policy meeting. The benchmark influences borrowing costs for households and businesses.

Ravelas said a 50-basis-point rate increase could be appropriate if the Fed raises rates by 25 basis points and further US tightening is expected in the fourth quarter.

Under that scenario, he said, half of the BSP increase would preserve the gap between Philippine and US policy rates, while the other half would help contain inflation expectations amid rising gasoline prices.

‘The 25-basis-point (hike) is to maintain the differential. The 25-basis-point (hike) is to lock in inflation expectations,’ Ravelas said.

The interest rate differential is the gap between rates in the two countries, which can influence the relative appeal of peso and dollar investments.

Ravelas said higher oil prices and US interest rates would keep pressure on the peso. Still, he framed his preferred BSP response primarily as a way to prevent expectations of future price increases from rising.

He emphasized that a move outside the BSP’s regular schedule remained a possibility rather than a certainty.

Velasquez offered a different assessment, arguing that preserving the rate gap should not be the BSP’s main consideration.

‘Instead, the BSP’s decision will likely be driven more by its inflation outlook and the economy’s ability to absorb elevated interest rates,’ she said.

Velasquez said weak domestic demand leaves little justification for another increase in borrowing costs.

‘Our view remains that domestic demand is still too soft to warrant further tightening,’ she said.

Chinabank believes the BSP has likely finished raising rates, with anticipated weakness in third-quarter economic growth expected to weigh on its assessment.

‘We think the BSP has likely reached the end of its hiking cycle, with weak economic growth in the third quarter likely to be an important factor in its assessment,’ Velasquez said.

Meanwhile, Taningco expects another BSP rate increase in October but sees a low probability of an off-cycle move even if the Fed raises rates by 25 basis points.

‘The probability for a BSP off-cycle hike is low because the Fed rate hike is widely expected and priced in by the market already,’ Taningco said.

Taningco forecasts a 25-basis-point rate hike in October, bringing the benchmark rate to 5.25 percent, where he expects it to remain through year-end.

Quirino governor dies at 48; remembered for 25-year public service

Quirino Gov. Dakila Carlo ‘Dax’ Cua passed away on Tuesday evening, ending a quarter-century career in public service marked by youth leadership, legislative reforms and local governance advocacy. He was 48.

His family appealed for prayers and support as they mourned his death and prepare to bring his remains home to the province.

Former Gov. Junie Cua, Dax’s 81-year-old father, made the appeal in a Facebook Live broadcast on Wednesday through the provincial government’s Quirino Province page.

Speaking in a mix of Ilocano and English, the elder Cua, who was visibly emotional, announced the death of his son and thanked Quirinians for their support.

‘Ay-ayatek a kailian (My dear constituents), it is with a heavy heart and profound sorrow that we announce the untimely passing of our beloved son, Dax Cua,’ he said.

He did not disclose the cause of death. The governor had reportedly been suffering from an undisclosed illness before his death.

‘Iti daytoy a napalalo a narigat a panawen (In these trying and difficult times), agkiddaw kami iti kararag kadagiti kailiantayo a Quirinian (we ask for prayers from our fellow Quirinians),’ Junie said.

‘Your presence, your support, your prayers will be a great comfort to our family,’ the former governor added.

The elder Cua said his son’s contributions to Quirino and his service to its people would be remembered.

‘His memory, his contributions he leaves behind will remain with us,’ Junie said.

Dax Cua’s remains are scheduled to be flown from Metro Manila to Quirino today.

He is survived by his wife, Quirino Rep. Midy Nacague Cua-whom he married in 2011-and their three children.

UI sets new rules for certificate collection

The University of Ibadan (UI) says certificates left uncollected for more than 10 years will be shredded.

The university announced new guidelines governing the collection of Statements of Result and certificates by graduates.

NAN sighted the special bulletin containing the guidelines, dated Sept. 15, 2026, on Wednesday.

The Registrar, Mr Ganiyu Saliu, signed the bulletin outlining the new requirements for graduates.

The university said graduates must collect their Statements of Result within six months after being notified that the documents are ready.

‘Graduates who fail to collect their Statements of Result within the stipulated period will pay a non-collection penalty of N2,500,’ it said.

The institution said the penalty must be paid before the Statement of Result could be released.

It added that Statements of Result would remain valid for two years from their dates of issuance.

According to the university, the document would serve as an interim record pending collection of the graduate’s certificate.

It said certificates remained the university’s official and permanent evidence of graduation and qualification.

The guidelines require graduates to collect their certificates within the two-year validity period of their Statements of Result.

The university said certificates would be available from the date of convocation until one year afterwards.

It said collection during the initial one-year period would attract a statutory fee of N7,500 for issuance and collection.

Certificates not collected after the initial one-year period would attract additional non-collection penalties.

The university said certificates collected after one year but within five years would attract a N25,000 penalty.

It added that certificates collected after five years but within 10 years would attract a N50,000 penalty.

However, the university warned that certificates remaining uncollected beyond 10 years would be liable to shredding.

It clarified that the non-collection penalties were separate from the N7,500 statutory certificate issuance and collection fee.

The institution advised graduates and other relevant stakeholders to take note of the guidelines and comply with the requirements.

Dr Zarau: Financing rules, tourism leakages limit Africa’s economic gains

African economies need to address gaps in access to finance for small businesses and ensure more tourism revenues remain within the continent, African Group, World Bank Director-General Dr Zarau Kibwe has said.

Dr Kibwe said some financial products were structured around investors and companies seeking large amounts of capital, potentially leaving micro, small and medium-sized enterprises (MSMEs) outside the formal financing market.

He made the remarks on September 17, 2026, during the National Planners’ Conference 2026 in ArusHe said one challenge facing institutions supporting MSMEs was the cost of transactions, while some financing systems set minimum thresholds that may not correspond with the needs of smaller businesses.

‘Some financial systems have also been built more for investors or companies that require large amounts of money,’ he said.

Dr Kibwe cited financing of about US$5 million, questioning whether a company requiring such an amount should automatically be considered a small, medium-sized or large enterprise.

‘These criteria can leave some of our MSMEs outside the financial market. This means our MSMEs are left out,’ he said.

He said addressing such gaps was important if African countries were to expand opportunities for smaller businesses and strengthen their contribution to economic growth.

Dr Kibwe also highlighted challenges facing the continent’s tourism sector, saying much of the money spent by visitors does not remain within African economies.

He said only about six per cent of every dollar spent by a tourist remained in Africa, underscoring the need for countries to increase the value of goods and services offered to visitors.

‘Of every one dollar that a tourist spends, only six percent of the money remains in Africa,’ Dr Kibwe said.

He said the situation showed that Africa still had significant room to strengthen links between tourism and other sectors of the economy so visitor spending generated greater benefits for local businesses and producers.

For Tanzania, Dr Kibwe said the focus should be on increasing value addition within tourism and strengthening its links with domestic production.

‘Tanzania needs to increase value in the sector and link tourism with other sectors of the economy, including domestic production, to increase the benefits of tourism to the economy and employment,’ he said.

He said stronger domestic linkages could help retain more tourism income within the country by encouraging hotels, tour operators and other businesses to source goods and services locally.

Dr Kibwe said this would require greater attention to local production, quality and capacity so businesses could meet demand created by the tourism sector.

The remarks were made as planners and other stakeholders gathered to discuss approaches to strengthening implementation and results under Tanzania’s Development Vision 2050.

The conference, held in Arusha under the theme ‘Delivering Vision 2050: Strengthening Integrated Planning, Execution and Results’, is bringing together planners and other stakeholders to examine how development priorities can be translated into measurable outcomes.

Dr Kibwe’s comments placed access to finance and retention of tourism revenues among issues African countries need to consider when seeking broader and more sustainable economic gains.

Shehu Sani: Prison Is Not For Punishment But Reformation

Former Kaduna Central senator, Shehu Sani, has said prisons should not be viewed primarily as places of punishment, but as correctional centres where inmates are given opportunities to reform, build character and prepare for reintegration into society.

Sani, who spoke through his representative, Malam Nasiru Abbas, at the 1st Nigerian Correctional Service (NCoS) Security, Welfare Agenda (SWAC) Conference Graduation Ceremony in Kaduna, said imprisonment should provide people with an opportunity to reflect on their lives and correct their mistakes.

He said his personal experience of incarceration had given him a deeper understanding of prison life, noting that he had been held at Kaduna Prison and other correctional facilities.

According to him, his experience was one of the reasons he attached importance to the occasion and would have attended personally but for an engagement that came up unexpectedly.

Sani said many people had never visited a prison or even seen a police cell, making it difficult for them to understand the purpose of correctional institutions.

‘A correctional centre is also a place where people are given the opportunity to reflect on their lives and correct their mistakes,’ he said.

He said being incarcerated did not automatically make a person dangerous or evil, stressing that inmates should be given opportunities to learn, reform and prepare themselves for a better life.

‘Being in prison does not automatically mean that someone is dangerous or evil in society. It can also be a place where people are given an opportunity to learn, reform and prepare themselves for a better life,’ he said.

The former senator said correctional centres should help inmates develop the capacity to withstand challenges, endure difficult circumstances and view life from a better perspective.

He also commended the Commandant of the Correctional Training School, Kaduna, Remond Yohana Jatau, for organising the event.

The event brought together 275 correctional officers from across Nigeria to examine issues relating to security, welfare, rehabilitation and service delivery within the correctional system.

Jatau, in his remarks, said the Nigerian Correctional Service had moved away from the traditional concept of punishment, with the 2019 Correctional Service Act placing greater emphasis on correction, rehabilitation and reintegration.

He charged correctional officers to focus on making inmates useful members of society rather than treating incarceration as an end in itself.

‘Meaning, it is no longer punishment. Depriving people of liberty is a non-punishment. Keeping them in custody is a non-punishment. But we must make them useful,’ Jatau said.

He said the ultimate objective of correctional administration should be to prepare inmates for their return to society and enable them to contribute positively to their communities.

Jatau also identified welfare officers as central to the rehabilitation process, saying they play important roles in addressing the social and other needs of inmates.

‘The whole idea about reformation, rehabilitation, and reintegration is about welfare work. The professionals that get that thing done are welfare officers,’ he said.

Also speaking, a representative of the Legal Aid Council of Nigeria in Kaduna, Rabiatu Ibrahim Abdullahi, called for reforms to strengthen the capacity of correctional officers and improve the reintegration of released inmates.

She advocated upgrading the Correctional Training School into a degree-awarding institution, arguing that welfare officers now perform complex psychosocial, legal and rehabilitative duties.

Abdullahi also called for the restoration of separate welfare and inspectorate directorates, saying greater attention should be given to the welfare of inmates.

‘You all know that custody without care is mere detention, and I’m sure that’s not what we all want to achieve,’ she said.

She further advocated the establishment of halfway homes where released inmates could receive shelter, counselling and vocational support before fully returning to their communities.

‘We know after keeping inmates, the next thing we want is for them to be reintegrated back into society. So release should not mean abandonment,’ Abdullahi said.

She urged the newly trained welfare officers to protect the dignity of inmates and advocate for vulnerable people within correctional facilities.

PH backs careful recalibration of global trade rules-official

Many developing countries, including the Philippines, are open to a careful recalibration of the global trading system that protects its foundation while ensuring fairness, according to a Philippine government official here.

Speaking at the launch of the World Trade Organization (WTO) World Trade Report 2026, Ambassador Manuel Antonio Teehankee, the Philippines’ Permanent Representative to the WTO, cautioned against abandoning the current framework amid global disruptions.

‘From a development perspective, many developing countries indeed are very open to recalibration or a rebalancing to take into account the new circumstances,’ Teehankee said.

However, Teehankee stressed that recalibration does not mean dismantling the current system.

‘It really means recognizing how those who have not benefited as much can achieve [the level of] those who have succeeded,’ the envoy said, adding that developing countries such as the Philippines ‘are firm believers in the core of the system.’

The envoy explained that any adjustments to the global trading rules should reaffirm development as the core objective, with special and differential treatment (SandD) remaining ‘a fundamental part of the development bargain.’

‘SandD by its very definition is special and differential. Recalibration means being very specific on how to help those countries that have not developed as much as the leading emerging [and] developing economies,’ Teehankee said.

The envoy also said lower-income countries should be provided with the necessary tools, such as technical capacity-building, infrastructure, and investment, to keep up with other economies.

‘The overall goal should be that all countries reach a level of equality and equity that will deliver to all citizens of the world. That’s the basic objective,’ he added.

The latest WTO report revealed that low- and middle-income economies account for 45 percent of the global merchandise trade, nearly double from 23 percent in 1995.

The report said this expansion, which underpinned substantial gross domestic product (GDP) growth and helped lift hundreds of millions of people out of poverty, coincided with the WTO’s creation in 1995, aligning with its foundational objectives to raise living standards worldwide. /

41,000 Workers Sacked Over Low Funding For Road Projects – FOCI

The Federation of Construction Industry (FOCI) has lamented that the inability of the federal government to adequately fund road projects to contractors has led to sacking of 41,000 workers in two years.

Speaking at a press briefing at the end of its 70th Annual General Meeting themed ‘The Competitive Advantage of Construction in Nigeria’ on Wednesday, FOCI’s President, High Chief Vincent Barrah, said termination, suspension, or delayed payment of its members contracts has resulted in significant loss of employment across the country.

‘This is increasing the unemployment rate in the society. Situational reports from our unions show that about 1,000 workers in the senior staff category and 40,000 workers in the junior staff category lost their jobs within the period under review. Imagine the consequences and the multiplier effect on their families, the market women, and the economy at large,’ he said.

He added that despite FOCI being the second largest employer of labor in Nigeria after governments as it employs millions of Nigerians directly and indirectly, the slow pace of work by members within the last one year has been very worrisome.

He noted that a major constraint members faced is the gap between the annual budgetary provisions and the actual cash releases.

‘Many infrastructure projects are awarded without multi-year funding, resulting in delayed payments, accumulation of certified debts, reduced construction activities, and in some cases, suspension of projects. Most of our members handling various projects are not working as we speak, and those working are operating at a very low capacity due to non-payment of certified jobs.’

He lamented that its members suffered arbitrary termination of contracts by the Ministry of Works even though the termination of those contracts were done by mutual consent.

He said the termination is mostly due to inadequate funding that delayed execution of those projects.

‘You do not expect a contractor to continue working without the provision of the necessary funds by the employer. Infrastructure projects are capital intensive, and for contracts to be completed on schedule, it requires constant funding. So, if projects are delayed, suspended, or even abandoned, it is not the fault of contractors.’

He added that the non-compliance with the standard conditions of contracts in existence as at the time the contracts were awarded posed serious challenges to its members, adding that total rejection of existing mechanisms for adjusting contract prices do not always respond adequately or quickly to major movements in inflation, foreign exchange fluctuations, and construction input costs.

‘Prolonged approval of variations can leave contractors executing projects at rates substantially below the prevailing market conditions. It is a well-known fact that the determination of contract prices is a function of many factors, including material prices, labour costs, the geographical location and soil condition of the project area, and so on. Every project is unique. So, either in augmentation or review of rates, the consideration should be based on its uniqueness and must reflect the current realities for it to be effectively implemented.

He added that significant depreciation of the naira and increases in the price of cement, steel, bitumen, diesel, equipment, spare parts, and other construction inputs have substantially increased project costs, thus contracts awarded several years ago may consequently become commercially difficult to execute at their original rates.

Man stabbed to death for singing loudly in Quezon

A man was stabbed to death by a neighbor following an argument over his loud singing in San Francisco, Quezon, on Wednesday night.

The victim, who was allegedly drunk, was singing loudly as he walked home in Barangay Mabunga at around 8:30 p.m. when the suspect confronted him as he wandered near his home, the Quezon police reported on Thursday.

The suspect told the victim to keep quiet and soon after, they engaged in a heated argument. The suspect allegedly pulled out a bolo and stabbed the victim fatally in the left chest.

The victim was rushed to a hospital in the town proper but was declared dead on arrival.

Police said the suspect and his family fled after the incident, taking with them the weapon allegedly used in the stabbing.

Police said they have launched a manhunt to arrest the suspect

Seismic

President BBM mentioned the proliferation of substandard steel but offered to policy solution to the problem. The matter, he says, will be investigated.

Several plants using obsolete induction furnace (IF) technology were built over the past few years. The President starts counting from 2018, seeming to suggest that the entry of these obsolete plants was attributable to the Duterte administration.

The more compelling contest should be Beijing’s decision to ban plants using IF technology. These plants are blamed for the heavy air pollution that enveloped China then. Many of the plants dismantled because of this policy found their way here. Today, about 40 IF plants have been transplanted from China to the Philippines.

There is another reason besides proximity that explains why the obsolete plants were relocated here. The steel industries in most of our neighbors in the region have come under the control of Chinese steel giants. These giants would not tolerate competition from substandard steel produced by banned technology.

Only the Philippines stands outside the realm of Chinese steel giants. Filipino steel manufacturers resisted offers from Chinese corporations to buy in or enter into joint ventures. Currently, some Filipino manufacturers use some of the most advanced steelmaking technologies in the world.

It could also be that some influential persons in the Duterte administration helped facilitate the entry of the banned IF plants from China. But available evidence point to toleration rather than policy encouragement of these plants.

There is speculation that the ban on IF plants in China represented the triumph of one faction of the Chinese ruling elite over the others. The triumphant faction has invested in more modern steelmaking plants. The losing faction, invested in obsolete IF technology, found ways to transfer the banned plants elsewhere. These transfers, by the way, also opened an avenue for laundering money.

The involvement of politically influential political factions in China should explain why the raids recently conducted by Philippine authorities on some of the IF plants precipitated something of a diplomatic incident. The Chinese embassy protested the treatment of their nationals found in the raided plants.

There is enough reason for some of our security officials, such as Defense Secretary Gilbert Teodoro, to closely scrutinize the IF plants. Some of them were found to be using hazardous (including radioactive) raw materials imported from China. The substandard steel they manufacture pose a hazard to public safety. The building that crumbled in Angeles City, for instance, used steel procured from an IF plant in Magalang.

The proliferation of substandard steel manufacturing cuts into the viability of Filipino steelmakers. Using obsolete technology banned at the source, availing of possibly cheaper financing, the possible involvement of money laundering activities and often using lower quality scrap metal, they are able to carve a share of the domestic market.

When corruption in our public works projects was at its peak, we cannot discount the symbiosis between corrupt contractors and suppliers of substandard steel manufacturers. Corrupt contractors care very little about the quality of their projects. They are in it for the illicit profit even if the inferior projects bring misery to Filipino communities. As we saw in the last flooding episode.

The solution to the proliferation of substandard steel products is available if the President cares to seriously address the matter. Experts at the DTI have long recommended a policy requiring steel products – especially reinforcement bars – to meet ‘seismic’ standards. This will require the steel products to have the tensile strength to withstand a seismic event.

The DTI, for reasons only they know, have not acted on the policy recommendation. Imaginably, our trade and industry bureaucrats are under great pressure from interest groups whose businesses might be hurt by a policy aimed at improving safety standards for our people.

According to metallurgists, the steel produced by the IF plants will fail to meet ‘seismic’ standards. There is no way the obsolete technology could meet the tensile strength requirements necessary to prevent buildings from collapsing and bridges from falling. Hundreds of millions, possibly billions, in hurried investments in importing old steel technology from China would be lost.

Our regulators, however, face literally life and death policy choices. If public safety is not the principal consideration, then we may simply allow substandard steel products to grab market share. But if our people’s safety is the first concern, then our regulators must enforce a ‘seismic’ grade requirement.

When the General Santos area was struck by an earthquake recently, several public school buildings collapsed. These are single-level structures, not even high-rises. It is a stroke of fortune that young students were not present when the classrooms collapsed.

We expect quakes to happen. We live in the western Pacific rim of fire. Every precaution needs to be taken to protect our people from inferior steel products.

Beyond promising more investigations, President BBM should instruct the DTI to adopt the higher grade requirement for steel products sold in our market. Public safety requires it.

Part of the crusade against corruption in our public works should be an honest examination of the materials used to build vital projects. In the last flooding episode, a bridge in Tarlac collapsed. Several dikes surrendered to the onslaught of water.

It is not so easy to examine flood control projects for the quality of materials used to engineer them. The corrupt syndicates do not care much about engineering quality.

Asian Games: Filipinas battle Hong Kong with two targets in mind

The Philippine women’s football team will be eyeing the maximum three points on Thursday when it goes up against Hong Kong in the Aichi-Nagoya Asian Games 2026 in Gifu.

Coach Mark Torcaso is hoping to see a better version of the Filipinas in the 6 p.m. match (Manila time) at Nagaragawa Stadium after snatching a point in their opening assignment against Uzbekistan.

Asian Games 2026: Filipinas football roster, what to know

Monday’s match saw substitute Natalie Collins score the equalizer after dispossessing an Uzbek opponent on the back that saved the Philippines from a less-than-ideal situation going into the Hong Kong affair.

‘I’m proud of this group and happy that, with many new and returning faces, we pinched a draw against a full Uzbekistan team,’ Torcaso said. ‘Can we play a little better? Yes, but we are working on something specific to be ready for the World Cup and some upcoming tough matches.’

The Filipinas are using the Asiad as part of their buildup for next year’s Fifa Women’s World Cup in Brazil, but they’re also hoping to succeed in their initial goal of advancing to the quarterfinals for the second straight time.

They’ll be facing Hong Kong for the first time since a 1-0 win at last year’s AFC Women’s Asian Cup Qualifiers in Cambodia, and any result less than another victory puts the Philippines in dangerous territory.

The top two teams and possibly the third-placer in Group G will advance to the knockout phase. The Filipinas face China on Monday.

Hong Kong was beaten, 5-1, by China in the opener.

Collins, who plays for Boise State in the US NCAA Division I, came through with the all-important goal in the tournament that served as her senior debut for the Philippines.

The 19-year-old was a fixture for the Philippines during its debut run in the 2024 AFC Women’s U-17 Asian Cup held in Indonesia, scoring two goals during the competition.

‘I believe that we just fight so hard for each other and we’re so proud to represent the crest and just our Filipino culture in every and all moments that we have on the field,’ Collins said.