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They say ‘eat the rich,’ and it seems that the widespread corruption allegations among high-ranking government officials are eating into the luxury property sector.

Colliers Philippines research director Joey Bondoc on Wednesday addressed the elephant in the room without needing a raised hand from the audience.

‘You’re probably wondering: has the flood control issue affected the take-up?’ Bondoc asked during their third quarter briefing. ‘Well, we believe that the flood control mess has had some impact on the more expensive condo segments luxury and ultra luxury.’

These are the residential condominium units worth at least P20 million each.

As we’ve previously learned, some buyers are shying away from the more expensive units because of the mess. After all, who would want to buy a unit that may be tied to a corrupt contractor?

On the other hand, the middle-income sector is thriving and improving, after many years of being cited as the main reason behind the supply glut.

How the tables have turned! Meg J. Adonis

Century comes to the fore

The Philippines’ true 1-percenters have a new ultraluxury vehicle brand to check out Century, touted as ‘a car in a class of its own.’

The brand that had long been known in certain exclusive circles used to be housed within Toyota, but the group’s ultimate symbol of luxury has been spun off to stand on its own and stand out in the upscale market.

And just to show how special Century is to the Toyota family, Toyota chair Akio Toyoda himself introduced the brand that combines elegant design with high-tech features during the ongoing Japan Mobility Show in Tokyo, Japan.

Toyoda waxed sentimental about the brand, referring to Century which bears the phoenix emblem as a car ‘born carrying Japan on its shoulders,’ as its history also reflects that of Japan’s vital car manufacturing industry itself.

But at the same time, Toyoda has his eyes firmly fixed on the future.

‘Century is not just another brand within Toyota Motor Corp. We want to cultivate it as a brand that brings the spirit of Japan the pride of Japan out into the world,’ Toyoda said, ‘The next Century begins with us.’

There is no fixed schedule yet on when the top-tier Century models each costing around $170,000 or P10 million will be distributed in the Philippines, but that should not stop those who have the means and the desire from eventually getting their hands on a Century. Tina Arceo-Dumlao

Salmon Bank retires 8.88-percent interest rate on deposits

Salmon Bank has stopped offering its eyebrow-raising 8.88-percent interest on deposit accounts and has ratcheted this down to 6.5 percent. Still, the rural bank touts the yield as a benchmark for deposits.

Co-founder and chair Raffy Montemayor says this still beats other banks which at best offer 5 percent or as little as 1.5 percent.

But wait, there’s more. The 6.5 percent is just the nominal rate as the effective annual rate is 7.02 percent.

‘Your P1 million earns P70,200 in one year with Salomon more than twice what traditional banks pay,’ Montemayor says.

Shortly after Taguig City-based Salmon Group secured regulator approval of its acquisition of a majority stake in Rural Bank of Sta. Rosa (in Laguna), they started in February 2024 to offer the 8.88-percent interest on deposits. But this stopped last month September amid an environment of receding interest rates.

Montemayor says that at the end of the first quarter of 2024, deposits totaled at P372.9 million. At the end of the third quarter of 2025, this has reached P1.77 billion ballooning by 375 percent.

Pavel Federov, one of two other co-founders (George Chesakov), says that starting this month, new customers that will open deposit accounts will get an interest rate of 6.5 percent.

‘We live in a very dynamic world and the BSP (Bangko Sentral ng Pilipinas has brought down (its benchmark) interest rate by 75 basis points over the last three quarters,’ Fedorov.

He says that, in that context, they had to bring down their interest rate also.

Still, deposit accounts that were opened before this month would enjoy 8.88 percent.

‘They [those depositors] are really lucky,’ Fedorov says. Ronnel W. Domingo

Golden Arrows for everyone

Good governance is steadily becoming the standard among Philippine corporations, and it always shows this time of the year.

We’re talking about the Institute of Corporate Directors’ annual Golden Arrow Awards, which recognizes the performance of companies when it comes to governance, including equitable treatment of shareholders, sustainability and resilience, and transparency and accountability.

The ASEAN Corporate Governance Scorecard is the main gauge, composed of 193 questions based on the publicly available disclosures of companies. A one-arrow award is awarded to those that achieve a score of at least 75 points, while a five-arrow recognition is given to those with 115 to 130 points.

SM Investments Corp. (SMIC), the country’s largest conglomerate, was among the recipients of the latter. Apart from SMIC, another Sy family-led company that received the 5 Golden Arrow Award is real estate giant SM Prime Holdings Inc. Other awardeed were China Banking Corp., Belle Corp. and BDO Unibank Inc. (four arrows); Pacific Online Systems Corp. (two arrows); and APC Group Inc. and Atlas Consolidated Mining and Development Corp. (three arrows).

‘Receiving this award for the second year in a row reflects the dedication of our board, management and employees across the SM Group,’ SMIC chair Amando Tetangco Jr. said in a statement on Tuesday.

Also bringing home honors are companies under the Gotianun-led Filinvest Group.

Conglomerate Filinvest Development Corp. (FDC), Filinvest REIT Corp. and EastWest Banking Corp. each received two arrows, while Filinvest Land Inc. received one.

Meanwhile, Aboitiz Equity Ventures Inc., Aboitiz Power Corp. and Union Bank of the Philippines all three listed companies of the Aboitiz Group each took home a 4 Golden Arrow Award.

For its part, Ayala Land Inc. also earned a 4 Golden Arrow Award, while subsidiaries AyalaLand Logistics Holdings Corp. and AREIT Inc. each received a 3 Golden Arrow Award.

DandL Industries Inc. wasn’t far behind the big conglomerates.

The food ingredients and plastic manufacturer took home a 3 Golden Arrow recognition, an improvement from last year’s two-arrow award.

This is also its sixth consecutive year receiving the award.

Megawide Construction Corp., which is emerging as one of the high-potential infrastructure firms of the bourse, bagged a 2 Golden Arrow Award, marking its fifth straight year of being recognized.

Regal Entertainment came to the defense of Ivana Alawi amid claims that the filming of the 2025 Metro Manila Film Festival (MMFF) entry ‘Shake, Rattle and Roll: Evil Origins’ has supposedly been experiencing delays because of the actress.

The rumors apparently stemmed from a Reddit user’s post claiming that the movie production has been a ‘mess,’ and that Alawi’s co-stars are getting frustrated because of the delays she supposedly caused.

The user also alleged that Alawi gets away with this because her ‘billionaire boyfriend’ is one of the producers of the film.

The production company then released a statement refuting these claims through its Facebook page on Wednesday, Oct. 29.

‘We would like to assure everyone that recent online posts about the production of ‘Shake, Rattle and Roll: Evil Origins’ and false claims involving Ms. Ivana Alawi are entirely unfounded,’ it began.

‘Ivana and the entire team have been working tirelessly to deliver something truly special for Filipino audiences this Christmas,’ it continued, noting that the actress ‘consistently demonstrated professionalism, dedication, and respect.’

The company then noted that the production ran smoothly and that the principal photography wrapped on schedule.

Addressing the claim about Alawi’s supposed producer boyfriend, Regal clarified, ”Shake, Rattle and Roll: Evil Origins’ is a Regal Entertainment production, with no outside producers or financiers.’

Alawi has yet to comment on the matter as of this writing.

She was previously being linked to Bacolod Rep. Albee Benitez, as stated in a criminal complaint for violence against women and children (VAWC) filed by his estranged wife, Dominique ‘Nikki’ Lopez-Benitez last May.

The two have denied the allegations of having an affair, though Benitez admitted that he has already separated from his wife.

Mayor Ingatun Istarul of Tipo-Tipo town in Basilan province on Wednesday asked the leadership of the erstwhile rebel group Moro Islamic Liberation Front (MILF) to rein in its members to avoid security-related problems in their communities.

The call came following attempts by a band of armed men, among them young MILF members, to overrun the Tipo-Tipo municipal government center on Tuesday in a bid to pursue a local employee whom they believed was involved in the killing of an Islamic preacher on Oct. 21.

The armed men exchanged gunfire with civil security personnel of the municipal government while soldiers and policemen stood guard to prevent them from taking over facilities, especially the town hall.

At least four people were wounded in the skirmishes, and they sent some 12,000 residents fleeing their homes and seeking temporary shelter with relatives in nearby Ungkaya Pukan and Al-Barka towns.

‘As mayor of Tipo-Tipo, I strongly condemn these acts of violence that endangered our people and disrupted the peace of our municipality,’ Istarul said in a statement on Wednesday.

The town, according to Istarul, was paralyzed for two days due to the tension generated by the assault launched by about 200 armed men.

‘We call on the coordinating committee on the cessation of hostilities (CCCH) and the MILF leadership to review and strengthen control mechanisms over their members’ movements and armed activities within civilian-populated areas to prevent similar incidents in the future,’ Istarul added.

The CCCH is a mechanism established by the government and the MILF to prevent unnecessary provocations among their respective forces, as well as pacify units engaged in armed encounters, as a way of helping create a good atmosphere in the negotiations for a peace agreement back then.

Mayor Ingatun Istarul

Clan feud

The negotiations for the armed men’s withdrawal on Tuesday overseen by Basilan Gov. Mujiv Hataman, were premised on their demand for justice for the murder of Ustadz Nadzri Tarahin.

But as far as incidents in Tipo-Tipo are concerned, Istarul said the tension started on Sunday when two men on a motorcycle fired indiscriminately at a checkpoint in Barangay Tipo-Tipo Proper. When pursued by government militiamen, the suspects fled to an MILF community.

Istarul said one of the suspects later died, and talks of retaliation spread across the town following the burial on Sunday night.

Those who launched a ‘coordinated assault’ on Tipo-Tipo Proper, according to Istarul, were identified to be relatives and sympathizers of the one who died on Sunday.

‘While the conflict had a tone of retaliation, it was not a regular ‘rido’ (clan feud) which usually occurs among families and lasts for years. This incident was distinct a deliberate, organized armed action supported by MILF elements who took justice into their own hands, thereby endangering the peace process and the safety of civilian communities,’ Istarul pointed out.

On Wednesday, Hataman visited Tipo-Tipo as part of a reassurance to its residents.

Also on Wednesday, bomb disposal experts swept through public areas in the town to dispose of unexploded ordnance.

Acting Philippine National Police chief Lt. Gen. Jose Melencio Nartatez Jr. said the police and the Armed Forces of the Philippines had set up checkpoints and deployed patrols to maintain order in Tipo-Tipo.

Passengers thronged bus terminals in Quezon City Thursday, October 30, to travel to their home provinces ahead of the All Saints’ Day and All Souls’ Day, or Undas.

In an interview with Inquirer, Genesis Bus Terminal management reported that 40 buses, each seating 45 passengers, departed between 12 a.m. and 8 a.m. The vehicles carried an estimated 2,250 passengers to destinations including Baguio City, Pampanga, Bataan, Olongapo, and Baler.

The 40 departures more than doubled the usual 20 buses on regular days.

At Baliwag Bus Terminal, 31 49-seater buses, carrying an estimated 1,500 passengers, departed for Bulacan and Nueva Ecija from the first trip at 2:30 a.m. until 7 a.m.

Baliwag dispatcher Alex Manango said the figures significantly exceeded normal days, when only 25 buses typically reach full seating capacity in the same time frame.

‘It is expected that this number will increase in the afternoon, around noon, and in the evening because tomorrow is a holiday. There will surely be more passengers later,’ Manango said in Filipino.

At Five Star Bus Terminal, 22 buses carrying a total of 990 passengers traveled to Nueva Ecija, Pangasinan, Cagayan, Pampanga, and Isabela from 5 a.m. to 7 a.m.

Management noted the morning traffic was still normal, but expects a surge in passengers in the afternoon.

Meanwhile, Cisco Bus Terminal, which serves routes to Nueva Ecija and Pangasinan, recorded an estimated 765 passengers aboard 17 buses from 1:30 a.m. to 8 a.m.

On Wednesday, acting Transportation Secretary Giovanni Lopez said the management and operators of public transportation, including bus terminals, have been placed on heightened alert to ensure a safe and orderly travel period for the Undas holiday.

Rookie Jeff Lumbo drained four birdies in a two-under-par 70 under a slight drizzle on Wednesday to stay atop the ICTSI South Pacific Golf Classic leaderboard with a host of dangerous pursuers lurking at the halfway mark of the P3.5-million event in Davao.

The 28-year-old from Sarangani used a hot four-hole stretch bridging the two nines to take a 137 aggregate into the third round as he tries to continue holding off the likes of Ryan Monsalve and Russell Bautista, who shot 68s to be two and three shots back, respectively.

A lot of the big guns continued to struggle over the tricky greens of the wide-open layout, with only Angelo Que making a big move after a 67 put him six shots behind in a group that also has Marvin Dumandan and Keanu Jahns, who both signed for 72s.

‘The conditions were difficult, especially the pin placements,’ Lumbo, whose two bogeys came from a three-putt on No. 6 and a wayward tee shot on the par-3 15th, where he failed to rescue par from six feet, said in Filipino.

Fidel Concepcion, the champion last week at nearby Apo Golf, skied to a 75 to now be nine shots behind, with Clyde Mondilla shooting a 72 to be another shot back. Jonel Ababa, who started the day just three shots off the pace, ballooned to a 78 to now be 11 behind.

Meanwhile, Sarah Ababa took control of the P1 million, 54-hole ladies side of the event after firing a 71, moving another good round away from sealing a second title in the last three weeks.

Counting a first round 69, Ababa, whose two bogeys came off three-putts on the 14th and 16th greens, holds a one-shot lead over Florence Bisera, who caught Chanelle Avaricio at second after firing a 70. Avaricio, who dethroned Ababa last week as the Apo Golf champion, struggled to a 73.

One of three suspects in the killing of Criminal Investigation and Detection Group (CIDG) Police Capt. Joel Deiparine in Cebu City surrendered to the Pasig City Police Station on Wednesday night, its chief said.

In a phone interview with reporters on Thursday, Pasig police chief Col. Hendrix Mangaldan said the suspect surrendered to them with the assistance of two city councilors, whom he did not name.

‘After what happened there in Cebu, he came here to Manila. He felt the pressure of the nationwide manhunt for him. He thought it best to surrender,’ Mangaldan explained in Filipino.

The Pasig police chief could not immediately identify who the suspect was nor explain why he was in the city and where the two other suspects may be.

Mangaldan said Pasig police turned the suspect over to the Cebu City Police Office.

Deiparine and his companion, Executive Master Sgt. Artchel Tero, were trailing the suspects in Sitio Balaw, Barangay Sudlon 2, in Cebu City as part of an investigation into loose firearms when the shootout occurred Saturday night.

Deiparine was shot dead, while Tero was wounded on his upper lip, CIDG public information chief Maj. Helen dela Cruz said in a press briefing in Camp Crame last Tuesday.

She only identified the three suspects as members of an alleged gun-for-hire group and said the police have yet to determine how big the group was and for how long it was operating.

Dela Cruz said a P500,000 monetary reward will be given for individuals who can give information leading to the capture of the at-large suspects.

BTS frontman RM on Wednesday became the first K-pop artist to deliver a keynote address at the Asia-Pacific Economic Cooperation CEO Summit, likening the genre’s global appeal to ‘bibimbap,’ the Korean mixed rice dish that blends diverse ingredients into one harmonious whole.

Speaking at the Gyeongju Arts Center in the southeastern city of Gyeongju on ‘the cultural and creative industries in the APEC region and the soft power of Korean culture,’ the 31-year-old said K-pop’s power lies in its ability to cross borders and connect people through shared emotion.

‘I’d like to compare K-pop music to bibimbap,’ RM said. ‘You take rice, add vegetables, meat and flavorings, and mix it all up that’s the key part. K-pop is much the same. It takes Korea’s unique aesthetics and emotions but doesn’t turn away elements of Western music like hip-hop, RandB or EDM. These parts all keep their identities, but when mixed together, they create something new, fresh and delightful.’

He described K-pop as ‘a 360-degree total package of music, dance, performance, storytelling, visuals and even social media,’ adding that its success ‘didn’t happen because one single culture was better, but because it respected diversity and embraced others while holding onto a Korean identity.’

RM recalled BTS’ early struggles a decade ago, when trying to get a mainstream media for foreign music in the English speaking world was seen as an ‘experiment.’

‘We tried to get on TV to show the world our music, but the doors were closed,’ he said. ‘When we said we were artists from Korea, people asked, ‘Are you from North or South Korea?’ or even, ‘Where on earth is Korea?”

He credited the group’s fanbase, known as Army, for breaking those barriers.

‘The force that broke down the walls was Army,’ he said. ‘They used our music as a medium for conversations that cross borders. They gave me a voice that was heard at the Billboard Music Awards, the Grammys, the United Nations, the White House and now, here at APEC.’

RM called the fandom ‘a new community shaped by the pure power of cultural solidarity and tolerance,’ saying it continues to inspire him.

‘Culture is like a river,’ he added. ‘It flows freely, sometimes coming together in harmony to create something new. I hope this creative flow of culture continues everywhere around the world.’

This year’s APEC CEO Summit, the largest private-sector forum linked to the 21-member APEC bloc, opened Tuesday for a three-day run under the theme ‘Beyond, Business, Bridge.’

Addressing global business leaders attending the event, RM appealed for greater support for creative communities.

‘Please help them give them the financial means to let their creativity bloom,’ he said. ‘Culture and the arts are a powerful force that moves hearts they are the fastest messengers that carry diversity.’

The Civil Aviation Authority of the Philippines (Caap) on Thursday said it is keeping track of 10 remaining air assets worth nearly P5 billion registered under companies owned by former Ako Bicol Rep. Elizaldy ‘Zaldy’ Co, after three others flew out of the country in the past two months.

According to Caap Director General Raul del Rosario, the aircraft linked to the former lawmaker that remain in the country have so far been conducting only ‘maintenance flights.’

Caap monitoring showed that Co’s two AgustaWestland helicopters were tracked in Kota Kinabalu, Malaysia, after leaving the country on Aug. 20 and Sept. 11, respectively, while a Gulfstream aircraft has been in Singapore since Aug. 16.

Del Rosario confirmed that passenger manifests showed Co did not use the three aircraft to fly overseas. However, the flight plan only indicated a one-way trip.

‘The passenger manifest is included whenever an exit clearance is requested. So we have a list, and Zaldy Co is not there,’ he said.

Before stepping down as party-list representative, Co left the country to seek medical treatment in the United States for an undisclosed condition.

Del Rosario noted that Philippine authorities could recover Co’s air assets through a freeze order from the Anti-Money Laundering Council (AMLC) and a court-issued forfeiture order.

The Independent Commission for Infrastructure (ICI) has tagged Co in a corruption scheme that allegedly gave lawmakers who acted as project proponents in certain flood control projects kickbacks amounting to 25 to 30 percent.

The fact-finding body has recommended to the Office of the Ombudsman that Co, along with Senators Joel Villanueva and Jinggoy Estrada, be charged with plunder a nonbailable offense as well as bribery, indirect bribery, and corruption of public officials.

The ICI also asked the Ombudsman to file graft and malversation charges against Co over an anomalous flood control project in Oriental Mindoro.

Surprise Senate witness Orly Guteza has never been under the custody of the Philippine Marines at least according to Senate President Pro Tempore Panfilo Lacson.

Lacson revealed the findings in a post on X (formerly Twitter) on Thursday, saying he verified the matter with Marine Commandant Major General Vince Blanco and with his fellow cavaliers.

‘Guteza is not and has never been under their custody. How much more fakery can we take?’ Lacson said.

The denial counters an earlier claim by former lawmaker Mike Defensor that Guteza was under the Marines’ protection. Defensor introduced Guteza to Sen. Rodante Marcoleta, Lacson noted.

Guteza, introduced by Marcoleta, appeared before the Senate blue ribbon committee in September, claiming that he delivered suitcases of cash to the homes of former lawmaker Zaldy Co and Leyte Rep. Martin Romualdez.

His sworn statement claimed Petchie Rose Espera notarized the document, a claim Espera later denied.

The Inquirer asked Lacson if he had information about Guteza’s whereabouts, but the senator has yet to reply.

In a cobbler’s workshop in Los Angeles, the footprints of Hollywood history are stacked floor to ceiling, watched over by a man who says his profession is dying. Yellowing boxes hold the lasts foot-shaped molds used to create footwear for everyone who was anyone in America’s entertainment capital for more than half a century.

Elizabeth Taylor lies toe-to-toe with Peter Fonda, Tom Jones, and Harrison Ford. In another stack sit the lasts for Sharon Stone, Liza Minnelli, and Goldie Hawn. Action heroes Sylvester Stallone and Arnold Schwarzenegger are also present.

‘There’s a bit of everybody here,’ says shoemaker Chris Francis, the custodian of the famous foot molds. Francis came into the collection a few years after the 2008 death of Pasquale Di Fabrizio, an Italian cobbler known in Los Angeles as the ‘shoemaker to the stars.’

‘Di Fabrizio made for everyone, from the casino owners to the actors, the performers in Vegas, Broadway, Hollywood, for film just anybody you could think of who was performing from the 1960s until 2008.’

‘There’s a bit of everybody here,’ says shoemaker Chris Francis, the custodian of the famous foot molds. Francis came into the collection a few years after the 2008 death of Pasquale Di Fabrizio, an Italian cobbler known in Los Angeles as the ‘shoemaker to the stars’

Some of the aging boxes contain autographs or dedications from the A-listers. Others, like those of Sarah Jessica Parker or ‘The Sound of Music’ songstress Julie Andrews, hold drawings from television or film productions.

Something that nobody else had

Hollywood was once the ideal place for a shoemaker, says Francis, with its voracious creative industry that churned out a constant stream of people who needed to make themselves stand out from the crowd.

‘Celebrities would brag about how much they paid for a pair of shoes, and they would want something that nobody else had,’ he said, pulling down a box containing the lasts of Adam West, the actor who played Batman in the original 1960s TV series.

Francis began his own couture journey, making clothes, and was given his first gig after being discovered stitching a leather jacket on a park bench. ‘Here in LA, it is easy to be in the right time in the right place,’ he laughs. But it was footwear that he really wanted to create, and he began practicing in his kitchen at home.

‘Celebrities would brag about how much they paid for a pair of shoes, and they would want something that nobody else had,’ he said, pulling down a box containing the lasts of Adam West, the actor who played Batman in the original 1960s TV series

‘They were sort of crude at first; I was just teaching myself how to do it,’ he says.

In search of someone to teach him the art, Francis traipsed around Los Angeles looking for an internship. ‘These guys are all old Armenian, Russian guys. They’re all from like the old world guys from like Iran, Syria,’ he adds. ‘They wouldn’t talk, or they didn’t speak very good English. So you just have to watch and learn, and then just learn by making over and over and over again.’

And if you don’t pay attention, it can all go wrong, he says. ‘There’s no forgiveness in a shoe. If you miss a step, if you cut a corner, then the next 20 steps after that might suffer. So everything has to be on point the whole time.’

Mass production

But in a changing world, such meticulous craftsmanship is not always rewarded.

Where Burt Reynolds or Robert De Niro might once have been happy to shell out thousands of dollars for a pair of handmade shoes, the whole industry has been turned on its head. ‘I’m finding more and more celebrities wanting shoes for free, which is just killing shoemakers like me,’ says Francis.

With his aging rockstar looks, Francis says in darker moments he wishes he had taken the advice of some of the old cobblers who taught him the trade. ‘They told me to go join a band,’ he says. ‘When I first started, [one man] said: ‘Why in the world do you want to be a shoemaker? They can buy shoes for $20 these days.”

Francis, 48, says some of the old-time shoemakers have given up trying to create footwear from scratch, and now just fix the mass-produced shoes that have put them out of business.