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The real estate investment trust (REIT) unit of real estate giant Ayala Land Inc. (ALI) has extended its lead when it comes to the size of assets under management, thanks to new mall infusions.

In a regulatory filing on Wednesday, AREIT Inc., the country’s first publicly listed REIT, said its board of directors had approved a property-for-share swap with ALI and its subsidiary, Summerhill Commercial Ventures Corp.

The deal involves two mall assets worth P19.5 billion: Ayala Center Cebu and Ayala Malls Feliz in Pasig City. Together, these malls span 375,000 square meters (sq m).

In turn, ALI and Summerhill will subscribe to 441.13 million common shares of AREIT at P44.15 each, a 2.6-percent premium over its last closing price of P43.05.

Swap

Once AREIT shareholders approve the swap during a special meeting in December, this will extend the REIT’s gross leasable area to 4.7 million sq m, still the largest in the industry.

Broken down post-transaction, AREIT’s portfolio will be composed of 1.8 million sq m of buildings and 2.9 million sq m of industrial land.

This will likewise expand AREIT’s assets under management to P158 billion.

ALI and AREIT expect the deal to be closed by the second semester of 2026.

‘This latest asset infusion strengthens AREIT’s portfolio with two dynamic retail destinations, enhancing both our geographic reach and asset mix,’ AREIT president and CEO Alberto de Larrazabal said in a statement.

Assets

‘As we continue to build scale with quality, our shareholders will benefit from a larger and more diversified portfolio,’ De Larrazabal added.

Year-to-date, ALI has infused P40.5 billion worth of assets into AREIT, marking the latter’s largest annual addition in history.

Last month, ALI and its subsidiaries announced a planned P21-billion asset infusion into AREIT.

The transaction involves eight commercial buildings, namely, Central Bloc Office 1 and 2, AyalaMalls Central Bloc and Seda Central Bloc in Cebu City; AyalaMalls Abreeza and Abreeza Corporate Center in Davao City; and AyalaMalls Centrio and Centrio Corporate Center in Cagayan de Oro City.

In exchange for the properties, the companies will get a total of 505.89 million AREIT primary common shares.

REITs are steadily becoming attractive investment opportunities, especially since these are dividend-yielding and focus on income-generating real estate assets, like malls and office buildings, as well as renewable energy power plants.

The Negros Occidental Police Provincial Office (NOCPPO) has initiated an investigation into the clash between troops of the Philippine Army’s 62nd Infantry Battalion (62IB) and remnants of the New People’s Army (NPA) in Moises Padilla, Negros Occidental, on Wednesday.

The incident claimed the life of a six-year-old boy believed to have been hit by the indiscriminate firing of the fleeing rebels.

In a statement on Thursday, NOCPPO Director Col. Dennis Wenceslao said they are exerting all efforts to establish the circumstances of the incident and ensure accountability while extending assistance to the child’s family.

‘We deeply sympathize with the family of the young victim. NOCPPO will leave no stone unturned in ensuring a transparent and just investigation in coordination with the Philippine Army and all concerned agencies,’ he added.

The encounter took place a few minutes before 9 a.m. at Sitio Matal-i in Barangay Quintin Remo on Tuesday.

After a brief firefight, the rebel remnants under the NPA Central Negros 1 fled, and the boy from Sitio Inangaw was later found to have been killed by a stray bullet.

The Moises Padilla Municipal Police, led by Capt. Armel Lasap coordinated with the Municipal Disaster Risk Reduction and Management Office to conduct verification and initial investigation.

The victim’s remains were brought to the Nalagon Funeral Homes, and a post-mortem examination will determine the cause of his death.

Wenceslao said the police investigators assisted the victim’s parents in executing their sworn statements.

He added that coordination meetings have also started between the 62IB, the Moises Padilla police, and the Regional Mobile Force Battalion – Negros Island Region.

‘The NOCPPO continues to work closely with the 62IB and local government authorities to maintain peace and order in Moises Padilla and nearby areas. Ensuring the safety and welfare of civilians remains paramount,’ Wenceslao said.

In an earlier statement, Brig. Gen. Jason Jumawan, commander of the 302nd Infantry Brigade, said the rebel remnants have been conducting extortion activities in the area, and the soldiers were deployed to ensure the safety of the residents.

‘The soldiers were compelled to defend themselves while remaining mindful of the civilians nearby. Their primary intent was to push the terrorists away from the populace and secure the community,’ he added.

Jumawan said the NPA remnants were fully aware that the place was populated, yet they attacked the soldiers without hesitation or regard for civilian safety.

‘We strongly condemn this inhumane and barbaric act of the Communist Party of the Philippines – New People’s Army – National Democratic Front by attacking our troops in a populated area that endangered civilian lives,’ he said.

Counterfeit apparel valued at an estimated P482 million was seized by the Bureau of Customs, the agency reported on Thursday.

In a statement, the BOC said the shipments arrived at the Port of Manila in August 2025 and originated from Bangladesh.

‘To evade the BOC’s profiling system, these were transshipped to Singapore before being forwarded to Manila. The containers were flagged for examination following intelligence reports indicating possible misdeclaration and suspected Intellectual Property Rights infringement,’ said BOC.

BOC said during a 100 percent physical inspection conducted on October 9, 2025, customs authorities confirmed that the shipments contained 1,287 boxes of counterfeit branded apparel misdeclared as socks.

Each item was estimated to have a market value of P2,500, amounting to a total of P482,625,000.

‘The items bore the trademarks of multiple global and local brands, including but not limited to Jag, Bench, Zara, Givenchy, Fubu, Lee, HandM, Cotton On, Lacoste, Burberry, Essentials, Champion, Jordan, Levi’s, Bathing Ape, Oakley, RRJ, Calvin Klein, and Off-white,’ said BOC.

A Warrant of Seizure and Detention has been issued on October 28, 2025, for violations of Section 118 (Prohibited Importation and Exportation) in relation to Sections 1113 and 1401 of the Customs Modernization and Tariff Act and Republic Act No. 8293 or the Intellectual Property Code of the Philippines.

According to BOC, the shipments are now subject to condemnation, adding that they are pursuing the filing of criminal charges against the parties involved.

The Philippines is poised to have the region’s largest share of Generation Alpha, the youngest generation that will eventually become a consumer powerhouse, according to a research unit of Fitch Solutions.

In a report released on Wednesday, BMI said Filipino Gen Alphas would make up 27 percent of the country’s total population by 2030, followed by Malaysia and Vietnam with 21 percent.

On the other hand, Japan and South Korea will have the smallest share at 12 percent and 11 percent, respectively, due to having an older demographic and low birth rates.

Gen Alphas are defined as those born between 2010 and 2024 and described by BMI as tech-savvy ‘digital natives’ who are expected to play a larger role in consumer spending.

Across the region’s three largest consumer markets, Gen Alphas will account for around 23 percent of the population in both India and Indonesia, followed by Mainland China at 16 percent.

Birth rates

Currently, there are roughly two billion Gen Alphas, or almost a quarter of the world’s population.

Asia is expected to account for nearly half of the global Gen Alpha cluster, with about 935.7 million in the region by 2030. This translates to 11 percent of the total global population.

However, by 2050, this number is expected to fall slightly to 912.2 million due to the declining birth rates and shrinking family sizes in Mainland China and South Korea.

It took every ounce of stamina, three overtimes and ice-cold threes from Mark Gojo Cruz and JP Boral, but Perpetual Help escaped with a heart-pounding 88-85 win over San Beda in the longest game of NCAA Season 101 so far.

The win solidified the Altas’ hold on Group A at 8-1, and coach Olsen Racela was quick to point out how important the victory was to his squad.

‘We were up early, then they came back,’ Racela said. ‘It was a battle from start to finish. To beat a great program like San Beda that’s a big achievement for our school.’

Perpetual seized control in the third extra period behind a clutch three from Gojo Cruz that made it 85-81. Boral buried another triple late, and despite Agjanti Miller’s 28-point outburst, San Beda could not respond.

Patrick Sleat (23 points) and Gojo Cruz (20) led the Altas, while John Abis contributed 14 points and 11 boards. The Red Lions, still leading Group B at 6-2, got help from Yukien Andrada (13 points).

But if Perpetual’s win was about staying on top, San Sebastian’s was about survival.

Facing a Letran squad on a five-game streak and burdened by five straight losses of their own and unpaid salaries and allowances for four months the Golden Stags played like their season was on the line.

And it might have been.

No salaries, allowance

‘This proves we can compete,’ said coach Rob Labagala.

‘We’ve been through a lot. We’ve been showing up and fighting even when we haven’t been paid salaries and allowances for four months.’

That fight was on full display in the closing moments. Down four midway through the fourth, San Sebastian unleashed a 7-0 run to wrest the lead, then leaned on Jhuniel Dela Rama’s go-ahead jumper with three seconds left to steal the win, 82-81.

Dela Rama finished with 20 points and seven boards. Oneil Castor added 22 as the Stags improved to 2-7 in Group A. Letran, despite 26 points and 10 rebounds from Jonathan Manalili, fell to 5-4.

When more than 200 business, government, and development leaders gathered at the recent High-Level Forum on Carbon Credits, one thing became clear: the Philippines is ready to join the conversation on how carbon markets can finance climate action. The harder question we must answer together is whether we can build a market that the world can trust.

For years, climate discussions focused on regulations and renewable targets. Carbon markets mark a new phase turning decarbonization and nature protection into investible opportunities. When designed well, they channel resources from those with the means to those with the capacity to reduce or remove emissions, from forest restoration and mangrove protection to cleaner energy and waste-to-value projects. These transactions can fund real transformation in communities. But that ‘when designed well’ caveat is everything.

The past decade offers lessons worth remembering. Some carbon programs delivered measurable impact, while others faced scrutiny for overstated claims or weak safeguards. In several markets, the absence of consistent standards eroded confidence among investors and communities alike, reminding us that transparency and verification are not technicalities but the foundations of trust. Without them, credits lose value. With them, carbon markets can channel finance to the right projects and accelerate our collective transition.

At one point during the forum, participants were asked to share one or two words that captured what they felt after the first panel. The largest word in the cloud was ‘integrity.’ The second was ‘uncertainty.’ That brief exercise summed up the challenge ahead: building confidence in a market still finding its footing.

Investors and developers are eager to move but seek clarity. Who owns the emission reduction? How are benefits shared? How do we ensure every ton of carbon avoided or removed is real, additional, and permanent? These are not abstract details but the guardrails of a credible market.

The Philippines and Singapore are negotiating an implementation agreement under Article 6 of the Paris Agreement a step that can enable the generation and transfer of internationally recognized carbon credits. For the Philippines, this partnership is both an opportunity and a test: can we match investor interest with policy coherence, and project potential with verification discipline?

The foundations are taking shape. The Department of Environment and Natural Resources and the Department of Energy have signaled their commitment to align rules on measurement, reporting, and verification, while the private sector is mapping pipelines from renewable energy to agroforestry and industrial efficiency. These pieces must connect through an integrated registry, harmonized permitting, and clear guidance on how voluntary and compliance markets interact.

Integrity will distinguish the Philippines as a credible partner in Asia’s climate finance landscape. If we build systems that inspire confidence, in which every project is auditable, every benefit traceable, and every stakeholder accountable, investors will come, and communities will benefit.

The business sector has an active role to play. Companies can pilot projects that meet international standards, disclose methodologies, and adopt benefit-sharing models that respect local livelihoods. Industry groups can pool expertise and advocate for consistent policies. Platforms like the Makati Business Club can convene the dialogue between government, business, and civil society that keeps ambition grounded in integrity.

Carbon markets are not a silver bullet but can help bridge the financing gap for hard-to-abate sectors and restore our natural capital, complementing deeper decarbonization within value chains. Done right, each credit from a Philippine project can reflect the governance, transparency, and collaboration that give carbon markets lasting credibility.

The Philippines has long been described as climate-vulnerable. Perhaps this is our chance to be known instead as climate-capable a country that turns vulnerability into innovation, complexity into collaboration, and ambition into accountable action. We can build a market that others look to as a model, not because it is perfect, but because it is principled.

The forum closed on a hopeful note. The next step is to turn that momentum into consistent policy and credible practice. This will require persistence, transparency, and trust qualities that have long defined the best of Philippine business.

Edgar O. Chua is chair of the Makati Business Club’s board of trustees and is a board member of First Gen Corp. This column was prepared with support from Eunice Tanilon of MBC’s sustainability team, drawing from the High-Level Forum on Carbon Credits.

Aboitiz Power Corp. saw its earnings in the January to September slip by 15 percent despite stronger energy sales volume posted during the period.

In a disclosure on Wednesday, the company said core net income had reached P23.1 billion, down from P27.2 billion a year earlier.

The drop in profit was blamed on the full impact of depreciation and interest costs for GNPower Dinginin Ltd. Co.

Weaker spot market prices also offset the improvements recorded in the group’s power sales volume.

Its generation and retail electricity supply operations sold more energy in the first nine months, posting about 19 percent growth to 32,138 gigawatt hours (GWh) from 26,910 GWh a year ago.

Energy sales

Aboitiz Power’s distribution business likewise reported higher energy sales at 5,166 GWh, up 5 percent from 4,939 GWh.

But due to the decline in spot market prices, cash flow, as measured by earnings before interest, taxes, depreciation and amortization, ended flat at P56.3 billion. This was despite contributions from Chromite Gas Holdings Inc. (CGHI) and three new solar plants.

CGHI is Aboitiz Power’s joint venture with Pangilinan-led Manila Electric Co. Both parties have interest in two gas-fired power plants the 1,200 megawatt (MW) facility of South Premiere Power Corp. and the 1,275 MW Excellent Energy Resources, Inc.

The new solar farms, meanwhile, include the 159-MWp Laoag solar power plant in Pangasinan, 45-MWp Armenia solar project in Tarlac and 173-MWp Calatrava solar facility in Negros Occidental.

Renewables

The company has business in power generation, distribution, retail electricity services and distributed energy. Its power generation portfolio includes both renewable and nonrenewable generation plants.

For this year, Aboitiz Power has earmarked P78.1 billion in capital expenditures, with the bulk or 66 percent of the investment going to renewables.

Aside from deploying solar plants, the group has several clean power assets, including geothermal, large hydro, run-of-river hydro, wind and battery energy storage systems.

It generates more than 1,900 MW of clean electricity, with the firm targeting to grow this to 4.6 gigawatts of capacity by 2030.

President Ferdinand Marcos Jr. has signed into law a measure banning all offshore gaming operations in the Philippines, as well as other related activities.

Republic Act No. 12312, also known as the Anti-Pogo Act of 2025, was signed into law by the President on Oct. 23 but was published only on Oct. 29.

The new law makes permanent the executive order Marcos issued on Nov. 5 last year that imposed an immediate ban on all Philippine offshore gaming operators (Pogos) in the country.

In his third State of the Nation Address in July 2024, Marcos announced the official ban on Pogos, citing the social costs and threats to national security the industry had spawned.

Duterte act undone

Pogos were given until the end of that year to cease operations.

Republic Act No. 12312 repealed RA 11590, the law that taxed Pogos and their service providers and authorized their operations in the country, signed by former President Rodrigo Duterte in 2021.

Under the new law, work permits and visas of all individuals engaged in offshore gaming operations or employed by Pogos, Pogo gaming content providers, and Pogo-accredited service providers are declared canceled.

Also, all Pogos and Pogo-related entities ‘shall continue to be liable for all taxes, duties, regulatory fees, and all other charges up to the last day of their operations, which are due and payable to the government arising from or in connection to their operations,’ said the law.

Moreover, any act, omission, series, or combination of violations shall constitute ‘unlawful activity’ under Republic Act No. 9160, or the Anti-Money Laundering Act of 2001.

The new law prohibits any person or entity from ‘recruiting, obtaining, hiring, providing, offering, transporting, transferring, maintaining, harboring, or receiving any Filipino or foreign national’ for employment in offshore gaming operations in the country.

Oversight committee

It imposes imprisonment of up to 12 years and fines reaching P50 million on violators.

The Department of Labor and Employment has been tasked to formulate and implement programs to assist in the transition of all Filipino workers affected by the ban.

To ensure the law’s effective implementation, an Administrative Oversight Committee (AOC) will be created, composed of the Presidential Anti-Organized Crime Commission or its organizational successor-in-interest as chairperson and the Department of Justice, Department of Information and Communications Technology, and Department of the Interior and Local Government as members.

The AOC has been given the authority to ensure real-time and interoperable information-sharing among the agencies concerned, and the speedy investigation and prosecution of all persons accused or detained, among others.

‘Moral imperative’

The two senators who led the advocacy to terminate all Pogo activities in the country lauded the enactment of RA 12312, saying it ensures sustained government action against Pogo-like entities that have remained despite the ban’s implementation this year.

In a statement, Sen. Sherwin Gatchalian said, ‘Pogos have brought nothing but a surge in criminality that includes kidnapping, human trafficking, and prostitution, among others. This (the law) isn’t just an economic issue but a moral imperative.’

Likewise, Sen. Risa Hontiveros, chair of the Senate committee on women, children, family relations, and gender equality, said she has long called for the Pogo ban, given how the industry had abused and exploited not just people but also institutions.

‘From minors forced into prostitution to serve Chinese Pogo workers, to the mysterious story of Mayor Alice Guo’s scam hubs, Pogos have harmed our country in more ways than we can imagine,’ she stressed.

Broader measures

For their part, House lawmakers said on Wednesday that the law, while welcome, must also pave the way for broader measures banning online gambling.

In a statement, Cibac Rep. Eddie Villanueva, one of the authors of the House version of the law, called its passage ‘a long-awaited moral and social victory’ and reiterated his commitment to seeing the passage of its complementary measures, including the anti-online gambling bills now filed in the 20th Congress.

Manila Rep. Rolando Valeriano said in his own statement that the new law added momentum to pending House bills seeking to ban all forms of online gambling, including ‘e-sabong’ and internet-based casinos.

Mamamayang Liberal Rep. Leila de Lima, meanwhile, described the law as a long-overdue correction of a ‘Duterte administration-sponsored Chinese creeping invasion.’

‘These Pogos have caused so much harm from crimes, corruption, and abuse to threats to our national security but were tolerated and even protected by the previous administration,’ she said.

‘The government must ensure the expulsion of all remaining Pogos in the country, including those that still operate in a different form but are still Pogos,’ she added.

Kabataan Rep. Renee Louise Co and Gabriela Rep. Sarah Elago on Thursday sought an inquiry into the alleged illegal mining activities by a UK-based firm in Dupax del Norte, Nueva Vizcaya, which saw violent arrests of community members protesting against the project.

The Makabayan lawmakers filed a resolution urging the House committee on natural resources to investigate alleged anomalies and, if possible, suspend the mining activities of Woggle Corp. and all other extractive activities in the area.

They asked the committee, headed by Negros Occidental Rep. Alfredo Maranon III, to look into the circumstances under which Woggle Corp. was issued an exploration permit by the Department of Environment and Natural Resources’ Mining and Geosciences Bureau on Aug. 7, 2025, and whether the company conducted proper consultations and obtained informed consent from the affected communities.

In seeking an inquiry, the two Makabayan lawmakers emphasized that the residents ‘repeatedly and unequivocally expressed their opposition to destructive mining operations, have documented violations of permit conditions and environmental laws, and have exercised their constitutional rights to peaceful assembly and petition for redress of grievances.’

However, ‘their voices have been ignored, their rights violated, and their communities subjected to state violence,’ they said in their resolution.

Woggle, a subsidiary of London-based FCF Minerals Corp., was granted an exploration permit covering approximately 3,100 hectares in Dupax del Norte for the exploration of gold and copper deposits.

Since then, several local governments in the province, including the Sangguniang Panlalawigan of Nueva Vizcaya and the Sangguniang Barangay of Barangays Oyao, Bitnong, Inaban, and Munguia, adopted resolutions opposing the project, citing a lack of genuine public consultations and consent from the communities, as well as Woggle’s alleged failure to comply with environmental safeguards.

In protest, the residents erected barricades on access roads leading to the site, prompting Woggle to seek a temporary restraining order (TRO).

On Oct. 10, a Bayombong regional trial court granted Woggle’s petition and, on Oct. 16, directed the Philippine National Police to enforce the TRO and to arrest individuals resisting arrest, citing ‘hostile acts and resistance of the persons maintaining a barricade at the road going to the exploration site.’

The TRO, which would be in effect until Oct. 30, resulted in reports of violent dispersals and the use of excessive force against civilians and indigenous peoples.

This situation, Co and Elago said, ‘is emblematic of a broader pattern of environmental plunder, displacement of indigenous peoples and rural communities, and collusion between government agencies and foreign mining corporations that prioritize profit over people, environmental sustainability, and national patrimony.’

Last Monday, Mamamayang Liberal Rep. Leila de Lima also filed a similar resolution, citing the ‘pressing need for the House of Representatives to exercise its oversight and legislative functions’ to ascertain whether Woggle’s activities in the region complied with the law.

‘These cannot be ignored or set aside in any agreement entered into by the government. No amount of income or so-called development can compensate for the lives and livelihoods of the affected communities that are at risk due to illegal mining,’ De Lima said in filing HR 413.

It’s as though the pork barrel never went away: The scheme to pocket billions in public funds intended for flood control projects starts and ends with the proponent the lawmaker.

Independent Commission for Infrastructure (ICI) Chair Andres Reyes Jr. on Wednesday narrated how past and present members of Congress, government agency officials, district engineers, and private contractors allegedly colluded to get kickbacks ranging from 25 to 30 percent of the budget that should have been allotted for adequate and functional public infrastructure.

The fact-finding body, in its second interim report and recommendation, asked the Office of the Ombudsman to consider suing Senators Joel Villanueva and Jinggoy Estrada; former Ako Bicol Rep. Elizaldy ‘Zaldy’ Co, former Caloocan Rep. Mary Mitzi Cajayon-Uy; former Department of Public Works and Highways (DPWH) Undersecretary Roberto Bernardo; and Commission on Audit (COA) Commissioner Mario Lipana.

The ICI said it wants the Ombudsman to file the nonbailable charge of plunder against the five individuals, except for Bernardo, for their alleged ‘participat[ion] in a scheme which they took profit of in the massively large amounts of the people’s money.’

The panel also recommended the filing of other criminal charges of direct or indirect bribery and corruption of public officials against all six past and present public officials.

Systematic scheme

The ICI cited three laws that they violated: Articles 210-212 on bribery and corruption of public officers of the Revised Penal Code, Sections 3(b) and 3(c) of Republic Act No. 3019 (Anti-Graft and Corrupt Practices Act), and Section 2 of Republic Act No. 7080 (plunder law).

‘The Commission uncovered an alleged systematic ‘kickback scheme’ in which legislators acting as project proponents inserted flood-control projects into the National Expenditure Program (NEP), House General Appropriations Bill (GAB), and General Appropriations Act (GAA) in exchange for commissions ranging from 20 percent to 30 percent of project costs,’ Reyes said in a press conference.

‘Payments were reportedly coursed through DPWH engineers and cooperating contractors to secure project awards and facilitate releases,’ he added.

After reading his statement at the ICI, Reyes went to the Office of the Ombudsman to file the commission’s referral at 1 p.m.

He noted that those involved in the scheme chose flood mitigation projects because the kickback was ‘higher’ compared to only 10 percent for other projects. The findings, according to Reyes, were based on the testimonies of witnesses the three-man panel gathered since it opened an investigation into the anomalous public work projects on Sept. 23.

The sworn affidavits and pieces of evidence cited include those from former DPWH engineers Henry Alcantara, Brice Hernandez, and Jaypee Mendoza, who were all assigned to the first district of Bulacan province.

‘This scheme starts from the proponent, who is either a member of the Senate or of the House of Representatives, and will inform Engineer Alcantara that he or she has a budget allocated for infrastructure projects,’ Reyes said.

Engineers’ role

Reyes said it was Alcantara, the district engineer, who will order Hernandez, the assistant district engineer, to come up with a list of projects ‘based on the budget the proponent has.’ The vetted list will then be passed on to John Carlo Rivera, another former DPWH project engineer, so he can transmit it either to the regional office in Bulacan or the lawmaker who proposed the scheme.

‘If the list was provided to the DPWH regional director, it will be included in the NEP,’ noted Reyes. ‘If the list [was] given to the proponent itself, he or she would insert the projects in the GAB (of the House), or bicameral insertions, wherein it would be reflected in the GAA.’

The NEP is the proposed national budget submitted by the Office of the President to the Senate and the House of Representatives. The GAB originates from the House before it is transmitted to the Senate. The two chambers, after debating on the GAB separately, will then reconcile the two versions at the bicameral level and ratify the budget report before the President signs it into law as the GAA.

‘Once the projects were reflected in the NEP or GAA, Rivera would make a summary of the projects, while Alcantara would then choose the contractors who would then implement the project,’ the ICI head continued.

This would set off the payments of ‘obligations’ to the lawmaker: ‘An advance payment’ equivalent to 25 percent of the project’s budget, broken down as 10 percent given when the project is in the approved NEP and the remaining 15 percent released once the GAA with the ‘insertions’ is passed.

‘This 25-percent payoff is advanced by the contractors to ensure that the project will be awarded to them,’ Reyes said.

Plan to amend

Asked why the three DPWH engineers Alcantara, Hernandez and Mendoza were excluded from the recommendation, ICI executive director Brian Hosaka told reporters that the panel plans to amend the report to include charges against them.

The ICI gave weight to the three engineers’ sworn statements and transcripts of their appearance before the Senate blue ribbon hearings, noting that ‘the crux [of their] testimonies are that they personally immersed themselves in the practice of giving kickbacks and advances to legislators from their own pockets, in consideration of favorable promises, to the detriment of public work projects within his jurisdiction, which caused loss of lives and properties, multi-billion peso public funds squandered.’

‘Admissions’

It also took note of the ‘admissions’ made by Hernandez and Mendoza on their participation in the scheme, including the preparation of kickbacks to be sent to the homes or hotels of lawmakers. It, however, said that these were ‘subject to further testimonial and documentary evidence.’

The latest round of recommendations from ICI followed the first set of charges it gave to the Office of the Ombudsman on Sept. 29 where it also asked that a total of 18 individuals, including Co, be sued for graft and malversation of public funds, as well as administrative charges in connection with the P289.5-million flood control project in Barangay Tagumpay in Naujan, Oriental Mindoro province.

Separate NBI action

The National Bureau of Investigation also made a separate recommendation last month to prosecute 21 individuals involved in the flood control projects.

Reyes, who declined to answer questions from the media about the second ICI report, vowed to continue the investigation into the massive corruption in public infrastructure and to spare ‘no one.’

‘Politicians and government officials will be investigated and charged by credible evidence. Those found responsible will face the consequences and be held accountable under the rule of law,’ he said.

He also warned ‘aspiring’ criminals: ‘Crime will not and does not pay. We will continue to investigate, follow the evidence, pursue charges to the very last man involved. Justice will not be delayed this time; this is our promise to our countrymen.’