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BOC flags misdeclared P1.04-M medical devices at Cebu port

Around P1.04 million worth of medical devices were flagged at the Port of Cebu after they were misdeclared as a water purifier tube and bag, the Bureau of Customs (BOC) reported on Thursday, Sept. 17.

According to the BOC, two 40-foot containers were found carrying at least 78,720 medical devices during its examination procedures. It added that the items did not correspond with its declared description.

These include 24,000 peritoneal dialysis drainage bags, 43,200 sterile disposable intravenous infusion or administration sets, and 11,520 hemodialysis blood tubing sets that were packed in 1,800 cartons.

All of the seized items were identified as regulated medical devices subject to the Food and Drug Administration’s (FDA) requirements.

‘The Port of Cebu remains vigilant against misdeclaration and other attempts to circumvent our laws. We will continue to strengthen our border protection measures while ensuring that regulated goods entering the country comply with the necessary requirements,’ BOC Cebu District Collector De Guzman said in a statement.

The containers remained under BOC’s custody as seizure and forfeiture proceedings continued.

The shipment allegedly violated Customs Modernization and Tariff Act under Sections 117 and 1400, in relation to Section 1113 (f) and (i), as well as FDA regulations under the importation of medical devices

SA Evacuation Cost: Minority Boycotts Foreign Affairs Committee Meeting

The Minority Caucus on Parliament’s Foreign Affairs Committee yesterday refused to participate in a closed-door meeting briefed by the Minister for Foreign Affairs, Samuel Okudzeto Ablakwa, on the evacuation of Ghanaians from South Africa.

In a statement signed by the Ranking Member of the Committee, Samuel A. Jinapor, Member of Parliament (MP) for Damongo, the Minority said its decision follows the Ministry’s failure to provide full disclosure on the expenditure incurred.

The Minority said it supported the government’s decision to evacuate Ghanaian nationals whose safety was threatened by xenophobic attacks in South Africa, noting that the protection of citizens abroad is an important responsibility of the state.

It, however, said that support does not dispense with the government’s obligation to account for public funds.

According to the statement, on August 17, 2026, the Minority submitted a formal request under the Right to Information Act, 2019 (Act 989), with reference number MP/BF/RTI/2026/007, requesting comprehensive records relating to the cost and financing of the evacuation, which the Minister had indicated was funded by the government and ‘Ghanaian partners’.

The request was received by the Ministry on August 25.

The information sought included detailed expenditure, funding sources, identities and contributions of private partners, expenditure on flights, accommodation, feeding, medical services, reintegration payments, as well as procurement and payment records.

The Minority said on September 7, 2026, the Minister announced that almost GHS50 million had been expended on the evacuation and reintegration of 1,964 Ghanaians, but the Ministry has not furnished the itemised account and supporting documentation requested.

‘The expenditure of public funds carries with it a corresponding duty of accountability. Government must be prepared to account, not only for the total amount spent, but also for how that expenditure was incurred,’ the statement said.

‘In these circumstances, the Minority does not consider it appropriate to participate in a closed-door meeting intended to discuss the same subject matter while its formal request for the underlying expenditure records remains outstanding.’

The Caucus said it will not participate in the meeting unless and until the Ministry provides the itemised account and supporting records.

‘We reiterate our call on the Ministry of Foreign Affairs to make full disclosure of the expenditure relating to the evacuation exercise,’ Mr. Jinapor said, adding that the Minority will remain resolute in demanding transparency and accountability in the use of taxpayers’ funds.

Meeting Rescheduled

Meanwhile, Parliament’s Foreign Affairs Committee has rescheduled its planned meeting with Foreign Affairs Minister Samuel Okudzeto Ablakwa after the Minority declined to participate in the briefing.

Chairman of the Foreign Affairs Committee, Dr. Alfred Okoe Vanderpuije, said the meeting was rescheduled to ensure all committee members are present for the Minister’s briefing.

‘We scheduled a meeting for the Minister to come and brief the committee. Unfortunately, the Minority decided that they will not be participating. I, as chair, decided that we must do whatever it takes to have all the committee members be part of the meeting with the Minister,’ he said.

Luxury cruise leads to legal showdown

A Thai luxury property developer and a socialite fashion designer are feuding in court over a luxury ‘lifestyle experience’ cruise that the developer says did not live up to its expectations for marketing exposure.

Reignwood Holding has filed a civil lawsuit against Vatanika Group, the company founded by the fashion designer and social media personality Vatanika Patamasingh Na Ayudhya, seeking 21.8 million baht for alleged breach of contract linked to the luxury experiential travel venture.

The dispute centres on the Equilibrium Trip, a project proposed by Vatanika Group in March as a luxury lifestyle experience combining travel, wellness and leisure for VIP clients.

Vatanika Patamasingh Na Ayudhya. (Photo: Lotus Arts de Vivre)

Vatanika Patamasingh Na Ayudhya. (Photo: Lotus Arts de Vivre)

According to the plaintiff’s account cited in the court filing on July 9, Reignwood agreed to participate as a principal sponsor and paid 9 million baht under a contract signed on April 12. The agreement allowed Reignwood and companies within its group to showcase their products, services and trademarks during the programme.

Reignwood Group is best known for Reignwood Park, a 2,000-rai mixed-use development in Pathum Thani where luxury residences can cost up to 300 million baht. An international school and golf course are also on the site.

Founded by Chinese-Thai billionaire Chanchai Ruayrungruang, Reignwood also has high-end property projects in the UK and China.

The company’s lawsuit claims that the invitation-only Equilibrium Trip was also designed to use the Sea Bear, a luxury yacht operated by Reignwood, with Vatanika Group responsible for managing the experience for selected VIP guests. The itinerary was to involve two yachts and accommodation at five-star hotels or above.

Reignwood alleges that several conditions of the agreement were not fulfilled during the first trip.

Among the claims are that products from businesses competing with those of the sponsor were included, while Reignwood’s branding was either not displayed or was not given sufficient prominence.

The company also alleges that the event did not deliver the experience outlined in the agreement and that its management fell below the expected standard. Ms Vatanika, who was described as the project’s principal organiser, spent only about 30 minutes aboard the Sea Bear during the event, it said.

Following the first cruise, Reignwood said it terminated the agreement and subsequently sought compensation. It said it had attempted to resolve the dispute through negotiations before turning to the court.

Woraphanit Ruayrungruang, CEO of Reignwood Group. (Photo: Government House)

Woraphanit Ruayrungruang, CEO of Reignwood Group. (Photo: Government House)

The collaboration between the two companies had initially been presented as an extension of Reignwood’s lifestyle philosophy. In May, Reignwood Park described Equilibrium by Vatanika as an experiential lifestyle platform built around the idea of balancing enjoyment and wellbeing.

Vatanika Group has disputed the allegations.

In a statement dated on Sept 16 and posted through Vatanika’s social media channels the following day, the company said the allegations that it had breached the contract had no basis and that it had appointed lawyers to defend its position in court. The company also said it had filed counterclaims for damages.

BYD launches RACCO in Japan, marking its entry into small vehicle segment

BYD officially launched RACCO, its first model specifically designed to break into the highly competitive Japanese automotive market.

The launch took place across multiple events hosted across Japan, marking BYD’s official entry into the ‘kei’ car segment. BYD Group Vice President Liu Xueliang attended the event and unveiled the new model together with BYD Japan Head of Passenger Vehicles, RACCO Project Leader Atsuki Tofukuji, and Head of Japan Planning Hirohide Tagawa.

By highlighting RACCO’s safety, spaciousness, convenience and other product advantages based on Japanese consumers’ daily mobility scenarios, BYD demonstrated how RACCO is designed around the real needs of the users, further increasing awareness and influence of the BYD brand in Japan.

RACCO is BYD’s first vehicle developed specifically for the exacting standards of an overseas market, and the first mass-produced pure electric vehicle built by an overseas automaker exclusively to meet Japan’s stringent ‘kei’ car regulations.

‘Kei’ cars are a distinct category unique to Japan, governed by strict rules on engine size, power, and vehicle dimensions, and account for approximately 40% of the country’s new vehicle sales, making them one of its most significant automotive segments. To capture this opportunity, BYD drew on its global R and D capabilities to develop the RACCO around Japan’s stringent ‘kei’ car regulations, road conditions, and consumer expectations, optimising everything from vehicle architecture and battery systems to electric drive, chassis, and safety, engineering RACCO to the precision and rigor that define one of the world’s most demanding automotive segments.

Its official launch marks BYD’s entry into Japan’s largest automotive segment and represents an important milestone in BYD’s global small EV strategy. It also demonstrates the evolution of BYD’s globalisation approach from product export toward localised R and D and localised innovation.

John Keells CG Auto Chief Executive Officer Charith Panditharatne said: ‘RACCO was engineered to meet Japan’s exacting ‘kei’ car standards, a segment that demands precision, efficiency and smart use of space. That same combination, compact on the outside, spacious inside, is exactly what resonates with Sri Lankan customers. We’re actively exploring how RACCO, or a version adapted for our market, could fit into BYD’s growing lineup here, and looking at the right timing to bring that experience to Sri Lanka.’

He added: ‘Given the long-standing popularity of Japanese Domestic Market (JDM) vehicles in Sri Lanka, BYD’s entry into the ‘kei’ car space has major implications for the Japanese market, as well as our own,’

The RACCO demonstrates BYD’s capability to define products, develop technologies and innovate locally for specific overseas markets. It proves that BYD possesses the R and D capability to ‘develop any vehicle for any country,’ rather than simply export the same product globally. This milestone reflects the continued maturity of BYD’s global R and D system and provides valuable experience for future localised development in additional markets.

As BYD’s smallest mass-produced vehicle to date, RACCO further expands BYD’s global new energy vehicle portfolio, completing the company’s product coverage in the small EV segment and providing stronger support for continued expansion into global niche markets.

The successful launch of RACCO is not only an important achievement for BYD Japan, but also a significant practice of BYD Group’s global strategy. Looking ahead, BYD will continue pursuing a strategy that combines globalisation with localisation. Leveraging its global R and D network and core new energy technologies, BYD will continue introducing products that better meet the needs of regional markets, further strengthen its global brand influence and international competitiveness, and advance its global development to new levels.

US commitment to Sri Lanka at its highest level

The US commitment to Sri Lanka is at its highest level in recent times, and Sri Lanka now has a narrow but important opportunity to convert that goodwill into a more durable economic partnership with Washington. That was the central message from former Sri Lankan Ambassador to the United States Mahinda Samarasinghe, who called for the early conclusion of the bilateral agreement on the new US tariff regime, warning that Sri Lanka must secure certainty for its exporters and investors. (Daily FT)

Delivering the keynote at the Sri Lanka Institute of Directors (SLID) Annual Members Meeting and 25th Anniversary celebration at Cinnamon Grand Colombo, Samarasinghe placed the relationship in the context of Sri Lanka’s economic recovery.

‘If not for the United States, the IMF deal would never have been done,’ he said.

The remark goes to the heart of Sri Lanka’s relationship with Washington. The US has not merely been an important trading partner; it has also been an important economic and diplomatic partner at a critical moment in Sri Lanka’s history. The challenge now is to ensure that this relationship delivers a stronger economic dividend over the next decade.

The US market cannot be taken for granted

The US accounts for around 25% of Sri Lanka’s exports. For an economy that needs to generate foreign exchange, preserve export employment and attract new investment, continued access to the US market is strategically important. (Daily FT). This is why the tariff negotiations matter far beyond the immediate percentage being discussed. Samarasinghe said negotiations and US goodwill had helped reduce the originally proposed tariff from 44% to 33% and subsequently to 10%. (Daily FT) That is a substantial improvement. But the real prize is not simply obtaining a lower tariff today. It is securing a framework that gives exporters the confidence to invest, expand capacity and enter into long-term commercial commitments. Julie Chung, who made her presence felt during her tenure in Colombo, has now left, with her successor, US Ambassador Eric Meyer, taking over at an important juncture to further strengthen the longstanding US-Sri Lanka relationship.

Policy consistency

Businesses cannot plan effectively when market access remains uncertain. A manufacturer deciding whether to invest millions of dollars in a new production line needs confidence about the tariff environment several years ahead. International investors similarly require predictable rules. This is why Samarasinghe’s call to ‘lock in’ the favourable tariff rate deserves particular attention.

‘I have recommended very strongly to the Government that we need to conclude the agreement so that we can lock in the very favourable tariff rate that Sri Lanka has got up to now,’ he said. (Daily FT)

Samarasinghe said around 90% of the agreement’s content had been completed, with the remaining work involving agreement in principle, domestic procedures and the necessary legal processes before signing and implementation. (Daily FT).Sri Lanka has often paid a high price for policy uncertainty and delays. Investors do not wait indefinitely, and export orders can move to competing countries when the commercial environment becomes less attractive.The Government therefore needs to recognise that certainty itself is an economic asset.

Give and take

There is, however, no such thing as a one-sided trade agreement. Samarasinghe pointed out that countries concluding agreements with the US have generally had to provide complete or near-complete duty-free access for American exports. (Daily FT). This is where the negotiations become more difficult-and more important. Sri Lanka must determine what it is prepared to offer in return for preferential access to the US market. Opening the domestic market can create opportunities through greater competition, lower costs and technology transfer, but it can also expose less competitive industries to pressure. The answer should not be blanket protection. Sri Lanka’s objective should be a framework that encourages competitiveness and investment while allowing sufficient time for sectors requiring adjustment. The agreement should also form part of a broader export strategy rather than remain an isolated tariff arrangement.

The investment opportunity

Perhaps the biggest opportunity is not the exports Sri Lanka has today, but the investment it could attract tomorrow. A predictable US trade framework could strengthen Sri Lanka’s proposition to international investors. If investors know that Sri Lanka offers reliable access to a major market, the country becomes more attractive as a production and services base. But tariffs alone will not bring that investment because the sub region has got the same. Sri Lanka must also address issues that repeatedly concern investors: policy consistency, taxation, regulation, infrastructure, skills, energy costs, logistics and the efficiency of public institutions. The trade agreement can therefore become a catalyst for broader economic reform.

From friendship to economic partnership

Samarasinghe emphasised that the US has been a longstanding friend of Sri Lanka and that its support has been ‘unconditional and genuine’. (Daily FT) That relationship now has an opportunity to evolve into a deeper economic partnership. The next phase should focus on trade and investment, technology, education, skills development, supply-chain integration and economic resilience. For Sri Lanka, the objective should therefore be clear: to leverage the goodwill built with Washington.

The longer-term objective must be to use that agreement as a platform for attracting investment, diversifying exports and embedding Sri Lanka more firmly in global supply chains. Sri Lanka has stabilised its economy; the next challenge is to generate sustainable growth. The US relationship can play a major role in that transition. The opportunity before Sri Lanka is to leverage the current US goodwill into long-term economic certainty-and turn that certainty into exports, investment, jobs and growth, while maintaining our longstanding relationship.

People’s Bank YES Cash Carnival draw rewards 25 customers

People’s Bank recently conducted the ‘YES Cash Carnival Draw’, providing 25 lucky customers with the opportunity to win Rs. 100,000 each.

The promotion was open to customers who maintained a balance of Rs. 50,000 or above their YES Savings Account between the period of 12 August and 30 September 2025 and maintained the said balance until 31 December 2025.

The draw ceremony was attended by senior officials of People’s Bank, including Deputy General Manager (Recoveries) Naleen Pathiranage; Deputy General Manager (Retail Banking) A.U.A. Anzar; Assistant General Manager (Retail Banking) A. Jayaasith and Senior Internal Audit Officer R.M.A.K Rajaguru, together with other bank officials.

DBS bets on strong PH growth rebound but flags energy risk

The Philippines has the potential to grow by an average of 5.8 percent a year from 2026 through 2035, according to DBS Bank Ltd., though it warned that the country’s heavy reliance on imported energy could weigh on that expansion.

In a report copublished with Bain and Company and Vriens and Partners, the Singapore-based bank projected that the Philippines would be the second-fastest-growing economy among the six major Southeast Asian markets it studied, behind Vietnam at 6.2 percent.

The projected growth for the Philippines will also outpace the average forecast growth of 4.8 percent for the region. The study covered Indonesia, Malaysia, Singapore and Thailand in addition to the Philippines and Vietnam.

DBS noted that the Philippines enjoys a legion of young workforce and steady remittance inflows. A consumption-led model is also seen to insulate the economy from global trade disruptions.

But the bank said the country’s growth architecture is vulnerable.

‘Dependence on imported energy quickly turns external price shocks into household inflation, while weak policy implementation hinders the conversion of investment commitment into actual deployment,’ DBS said.

‘Additionally, artificial intelligence (AI)-driven automation creates longer-term risk to the business process outsourcing (BPO) sector,’ it added. ‘Without stronger energy security and governance consistency, growth could be capped below the Philippines’ potential.’

Losing momentum

Those vulnerabilities showed this year. In the first half, the domestic economy expanded just 2.6 percent, well below the government’s revised target of 3.5 percent to 4.5 percent for 2026.

Growth was weighed down by the fallout from the Middle East conflict, which pushed up global oil prices and battered net energy-importing economies like the Philippines. The slowdown happened at a time when the country has yet to fully recover from a confidence shock tied to a major corruption scandal.

At the same time, growth is losing momentum as the Philippines misses out on the global AI boom gains that have helped some of its Southeast Asian neighbors weather the war-driven headwinds.

Looking ahead, DBS said progress on energy and institutional resilience would enable the AI transition, but the more immediate priority is upgrading the country’s BPO sector to mitigate automation pressures.

‘The next few years will be critical,’ the bank said. ‘The Philippines must move into higher-value services while sustaining reform momentum through its next leadership transition.’

PSEi retreating as investors prep for GCash IPO – analysts

The local stock market could further retreat over the next two weeks, with investors selling their shares to pile up capital to place on the initial public offering (IPO) of e-wallet giant GCash.

Reyes Tacandong and Co. senior adviser Jonathan Ravelas yesterday said investors may pull away from the benchmark Philippine Stock Exchange index (PSEi) to assess their next trading move.

Ravelas said the PSEi right now is displaying every symptom that its investors are preparing for two things: the possibility of a US Fed rate hike and the IPO of GCash’s parent Mynt Inc.

‘The market is in a hand-to-hand combat between positivity and uncertainty, and now people are weighing what would be Mynt’s pricing. When the market consolidates, the market is thinking of something,’ Ravelas said at the Kapihan sa Manila Bay.

Mynt is preparing for an IPO that could raise a record P92 billion. The offer is composed of 8.02 billion in primary and secondary common shares, with an overallotment book of up to 1.2 billion secondary common shares.

Mynt’s indicative price is P10 per share, but the final rate setting is scheduled on Oct. 1, with the offer taking place between Oct. 6 and 12.

Ravelas said the maximum price of P10 a piece justifies GCash’s potential for further expansion, noting that Filipinos are still in the early stage of digital adoption.

The PSEi, for its part, has been showing signs of consolidation, struggling to recover after hitting 6,488.35 on July 21, but as Ravelas noted, another factor could be concerns over a Fed hike.

Philstocks Financial Inc. research manager Japhet Tantiangco said the IPO would help the PSEi recover in the long run. If the IPO turns out successful, he sees the market rallying again before the year ends.

‘Investors are really looking toward this. If they [Mynt] perform well as they get into the market, then there’s the possibility that they could revive investor sentiment, and they could invite more investor participation in the market,’ Tantiangco said.

Right now, discussions among analysts, brokers and traders center on whether Mynt deserves to be priced at a premium of P10 a piece, as some think the rate should be cut to P7.

Some IPO analysis point out that Mynt’s profit growth is beginning to slow down, and it may no longer be capable of turning in the 39-percent expansion it showed from 2023 to 2025.

Zelenskyy says Russian military deaths could approach 1 million

The number of Russian military personnel killed in the war against Ukraine could approach one million over five years of full-scale fighting, Ukrainian President Volodymyr Zelenskyy said in an interview with CBS News.

Zelenskyy said he expects the Russian military to lose another 300,000 personnel by the end of 2026.

He attributed Russia’s continued military campaign to what he described as insufficient pressure from Russian society on President Vladimir Putin. Zelenskyy said public discontent was beginning to emerge but had not yet reached a level he believed would force the Kremlin to change course.

According to the Ukrainian president, Putin does not want peace but is seeking a way to end the war that could be presented to the Russian public as a victory.

Zelenskyy also argued that concerns about the consequences of returning soldiers could be among the factors influencing Putin’s approach to a ceasefire.

‘If one million people return home feeling defeated and angry, the consequences will be much louder,’ Zelenskyy said.

He referred to the 2023 mutiny by fighters from the Wagner private military company, which he said involved around 5,000 fighters at the time, as an example of the potential consequences of dissatisfaction among armed personnel.

Zelenskyy said Russia’s minimum objective was the complete occupation of Donetsk Oblast. He added that Russian authorities present the goal to the population as achievable while repeatedly extending the expected timeline for its capture.

The casualty figures cited by Zelenskyy differ from other assessments. According to an assessment by British intelligence cited in the report, at least 500,000 Russian military personnel have been killed since Russia launched its full-scale invasion of Ukraine in February 2022.

Neither figure represents an independently verified count of Russian military deaths.

Impeachment court subpoenas Baste Duterte

Vice President Sara Duterte’s brother, Davao City Mayor Sebastian ‘Baste’ Duterte, has been summoned by the Senate impeachment court as a witness sought by the prosecution in the case over her alleged unexplained wealth.

The court’s presiding officer, Sen. Francis ‘Chiz’ Escudero, issued a subpoena on Wednesday for the younger Duterte to appear on Sept. 23 to be questioned about Article 2 of the impeachment complaint.

The mayor is expected to be asked about transactions between the Davao City government and Gencorp Industries, a company listed among his sister’s declared business interests.

The court also ordered him to produce official records and contracts from 2020 to the present between City Hall and entities that own or operate a branch of the fast food chain Jollibee.

‘He is being called because he may have relevant personal and official knowledge concerning matters that form part of the prosecution’s Article 2 presentation,’ Lanao del Sur Rep. Zia Alonto Adiong, spokesperson for the House prosecution team, said in a briefing.

Ties to Gencorp

Gencorp cropped up in the impeachment complaints against the Vice President after Duterte declared having an interest in the company in her statements of assets, liabilities and net worth.

Mayor Duterte’s inclusion as a prosecution witness stemmed from reports that Gencorp allegedly secured food catering contracts worth millions of pesos with the Davao City government during his tenure.

According to the reports, Gencorp entered into transactions worth P14.32 million with the city government from 2022 to 2025.

Cabotaje-Tang on Monday told the impeachment court that the President and Vice President are constitutionally barred from directly or indirectly participating in any business while in office.

She also testified that unexplained wealth acquired by a public official may become grounds for removal or dismissal under existing anti-corruption laws.

Undisclosed wealth

Prosecutors said her testimony would help the court and the public understand the financial, bank, and government records that the prosecution would present.

On the other hand, Batu on Tuesday presented Duterte’s SALNs, which showed a 13.6-fold jump in her declared net worth from the time she entered government as Davao City vice mayor in 2007 to 2025.

Her declared net worth rose from P7.2 million in 2007 to P18.4 million in 2008, a roughly 155-percent increase. By 2025, her declared net worth had reached P98.6 million.

The prosecution is using the SALNs to support allegations that Duterte failed to fully and truthfully disclose her and her husband Manases Carpio’s assets, liabilities, and net worth.

The court also issued a subpoena for Civil Service Commission Assistant Commissioner Ariel Ronquillo, Philippine Government Electronic Procurement System (PhilGEPS) Division Chief Rendell Sopeña, lawyer Gary Samonte and Police Maj. Jerrickson Sangalang.

A subpoena for Securities and Exchange Commission (SEC) official Gerardo del Rosario had already been issued and no longer needed to be renewed