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Sara Duterte’s camp calls replacement talks ‘premature,’ a ‘distraction’

Vice President Sara Duterte’s camp on Thursday dismissed discussions about her possible replacement as ‘premature’ and called them a ‘distraction’ from the ‘serious issues’ surrounding her impeachment.

Duterte’s camp made the statement after several senators raised the issue, including Minority Leader Alan Peter Cayetano, who recently urged his colleagues to reject any offer from Malacañang to take over the country’s second-highest post should the vice president be convicted.

‘Discussions on possible replacements for the Vice President are not only premature, they are a distraction from the serious issues hounding the impeachment,’ Duterte’s spokesperson Atty. Paolo Panelo Jr. said in a statement.

Panelo said these issues include the Senate Impeachment Court’s alleged lack of fairness and impartiality, the supposed unconstitutionality of lowering the threshold for conviction, and other due process violations such as the alleged denial of Duterte’s fair opportunity to refute Articles I and IV, as well as what he described as the Senate majority’s lack of outrage over the time and public funds purportedly wasted when the prosecution withdrew the two articles.

‘These issues raise grave doubts as to whether a conviction by the Senate Impeachment Court, and any consequent attempt to install a replacement, would rest on any solid legal and moral foundation,’ the lawyer claimed.

Panelo, in the same statement, also reiterated that replacing the vice president would not solve the country’s most urgent crises such as the soaring inflation, the worsening effects of the Super El Niño and the sharp slowdown in economic growth.

According to Panelo, the impeachment proceedings have only made it clear how the current administration prioritizes political maneuvering over issues ‘that matter most to ordinary Filipinos: putting food on the table, keeping the economy afloat, and securing the nation’s future.’

Meanwhile, the Palace also earlier tagged discussions on who should replace Duterte ‘too premature.’

Tinubu approves ?758bn bond to settle pension arrears

President Bola Ahmed Tinubu has declared that no Nigerian who has served the nation will be forgotten in retirement as his administration moves to restore dignity security and measurable value to the Contributory Pension Scheme.

The President who was represented by the Secretary to the Government of the Federation (SGF) Senator George Akume stated this at the inaugural National Pension Week Leadership Summit in Abuja with the theme ‘Pensions for All: Building a Secure Future Together.’ He stated that President Tinubu views pension as a national obligation not a favour.

He said ‘A pension is not a favour granted by Government. It is a wage earned deferred and held in trust. It is a promise. And this Administration has resolved that the promise will be kept. We inherited pension obligations deferred for far too long with retirees waiting years for accrued rights.’

To reverse the injustice Tinubu approved the N758B Federal Government Pension Bond to settle accrued pension rights and strengthen the Pension Protection Fund. That was not an accounting exercise. It was an act of restitution to Nigerians who served their country and were made to wait for what they had earned.

In a landmark policy shift the President announced that his administration will finally honour the Minimum Pension Guarantee provision of the Pension Reform Act 2014 – a promise that has never been implemented since enactment over 11 years ago.

‘Since enactment that promise has never been honoured. Under President Tinubu it will be He also announced the launch of PenCare a national retiree wellbeing programme that will begin by giving low-income retirees access to essential healthcare marking a decisive shift from a system that merely holds savings to one that guarantees a floor of dignity’.

The President said a strong pension system is both a social protection imperative and a strategic pillar of economic transformation under the Renewed Hope Agenda mobilising long-term domestic savings deepening financial markets and supporting productive investment.

The President however warned that the government cannot deliver retirement security alone. He charged the National Pension Commission to remain firm fair and forward-looking and enforce the law without fear or favour while charging employers public and private to remit contributions fully and promptly. He noted that to deduct a worker’s contribution and fail to remit it is not an administrative lapse. It is a breach of trust.

The President challenged Pension Fund Administrators and Custodians to deepen expertise diversify responsibly drive down costs and measure success not by assets under management but by what each contributor ultimately receives stating that preservation without growth is a slow erosion. Retirement savings that fail to keep pace with inflation quietly betray the very people who saved them’ the President cautioned insisting that security of capital and disciplined growth must go together.

He explained that while pension assets should help build Nigeria through infrastructure and productive enterprise national development must never come at the expense of pensioners. Every investment he said must pass rigorous tests of risk and return and serve contributors’ best interests.

There should be an aggressive push beyond the formal sector traders artisans farmers transport workers and millions of self-employed Nigerians deserve a realistic pathway to secure old age through the Personal Pension Plan and new distribution channels. Pensions for All must mean exactly that.

The President called on State Governments organised labour and all stakeholders to join hands to expand coverage and deepen compliance insisting the Summit must not end in speeches but in measurable commitments more Nigerians enrolled faster payment of benefits stronger investment performance clearer disclosure and more dignified outcomes.

He asserted that the true measure of success will not be how much money the system holds. It will be how much security and how much dignity it delivers. Above all no Nigerian who has served this nation will be forgotten in retirement. Nigeria will keep faith with those who kept faith with Nigeria.

The Director General National Pension Commission NPC Omolola Oloworaran explained that the world is adopting contributory pensions. At the end of 2024 pension assets across the Organisation for Economic Co-operation and Development OECD will reach a record of almost 70 trillion U.S. dollars. In fact I had to go back to make sure that number was correct With nearly 3 trillion more in other economies. Retirement savings are now among the largest pool of capital on earth.

A pension system must not only grow it must be felt in the lives of the people it serves. We are the youngest continent on Earth. Half of all Africans are around 20 years old or younger. While other regions are spending their pension savings we are only beginning to build ours. Our demographic dividend is a window. And we all know what they say about windows. It will close at some point. Countries do not automatically grow rich because they grow old. Unless of course they plan.

And if they don’t plan they grow old and poor. Nigeria will not grow old and poor. And that work starts today. Let me just tell you a bit about how far we’ve gone in this country. 22 years ago Nigeria made a promise to its workers we promised that the lifetime of work would close in dignity not in begging later. The country’s pension scheme was built on that promise today I can say to you without hesitation that promise is being kept. In July 2024 Nigeria’s pension assets stood at 20.79 trillion naira.-

US hosts regional workshop on future of maritime trade in Colombo

A regional workshop on the future of maritime trade, organised by the US Embassy in Sri Lanka, commenced in Colombo on October 27, with Deputy Minister of Ports and Civil Aviation Janitha Ruwan Kodithuwakku, US Ambassador Eric Meyer, and Sri Lanka Ports Authority Chairman Dr. Parakrama Dissanayake in attendance.

Thousands of children with disabilities risk missing out on inclusive education in Tanzania

Across Tanzania, gaining a place in a mainstream school is only the first hurdle for a child living with a disability, The Citizen has observed.

Inside the classroom, the difference between mere attendance and meaningful learning rests on early identification, specialised teaching and accessible infrastructure.

At the centre of this national mandate are Educational Support, Resource and Assessment Centres (ESRACs)- specialised hubs designed to screen, assess and guide children with special educational needs towards appropriate learning pathways. However, acute financial constraints and resource shortages are severely hindering the creation of supportive learning environments.

This comes when the national policies reflect a strong formal commitment to inclusive learning, enshrined in the Persons with Disabilities Act of 2010 and the National Strategy for Inclusive Education (2021/22-2025/26).

Ministry of education statistics recorded 7,323 pre-primary pupils with disabilities nationwide, yet the institutional infrastructure required to assess and support these learners remains critically inadequate.

According to findings from a 2024 SAUTI ZETU survey, only 36 of Tanzania’s 184 municipal councils possess an operational ESRAC. Across five surveyed regions, researchers discovered just one fully equipped and functional assessment centre. In many districts, like Mkuranga, local councils have resorted to designating ordinary classrooms as assessment units, though these rooms routinely lack soundproofing, diagnostic tools and qualified personnel.

Parental awareness and community stigma

Financial constraints at the institutional level are compounded by a widespread lack of public awareness among parents and communities.

Experts note that without early screening, developmental difficulties are frequently misinterpreted as laziness or unwillingness to learn. In a recent field survey conducted in Dar es Salaam and Coast region by The Citizen, many parents admitted complete ignorance regarding assessment services. A parent from Dar es Salaam, Ms Agnes Mihambo, shared her experience.

‘I had never heard about ESRAC before. I did not know that there were centres or services specifically designed to help identify children with special needs at an early stage,’ she said.

Education analysts note that when families lack accurate information, children often reach school age without receiving professional evaluation, allowing manageable learning impediments to entrench.

In the Kinondoni District of Dar es Salaam, Josephian Schools provides a compelling case study of how institutions survive amid these systemic pressures. Established in 1998 as a standard private school, its journey towards inclusion began when it admitted its first pupil with special educational needs.

The school gradually adapted its teaching practices, securing formal registration for its special education services in 2022. Today, it caters to 78 learners with diverse educational needs.

To survive the heavy financial demands of special education- including hiring specialized staff and adapting physical spaces, Josephian Schools established an internal self-sustaining initiative titled ‘Tuwape Nafasi’ (‘Give Them a Chance’) to help cover operational costs.

Renewed Hope Ambassadors seek support from Osun traditional rulers to secure 1.5m votes for Tinubu

The Renewed Hope Ambassadors in Osun State have appealed to traditional rulers across the state to mobilise their subjects and support the group’s drive to secure 1.5 million votes for President Bola Tinubu’s re-election in the 2027 general elections.

The group’s coordinator in Osun State Chief Sunday Akere said at the launch of the Small Towns and Rural Kings for Continuity Renewed Hope National Unity and Stability programme in Osogbo that the strategic meeting aimed to rally grassroots voters.

He noted that mobilising rural voters will significantly strengthen the country’s democracy.

According to him ‘an election will lack integrity if the majority of voters stay away; hence moves by traditional rulers participating in voter mobilisation will further enhance participation in the country’s electoral process.’

Akere tasked rural community monarchs with taking the message to their domains and urging their people to turn out not just to collect their voter’s card but also to participate in next year’s election.

‘One of the major objectives of the gathering is to consult with the traditional rulers from rural communities and small towns on encouraging their subjects to participate in the nation’s democratic process.

‘We are also appealing to them on the need to deliver votes in their domains for President Bola Tinubu in January 2027. Like we said we target 1.5 million votes for the president in January from Osun State alone.

‘We also spoke on the need to engage traditional rulers beyond electioneering periods alone. Politicians should learn to engage them in governance as the best way to deliver good governance for our people at the grassroots’ he said.

He added that President Tinubu’s infrastructure drive in the southwest particularly in Osun State including the Ilesa-Ife-Ibadan express road Osogbo-Iwo-Ibadan Road Osogbo-Gongonagong road among others is one reason to re-elect him for another term.

Meanwhile the group’s Director-General the Eburu of Iba Oba Adekunle Adeogun-Okunoye emphasised the need for greater voter participation warning that low turnout allows a small proportion of eligible voters to determine electoral outcomes for the wider population.

‘The voter awareness campaign was designed to educate citizens and encourage them to participate in elections irrespective of their preferred candidates’ he said.

He explained that elections give citizens the opportunity to choose leaders they believe can meet their needs and deliver the benefits of democracy.

He also expressed concern about the gap between voter registration and actual participation stressing the need for sustained public awareness to encourage more eligible voters to exercise their civic rights.

Tanzania’s carbon prize lies in the projects not yet built

The most consequential instruction at last week’s Tanzania Carbon Market and Investment Forum in Dar es Salaam was not about forests. It was about railways, buses and dams.

Honorable Minister Hamad Masauni gave public institutions six months to identify carbon market opportunities in their projects, naming the Standard Gauge Railway, the Dar es Salaam Rapid Transit system and the Julius Nyerere Hydropower Project, and told them to build emission reductions into planning and design rather than consider them after implementation.

He also announced more than Sh5 billion this year for digital systems to monitor reductions and register projects and credits. The instruction is far more demanding than it sounds.

Consider the numbers. More than 100 projects are registered in Tanzania, yet the minister told a forum in Kigali days earlier that six are generating credits. That gap between registration and issuance is where investors actually live.

The first test is the one every credible carbon standard begins with: would this project have happened anyway? The Julius Nyerere dam is complete and was paid for from domestic resources, so persuading a serious buyer that carbon made it possible would be a very hard sell.

The real prize sits in what has not yet reached financial close: railway sections still awaiting finance, later phases of the bus rapid transit network, future transmission lines. For those, carbon must appear in the financial model and the board papers before the investment decision. I press this question on every client, and a purely legal review rarely asks it: show me the date carbon first entered your numbers. Additionality is a matter of chronology, which cannot be repaired after the fact.

The second test is subtler, and I have not yet heard it discussed in public. Under Article 6 of the Paris Agreement, a tonne Tanzania authorises for sale abroad with a corresponding adjustment is a tonne it can no longer count towards its own national climate target.

Electrified rail, hydropower and mass transit are precisely the large, visible reductions the country will need for its own commitments. Tanzania should decide how much mitigation it is prepared to export, and at what minimum price, before the first letter of authorisation for a public asset is issued. For infrastructure already built, sovereign green bonds or results-based climate finance may simply fit better.

Aviation shows both sides of this trade more clearly than any other sector, and it was telling that the Tanzania Airports Authority sponsored the forum. On the supply side, airports can cut emissions through solar power, efficient terminals and electric ground equipment, and the airports still on the drawing board, the planned green airport for the Serengeti and an international Mwanza, are exactly where that thinking belongs before the first contract is signed. The volumes will be modest. The demand side is not.

Under the UN aviation scheme known as CORSIA, airlines must cancel credits carrying a host-country letter of authorisation and a corresponding adjustment. Industry forecasts put airline demand for the current phase well above 100 million tonnes, while hundreds of millions of otherwise eligible units sit waiting for host governments to sign. The scarce asset in that market is not the tree or the cookstove, but the letter, and only the state can write it.

The third test is who plays and who referees. Public institutions will submit their findings to the National Carbon Monitoring Centre, the same technical system that verifies private projects. As a member of the Centre’s board, I offer this as a point of design rather than criticism: private developers will watch whether public projects move faster or receive a larger share of authorised volumes. A published, rules-based allocation method would protect the Centre’s credibility and reassure the private capital the government rightly wants.

The fourth test is trust. Earlier this month the minister firmly rejected claims that foreign firms had been handed Tanzanian forests, and no such arrangement has been shown to exist. Yet the speed at which the claim travelled is a reminder that carbon is an invisible commodity, and markets in invisible commodities are destroyed by visible doubt. The new digital systems should therefore publish project status, issuance and community payments in a form any citizen or buyer can check.

Tanzania has done the groundwork earlier than most neighbours: regulations since 2022, a dedicated monitoring centre, a registry, and Article 6 authorisation already granted for cookstove credits. The next stage is portfolio discipline, deciding which tonnes to sell, which to keep, and which assets to finance by other means.

Pagcor’s 9-month net income slides 85% on weak revenue

The Philippine Amusement and Gaming Corp. (Pagcor) reported an 85 percent drop in net income in the first nine months of the year, as weaker gaming revenues and higher remittances for government nation-building projects weighed on earnings.

The state-run gaming regulator said in a statement that net income fell to P2.17 billion in the January-to-September period.

Total revenues declined 23.41 percent year-on-year to P64.41 billion, reflecting softer earnings from gaming operations and related services.

Revenue from gaming operations, Pagcor’s main income source, fell 23.44 percent to P58.13 billion. Electronic gaming, the agency’s largest revenue contributor, fell more sharply by 37.23 percent to P27.63 billion.

Revenue from licensed casinos also weakened, falling 3.22 percent to P23.10 billion.

Pagcor’s Casino Filipino branches posted an 8 percent drop in revenue to P7.28 billion, while income from poker operations fell 4.6 percent to P105.86 million.

Earnings from related services declined 38.59 percent to P3.04 billion, while other income was nearly flat at P3.23 billion.

Meanwhile, a Supreme Court ruling requiring Pagcor to remit 5 percent of its gross revenues to the Philippine Sports Commission–nearly double the previous remittance levels to the sports agency–also weighed on earnings. Data showed Pagcor remitted P3.01 billion to the sports commission in the first nine months.

Overall, the gaming regulator spent P45.28 billion supporting the government’s nation-building efforts and meeting other statutory obligations.

‘We will continue to pursue responsible and sustainable operations while ensuring that the gaming industry adheres to regulatory standards,’ Pagcor chairman and CEO Alejandro Tengco said.

In August, Tengco told lawmakers that Pagcor may generate nearly P87 billion in income this year, following government efforts to curb online gambling addiction. He also said the war in the Middle East and the resulting inflation flare-up have weighed on gambling activity.

For 2027, the gaming regulator aims to generate P88.33 billion in income and would earmark about P63 billion for nation-building programs.

Marcos attends Michelin Guide 2027 ceremony

President Ferdinand Marcos Jr. attended the Michelin Guide Manila and Cebu 2027 ceremony on Thursday, October 29, at the Manila Marriott Hotel in Pasay City.

First Lady Liza Araneta-Marcos also attended the ceremony, where Marcos became the first sitting head of state in history to attend a Michelin Guide restaurant unveiling.

The chief executive’s presence at the red-carpet event underscores the Philippine government’s strategic push to position the country as a premier global culinary destination.

Addressing an audience of acclaimed chefs, restaurateurs and media representatives, Marcos emphasized the vital role of Filipino hospitality and culinary heritage in driving economic growth and cultural diplomacy.

Marcos noted that 108 establishments were recognized in the guide’s inaugural edition last year, reflecting the talent, creativity and dedication of Filipino chefs and restaurant teams.

He said the goal of launching the guide last year was to promote gastronomy and tourism, with our culture appreciating food.

But today, the president said the growing recognition of our gastronomy offerings presents an important opportunity for Philippine tourism, emphasizing that its goal is to create an environment where Filipino talent and business ‘can thrive.’

‘Our country is known for our beautiful islands, our rich history, and a vibrant culture. Now our cuisine can become another reason for travelers to visit, explore our regions, and to stay longer,’ Marcos said.

‘Our hospitality industry is also gaining international recognition. In 2026, 9 Philippine hotels and resorts received Michelin keys, including our first two, two key properties. We want this growing interest in Philippine cuisine and hospitality to create opportunities for more Filipinos,’ he added.

The chief executive expressed gratitude for the entry of Michelin Guide in the country.

‘I thank the Michelin Guide for bringing its expertise in global perspective to the Philippines, helping introduce our culinary landscape to a wider international audience,’ Marcos said.

‘Most especially, of course, to our chefs, restaurateurs – Everyone working behind the scenes, thank you for your hard work, your creativity, and your passion,’ he concluded

The ceremony was held in conjunction with the Department of Tourism, led by Tourism Secretary Dita Angara-Mathay, and coincided with the global centennial celebration of the Michelin Guide.

The 2027 edition marks the guide’s second annual selection in the country, expanding its footprint across Manila, its environs and Cebu.

Editorial: Lagos must translate economic ambitions into better living conditions

Lagos State Governor Babajide Sanwo-Olu has set an ambitious target for the state. And it is growing its economy to nearly $1 trillion by 2052. The vision, outlined in the Lagos State Development Plan 2052, reflects the government’s desire to transform Lagos into a globally competitive economic and financial hub. However, while such ambitions deserve attention, the government must not lose sight of a more immediate responsibility: improving the daily lives of millions of Lagos residents.

A megacity is not defined merely by the size of its economy, the volume of investment it attracts or the skyscrapers that dominate its skyline. It is also judged by the quality of life it offers its residents. For many Lagosians, that quality of life is determined by whether electricity is available, refuse is evacuated promptly and roads are motorable. These are basic expectations that should not be overshadowed by grand economic projections.

At the Lagos Executive Business Breakfast Meeting organised by the Nigerian-British Chamber of Commerce, Sanwo-Olu highlighted infrastructure development, technological innovation, investment and job creation as essential to the state’s future. He also pointed to achievements such as the Blue and Red rail lines, improvements in electricity regulation and investments in healthcare and education.

These projects are significant, particularly in a city whose population and economic activities place enormous pressure on existing infrastructure. Nevertheless, the government must measure progress not only by completed projects and investment figures but also by the extent to which ordinary residents experience meaningful improvements in their daily lives.

Electricity remains a major test of the government’s commitment to a better Lagos. Households and businesses continue to depend heavily on generators to bridge gaps in public electricity supply. The consequences include additional costs, noise and harmful emissions, while small businesses must often spend a substantial proportion of their earnings on alternative power.

Lagos has taken steps to establish a state electricity market following constitutional and legislative changes that opened the door to greater state participation in electricity regulation and supply. The challenge now is to ensure that these reforms produce tangible benefits for consumers.

The state government should work with electricity market operators, distribution companies and other relevant stakeholders to expand reliable supply, encourage investment in local generation and distribution, and improve accountability. It should also ensure that consumers receive clear information about tariffs, service standards and complaint procedures.

The goal should be an electricity system that allows businesses to operate more efficiently and households to enjoy a better quality of life. Economic growth cannot reach its full potential when businesses must spend heavily to generate the power they need to survive.

Waste management is another area requiring urgent and sustained attention. The accumulation of refuse in streets, markets, residential neighbourhoods and drainage channels undermines the image of Lagos as a city aspiring to global standards. Beyond the unpleasant sight and smell, poorly managed waste can block drainage, worsen flooding and create conditions that threaten public health.

The government must therefore move beyond periodic sanitation campaigns and emergency responses to establish a dependable waste management system. Refuse should be evacuated regularly, collection services should be monitored, and areas that are frequently neglected should receive particular attention.

The Lagos Waste Management Authority and other relevant agencies must be adequately equipped and held accountable for their responsibilities. The government should also strengthen recycling initiatives, support waste recovery businesses and enforce regulations against indiscriminate dumping.

Residents have a responsibility to dispose of their waste properly, but this obligation must be matched by accessible and efficient collection services. It is unreasonable to expect people to maintain clean surroundings when refuse collection is unreliable or designated disposal facilities are inadequate.

The condition of roads across Lagos also demands greater attention. While major highways and flagship infrastructure projects are important, the quality of life in many communities is shaped by the condition of neighbourhood roads that residents use every day.

Bad roads increase transport costs, damage vehicles, lengthen journeys and make access to workplaces, schools, hospitals and markets more difficult. During the rainy season, deteriorating roads and blocked drainage can turn ordinary journeys into exhausting ordeals.

The government should adopt a more systematic approach to road maintenance, with clear priorities, realistic timelines and regular public updates. Attention must extend beyond major commercial corridors to residential communities, inner roads and streets that connect people to essential services.

Road construction should also be accompanied by proper drainage and maintenance plans. Repeatedly patching damaged roads without addressing underlying drainage problems offers, at best, temporary relief. Public funds must deliver durable results.

The state government’s growing budget provides an opportunity to address these challenges more comprehensively. Sanwo-Olu disclosed that Lagos’s budget had risen from about N700 billion in 2019 to N4.2 trillion in 2026. Although a larger budget does not automatically guarantee better services, it raises legitimate expectations about the results residents should see from public spending.

The government should make the impact of expenditure more visible by publishing clear performance indicators for electricity access, waste collection, road rehabilitation and other essential services. Residents should be able to assess what has been budgeted, what has been delivered and what remains outstanding.

Accountability is particularly important because Lagos’s economic success depends on the productivity and welfare of its people. Workers who spend hours navigating bad roads, traders who struggle with unreliable electricity and families who live amid accumulated refuse cannot fully enjoy the benefits of economic expansion.

The governor has said he wants to be remembered as a leader who touched the lives of residents according to their individual needs. That aspiration should provide a practical measure of his administration’s performance. A legacy is not established by projections for 2052 alone; it is also built through improvements that people can see and experience today.

The Lagos State Development Plan 2052 identifies a human-centred city, modern infrastructure, a thriving economy and effective governance among its major pillars. These objectives are interconnected. A thriving economy requires reliable electricity and efficient transport. Modern infrastructure must include functional roads and effective drainage. A human-centred city must provide clean surroundings and dependable public services. Effective governance requires public institutions to deliver on their responsibilities.

The government must therefore resist the temptation to measure progress mainly through the language of global competitiveness and investment attraction. Such goals matter, but they should complement, rather than replace, the immediate needs of residents.

Lagos has the potential to become a stronger economic hub, but the journey towards that future must improve life in its neighbourhoods as well as strengthen its business districts. Investors need an efficient business environment, while residents need infrastructure that works.

The message to the Sanwo-Olu administration is clear: the ambition to build a trillion-dollar economy must be matched by a determined effort to provide reliable electricity, regular waste evacuation and good roads.

By 2052, Lagos may aspire to stand among the world’s leading megacities. But its residents should not have to wait until then to enjoy the basic services that make urban life safe, productive and dignified. The government must make a better life for Lagosians a present-day priority, not merely a promise for the future.

PSE nears full PDS Group takeover

The Philippine Stock Exchange, Inc. (PSE) is nearing full ownership of Philippine Dealing System Holdings Corp. (PDS Group) after signing a deal to acquire another block that would raise its holdings to about 97.63 percent.

In a disclosure on Wednesday, PSE said it had signed a share purchase agreement for 192,776 common shares of the Development Bank of the Philippines (DBP), representing 3.08 percent of PDS.

This brings the local bourse closer to its goal of owning the entire PDS Group, which operates the country’s bond trading platform and provides securities depository services.

This will allow the unification of capital market infrastructure, which has taken decades of on-and-off deal-making.

At the P600-per-share acquisition price listed in the filing, the DBP shares will cost about P115.67 million. The transaction is subject to customary post-closing conditions.

PSE currently beneficially owns 94.55 percent of PDS after buying out banks and other institutional shareholders.

For the broader acquisition program, the filing lists 4.8 million shares, or 76.74 percent of PDS’ outstanding capital stock, and an aggregate purchase price of P2.76 billion.

The pricing was based on PDS’ enterprise value of P3.75 billion.

PDS owns Philippine Dealing and Exchange Corp., which operates the fixed-income exchange, and a 97.72-percent stake in Philippine Depository and Trust Corp.

PSE wants the acquisition to help companies access both equity and debt funding through a single venue for listing and capital raising.

It also expects the integration of trading, depository, clearing and settlement functions to improve efficiency.

‘These transactions are part of PSE’s plan to acquire up to 100 percent of [PDS] to align the Philippine capital market with other markets globally which have a single exchange structure for fixed income and equities,’ the exchange said.

‘The transaction results in a vertical integration of the depository function within the same group that operates trading, clearing and settlement of listed securities,’ it added.

The DBP deal follows a series of purchases that made PDS a majority-owned PSE subsidiary in December 2024.

In January, PSE president and CEO Ramon Monzon outlined a plan to dissolve PDS, with its operating subsidiaries to be held directly by the exchange.