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Ethiopia holds interest rate at 16% despite rising money supply

Ethiopia’s central bank has kept its benchmark interest rate at 16 percent despite a sharp acceleration in money supply growth, as it warned that inflation would remain in double digits for at least another six months.

The National Bank of Ethiopia (NBE) maintained its policy rate following its eighth Monetary Policy Committee meeting on Monday, while keeping the interest rate corridor at 300 basis points above and below the benchmark. Annual inflation stood at 14.9 percent in September, with non-food inflation reaching 15.1 percent, reflecting higher electricity tariffs, fuel costs and other household expenses.

The bank expects price pressures to ease gradually but does not anticipate inflation returning to single digits within its six-month forecast period. It said the tight monetary policy stance remained necessary to bring inflation down towards its medium-term target.

The decision comes as the central bank grapples with accelerating liquidity growth. Annual broad money growth reached 40.2 percent in the first quarter of Ethiopia’s 2026/27 financial year, up from 33.2 percent in the corresponding period a year earlier. Reserve money growth also accelerated to 87.2 percent from 72.6 percent.

The NBE attributed much of the increase to its purchases of gold, which raised net foreign assets and injected local currency into the banking system. However, Governor Eyob Tekalign argued that the growth in monetary aggregates had not translated into a corresponding expansion of liquidity across the wider economy.

Asked by Ethiopian Business Review why the bank had not raised interest rates in response to the rapid money supply growth, Eyob said liquidity remained concentrated in some banks and that credit expansion had not produced the expected multiplier effect.

‘Under the current circumstances, inflation is not linked to money expansion,’ he said, adding that maintaining a tight policy stance was necessary as a risk management measure.

The governor’s position differs from that of some independent economists, who have identified rapid money supply growth as a major driver of inflation in Ethiopia. The central bank’s own figures show that outstanding bank credit grew by 42.6 percent, while net deposits increased by 85.4 percent over the quarter, raising questions about the extent to which monetary expansion is feeding into economic activity and prices.

The bank said it would focus on absorbing excess liquidity rather than immediately increasing borrowing costs. Measures include recovering liquidity released through foreign currency transactions, strengthening open market operations and potentially adjusting reserve requirements for individual banks depending on their circumstances.

Inflation has begun easing from its earlier peak, but the bank said food and non-food costs continue to exert pressure on households. Bread and cereals, vegetables and pulses, and coffee beans were among the main contributors to food inflation, while higher electricity tariffs, kerosene and firewood prices drove non-food costs.

The central bank also acknowledged that the gap between Ethiopia’s official and parallel foreign exchange rates had not narrowed as much as expected following reforms introduced in July.

Those measures included reducing the foreign exchange commission rate from 2.5 percent to 1.5 percent and lowering the proportion of export earnings that exporters must surrender from 50 percent to 30 percent. Eyob said the changes had improved foreign currency supply in the formal market, although the gap between the two rates remained a concern.

The NBE plans further engagement with commercial banks to improve foreign currency availability and customer services, while strengthening oversight of their capital adequacy and compliance with foreign exchange regulations.

The committee also noted that the government had not obtained direct advances from the central bank for more than 27 months, the longest such period on record. However, excess reserves held by commercial banks have contributed to lower short-term interest rates, with Treasury bill and interbank rates remaining negative in real terms since May.

The decision leaves the central bank relying on liquidity management to contain inflation rather than raising its benchmark rate, even as money supply growth accelerates. Its next monetary policy meeting is scheduled for the end of January 2027, although the committee may meet earlier if economic conditions require it.

Whether the bank can absorb the additional liquidity generated by its gold purchases while easing supply-side price pressures will be central to its efforts to return inflation to single digits.

Cebu Catholic school donates textbooks to Moro student

Army officials turned over 2,000 textbooks donated by the Sacred Heart School-Ateneo de Cebu in Mandaue City in Cebu, to a school in Talayan, Maguindanao del Sur, on Monday, November 2.

The textbooks are intended for students of the Hadji Baganian Memorial School (HBMS) in Barangay Tambunan in Talayan, most of whom come from marginalized Maguindanaon families.

Brig. Gen. Edgar Catu, commander of Army’s 6th Infantry Division, personally handed over the books to HBMS officials during a symbolic turnover ceremony on Monday.

The donation aims to support the educational needs of students in the community by providing additional learning materials.

The simple turnover ceremony, held at the headquarters of the 6th ID at Camp Siongco in Barangay Awang, Datu Odin Sinsuat, Maguindanao del Norte, was witnessed by Catu’s subordinate officers and representatives of HBMS and the school that donated the textbooks.

The textbooks were coursed through the 6th ID by officials of Sacred Heart School-Ateneo de Cebu, who recognized the division’s links with Moro communities in Maguindanao del Sur and Maguindanao del Norte, where its units conduct extensive multi-sector peacebuilding activities that complement the government’s Southern Mindanao peace process.

The 2,000 textbooks were personally received by Albert Hadjihil, a senior official of HBMS, one of the schools in Talayan, hometown of Maguindanao del Sur Gov. Ali Midtimbang.

Midtimbang told reporters on Tuesday that he was grateful to the donor for the textbooks donation.

Catu said he hoped other big schools outside the Bangsamoro region would also donate textbooks for elementary and high school students in Maguindanao del Sur and Maguindanao del Norte to support their studies.

2027: NHRC, UNOWAS strengthen partnership for peaceful, credible polls

The National Human Rights Commission (NHRC) and the United Nations Office for West Africa and the Sahel (UNOWAS) have reaffirmed their commitment to strengthening collaboration to ensure peaceful, credible and violence-free general elections in Nigeria in 2027.

The commitment was made when the Executive Secretary of the NHRC, Chief Tony Ojukwu, SAN, received a delegation of UNOWAS led by its Special Representative of the United Nations Secretary-General for West Africa and the Sahel, Mr Leonardo Santos Simao, during a visit to Abuja.

Speaking during the meeting, Ojukwu called for increased vigilance, accountability, and strict respect for human rights throughout the electoral process, warning that unresolved electoral offences, political intimidation, and hate speech could threaten the credibility and peaceful conduct of the 2027 general elections.

He said the Commission was engaging relevant stakeholders to ensure that Nigerians could exercise their democratic rights freely without intimidation, discrimination, or violence. He added that efforts were being intensified to promote public awareness and active participation in the electoral process.

On election security, the NHRC boss said the Commission would closely monitor the activities of security agencies to ensure that their deployment at polling units was primarily aimed at protecting voters, electoral officials and other stakeholders, rather than intimidating citizens or political opponents.

Addressing concerns about freedom of expression, Ojukwu warned against the misuse of cybercrime legislation to silence legitimate public discussions and political opinions, particularly during the election period. He maintained that citizens must be able to express their views without undue restrictions or violations of their constitutional rights.

On electoral accountability, Ojukwu lamented the continued absence of a dedicated Election Offences Tribunal despite recommendations from previous electoral reform processes.

He argued that the lack of an effective mechanism for prosecuting electoral offences had allowed some perpetrators, particularly individuals acting on behalf of influential politicians, to escape justice through political interference.

He therefore advocated the establishment of an Election Offences Tribunal, describing it as an important mechanism for ensuring the effective prosecution of electoral violations and deterring political violence, intimidation and other offences.

Ojukwu also reaffirmed the NHRC’s readiness to work with UNOWAS and other international partners to strengthen preventive measures ahead of the elections.

Earlier, Simao explained that his visit to Nigeria was aimed at assessing the country’s preparedness for the 2027 general elections and identifying areas where the United Nations could provide support to sustain peace and stability before, during and after the polls.

He described elections as particularly challenging periods for countries, stressing that political competition must be conducted within the confines of the law and with due regard for human life.

He noted that West Africa was already confronted with terrorism, organized crime, and other security threats, making it necessary to prevent electoral disagreements from escalating into violence.

Simao said UNOWAS was engaging relevant institutions to understand Nigeria’s preparations, identify emerging challenges, and assess measures being implemented to guarantee a smooth electoral process.

The UN representative reaffirmed the United Nations’ commitment to supporting Nigeria in conducting peaceful and secure elections that reflect the genuine will of the people in choosing their leaders at all levels.

FG targets 20% growth in eye care workforce by 2030

The Federal Government has set a target of increasing Nigeria’s active eye care workforce by 20 per cent by 2030 as part of efforts to expand access to quality eye care services and eliminate avoidable blindness across the country.

The Minister of State for Health and Social Welfare, Dr Iziaq Adekunle Salako, disclosed this at the closing ceremony of the Global Summit for Eye Health held in St John’s, Antigua and Barbuda.

Salako said the government would also train 15,000 primary healthcare workers, distribute five million ready-made reading spectacles and provide 25,000 fully subsidised cataract surgeries by 2027.

He added that Nigeria was targeting a 30-percentage-point increase in its Effective Cataract Surgical Coverage by 2030 to improve access to treatment for people living with cataract-related blindness.

According to him, the commitments were part of the Federal Government’s efforts to expand equitable access to quality eye care for more than 25 million vulnerable Nigerians, particularly women, older people and underserved rural populations.

The minister said the government would sustain efforts to integrate Primary Eye Care into the Basic Health Care Provision Fund (BHCPF), while mobilising domestic public and private sector resources to strengthen service delivery.

He explained that Nigeria’s eye health commitments were designed to accelerate universal health coverage and address the social and economic consequences of avoidable vision loss.

Salako noted that poor vision affected more than individual health, as it could undermine education, deepen household poverty, compromise road safety and reduce national productivity.

‘When a child cannot see the chalkboard, or an artisan or farmer is blinded by cataracts or uncorrected refractive errors, an entire community pays the price,’ he said.

The minister also reaffirmed Nigeria’s commitment to the World Health Organisation’s Global Cataract Surgery Initiative, known as SEE 2045, which seeks to eliminate cataract-related blindness.

He said Nigeria was among five countries, alongside Antigua and Barbuda, Bangladesh, Tanzania and China, participating in the initiative to demonstrate how cataract blindness could be eliminated through the equitable expansion of surgical services.

Salako urged participating countries to document their achievements, measure outcomes and share implementation strategies to ensure that surgical backlogs were cleared, rural communities reached and quality standards maintained.

He disclosed that philanthropic partners had pledged $60m to support assistive technology, while 15 private-sector commitments were valued at more than $468m to accelerate eye care implementation.

He added that about 143 other commitments had been made by organisations outside government, describing partnerships as critical to achieving global eye health targets.

Reflecting on Nigeria’s experience, Salako recalled that the JigiBola initiative, introduced in Lagos about 25 years ago, provided free eye screening, eyeglasses and cataract surgeries.

He said he participated in the programme as a young medical officer and noted that the initiative was now being replicated nationally through the Effective Spectacle Coverage Initiative Nigeria, also known as JigiBola 2.0.

According to him, the experience demonstrated how successful interventions at the state level could be expanded into national programmes to improve access to essential healthcare services.

The minister, who spoke on behalf of President Bola Tinubu, said Nigeria would implement the resolutions reached at the summit by working with Commonwealth and international partners to mobilise resources and monitor measurable progress.

He urged participating countries to sustain the momentum generated by the summit, stressing that millions of people needed accessible interventions such as eyeglasses, timely referrals and cataract surgery to restore their sight.

Salako commended the government and people of Antigua and Barbuda for hosting the summit, as well as the WHO, the International Agency for the Prevention of Blindness, fellow co-host countries and other global eye health partners.

Campaign lull raises questions over parties’ readiness for 2027 presidential poll

Barely 74 days to the January 16, 2027 presidential election, Nigeria’s political atmosphere remains unusually subdued, with campaign activities yet to generate the excitement, intensity and mass mobilisation that characterised the previous elections.

The campaign lull has heightened concerns over parties’ preparedness for what is expected to be a fiercely contested presidential election.

Unlike the 2015 and 2019 election cycles, when political activities gathered momentum shortly after the Independent National Electoral Commission (INEC) lifted the ban on campaigns, the build-up to the 2027 polls has been markedly different.

Ironically, the Electoral Act 2022 extended the campaign period from 90 to 150 days before polling day, a provision retained under Section 98(1) of the Electoral Act 2026, but the longer window appears not to have translated into more vibrant political engagement.

BusinessDay reports that since presidential and National Assembly campaigns officially commenced on August 19, and governorship and State Assembly campaigns on September 9, major parties have struggled to unveil campaign councils and nationwide rally schedules.

Several parties have also failed to unveil their manifestoes, leaving their candidates largely confined to issuing statements on pressing national issues, including petrol subsidy removal, electricity reforms, border security, government palliatives, rising living costs, unemployment and insecurity.

The ruling All Progressives Congress (APC) encountered controversy over its campaign council composition, prompting a review that accommodated opposition governors Charles Soludo and Ademola Adeleke.

Opposition parties, particularly the African Democratic Congress (ADC) and Nigeria Democratic Congress (NDC), have also delayed constituting their campaign councils amid internal negotiations and disagreements.

The ADC suffered a setback when Prof. Kingsley Moghalu declined an appointment to Atiku Abubakar’s campaign council, citing lack of prior consultation.

Seventeen opposition parties have fielded presidential candidates, even as negotiations for a consensus candidate continue to complicate campaign arrangements.

Phrank Shaibu, ADC Presidential Campaign Council Director of Strategic Communications, said Atiku would campaign across all 36 states and the FCT. However, Bolaji Abdullahi, the party’s National Publicity Secretary, said the ADC was not in a hurry to commence rallies.

Some analysts attribute the delay to funding constraints, opposition coalition talks, internal disputes and rising rally costs, which have pushed some candidates towards town halls, television appearances and social media campaigns.

Chief Chekwas Okorie, former presidential candidate, said opposition parties might be adopting different campaign strategies, including managing resources by prioritising town hall meetings and stakeholder engagements over expensive rallies.

In a telephone interview with BusinessDay, Okorie said rallies and billboards had never been decisive factors in determining electoral outcomes, arguing that many ordinary voters had little time to attend political gatherings.

He cited Peter Obi’s town hall meetings and grassroots engagements as an alternative mobilisation strategy, adding that the effectiveness of the different approaches would ultimately be determined by the election.

Ini Ememobong, PDP factional National Publicity Secretary, said the party had adopted cost-effective mobilisation strategies, while Ken Asogwa of the LP said the party would rely on grassroots structures and organised labour.

Araba Rufus Ayenigba of the SDP said consultations were ongoing towards nationwide campaigns.

Meanwhile, credible sources told BusinessDay that the NDC was preparing its campaign timetable, while the APM plans to unveil its manifesto on Wednesday, November 4, at the Transcorp Hilton Hotel, Abuja.

The APC

However, the All Progressives Congress (APC) has already taken its 2027 presidential campaign to Kaduna, Cross River and Gombe states, with the ruling party scheduled to move to Nasarawa State on Wednesday, November 4, as it intensifies mobilisation for President Bola Tinubu’s re-election.

The party flagged off its campaign activities in Kaduna on October 24 before staging rallies in Cross River on November 2 and Gombe on November 3. From Nasarawa, the APC is expected to move to Ekiti on November 5, Rivers on November 7, Ebonyi on November 9, Jigawa on November 10, Ondo on November 11, Edo on November 12 and Plateau on November 14.

The campaign trail will subsequently move to Yobe on November 16, Kebbi on November 17, Akwa Ibom on November 18, Anambra on November 19 and Oyo on November 21, before proceeding to Borno on November 25, Enugu on November 28, Bauchi on November 29 and Benue on November 30.

In December, the ruling party is scheduled to hold rallies in Katsina on December 2, Ogun on December 3, Sokoto on December 5, Abia on December 7, Kogi on December 8, Osun on December 9, Kwara on December 10 and Delta on December 12.

Other destinations for the month include Zamfara on December 14, Bayelsa on December 15, Niger on December 16, Kano on December 17, Taraba on December 19, the Federal Capital Territory on December 21 and Imo on December 30.

The campaign is expected to resume in January 2027 with a rally in Adamawa on January 4 before culminating in Lagos on January 9.

The proposed itinerary covers all 36 states and the FCT, although Tinubu is expected to personally attend 12 designated rallies, with other APC leaders coordinating campaigns in the remaining locations.

President Tinubu is expected to personally attend APC presidential campaign rallies in 12 states. Having already attended the Kaduna rally, he is expected to participate in rallies in the remaining 11 states. – Rivers, Plateau, Oyo, Borno, Enugu, Bauchi, Sokoto, Delta, Kano, Adamawa and Lagos, while other party leaders are expected to lead campaign activities in the remaining states and the Federal Capital Territory.

However, the party said the schedule remains subject to adjustments.

Can the sandwich generation still make investments possible?

THE Philippines is not only a nation of adult children dependent on their parents or elders but also a nation of adult children in the sandwich generation.

The sandwich generation is a group of adult children who are building their own lives while still helping out their extended families. It is without a doubt that the sandwich generation may feel more pressure in life as they focus not only on how to survive and build a better life but as well as making sure their parents and siblings-even up to the nephews and nieces-are also okay.

I was asked by my coaches several times how one can still grow money even if there’re a lot of bills to pay. The question here is not the how but why you want to do it? It is easier to keep your money safe and grow because you have a purpose of doing it.

As a rule of thumb, percentages should be followed: 10 percent to tithing or charity; 20 percent to 30 percent to growing and investing your money; and, about 60 percent to 70 percent should be allocated only to expenses. While many have followed this simple rule, there is another way of doing it to make sure that a sandwich generation can fully experience a life to tilt in their favor.

In this budgeting format, 10 percent should be allocated to tithes and charity. If you practice tithing, which I believe is also one of the universal laws on how you will experience abundance, then set aside 10 percent for this every month.

I have also tried tithing regularly for years and, for some reasons, me and family are able to have plenty and we are able to help our families and other people because of this principle. We discover, surprisingly, that we have more than enough.

After setting aside 10 percent on tithing and charity, about 10 percent to 20 percent should be spent on hobbies and others. This budget should help you avoid feeling going over the budget on things you spontaneously splurge your money on. By doing so, you don’t reprimand yourself later.

You can also tag this as a wellness fund, for vacation or travel spend, mental health expenses and other activities that will contribute to your personal growth.

The rest should be spent on daily needs, which is about 50 percent to 60 percent of your total income.

Some would say, nothing is left. So, how can I separate it in percentages?

That’s what I thought so too when I was younger. However, I still believe that if the why is clear, the how is even clearer. You will have that urge to really start any form of savings and investments not only to protect your extended family’s future, but your own future too if your why is crystal clear.

Aside from building savings and investments, one of the challenges of the sandwich generation is dealing with debts. One of the approaches to debt is of course the famous style of dealing with it by paying the high percentage first or the snow ball effect, where you pay the smallest debt first and use that budget to pay of the next in line debt.

Another way to deal with debt is to use your windfall bonuses, you can use the whole amount to pay off the debt or use percentage also to pay a portion of your debts while some portions will be allocated to paying other important and urgent expenses.

Another strategy to paying off debts is to get a portion of the windfall bonuses and double the debt payments especially debts that are on terms, example if the monthly loan amount that you have to pay is P2,000 persos, in the next five years, that is P24,000 a year and if there is a bonus, set aside the next P24,000. In this way, your loan terms are shortened by saving in advance for the loan payments. Who knows maybe instead of 5 years, you will be able to pay the loan in 2.5 years only.

These are just a few things that the sandwich generation face but to answer the question if it is still possible for the sandwich generation to save and invest, I would say it is possible especially when the why is clear. The how, the reason, and purpose will be easy.

Saving and investing is a must, most especially if more than half of your life is already spent on caring for other people, start saving for how you will also take care of yourself in the near future.

Two tourist helicopters collide in Nepal, leaving one dead

Two tourist helicopters collided mid-air in Nepal’s Solukhumbu district, in the eastern part of the country, killing one foreign national, The Kathmandu Post reports.

According to the information, helicopters operated by Fishtail Air and Air Dynasty were attempting to land on the same helipad in the mountainous region when they collided and crashed.

Nepalese police identified the victim as 47-year-old Indian national Vasanth Kumar Balaramaramadu, who was aboard the Fishtail Air helicopter. His body was transported to a hospital in Lukla, a key transport hub for tourists heading to Mount Everest.

Both pilots were injured in the accident, according to preliminary reports.

The number of casualties could have been higher. Several dozen tourists carrying backpacks were standing near the helipad when the crash occurred. Debris and rotor blades from one of the helicopters flew in their direction, narrowly missing the group.

Small helicopters are widely used in the Himalayan nation to transport tourists, climbers and supplies, as well as to carry out emergency evacuations.

Customs impounds prohibited goods worth N6.19 billion

The Nigeria Customs Service (NCS), Federal Operations Unit (FOU), Zone A, said it recorded 195 seizures of prohibited and restricted goods with a total Duty Paid Value (DPV) of N6.19 billion, including 3.4 tonnes of cannabis and 23,220 machetes in four weeks.

The Acting Comptroller of the unit, Oladapo Afeni, at a news conference on Tuesday in Lagos said the seizures included 5,986 parcels of cannabis sativa and indica, weighing 3,407.83 kilogrammes.

He expressed concern over the increasing availability of potent cannabis varieties and their potential impact on young Nigerians.

Citing the 2025 World Drug Report of the United Nations Office on Drugs and Crime (UNODC), he said that cannabis remained the most widely available and consumed illicit drug globally, accounting for an estimated 42 per cent of drug use disorder cases.

He said that the interception was part of efforts to protect public health and prevent the circulation of illicit drugs.

The Customs chief also expressed concern over the seizure of 23,220 new machetes allegedly smuggled into the country without the required certificates and permits.

He warned that the items could be used by criminal elements to disrupt peaceful elections in the coming months.

Other seizures included 4,334 bags of imported rice, 173 cartons of frozen poultry products, 6,949 cartons of spaghetti, 459 bales and 39 jumbo sacks of second-hand clothing, 1,236 used tyres, 21 foreign-used vehicles and 8,025 litres of Premium Motor Spirit (PMS).

The unit also intercepted 1,250 rounds of 12-calibre cartridges, 250 cartons of unregistered Lotus sardines, 101 bags of imported sugar, 20 cartons of couscous and eight live pangolins.

Afeni added that the seizures included 400 grammes of cocaine, 100 grammes of methamphetamine and 57 cartons, 37 packs and six pieces of codeine syrup.

Other items recovered were 33 used vehicle rims, 20 cartons of imported creamer powdered milk, 12 bags of grain oat products, eight bags of imported powdered milk, 2,760 knocked-down office chairs and 11 means of conveyance.

He said that the unit also generated N683.66 million through compliance checks, scrutiny of import declarations, detection of under-valuations and issuance of demand notices between Sept. 30 and Nov. 3, 2026.

Afeni attributed the achievements to improved intelligence gathering, risk-based examination, enhanced surveillance and collaboration with other security and regulatory agencies.

He listed the National Drug Law Enforcement Agency (NDLEA), Nigeria Police Force, Department of State Services (DSS), Nigeria Immigration Service, Nigerian Army, National Agency for Food and Drug Administration and Control (NAFDAC) and National Environmental Standards and Regulations Enforcement Agency (NESREA) among its enforcement partners.

He said that the seized narcotics and suspects would be handed over to the NDLEA for further investigation and prosecution, while other prohibited items would be transferred to relevant agencies.

The Acting Comptroller assured legitimate importers and licensed customs agents of the unit’s commitment to facilitating lawful trade.

He warned that attempts to evade duties, falsify declarations or undermine national security would not be tolerated.

‘Smuggling thrives where it is tolerated, protected or ignored.

‘Every citizen has a role to play by reporting suspicious activities and supporting lawful trade,’ he said.

Afeni pledged that the unit would sustain intelligence-led operations to dismantle smuggling networks, protect government revenue, safeguard local industries and strengthen national security.

He commended the Comptroller-General of Customs, Bashir Adeniyi, for the confidence reposed in him and urged officers to remain committed to combating economic sabotage.

Afghanistan pips Sri Lanka; achieves highest ICC Men’s ODI team ranking

Afghanistan have climbed to the sixth spot in the ICC Men’s ODI Team Rankings, surpassing Sri Lanka to secure their highest-ever position.

Since making their ODI debut in 2009, Afghanistan have been ever-rising across formats, with historic feats such as wins over Pakistan and Sri Lanka in the ICC Men’s Cricket World Cup in 2023 and a maiden ICC Men’s T20 World Cup semi-final appearance in 2024.

They have won 96 of their 191 matches in the ODI format with an impressive win-loss ratio of 1.09.

Afghanistan were already above experienced teams like Bangladesh, England and West Indies, and have now also overtaken Sri Lanka to achieve their highest-ever position in the Men’s ODI Team Rankings.

Their recent successes include a 4-0 series win over Ireland away from home and an unbeaten run in the recently concluded tri-series against Zimbabwe and Bangladesh.

They recently clean swept Zimbabwe in the T20I format as well, and are now all set to face the Chevrons in a two-match Test series.

BOC: Rolls Royce sold for P23 million

The Bureau of Customs (BOC) has generated some P23 million from the auction of a seized luxury car, a 2021 Rolls Royce Cullinan.

The BOC said the car was sold on Oct. 30 at the Port of Manila.

It clarified that the Cullinan is not the one seized by the government from contractors Curlee and Sarah Discaya, which is a 2023 model that was sold at a public auction for over P29 million. The winning bidder was Igorot Stone Kingdom Inc., represented by Pio Velasco.

According to BOC records, the luxury car was among the motor vehicles confiscated in 2025 in Pasay City after it was unlawfully imported.

The BOC conducted verification through its Customs Processing Database, and discovered that the vehicle’s importation documents were incomplete, which violated the Customs Modernization and Tariff Act.

Customs Commissioner Ariel Nepomuceno said earnings from the public auction would be remitted to the Bureau of the Treasury.

From January to September, the BOC collected P146.677 million from public auctions. Of the number, P115.889 million came from the Manila port.