Category: Auto Guid

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) wants payments system operators to meet stricter standards on financial reporting and audit oversight. The aim is to improve the quality and integrity of information used for regulatory supervision and investor decisions.

The central bank is collecting industry feedback on a draft circular that would adopt regulations meant to strengthen the financial reporting of these entities. These include banks, e-wallet providers and payment gateways that operate platforms that facilitate fund transfers. Comments are being accepted through Dec. 12.

Under the proposal, licensed operators would be required to submit annual financial statements detailing their balance sheets no later than 120 days after the close of the calendar year or fiscal year adopted by the company. They must also hire external auditors only from a BSP-approved list. 

READ: Almost 60% of Philippine retail payments now digital

Firms based abroad would need to comply with the disclosure requirements and adhere to equivalent regulations enforced by foreign authorities in their jurisdictions.

Government-run entities exempt

Government-owned or -controlled operators, which also fall under the Commission on Audit’s concurrent jurisdiction, would be exempt from the annual financial audit by external auditors. However, if supervisory concerns arise — such as a significant weakness or breach in internal controls or risk management systems — the Monetary Board may, upon recommendation from the relevant BSP supervisory department, require that the audit be conducted by an external auditor.

When hiring an external auditor, the BSP said payment service operators must follow provisions on rotation and avoidance of conflicts of interest.

READ: Metro Manila mayors OK cashless payments in public markets, tricycles

The external auditor must report to the BSP within 15 calendar days upon discovering any issue that could negatively affect the condition or soundness of an operator. Such cases may involve fraud, actual or potential losses, material breach of laws and regulations, and urgent corporate governance issues.

Failure to comply with the requirements would subject the operators to the penalties. 

Meanwhile, the BSP may also downgrade the external auditor’s category or exclude it from the central bank’s list of selected providers if they violate any rules.

“The Bangko Sentral recognizes the importance of financial reports and disclosures in the conduct of effective supervision and in sustaining public and stakeholder confidence in the payment system,” the BSP said.

“In this light, the regulations on financial reporting and audit oversight aim to enhance the quality, integrity and transparency of information channeled to the supervisory process and ultimately promote fairness, accountability, and confidence in financial reporting,” it added. INQ

MANILA, Philippines — The Makabayan Coalition has launched the “Programa para sa Pambansang Demokrasya,” which it described as an alternative governance program that rejects President Ferdinand Marcos Jr. and Vice President Sara Duterte amid the political crisis in the country.

In a press conference on Saturday, Makabayan President Liza Maza stressed that Marcos and Duterte should step down from their posts, citing corruption allegations against the two top leaders.

“Hindi Marcos, Hindi Duterte: Alternatibong Programa para sa Pambansang Demokrasya [No Marcos, No Duterte: Alternative Program for National Democracy],” Maza said.

“The ‘Programa para sa Pambansang Demokrasya’ is a comprehensive agenda of change that rejects both Marcos and Duterte as the people’s false and only option and lays out a firm alternative to the rotten, elitist, and pro-foreign system that has long burdened the Filipino people,” she said speaking Filipino.

“The program was born amid the people’s intensifying anger over corruption, rising poverty, a weakening economy, and the lack of accountability of successive regimes that pushed the country into crisis—from the Marcos dictatorship to the Marcos Jr. administration today,” she added in Filipino.

Makabayan said the alternative program proposes that every sector of society—including workers, farmers, the urban poor, Indigenous peoples, youth, women, and other marginalized groups—should have representation in government.

The group also called for the abolition of political dynasties, the accountability of corrupt and abusive government officials, and the scrapping of the pork barrel system and other roots of corruption in the country.

Also present at the program launch were Kabataan party-list Rep. Renee Co, ACT Teachers party-list Rep. Antonio Tinio, Gabriela party-list Rep. Sarah Elago, former congressmen Teddy Casino and Satur Ocampo, Kilusang Mayo Uno Secretary General Ronaldo Adonis, Bayan President Renato Reyes, and Filipino Nurses United Secretary General Jocelyn Andamo.

The government is currently grappling with controversies amid the ongoing investigation into infrastructure projects nationwide.

President Marcos was recently implicated by resigned Ako Bicol Rep. Elizaldy Co in alleged infrastructure anomalies, claiming the President ordered the insertion of P100 billion worth of projects into the 2025 national budget.

Vice President Duterte was also implicated in a corruption scandal over the alleged misuse of P612.5 million in confidential funds by her office and the Department of Education during her tenure—an issue that led to the filing of an impeachment complaint against her. The case is currently archived in the Senate. /jpv

MANILA, Philippines — Sixteen years later, victims of the Maguindanao massacre, considered the deadliest event for media workers in history, are still reeling from the pain and struggling to find justice, particularly in recognizing the final victim of the killings.

The non-profit Center for International Law (CenterLaw) on Saturday said it will seek an urgent motion before the Court of Appeals (CA) to resolve the pending appeals in the Maguindanao massacre cases and to judicially recognize journalist Reynaldo Momay, the 58th victim in the killings.

Lawyer Gilbert Andres, CenterLaw’s executive director and legal counsel for 19 massacre victims, said his clients are “growing tired” of the unresolved matters pending before the CA.

However, there was one resolution where the appellate court denied the motion by former Maguindanao Gov. Zaldy Ampatuan, who asked to present additional evidence after one witness recanted his statement, according to Andres.

The second part of the motion involved another accused, police officer Bahnarin Kamaong, one of the officers who ordered the provision of firearms, filing a motion to admit bail, “but it was also denied, fortunately, by the CA,” Andres said.

The third part involved one accused, whom he did not identify, who only withdrew an appeal.

“That was the last resolution to date by the CA; I think it was March of 2025. But as of now, the appeals have not yet been deemed submitted for resolution, so we are still waiting for the decision of the appeal,” Andres said at a Zoom meeting with the National Union of Journalists of the Philippines (NUJP), a clip of which was posted on the latter’s Facebook page.

“It’s very clear that the families we represent are still suffering from the traumas… especially now that we’ve entered the Ber months. They want a resolution from the CA already, regardless of what decision they come up with, as long as there will be closure because justice has yet to be served,” he explained.

The Dec. 19, 2019 decision by the Quezon City Regional Trial Court (RTC) Branch 221, which handled the entire case for years, was actually “not full justice” for the families of the victims, Andres pointed out.

This prompted the families to seek help from journalist groups, including the NUJP, to aid them in their “final push for justice.”

“The families have been saying that regardless of the decision, they want [the CA] to finally decide on the case because they want closure,” Andres said.

As for Momay, Andres said they have a pending motion seeking the victim’s recognition “straight from the court.”

“This is like a double whammy for his family since he was already a victim and he was not even recognized as a victim because the case against him was dismissed by the December 2019 consolidated partial decision [of the Quezon City RTC],” he said.

“In fact, it was a triple whammy because his remains had not been found,” Andres added.

Andres also called on the Philippine government to provide the long-delayed financial compensation to the families of all Maguindanao massacre victims, which he said is the country’s obligation under international law.

“Sixteen years is far too long. Sixteen years is an unconscionable burden on families who have already lost so much,” he said in a statement on Saturday. “Full justice must not only be promised — it must finally be delivered for the Maguindanao massacre victims.” /jpv

MANILA, Philippines – Senator Loren Legarda called for the full institutionalization of the Women, Peace, and Security (WPS) Agenda across all sectors of government during her keynote address at the 7th International Forum on Law and Religion in the Philippines, held at the University of the Philippines BGC Campus in Taguig City on November 21.

Speaking to legal scholars, civil society representatives, faith leaders, and international partners, Legarda urged embedding WPS principles in government planning and budgeting with clear accountability.

“The Women, Peace, and Security Agenda must not be treated as a single policy compartment. It must influence every sector and serve as a lens for how we allocate resources,” Legarda declared.

“The national budget is the most visible expression of what we value. It must carry the Women, Peace, and Security Agenda across all institutions.”

The forum, marking 25 years of UN Security Council Resolution 1325, was organized by the UP Law Center, the Philippine Center for Islam and Democracy, and Brigham Young University’s International Center for Law and Religion Studies.

Legarda, a four-term senator and long-time WPS advocate, traced the evolution of the Philippine WPS framework from legislation to implementation. She cited her authorship of key laws such as the Anti-Trafficking in Persons Act, the Anti-Violence Against Women and Children Act, the Magna Carta of Women, and the Expanded Maternity Leave Law as foundational to the country’s WPS architecture.

“We have worked to ensure that the Women, Peace, and Security Agenda guides national development and is not treated as a separate concern. It is now embedded in legislation, national planning, governance structures, and regional partnerships,” Legarda said.

She highlighted integration points for WPS in climate governance, indigenous rights, and interfaith dialogue, referencing specific legislation as precedent for expanding women’s roles in policy-making.

“When I championed the Climate Change Act of 2009, I ensured that women were represented in its decision-making. Addressing climate risks is essential to any comprehensive Women, Peace, and Security approach,” Legarda said.

A key focus of her address was the call for gender-responsive budgeting, in line with the Magna Carta of Women’s 5% GAD requirement for all government agencies.

“These investments broaden opportunities for women to lead and improve outcomes across sectors. But families cannot live on promises. These laws must reach the barangays where mothers line up for vaccines, where girls walk long distances to school, and where women rebuild their homes after every typhoon,” she stressed.

Legarda noted recent milestones including the launch of Southeast Asia’s first WPS Center of Excellence and the Philippines’ 20th global and first Asia ranking for gender equality in the 2025 Global Gender Gap Report.

“Let us continue to push, insist, and ensure that the Women, Peace, and Security Agenda is non-negotiable,” she concluded.

The forum, attended by around 200 participants, reaffirmed the Philippines’ leadership in advancing gender equality, peacebuilding, and inclusive governance in the region.

MANILA, Philippines–Far Eastern University kept its Final Four hopes alive after sending University of the East to a winless season, 84-77, in the UAAP Season 88 men’s basketball on Saturday at Smart Araneta Coliseum.

The Tamaraws improved to 6-7 with their second straight win and three of the last four behind five players scoring in double figures, but not before preventing the Red Warriors from closing in during the fourth quarter.

READ: Crucial weekend up for UAAP Final Four chasers

That left UE to suffer a dubious fate of failing to register a victory in all 14 games, equaling the feat of the similar misery the Red Warriors endured in the pandemic-delayed Season 84 in 2022.

Jorick Bautista, Mohamed Konateh, Kirby Mongcopa, Janrey Pasaol and Neil Owens were key in the Tamaraws’ triumph in a game where they led for most of the way.

READ: UAAP: Sean Chambers’ tough love lights up Jedric Daa, FEU

Bautista had 17 points, three rebounds and six assists, Konateh registered 15 points and eight rebounds, Mongcopa dropped 14 points, 10 rebounds and six assists, Pasaol tallied 12 points, six assists and four steals and Owens added 10.

FEU led by a high of 16, but UE threatened several times in the fourth.

Precious Momowei posted 19 points, 14 rebounds and four steals in the Red Warriors setback that also extended a skid of 19 consecutive games dating back to the tailend of last season.

Wello Lingolingo added 14 points and four rebounds for UE.

MANILA, Philippines — May Luna-Lumahan is hanging up her volleyball jersey after spending 15 years of her life playing the sport.

After Nxled’s final game against ZUS Coffee in the PVL Reinforced Conference on Tuesday at Ynares Center Montalban, the Chameleons turned sentimental, hugging Lumahan and posting pictures of her on social media.

READ: PVL: May Luna leads Nxled to emotional win days after mom’s passing

The 27-year-old spiker revealed to Inquirer Sports that she had decided to retire.

“It wasn’t an easy decision, and it took a lot of reflection. Volleyball has been my life for almost 15 years, so stepping away meant letting go of something that shaped me. But there were important things I had to consider,” Lumahan told the Inquirer.

“First, I recently got married. And in the middle of chasing dreams and playing season after season, I realized we never truly had the time to enjoy our married life. I want to give myself the chance to invest fully in my husband and in the family we’re building.

Second, I’m not getting any younger. Volleyball has been my world for almost 15 years, and I’ve given so much of myself to this sport. I reached a point where I felt that it’s enough—that I’ve done my part, and I no longer have anything to prove to myself. It just felt like the right time to step into a new chapter of my life.”

Lumahan was part of the De La Salle Lady Spikers team that won three consecutive UAAP championships from Season 78 to 80.

READ: PVL: Nxled gets May Luna as teams continue to fill the pieces

The 5-foot-9 spiker also played for F2 Logistics in the defunct Philippine Superliga (PSL) in 2018 and began her PVL pro career with Cignal and Chery Tiggo.

She found a home at Nxled — her club since 2023 — and felt fulfilled as she bid farewell to the sport.

 “I am completely, wholeheartedly fulfilled. From a girl in Tagum City, to DLSU, and all the way to the pro league… I’ve lived a journey bigger than what I ever imagined for myself. Sometimes I look back and think, “God really brought me so far,” Lumahan said.

“I’m deeply grateful to God for strengthening me through every chapter the wins, the losses, the hard trainings, the breakthroughs. I’m grateful to Coach Ramil De Jesus, who believed in me when I didn’t even know how far I could go. I’m grateful to every team who trusted me, who gave me a place to grow. And to my Ninong, Sir Flavius (Dulce) of Hustle and Groove, thank you for guiding me and supporting me throughout my entire pro career. Because of all of them, and because of every teammate and supporter I met along the way, my heart feels complete. No regrets, only gratitude.”

“I think this is the best time also to thank my Akari and Nxled family, and Sir Chris Tiu and family, for all the support you’ve given me. I truly felt your trust and belief in me, and I’m deeply grateful for everything,” she added.

READ: Little playing time, big impact: May Luna shines in Game 1 win

The pride of Davao said her best career highlights aren’t just the wins, the games, or the achievements. It was inspiring young athletes through her journey of dreaming and pushing harder.

“If there’s a legacy I want to leave, it’s the passion I carried. I hope people remember me not just for how I played, but for how much I loved the sport and how much I wanted others to love it too. I hope I became a spark, even in a small way, for the next generation. That’s the kind of legacy that lasts longer than any trophy or medal,” said Lumahan.

Lumahan believes good things await the Chameleons as they seek to bounce back from a winless Reinforced stint.

“I know every single one of you has greatness in you. Trust yourselves, trust each other, and play with the same fire that brought you this far,” she said. “Even if I won’t be there on the court, my heart will always be cheering for you. I’ll be supporting all of you, always. Believe in your strength and in the story you’re writing. You are capable of more than you know and I can’t wait to witness your journey from the sidelines.”

As she steps away from volleyball, Lumahan plans to spend more time with her husband and let her body rest after years of hard work.

“I want to give myself permission to slow down and rediscover life outside the court. I want to spend more time with my husband, time that’s intentional, present, and full of moments we’ve missed. Maybe we’ll travel a bit, explore new things together, and build memories that don’t involve training schedules or season deadlines,” she said. “It’s a new season of life, and for the first time in a long time, I’m excited to see who I can be beyond volleyball.”