Category: Business Mirror

Electricity prices in the Wholesale Electricity Spot Market (WESM) jumped by 38.5 percent to an average of P7.79 per kilowatt hour (kWh) last month as supply margins thinned due to increasing demand and persistent power plant outages.

Independent Electricity Market Operator of the Philippines (IEMOP), the operator of WESM, said the systemwide average supply rose to 21,374 megawatts (MW), up 2.7 percent from April. Average demand also went up to 15,755 MW or by 9.4 percent from April.

This supply and demand levels resulted in a lower system supply margin, leading to the systemwide average price to rise to P7.79/kWh from P5.63/kWh.

‘The April prices were determined under the modified administered price [MAP] mechanism following the ERC [Energy Regulatory Commission]-imposed market suspension,’ Rica Cagnayo of IEMOP Trading Operations-Market Simulation and Analysis said during a press briefing on Wednesday.

The ERC declared a market suspension in response to the declaration of a State of National Energy Emergency. During this period, the MAP was applied, with coal price set at P6/kWh.

Meanwhile, regional supply-demand conditions showed mixed outcomes.

In Luzon, the relatively higher increase in demand (11,369 MW) compared to supply (15,509 MW) led to a decline in the supply margin, driven mainly by frequent planned and forced power plant outages, which prompted the issuance of grid alerts. As a result, Luzon WESM average prices surged by 24.8 percent to P7.02/kWh from P5.63/kWh.

Supply margins in the Visayas and Mindanao remain tight due to higher levels of generating unit outages and variations in electricity transfers between regions.

These conditions resulted in higher regional prices, with average market prices in Visayas soaring 81.4 percent to P10.20/kWh. In Mindanao, average WESM price stood at P9.28/kWh from P5.63/kWh.

IEMOP Vice President for Trading Operations Isidro E. Cacho Jr. said WESM average price could hit P9 per kWh if the yellow alert persists.

‘Yes, it’s possible in the next few weeks but as the rainy season starts we will see that our demand will decrease. However, the other contributing factor is the supply. As long as the big impact of forced outages is there, we might be seeing the same situation.’

THE Securities and Exchange Commission (SEC) has released for a second round of public comments the draft guidelines that seek to lift the moratorium on the registration of online lending platforms and raise the capital requirements of financing and lending companies in a bid to improve regulatory oversight over the sector and boost consumer protection policies.

The proposed guidelines is expected to provide stronger safeguards against abusive and unfair debt collection practices.

Under the draft rules, the SEC is set to impose a uniform minimum paid-up capital for a new company. Existing online lenders would be required an amount of paid-up capital based on the number of platforms they operate.

The proposed minimum paid-up capital for new financing and lending companies is P15 million and P5 million, respectively.

The SEC is also imposing a cap on the number of platform or company may own and operate to just up to five to ensure effective supervision, adequate governance and manageable consumer risk exposure.

The proposed minimum paid-up capital for financing companies with one platform is P20 million, P60 million for three platforms and P100 million for five platforms

Meanwhile, lending companies are proposed to have a P10 million minimum paid-up capital for one platform, P30 million for three and P50 million for five.

The proposed guidelines also adopt a Single Certificate of Authority policy, wherein each firm will only be issued one certificate covering its principal office, all branch offices and platforms.

Among others, the proposed guidelines prohibit lending firms from disbursing loan proceeds, whether automated or system-initiated, without a borrower’s explicit and informed confirmation of the final loan terms.

In payment collection, the firms should ensure that collection communications, whether made directly or through any third-party service provider, shall clearly and reasonably identify the registered name of the company, the specific platform or other information as deemed necessary by the SEC.

Under the proposed rule, lending and financing companies that violate MC 18 will be directed to pay P50,000 and P100,000 for the first offense, respectively. For the third and succeeding offenses, the SEC may impose a fine of up to P1 million, suspend the activities of the lending firm, or revoke their certificate of authority.

The public may submit comments and recommendations on the proposed guidelines on or before June 15.

THE Embassies of Canada, Mexico and the United States invite the public to the Pinoy Football Fiesta on Saturday at the SM Mall of Asia’s MOA Sky in Pasay City.

This celebration brings together sports, culture and community as North America hosts the World Cup from June 11 to July 19.

The Pinoy Football Fiesta highlights the shared commitment of Canada, Mexico, and the United States to deepen people-to-people ties, promote sports diplomacy, and celebrate decades of friendship with the Philippines.

The Philippine Football Federation, with the support of McDonald’s, will conduct a youth football clinic at the adidas Football Park.

The public is invited to a watch party at the MOA Sky Amphitheater with the live broadcast of the opening ceremony at 7:30 a.m. with the support of Blast TV. The US opening match against Paraguay will kick off at 9 a.m.

THE first visible impact of the Middle East conflict on the Philippine labor market may be showing up not in outright job losses but in shrinking incomes and reduced work opportunities, as underemployment climbed to a nearly three-year high in April, economists said.

On Tuesday, the Philippine Statistics Authority (PSA) reported that 7.41 million of the country’s 48.89 million employed Filipinos were underemployed: these are workers who wanted additional working hours, another job, or a new job with longer hours.

This pushed the underemployment rate to 15.2 percent in April 2026, the highest reading since July 2023 when underemployment reached 15.9 percent.

Of the total, 4.21 million were visibly underemployed, or workers who rendered less than 40 hours of work a week and wanted additional work. Meanwhile, 3.2 million were invisibly underemployed, or workers who already worked 40 hours or more a week but still sought additional work or longer working hours.

‘Deteriorating conditions’

For University of Asia and the Pacific (UAandP) economist Marco C. Agonia, the rise in underemployment suggests that the ripple effects of the oil crisis are beginning to surface through ‘deteriorating labor market conditions.’

‘Factories may not be able to produce as much as they ought to, while transportation operators are forced to reduce hours due to lower margins,’ Agonia told the BusinessMirror.

PSA data showed 3.87 million underemployed workers were in the services sector, followed by 2.06 million in agriculture and 1.49 million in industry.

Within the services sector, wholesale and retail trade accounted for the largest number of underemployed workers at 1.14 million. This was followed by transportation and storage with 677,000, other service activities with 504,000, and accommodation and food service activities with 422,000.

Transportation and storage recorded one of the most notable increases in underemployment, adding around 160,000 workers from a year earlier. The increase was concentrated among passenger land transport workers, including jeepney drivers, taxi drivers, and bus drivers.

Former Socioeconomic Planning Secretary Dante B. Canlas said the increase in underemployment also reflects a labor market that had already been losing momentum amid slower economic growth before being hit by fresh external shocks.

Canlas noted that labor market conditions have softened since the start of the year as real economic growth slowed to 2.8 percent in the first quarter, while the geopolitical tensions and the temporary closure of the Strait of Hormuz added further pressure on businesses and workers.

‘As real wages stagnated from the Iran war, even employed workers were impelled to look for additional work, thereby swelling the ranks of the underemployed,’ Canlas told the BusinessMirror.

Job quality concerns

De La Salle University (DLSU) economist Ella C. Oplas said the latest figures also point to persistent concerns over job quality rather than simply the availability of work.

According to Oplas, many of the jobs being generated appear to be temporary, short-term, or otherwise insufficient to provide workers with adequate income-forcing many Filipinos to accept work while continuing to search for better-paying opportunities.

‘People would rather still get underemployed given the set up. People are desperate,’ she added.

Too early to tell

However, Ateneo de Manila University (ADMU) economist Ser K. Peña-Reyes cautioned against drawing a direct link between the rise in underemployment and the Middle East conflict.

He said the increase in underemployment is consistent with workers facing pressure on earnings and working hours, but it may also reflect a broader deterioration in job quality rather than a collapse in labor demand.

Peña-Reyes said a clearer picture will emerge in the coming months. If elevated oil prices persist and are accompanied by rising underemployment, shorter work hours and eventually higher unemployment, it would strengthen the case that the external shock is feeding through to the Philippine labor market.

‘The bigger near-term risk is weaker earnings and reduced working hours rather than a sharp rise in outright unemployment. This pattern would be consistent with the way the Philippine labor market has historically absorbed external shocks: income and hours tending to adjust before headcount does,’ he told the BusinessMirror.

Job creation

While underemployment has emerged as a growing concern, economists also warned that job creation could come under pressure in the months ahead.

‘We may expect a reduction in labor force participation as workers may decide to instead pursue further schooling or avoid the labor market altogether, if economic expectations deteriorate further,’ he said.

PSA data showed 2.41 million Filipinos were unemployed in April, higher than the 2.06 million recorded a year earlier, but lower than the 2.96 million posted in January.

Of the total unemployed, around 240,000 were new labor force entrants who had yet to find work.

‘Current economic stress may amplify the seasonal graduation effect, with laid-off workers forced to compete with a fresh intake of labor market participants,’ Agonia also said.

He added that firms facing higher costs and persistent uncertainty may become more cautious in hiring, potentially affecting both the quantity and quality of jobs created.

Peña-Reyes agreed, saying the greater risk is not necessarily a sharp increase in unemployment but a labor market that continues to generate jobs that offer fewer hours, lower pay, or less stability.

Building resilience

For his part, Department of Economy, Planning, and Development Secretary Arsenio M. Balisacan said the government is working to expand market access and attract investments in emerging and high-growth industries, including artificial intelligence, through stronger economic partnerships, and initiatives such as the Luzon Economic Corridor.

Balisacan also stressed the need for closer collaboration between government and industry to equip workers with skills demanded by a rapidly evolving economy and help workers transition into more stable and productive jobs.

‘These initiatives are essential to building a more resilient labor market that can withstand shocks while creating better opportunities for Filipino workers,’ Balisacan said.

The Department of Labor and Employment (Dole) likewise said it would continue expanding pathways to quality employment, strengthening workforce competitiveness and protecting labor rights.

‘These valuable efforts are part of the Department’s broader vision to build a future-ready workforce that can thrive in a changing economy while contributing to sustained, inclusive, and people-centered growth under the Bagong Pilipinas agenda,’ it said.

PRECIOUS ZARAGOSA went wire-to-wire to emerge victorious in the International Container Terminal Services Inc. Negros Junior Philippine Golf Tour (JPGT) Championship at the Negros Occidental Golf and Country Club in Bacolod City on Wednesday.

By winning the final two legs of the six-stage Visayas-Mindanao Series, the rising Davaoeña star rocketed from the middle of the standings to a joint-first finish to book her spot on the South team in the JPGT Elite Grand Finals with Tashanah Balangauan.

Ranked fifth overall after her victory at the Pueblo de Oro leg last month, Zaragosa’s commanding performance at the par-70 Marapara layout this week propelled her to the top of the leaderboard.

She finished with 42 points, tying Cebuana standout Balangauan, who had already secured the first finals berth.

Zaragosa closed out her dominant Negros run with a final-round 74 for a 13-over-par 223 total over 54 holes.

In the boys’ final, Cebuano Sebastian Sajuela turned what had appeared to be a down-to-the-wire battle into a cruising victory.

Facing off against Del Monte’s Clement Ordeneza in hot and humid conditions, Sajuela clinched a two-stroke win, finishing with a 75 for a 224 total despite a double-bogey mishap on No. 18.

Apple Gotiong pulled to within two strokes off Zaragosa after an impressive frontside 36, putting pressure on the two-day leader. After storming to a six-shot lead after 36 holes, Zaragosa faltered early, wavering with four bogeys in the first eight holes.

Gotiong also finished with a four-over card for a 229 and despite her setback, the Cebuana successfully propelled her into the finals via the backdoor, raising her total to 36 points on the strength of three second-place finishes across the Vis-Min series.

Lois Laine Go shot a 79 to finish third at 242 and secure the third qualifying spot with 35 points, while Cagayan de Oro’s Mikela Guillermo, who placed fourth at 253 after an 81, grabbed the fourth and final ticket with 28 points. Guillermo effectively dislodged erstwhile No. 4 Zero Plete, who surrendered her finals aspirations by skipping this final elimination leg.

‘I felt the pressure mounting on the back nine when Apple cut the lead to just three shots,’ Zaragosa said.

The race for the remaining national finals slots shifts to Luzon, where the final leg of the Luzon Series will take place from June 17 to 19 at the Eagle Ridge Golf and Country Club in General Trias, Cavite.

The ICTSI North vs South Elite Junior PGT Finals will from August 17 to 20 at Pueblo de Oro.

A HOUSE of Representatives impeachment trial spokesperson on Wednesday said the defense team of Vice President Sara Z. Duterte is pushing for the outright dismissal of the impeachment case because it lacks counterevidence to refute the allegations in the Articles of Impeachment.

Lanao del Sur Rep. Zia Alonto Adiong, a House trial spokesperson, said that while Duterte’s official answer was lengthy, it largely focused on stopping the proceedings instead of directly addressing the charges.

‘Although their response is quite voluminous and even comes with an executive summary, the core of it is really to halt the process rather than confront the allegations,’ Adiong said.

He explained that the House prosecution panel opted to file a manifestation instead of a point-by-point reply, arguing that there was nothing substantial to respond to.

‘But our position on that is exactly why the House prosecution team simply submitted a manifestation-because how can you respond to something that, in truth, does not require any answer,’ Adiong explained.

According to Adiong, the defense’s main objective is to have the case dismissed even before trial begins-a move he stressed is not provided for under the Constitution.

‘The Constitution does not give the Senate Impeachment Court the option to dismiss the case outright. Its role is to conduct a full trial and then decide whether to acquit or convict,’ he said.

He added that the procedural and constitutional objections raised by the defense are not new and had already been brought up during House proceedings last year by Fortun Narvasa Salazar, Adiong said, referring to the defense law firm.

He said the Constitution gives the Senate Impeachment Court the role of trying and deciding the case, not dismissing it outright before the presentation of evidence.

Constitutional accountability

ADIONG said political pressure, disinformation, and personal attacks must not undermine constitutional accountability as the impeachment trial for Duterte moves forward.

He said public officials have a duty to uphold the Constitution regardless of political consequences, even as he acknowledged facing backlash for supporting the impeachment process.

He admitted that his position has drawn criticism, particularly in Mindanao, where Duterte remains politically popular.

‘The backlash has really affected me, but as I’ve been saying, this is the time when you have to stand firm in what you believe is right,’ Adiong said.

‘You have to stand by the Constitution because the Constitution is just a document-it’s on paper; it has words. If we do not live by it, then the Constitution will have no effect,’ he added.

The Senate Impeachment Court prepares for its June 18 pre-trial conference, where both prosecution and defense panels are expected to present their evidence, witnesses, and key legal issues.

According to Adiong, the impeachment proceedings serve as a test of whether public officials are willing to enforce accountability despite political pressure.

‘The Constitution will only be alive if we act on it. If there are impeachable officers who have committed violations such as culpable violation of the Constitution or betrayal of public trust, it is our duty to uphold this,’ he said.

The House of Representatives earlier impeached Duterte and transmitted the Articles of Impeachment to the Senate, which is now convened as an impeachment court.

Adiong said lawmakers who supported the complaint did so after reviewing evidence and hearing testimonies during congressional proceedings.

‘We saw the evidence and heard the testimonies of the witnesses. We have no choice but to stand on the Constitution,’ he said.

He also warned that intimidation tactics and false accusations could create a chilling effect on efforts to hold powerful officials accountable.

Adiong said he and other members of the House prosecution panel face allegations from a group of former bodyguards of former Party-list Rep. Zaldy Co of Ako Bicol, who claimed they delivered cash-filled luggage to lawmakers. He has repeatedly denied the accusations.

‘If I give in to the backlash and to the spread of false information meant to damage my reputation, it would be as if I were supporting a culture of impunity,’ he said.

Disclose ‘Mary Grace Piatos’

ADIONG also said the defense panel must disclose early if it intends to present ‘Mary Grace Piatos’ as a witness in the impeachment trial.

Speaking ahead of the pre-trial conference, Adiong said both camps are expected to submit their evidence and list of witnesses, subject to possible objections.

‘The House prosecution team is ready to submit its evidence and potential witnesses. We also expect objections from the other side,’ he said.

He explained that the pre-trial will determine the overall flow of the proceedings, including how the court will handle witness disclosures, documentary evidence, and objections.

The issue surrounding ‘Piatos’ is linked to the confidential funds controversy, where lawmakers previously questioned certain names and acknowledgement receipts used in liquidation documents.

‘If they truly have someone named Mary Grace Piatos to present, it would be better for them so that there will be clarity,’ Adiong said.

‘There is no judgement here. The goal is to establish probable cause and give the defense the opportunity to respond,’ he said.

However, Adiong noted that if a witness claiming to be Piatos is presented, the defense must reconcile the signature with those appearing in the confidential fund documents.

‘The Mary Grace Piatos who will appear should have a signature that matches exactly the one in the acknowledgement receipts,’ he said.

He also cited the case of ‘Kokoy Villamin,’ whose signatures in separate receipts reportedly differ, raising the possibility of forensic examination during the trial.

‘It will be difficult to simply present a witness claiming to be Kokoy Villamin, because experts may be called to forensically examine the signature specimens,’ Adiong said.

The House prosecution panel, he added, is now preparing its evidence and witnesses for the upcoming pre-trial conference.

Philippine National Police (PNP) chief Gen. Jose Melencio Nartatez Jr. on welcomed the conviction of Canadian national Thomas Gordon O’Quinn by a Tagaytay City court for drug possession charges tied to a P9.5-billion shabu haul in Batangas as it is a ‘strong win’ in the country’s ongoing anti-illegal drugs campaign.

In a statement, Nartatez said the ruling underscores the value of a rules-based enforcement effort that leads not only to arrests but also to convictions in court.

‘This case highlights that our anti-illegal drugs campaign is not only measured by arrests and seizures but also by successful convictions. The suspect was arrested without loss of life, evidence was preserved, and the judicial process ultimately resulted in a conviction, reflecting the effectiveness of a rules-based approach to law enforcement,’ he said.

In a 19-page decision dated May 29, 2026, the Tagaytay City Regional Trial Court Branch 135 found O’Quinn guilty of two counts of illegal possession of dangerous drugs under Republic Act 9165 or The Comprehensive Dangerous Drugs Act of 2002.

The court sentenced him to life imprisonment and fined him P500,000 for possessing 45 grams of shabu.

It also imposed another life sentence and a P10-million fine for possessing 81.65 grams of cocaine.

‘The court finds that the chain of custody over the seized dangerous drugs remained unbroken, and the integrity and evidentiary value of the corpus delicti have been properly preserved,’ Presiding Judge Andy S. De Vera said.

The conviction stemmed from O’Quinn’s arrest on May 16, 2024 inside a wellness resort in Tagaytay City after intelligence monitoring linked him to the April 15, 2024 interdiction in Alitagtag, Batangas, where authorities seized around 1.4 tons of suspected shabu worth about P9.5 billion.

According to the ruling, the driver of the van, Ajalon Michael Zarate, identified several alleged associates, including a man known as ‘James Toby Martin.’ Subsequent investigation revealed that ‘James Toby Martin’ was allegedly a false identity used by O’Quinn.

Police also verified through the Philippine Center for Transnational Crime that an Interpol Red Notice had been issued against O’Quinn for drug-related offenses in the United States.

Investigators later learned that O’Quinn regularly visited the Tagaytay wellness resort for detox therapy.

Acting on information from an informant, police surveillance teams monitored the resort on May 16, 2024 and coordinated with the Bureau of Immigration’s Fugitive Search Unit.

Immigration officers entered O’Quinn’s villa that night under a mission order and arrested him after he allegedly failed to present valid identification documents.

A subsequent search by police recovered two vacuum-sealed sachets containing suspected shabu, a sachet containing suspected cocaine, tablets suspected to be illegal drugs, and 14 identification cards bearing O’Quinn’s photograph but carrying different names, according to the decision.

Among the aliases listed in the ruling were James Toby Martin, Robert Wagner, Steve Wilson, Ryan Brooke, Steve McDonald, and Jay Mcallan.

The ruling noted that O’Quinn was the sole occupant of the villa where authorities found the drugs and that he failed to show any legal authority to possess them.

‘Having been caught in flagrante delicto, there is prima facie evidence that he had animus possidendi,’ or intent to possess the drugs, the court added.

Nartatez directed all concerned units to maintain operational momentum and strengthen coordination with partner agencies, including the Bureau of Immigration and international counterparts.

He also commended all police units involved in the operation, citing the successful arrest without casualties and the preservation of evidence that led to the conviction.

‘The successful prosecution of a suspect linked to one of the country’s largest drug seizures sends a strong message that drug syndicates will be held accountable under the rule of law. We will continue working with our local and international partners to ensure that those involved in the illegal drug trade are brought before the courts and held accountable,’ Nartatez said.

TOP officials of the Asian Development Bank (ADB) and the Department of Energy (DOE) are discussing a new financing package to improve energy efficiency in public buildings in the Philippines.

‘In partnership with ADB, the DOE is going to be in discussion to promote public building energy efficiency and I hope this project or financing will be soon materialized,’ ADB Energy Director Keiju Misuhashi said in a news briefing last Wednesday.

Misuhashi said the project may serve as a ‘building block’ for scaling up energy-efficiency measures nationwide.

During the forum, the multilateral lender revealed its ‘Pan-Asia Grid Initiative,’ or ‘Pagi,’ a regional platform aimed at expanding energy connectivity across Asia and the Pacific through investments in transmission networks, renewable energy development, and grid modernization.

According to the ADB, the Pagi aims to mobilize up to $50 billion in investments over the next decade, unlock 20 gigawatts of renewable energy capacity, build 22,000 circuit kilometers of transmission infrastructure, and improve electricity access for some 200 million people across the region.

The initiative is also expected to reduce power-sector emissions by 15 percent and generate about 840,000 jobs.

In the near term, the ADB hopes to mobilize up to $20 billion in financing, facilitate the integration of 7 gigawatts of cross-border energy capacity, and support the development of 10,000 circuit kilometers of transmission lines.

According to Mitsuhashi, the Pagi goes beyond cross-border power interconnections and includes efforts to strengthen domestic power systems, increase renewable energy integration, and improve grid resilience.

For the Philippines, he said domestic connectivity remains an important part of the broader vision.

While the country has already linked the Luzon, Visayas, and Mindanao grids, Mitsuhashi noted that many islands remain outside the interconnected system, underscoring the need for continued investments in transmission infrastructure.

He said future ADB support could take different forms depending on the project’s structure, including potential financing opportunities with the National Grid Corporation of the Philippines for privately-driven transmission projects or public-sector financing if the government determines that strategic interventions are needed.

Apart from energy efficiency, Mitsuhashi said the ADB is also working with the DOE on efforts to accelerate geothermal development by helping reduce risks associated with early-stage exploration activities.

He noted that geothermal expansion in the Philippines has remained limited in recent years despite the country’s significant resource potential.

‘For geothermal power, there’s been a bit of a lull for a long time. There’s no geothermal power expansion in the country since the privatization,’ Mitsuhashi said.

A total of 372.5 kilograms of PET bottles have been collected through the Cebu Chamber of Commerce and Industry’s (CCCI) Flood Hero Cebu Movement, highlighting the growing support of educational institutions in transforming plastic waste into practical environmental solutions.

Since the initiative’s rollout, participating schools have contributed significant volumes of plastic bottles through strategically installed receptacle bins.

According to CCCI’s database, the University of the Visayas collected 33 kilograms in November 2025, followed by the College of Technological Sciences-Cebu with 63 kilograms in December 2025. The University of San Jose-Recoletos recovered 100 kilograms in February 2026, while Cebu Institute of Technology-University recorded the highest volume at 151.5 kilograms in March 2026.

Most recently, Southwestern University-PHINMA collected 25 kilograms in April 2026.

The latest installation of a Flood Hero receptacle bin is now located at the University of Southern Philippines Foundation (USPF), where students, faculty, and staff are encouraged to deposit used PET bottles. The bin will remain on campus until August to maximize collection efforts and promote environmental awareness among the university community.

Every plastic bottle dropped into the receptacle is given a second purpose Rather than ending up in waterways and contributing to flooding and pollution, collected PET bottles are sorted and prepared for repurposing into environmental river interceptors or floating booms.

These materials are endorsed to the Cebu City Environment and Natural Resources Office (CCENRO), which utilizes them in constructing floating boom systems installed in rivers and waterways.

These structures help intercept floating waste before it reaches the sea, supporting efforts to reduce plastic pollution, improve water flow, and mitigate flooding in urban areas.

The installation at USPF was made possible through the support and coordination of Dr. Janet Arcana, Vice President for Support Services and External Affairs, and Grace Clabisillas, Student Affairs Services Director. Their collaboration enabled the university to join a growing network of academic institutions supporting the Flood Hero Cebu Movement.

Prior to the USPF deployment, CCCI facilitated the retrieval of PET bottles from the previous installation at Southwestern University-PHINMA, contributing to the steadily increasing volume of plastics recovered through the campaign.

Beyond waste collection, organizers said the initiative serves as an educational platform that demonstrates how discarded plastic can be transformed into practical environmental solutions through collective community action.

By encouraging responsible waste disposal, the movement empowers students and communities to take an active role in environmental protection and flood resilience.

The campaign continues to expand its reach, with Cebu Technological University (CTU) already confirming its participation as the next host institution for a Flood Hero receptacle bin.

CCCI said it is also engaging with other academic institutions and stakeholders interested in supporting the initiative.

On a leafy Connecticut road in the summer of 2024, would-be kidnappers pulled a couple from their Lamborghini SUV, beat them in broad daylight and threw them into a van, only to be arrested shortly thereafter as multiple witnesses, including a passing off-duty FBI agent, called police.

The investigation would lead police to some sensational findings.

The attack turned out to be linked to a $245 million Bitcoin heist the month before involving the couple’s son. And this week, a California cryptocurrency mogul who authorities say called himself ‘The Godfather’ and had previously hired off-duty sheriff’s deputies to strongarm his enemies admitted to orchestrating the attempted abduction to get a piece of the son’s stolen loot.

The California man, 25-year-old Adam Iza, pleaded guilty Monday to conspiracy to interfere with commerce by robbery. Federal prosecutors are seeking a prison term of at least 14 years when he’s sentenced.

Iza’s lawyer, William Paetzold, didn’t immediately respond to Tuesday phone and email messages seeking comment.

The case is part of an increasing trend worldwide of cryptocurrency theft spilling over to violence.

Nightclub fight spawns kidnapping plot

A month before the abduction attempt, one of Iza’s alleged co-conspirators got into a beef with the couple’s son, Veer Chetal, at a Miami nightclub, according to an FBI affidavit. The man, James Schwab, then told an acquaintance to rob Chetal and his friends at their Miami rental home, authorities said. It’s not clear if the robbery happened.

Schwab’s lawyers didn’t immediately respond to phone messages seeking comment.

Then came the Bitcoin heist. A few weeks after the nightclub fight, Chetal and two other men hatched an elaborate online scheme that involved impersonating technical support staff for Google and a cryptocurrency exchange. They managed to steal 4,100 Bitcoins – worth about $245 million at the time – from a Washington, D.C., resident, according to court documents.

The trio lived large after the theft, spending millions of dollars on cars, clothing, jewelry, rental mansions and nightclub parties before being arrested, prosecutors said. Chetal pleaded guilty last November and awaits sentencing, while the two other men have pleaded not guilty.

Iza and Schwab, meanwhile, came up with the idea to take Chetal’s parents hostage in a bid to snatch some of his ill-gotten riches, the FBI said, citing information from informants. Schwab and Iza’s brother, Saif Faiq, also were charged in the kidnapping attempt and pleaded not guilty.

They recruited six other men to go to Connecticut, paying for their travel and lodging, authorities said. A week after the Bitcoin heist, the group surveilled Chetal’s parents hours before the kidnapping, according to court records.

Abduction quickly goes awry

Sushil and Radhika Chetal were driving in the Lamborghini on Aug. 25, 2024, near Danbury High School when they were rear-ended by a car. A white van then pulled in front of the SUV and several men surrounded them, police said.

The men pulled the Chetals out of the SUV and forced them into their van, beating Sushil Chetal with a baseball bat and dragging Radhika Chetal by her hair. The couple were bound with duct tape and the van drove off, according to court documents.

After witnesses called police, officers soon spotted the van and a chase ensued. The van eventually crashed and four of the men got out and fled on foot but were arrested shortly thereafter. The other two men were later found at a home the group had rented in a nearby town. The Chetals were taken to a hospital and released.

The six men, all from Florida, have pleaded guilty in connection with the kidnapping. Two have been sentenced to 11 years in prison and the others await sentencing.

How the ‘Godfather’ went from a Bel Air mansion to federal charges

Before Iza’s arrest in the Connecticut case, he was under investigation by federal authorities in California for extorting money and property from victims in Los Angeles and elsewhere, court records show. He was charged in that case a month after the kidnapping and later pleaded guilty.

Iza, also known as Ahmed Faiq, was living in a mansion in the Bel Air section of Los Angeles, calling himself The Godfather while running a crypto trading company, Zort. While stealing millions of dollars and funneling it through shell companies, Iza spent freely on luxury cars and other extravagances, including cosmetic surgery to lengthen his legs, prosecutors said.

Beginning in August 2021, Iza paid around $100,000 a month for his personal protection to a private security firm founded by a Los Angeles County sheriff’s deputy that also employed other deputies, prosecutors said.

Iza, authorities said, hired off-duty deputies to act as enforcers against people with whom he had personal and business disputes. He used the deputies to extort, intimidate, set people up for arrest and abuse the legal process, prosecutors said.

The deputies used law enforcement databases to generate information about Iza’s enemies and obtained search warrants under false pretenses, authorities said. On one occasion, two deputies held a victim at gunpoint inside Iza’s home, pressuring the victim to transfer $25,000 to Iza’s bank account, prosecutors said.

When he pleaded guilty in that case in January, Iza also admitted to stealing more than $37 million by fraudulently accessing the business manager accounts of Meta Platforms, owner of Facebook, and their lines of credit from 2020 to 2022. He awaits sentencing after pleading guilty to wire fraud, conspiracy against rights and tax evasion.

His attorney in California, Josef Sadat, declined to comment Tuesday.

Several deputies also were charged in the investigation.