Category: Business Mirror

AFTER quickly getting a Senate subcommittee to endorse her P902-million 2026 budget for the Office of the Vice President, Sara Duterte on Monday told a press conference her informants had told her a long time ago of the ‘luggage’ of money being delivered to former Speaker Martin Romualdez, her bitter political rival.

VP Duterte’s comments, made in a press conference after presenting the OVP’s proposed 2026 budget, quickly drew reactions from Romualdez and the Palace.

She said that recent revelations of billions in taxpayer money being wasted on ghost or substandard projects had ‘saddened’ her father, detained former President Rodrigo Duterte, and she expected him to say, ‘sinabi ko na si BBM ay hindi marunong [I told you that President Ferdinand Marcos Jr. doesn’t know how to govern].he is a weak leader,’ blaming him for the mess that has engulfed both the Executive and Congress in recent weeks.

Speaking mostly in Filipino, she said her father was sad, ‘not because of how they smeared his name, but more because of what they did to the country,’ referring to those accused of corruption in the flood projects scandal, both in the Executive branch and the lawmakers who vet and approve the annual appropriations.

She said that soon after she took office in 2022, ‘we had already heard of the ‘deliveries of money.’

However, she added, it was not only kickbacks from infrastructure projects that Romualdez allegedly got, but also from ‘illegal gambling.’

‘Pure fiction’-Romualdez

Leyte Ferdinand Martin G. Romualdez on Monday strongly rejected allegations made by Vice President Sara Duterte that he received ‘suitcases of cash’ from illegal gambling operations, calling the accusations baseless and politically motivated.

‘I hear the accusations. Let me say this directly: it is not true that I receive money from illegal gambling,’ Romualdez said in a statement. ‘These stories about ‘suitcases of cash’ are pure fiction-nothing but imagination. Until today, no evidence has ever been presented, only rumors repeated over and over.’

Romualdez dismissed the claims as recycled lies meant to discredit him. He also clarified that he has no involvement in the Okada/Delaware casino dispute that had resurfaced in public discussions, after VP Duterte also mentioned it.

‘On the Okada/Delaware issue, it is clear: I am not involved, I am not being investigated, and I am not accused. I have nothing to do with that case, which is simply a dispute between two businesses. It is only being revived now to malign me,’ he said.

Romualdez further questioned the credibility of the Vice President, who faces her own controversies.

‘It is sad that the Vice President herself-who was impeached by the House for misuse of funds-has resorted to spreading such lies. When the source itself has lost credibility, why should anyone believe these baseless claims?’ Romualdez said.

Palace on Sara: ‘Obstructionist’

Malacañang called Vice President Sara Duterte an ‘obstructionist’ who is trying to derail the government’s ongoing crackdown against anomalous flood control projects after she cast doubt on the ‘stability’ of the Marcos administration.

In her press conference at the Senate on Monday, Duterte claimed that the Marcos administration was no longer stable as the ongoing probe dragged several lawmakers in the said controversy, undermining public trust on government institutions.

She claimed the probe is being politicized and that it has yet to result in any conviction, which benefited the public.

‘Our institutions are clearly abused. They are used for personal gain.and we have already seen the testimony of witnesses about corruption and there is practically nothing happening in our country,’ Duterte said in Filipino.

Palace Press Officer Claire Castro, however, tagged the Vice President’s recent pronouncements as lies, which he said only aims to tarnish the reputation of President Ferdinand Marcos.

‘We know that our government is strong. The Marcos Jr. administration is only being destroyed by obstructionists like them,’ she told Palace reporters last Monday.

‘They probably don’t see what the President is doing because they are turning a blind eye,’ she added.

Marcos, she said, has already made significant gains in unearthing the said corrupt practices in public works through the Independent Commission for Infrastructure compared to previous administration.

‘So it cannot be said that our President is doing nothing. Let’s remember that he himself initiated this investigation,’ Castro said.

The Department of Migrant of Workers (DMW) expressed concern on the recent reported attack by Houthi rebels on a Dutch-flagged cargo ship, Minervagracht, after it was reported that a Filipino was among its 19 crew members.

The agency said it is currently coordinating with the ship operator, employer, manning agency, and the Department of Foreign Affairs (DFA) to verify if a Filipino was among those affected from the incident.

‘Once it is verified, DMW is prepared to give immediate assistance [to the affected Filipino seafarer],’ DMW said in Filipino in a statement issued last Tuesday.

‘We will provide further updates as soon as details are confirmed,’ it added.

It said its package of support for the affected Filipino sailor and his or her family will include medical assistance, repatriation, counselling and psychological support, and legal aid.

According to international news reports, Minervagracht was set on fire after it was attacked with an explosive by Houthi rebels.

The European Union maritime mission Aspides rescued the crew of the Dutch-flagged ship, which supposedly included a Filipino sailor, before they were transported to Djibouti.

DMW has been closely monitoring the status of ships with Filipino crew members, which pass through the Gulf of Aden and the Red Sea due to Houthi attacks.

Last July, two ships-Magic Seas and Eternity C-with Filipino sailors were attacked by Houthi rebels while sailing in the said dangerous waterways.

The said incidents prompted DMW to impose stricter measures for shipowners and manning agencies, which have ships with Filipino sailors passing through the Gulf of Aden and the Red Sea.

‘In accordance with the directive of President Ferdinand R. Marcos Jr., the DMW continues to strengthen the protection and care for seafarers-especially in high-risk areas such as the Gulf of Aden,’ DMW said.

TO boost transparency, the Department of Budget and Management (DBM) on Tuesday has officially adopted blockchain technology in the government budgeting process.

According to DBM Undersecretary Goddes Hope Libiran, it marks a bold step toward redefining transparency, efficiency, and accountability in public financial management.

‘Blockchain is more than a buzzword-it’s a governance tool. By leveraging this technology, we can ensure that every peso is accounted for, every transaction is transparent, and every citizen can trust how public funds are managed,’ said Libiran.

Although blockchain is not the silver bullet, Libiran said it offers a game-changing response by making transactions visible and verifiable in near real time, protecting data integrity through cryptographic consensus, and streamlining workflows for faster reconciliation with fewer bureaucratic layers.

Blockchain initially gained prominence in the private sector for its applications in cryptocurrencies to supply chain tracking, Libiran said. He noted that DBM’s adoption of the technology signals one of the first large-scale government implementations in Asia. She pointed out it puts the Philippines at the forefront of technological governance innovation and may inspire neighboring countries to follow suit.

This quarter, the DBM launched a production portal that records Special Allotment Release Orders (SAROs) and Notices of Cash Allocation (NCAs) as verifiable, on-chain entries. In partnership with BayaniChain and ExakIT Services, the site is widely regarded as the country’s first blockchain-backed budget transparency platform, making records tamper-proof while allowing the public to inspect how funds are authorized and released.

‘Our mission is to equip government and businesses with the tools to keep their systems secure and reliable. By using blockchain technology combined with the capabilities of advanced AI, we not only help the DBM strengthen transparency and the security of public finance, but also show how technologies can help institutions safeguard critical processes and deliver lasting value to their stakeholders,’ said BayaniChain CEO Paul Soliman in a press statement.

The workflow starts with DBM’s Action Document Releasing System (ADRS), which issues the official budget papers. These are then secured using BayaniChain’s Lumen Blockchain-as-a-Service platform, co-developed with ExakIT.

Transparency and protecting the data will go a simultaneously as the Prismo Protocol governs what details are made public and what stays private. After approval, SAROs and NCAs are immutably written to the Polygon blockchain as NFTs, preventing any alteration or tampering-an effective defense against deepfakes and document fraud.

Documents from 2024 onward can be retrieved either by scanning the QR code on a valid SARO or NCA, or by searching manually using fields like document type, department, agency, and operating unit.

Beyond SARO and NCA

LIBIRAN said the DBM envisions a broader digital ecosystem in which the full budget lifecycle-planning, allocation, disbursement, and audit-is traceable on-chain, complemented by AI-assisted analytics to detect anomalies, forecast needs, and inform smarter fiscal policy, as well as citizen-facing dashboards that turn complex budget data into clear, understandable insights.

‘We’re not just digitizing SAROs and NCAs, we’re building a next-generation public finance system that combines blockchain transparency with Artificial Intelligence to allocate resources more effectively and uphold accountability at every level,’ said Libiran.

She added that the DBM plans to extend blockchain-powered platforms across budgeting, procurement, and monitoring, with pilot programs already underway. The ultimate vision is a trustless (decentralized), transparent, citizen-first financial ecosystem that strengthens democratic governance through technology.

With this milestone, the Philippines notwithstanding the current challenges it is facing in the national expenditure program, hopes to demonstrate that the government can evolve with the times and lead, positioning the country as a regional model for digital trust and innovation aligned with global best practices.

BayaniChain is a trusted blockchain infrastructure provider for government and enterprises. It delivers secure, transparent, and scalable systems that enable institutions to harness blockchain for real-world impact.

DESPITE Elizaldy ‘Zaldy’ S. Co’s resignation as representative of the Ako Bicol Party-list last Monday, the former lawmaker is still not off the hook yet when it comes to the government’s ongoing probe on the multibillion flood-control project anomalies, according to Malacañang.

Also on Tuesday, the government moved to block an alleged attempt to de-register three helicopters said to belong to Co, which would have paved the way for its sale overseas.

Co resigned after House Speaker Faustino ‘Bojie’ G. Dy III revoked the travel clearance of the embattled lawmaker and on the last day of the 10-day deadline given to him by the House of Representatives to return to the Philippines.

In a press briefing on Tuesday, Palace Press Office Claire Castro said local law enforcers will coordinate with the International Criminal Police Organization (Interpol) to bring Co home once the necessary case is filed against him.

‘If a case is filed against him, he cannot avoid it. He cannot run away from it. So, it is better if he is charged, he should just fight for his rights and the truth according to his evidence,’ she said in Filipino.

Co together with other incumbent and former lawmakers were accused of receiving millions of kickbacks from flood control projects.

‘If his name is mentioned [in the investigation], he should definitely answer [the allegations against him] because if he can’t answer it and avoids it, he will only appear guilty. So, it’s better for him to explain his side,’ Castro said.

As of press time, Castro said they are still waiting for information from the Department of Justice (DOJ) if Co has already returned from his trip abroad for a medical treatment in the United States.

DOJ has asked the Interpol to issue a ‘Blue Alert Notice’ to track the whereabouts of Co abroad.

Castro said Co’s status was not discussed during the Legislative-Executive Development Advisory Council meeting held in Malacañang on Tuesday.

Among the bills presented during the meeting, she noted, were the amendments to the Rice Tariffication Act and Anti-Money Laundering Act as well as laws on online lending.

3 choppers

The government has blocked attempts to deregister three helicopters tied to Co, as authorities move to preserve billions worth of assets flagged in the widening flood control corruption scandal.

Public Works Secretary Vince Dizon said the Civil Aviation Authority of the Philippines (Caap) reported that companies tied to Co tried to deregister the aircraft, a requirement before they could be sold prospectively abroad.

‘Caap informed me there were attempts to deregister three choppers of companies linked to Congressman Zaldy Co. Caap informed that the de-registration from the Philippines is a requirement in order for them to sell the aircraft,’ Dizon said in a chance interview on Tuesday.

However, the attempts failed thanks to the Caap’s ‘standing order’ barring the removal of any aircraft flagged in the government’s flood control corruption probe.

Earlier, the DPWH sought the aid of the Anti-Money Laundering Council (AMLC) in freezing more than P4.7 billion worth of aircraft linked to Co’s family and affiliated firms.

Among the assets are a $36-million Gulfstream 350 business jet and two AgustaWestland AW139 helicopters valued at $16 million each, all under Misibis Aviation led by Co’s son, Michael Ellis.

Other assets are registered under Hi-Tone Construction, linked to Co’s brother Christopher, and QM Builder, one of the top contractors now under investigation for anomalous flood control projects.

Investigators have flagged these companies as either directly controlled by Co’s relatives or tied to contractors under scrutiny for alleged ghost and overpriced flood control projects.

Co, who once chaired the House appropriations committee, has yet to return to the country from medical leave in the United States. His name has surfaced repeatedly in the ongoing investigation into the flood control mess, which has unraveled ghost and ‘super substandard’ projects across the country.

Dizon has said that the asset hunt, ordered by President Ferdinand Marcos Jr., is meant to ensure that alleged ill-gotten wealth is not dissipated and that those responsible for the flood control mess are held accountable.

The Department of Education (DepEd) called on Congress to prioritize key amendments in education laws, including the school-based feeding and the Government Assistance to Students and Teachers in Private Education (GASTPE) program, following the 1st Council Meeting of the Legislative-Executive Development Advisory Council (LEDAC) for the 20th Congress, presided over by President Ferdinand R. Marcos Jr. on Tuesday.

Education Secretary Juan Edgardo ‘Sonny’ Angara said the inclusion of DepEd’s priority measures in the Executive’s LEDAC list underscores the urgency of passing reforms that directly address access, equity, and accountability in education programs.

‘Sa Bagong Pilipinas, dapat tiyakin natin ang ating mag-aaral ay may sapat na nutrisyon, kalidad na guro, ligtas na paaralan, at pantay na oportunidad-mapa-publiko o pribado man sila nag-aaral. Ang mga panukalang ito ay konkretong hakbang upang hindi maiwan ang kahit isang mag-aaral,’ Angara said.

The priority education bills endorsed to Congress include:

1.Amendments to the Masustansyang Pagkain para sa Batang Pilipino Act (RA 11037): Expansion of the School-Based Feeding Program to 160 feeding days and universal feeding for Kindergarten to Grade 3; inclusion of marginalized groups such as indigenous learners and adolescent mothers; allowance of milk-based substitutes for the Milk Feeding Program; weekly micronutrient supplementation for female learners; and establishment of Central Kitchens in every School Division Office, among others.

2. Amendments to the E-GASTPE Act (RA 8545): Institutionalization of anti-fraud mechanisms through centralized verification, audits, whistleblower protection, and data-sharing with other agencies; expansion of voucher coverage to Kindergarten through Senior High School learners and teachers, among others.

3. Amendments to the Teacher Professionalization Act (RA 7836): Enhanced scope of licensure examinations, diversification of the Board for Professional Teachers, and flexibility to allow non-licensed teachers/experts to teach provisionally, among others.

4. Amendments to the Local Government Code-Special Education Fund (SEF): Raising the SEF levy from 1 percent to 2 percent of assessed property value and expanding allowable uses to cover operations of special education, IP and madrasah classes, open high schools, flexible learning, school site acquisition, and school building maintenance, among others.

DepEd also manifested its support to the Classroom Building Acceleration Bill to fast-track the construction of classrooms nationwide by providing flexibility and engaging more partners in the implementation.

Angara emphasized that strengthening these programs is essential to deliver better learning outcomes and to give every Filipino learner a fair chance at success.

DepEd underscored the collaboration with Congress, local government units, and development partners will be critical in ensuring that these reforms are fully implemented once passed into law.

For all he had already accomplished in life, San Antonio Spurs center Victor Wembanyama realized he truly had not done much.

Lying in a hospital bed awaiting surgery that could potentially save his life, much less an NBA career, Wembanyama waited for relief from a deep vein thrombosis in his right shoulder.

It led the 21-year-old from France to take a two-week excursion to China to train his mind and body this summer. It spurred him to visit the NASA Space Center and broaden his imagination and his understanding of space exploration.

‘I mean, life isn’t forever and there are some experiences we’re going to miss on, it is inevitable, but I’m going to miss on the least that I can,’ Wembanyama said Monday. ‘I want to experience the most and this is something that I wanted to do and just because I’m in the NBA, I’m not going to keep myself from doing it. I want to experience those things.’

The health scare has led to a healthier, happier and even taller Wembanyama.

After being listed as 7-foot-3 in his first two seasons, Wembanyama is officially 7-4 and 240 pounds after another summer spent bulking up.

Wembanyama’s health, along with the return of De’Aaron Fox and the additions of Luke Kornet and No. 2 pick Dylan Harper, have fueled hopes the Spurs will end a six-year playoff drought.

‘You see how hard he works and how motivated he is,’ Spurs forward Jeremy Sochan said. ‘I think he’s super excited to see, and I think he’s ready. I think you guys are going to see a lot that’s going to shock you, and I think everyone’s excited and can’t wait to see him on the actual NBA court.’

Coming off winning Rookie of the Year in 2024, Wembanyama was literally towering over the world in the opening months of his second season in the NBA. In January he played in Paris as an NBA player for the first time, debuted in the All-Star Game in February, was on course to win Defensive Player of the Year for a time and his popularity was growing faster than he did as a youth.

All of it halted when Wembanyama was diagnosed with a deep vein thrombosis in his right shoulder shortly after the All-Star break, ending his season on Feb. 20.

‘So, I don’t know where you heard it is thoracic on the thrombosis, but it was definitely a DVT,’ Wembanyama said, clarifying speculation.

More concerning than not playing basketball, the blood clot in his right shoulder potentially could have traveled to his lungs and led to a life-threatening pulmonary embolism.

That led to Wembanyama to many doctor’s appointments and an urgent surgery.

‘Yeah, of course, I mean it is life-changing,’ Wembanyama said. ‘I mean, spending so much time in hospitals and around doctors and hearing more bad news than I wish I heard. Of course, as you said, it is traumatic, but in the long run I think it’s going to be very beneficial, because even though I don’t wish it on nobody, it makes you understand lessons that nothing else could have made you understand.’

Not that Wembanyama was living an unrestrained life before his health scare. Since joining the league as an 18-year-old, Wembanyama goes to bed at 9 p.m., spends his days getting lost in the writings of science fiction and fantasy author Brandon Sanderson and constructing Lego models.

But Wembanyama wanted more from his life.

‘It’s a pretty unique rabbit hole you can get down for someone of his age,’ Spurs coach Mitch Johnson said. ‘He is so intentional on the variety of ways that he tries to improve as a player and a person. It’s really something I’ve never witnessed or experienced in my time. It’s quite curious. It’s quite constantly trying to push himself out his comfort zone and learn new things.’

So, Wembanyama followed through on his desire to explore the NASA Space Center in Houston and to visit the Shaolin Temple in China and study Buddhism, meditation and physical training with its monks.

‘Training with the monks was an incredible experience,’ Wembanyama said. ‘Very much out of my comfort zone. It was my intent from the start, but that’s probably as far a physical activity as I’m used to doing. So it really paid off in terms of training and as a life experience as a curious person. It’s just great.’

It led to Wembanyama to deliver his first ‘real kicks’ during karate training and to increase his range of motion.

‘This is my best summer so far,’ Wembanyama said. ‘I can tell the progress is just incredible. I feel better, I look stronger and the scale says I’m heavier. So everything is a green light.’

NEW DELHI, INDIA-Direct air connectivity between the Philippines and India is set to resume tomorrow, October 1, with Air India launching non-stop flights between Manila and New Delhi, a move hailed as a milestone in bilateral relations and a strategic boost to tourism and trade.

Air India Vice President Dr. Amit Kumar Pandey led a delegation to the Philippine Embassy in New Delhi on September 25 to formally brief Ambassador Josel F. Ignacio and the Embassy’s Economic Team-Second Secretary Melissa Anne M. Telan and Attaché Rachelle C. Yumo-on the upcoming service. The executives also presented a ceremonial model aircraft to mark the occasion.

The new route, tagged AI 2362 (Delhi to Manila) and AI 2361 (Manila to Delhi), will operate five times weekly-daily except Tuesdays and Thursdays-with a one-way flight time of 6 hours and 50 minutes. The inaugural flight departs Indira Gandhi International Airport’s Terminal 3 at 1:20 p.m. IST and arrives at Ninoy Aquino International Airport’s Terminal 1 at 10:40 p.m. PST. The maiden flight will be serviced by an Airbus A321, configured with 188 seats across three classes.

‘This new non-stop service represents a milestone in our aviation relations, and indeed in our overall relations,’ Ambassador Ignacio said. ‘We see this substantially driving up our tourism and business connections in line with the vision of President Marcos and Prime Minister Modi.’

The flight revival coincides with recent visa liberalization efforts between the two countries.

On June 8, the Philippines began granting 14-day visa-free entry to Indian tourists. During President Marcos’ State Visit to India last month, the Indian government reciprocated with gratis e-visas for Filipino travelers.

Ambassador Ignacio thanked Air India for restoring direct air links, emphasizing the Philippines’ readiness to welcome Indian visitors.

‘We Filipinos and our rich culture, peerless pristine beaches, incomparable dive sites, lush mountains, charming heritage sites and modern metropolises are eager to welcome our Indian friends,’ he said.

India has been identified as a priority market for Philippine inbound tourism.

With over 30 million outbound Indian travelers recorded in 2024 and projections placing India as the fifth-largest source of outbound tourists by 2027, the new route is expected to unlock significant growth opportunities for both countries.

WHILE the government boosted its release of cash allocations, state agencies’ budget use slipped to 93.8 percent as of the end of August, according to the Department of Budget and Management (DBM).

Latest data from the DBM showed that the notices of cash allocation (NCAs) released to government agencies hit P3.356 trillion from January to August this year.

The figure is higher by 7.43 percent from the P3.124 trillion disbursed in the same period last year.

An NCA is a disbursement authority issued by the DBM to government agencies to pay their operating expenses, purchases of supplies and materials, as well as programs and projects.

Following the NCAs released by the DBM as of end-August, government agencies only used P3.147 trillion, posting a utilization rate of 93.8 percent.

However, the cash utilization rate was lower compared to the 95 percent recorded during the same period a year ago.

A higher NCA utilization rate shows the capacity of line agencies to timely disburse their allocated funds and implement their programs and projects.

DBM data further showed that line departments utilized P2.288 trillion or 91.9 percent of the P2.490 trillion in NCAs disbursed to them. The utilization rate was also slightly lower than the 93 percent posted a year ago.

Among the departments, the Department of Public Works and Highways (DPWH) and the Department of Education (DepEd) receive the highest NCAs worth P646.698 billion and P484.589 billion, respectively.

DepEd’s use of its cash allocations moderately improved at 95.8 percent compared to last year’s 95 percent, while DPWH’s budget utilization marginally slowed to 94.3 percent from 95 percent a year ago.

Based on the data, none of the line departments achieved a 100 percent utilization rate of its cash allocations during the eight-month period.

Still, the Commission on Audit registered the highest NCA utilization rate at 99.6 percent, trailed by the Department of Migrant Workers with 98.8 percent and the Department of Foreign Affairs with 98.5 percent.

Furthermore, budgetary support provided to government-owned and -controlled corporations (GOCCs) reached P82.843 billion as of end-August, lower by 10.47 percent year-on-year from P92.540 billion.

Of the amount, P81.697 billion was utilized, equivalent to 98.6 percent, slightly down from last year’s 99 percent.

Meanwhile, NCAs allotted to local government units (LGUs) amounted to P783.083 billion. Approximately P777.298 billion of this amount was utilized, or 99.3 percent.

State agencies, including LGUs, have a remaining P209.082 billion in unused NCAs as of the end of August.

Out of the record P6.326-trillion national budget for this year, 95.5 percent or P6.041 trillion has been released as of the end of August.

For 2026, the national budget is proposed at P6.793 trillion, 7.4 percent higher than this year’s level.