Category: Business Mirror

Swift justice is essential not only for the law to function properly but also for maintaining the people’s faith in democracy. The recent budget hearings on the judiciary-and the emphatic calls from Senators Sherwin Gatchalian and Francis Pangilinan, as well as members of the House-underscore a simple truth: without prompt and effective disposition of corruption cases, public trust in government will continue to erode, and the rule of law will become a meaningless phrase. (Read the BusinessMirror story, ‘Judiciary told: Resolve corruption cases swiftly,’ September 25, 2025).

The scale of the corruption scandals now roiling the country-bluntly described by Sen. Pangilinan as ‘the largest corruption scandal’ in our history-demands a proportionate response from the institutions charged with accountability. The judiciary cannot wait on the sidelines while allegations proliferate and evidence grows cold. Speedy trials and decisive verdicts are a deterrent; delays are a license to plunder.

Sen. Gatchalian’s commitment to supporting initiatives that enhance court efficiency is a positive step: funding for judges, staff, modern case-management systems, digital filing, secure virtual hearing infrastructure, and well-equipped hearing rooms will all help reduce the average caseload of 291 cases per judge. Yet money alone cannot cure systemic bottlenecks. The judiciary must present a clear, time-bound roadmap for case disposition, as Gatchalian has urged, and be held accountable for meeting concrete milestones.

Rep. Chel Diokno’s insistence on fast-tracking corruption cases and creating a permanent monitoring database for convicted officials is precisely the kind of constructive pressure that can close accountability gaps. A national registry that tracks the status of cases, convictions, appeals, and the actual execution of sentences would address a perennial problem: convictions on paper that fail to translate into real consequences.

Reforms should also target procedural bottlenecks. The Sandiganbayan’s move to draft rules shortening corruption trials to 120 days, if crafted carefully to protect due process, could be transformative. The danger is twofold: in rushing procedures, courts must not sacrifice the rights of the accused or the thoroughness of fact-finding; nor should shortened timelines be used as a veneer to suggest action where meaningful reform is absent. Any accelerated timetable needs complementary investments-more prosecutors, better forensic capacity, judicial training, and a mechanism to prioritize complex, high-impact cases.

It is also telling that the Justice Sector Convergence Program-intended to coordinate replies across agencies and help monitor convicted officials-had its funding slashed from a proposed P475 million to P175 million. Cutting coordination tools while promising faster justice is a contradiction. If the goal is to restore trust, the state must be willing to invest in the systems that make law enforcement, prosecution, adjudication, and correctional follow-through possible and transparent.

Finally, public trust is not rebuilt by prosecutions alone. It requires consistent institutional performance, visible enforcement, and a political culture that respects outcomes even when they affect powerful actors.

The scandal of misplaced public funds has real victims: communities left vulnerable to floods and citizens deprived of services. The remedy is straightforward: equip courts to act promptly, improve inter-agency monitoring so convictions mean enforcement, and sustain the political will to let justice run its course.

Swift disposition of corruption cases is the most credible antidote to cynicism. The 2026 judiciary budget debate must move beyond rhetoric to measurable reforms: funding that matches stated priorities, enforceable timelines for case resolution that respect due process, and an integrated monitoring system that makes accountability visible and immutable. Without these, promises of reform will remain just that-promises. With them, the country can begin to recover one of its most precious assets: the public’s trust.

THE Philippines has once again secured a Tier 1 ranking in the US State Department’s 2025 Trafficking in Persons (TIP) Report, recognized for ‘serious and sustained efforts’ to combat human trafficking. But the report also warns of persistent vulnerabilities, especially in online sexual exploitation, labor trafficking, and the treatment of victims in online scam operations.

‘The Government of the Philippines fully meets the minimum standards for the elimination of trafficking,’ the report states, citing continued prosecutions, victim protection, and prevention campaigns. The Inter-Agency Council Against Trafficking (Iacat) was praised for expanding survivor-centered programs and strengthening coordination with civil society.

Tier 1 status-shared by only a few countries in Asia-offers strategic benefits. It boosts the Philippines’ international credibility, opens doors to US anti-trafficking aid, and strengthens leverage in trade and diplomatic negotiations. It also affirms the work of civil society groups and survivor advocates, often leading to increased funding and visibility.

However, the TIP Report emphasizes that Tier 1 is not a declaration of perfection. The government ‘did not identify the vast majority of potential trafficking victims among individuals exploited in online scam operations despite widespread reporting indicating these individuals faced conditions indicative of trafficking.’ Unlike in 2023, no foreign victims were reported in these operations.

Due to ‘inadequate and inconsistent screening,’ the government failed to prevent the ‘inappropriate penalization of potential victims solely for unlawful acts committed as a direct result of being trafficked.’ The report also notes that the government identified fewer victims overall, and ‘some officials did not use trauma-informed practices in victim identification.’

Corruption and official complicity ‘remained significant concerns, inhibiting law enforcement action during the year.’ In one high-profile case, authorities initiated prosecution of a former mayor under the anti-trafficking law for alleged complicity in human trafficking linked to an online scam operation in Bamban, Tarlac. In Porac, Pampanga, a mayor, vice mayor, and seven municipal council members were subjected to administrative investigation for similar allegations. The mayor reportedly received an administrative sanction, but none of the officials faced criminal investigation, and no updates were reported on the other cases.

The government also failed to report updates on the 2023 dismissal of a municipal police chief and 26 officers in Pasay, where traffickers allegedly exploited more than 730 potential labor trafficking victims. Meanwhile, two police officers continued to face prosecution-one for alleged cyber-facilitated sex trafficking, and another for allegedly helping a suspected trafficker evade justice.

Authorities arrested and investigated two public school teachers for alleged production and distribution of child sexual abuse and exploitation material (CSAEM). Six immigration personnel were investigated, and four prosecuted for trafficking-related offenses-down sharply from 103 immigration personnel investigated in 2023.

The Bureau of Immigration continued its ‘one-strike’ policy for disciplining implicated officials and rotating personnel at ports of entry. Iacat also maintained its SOPs for identifying and monitoring trafficking-related corruption, including reporting mechanisms and suspension guidelines.

The US State Department also identified other urgent challenges:

Online sexual exploitation of children (OSEC) continues to plague communities, with traffickers exploiting digital platforms and family-based abuse remaining ‘a significant concern.’

Labor trafficking is underreported, particularly among Filipino migrant workers and domestic laborers abroad. The report urges authorities to ‘increase efforts to proactively identify and assist labor trafficking victims, including victims of online scam operations.’

THE Department of Trade and Industry-Export Marketing Bureau (DTI-EMB) has unveiled the list of non-tariff measures imposed by the European Union that Philippine agriculture exporters must comply with even with a EU-Philippines Free Trade Agreement (EU-PH FTA) in place.

In a Viber message sent to the BusinessMirror, DTI-EMB Director Bianca Pearl R. Sykimte underscored: ‘Even with a future EU-Philippines FTA, these NTMs will remain in place because they protect health and safety.’

However, she noted that the FTA can ‘ease compliance by eliminating tariffs, fostering regulatory cooperation, and enabling recognition of Philippine certifications-helping exporters reduce costs and speed up market access.’

To access the EU market, Sykimte said Philippine agriculture exporters to the 27-member bloc must comply with these NTMs:

Sanitary and Phytosanitary (SPS) requirements such as: Phytosanitary and veterinary certificates, inspections for pests and diseases, pesticide residue limits, quarantine checks and health certifications.

Meanwhile, the ‘Technical Barriers to Trade [TBT]’ that Philippine exporters would have to comply with are: Accurate labeling, proper packaging, compliance with product standards and ‘robust’ traceability systems.

Sykimte revealed these non-tariff measures after the Tariff Commission held last week the Public Consultation on Philippine Participation in the Philippines-European Union (PH-EU FTA).

In the consultation, Philippine agriculture groups expressed concern on the non-tariff measures that may prevent exporters from utilizing the free trade deal with EU, given the 27-member bloc’s stringent requirements.

Imelda J. Madarang, CEO of Fisherfarms Inc., an aquaculture processor and a pioneer innovation of farm-raised seafood products in the Philippines, pressed DTI on whether the agency is monitoring the non-tariff measures which the local industry is currently experiencing.

‘We’re very happy that we are still with the GSP [EU GSP+], although we are a little bit afraid that we might graduate but again, we have to be prepared for that. But at the moment, we’re very happy. As far as tariff is concerned. I was just wondering if you are also focusing or really monitoring the non-tariff measures which we are actually experiencing, because it’s very, very steep,’ Madarang, who also chairs the Philippine Export Development Council-Networking Committee on Agri-Policy (NCAP) said during the hearing.

‘We are just wondering because these were the issues raised by the industry, but we didn’t know where to go-whether it’s the Tariff Commission or somewhere else because it’s really, really steep,’ added the representative from the aquaculture industry.

The industry representative aired the concern during the tariff hearing as she shared that Indonesia and India complained at the Shrimp Global Forum about the new regulations being imposed by the 27-member bloc European Union.

‘It says that all animal-based food products will be covered, and that will include us. I suppose they are now requiring a list of antibiotics that we do not use. And again, a guarantee from the Philippine government or from the governments about the compliance and the control system which is very, very steep,’ Madarang explained.

She also cited issues on packaging certifications, ingredients in terms of color, additives, among others.

Through the lens of the local sugar industry, Philippine Sugar Millers Association (PSMA) executive director Jesus ‘Cocoy’ Barrera said during the hearing: ‘I echo the statement of Ms. Madarang regarding the availability of NTMs being imposed by the EU, particularly in agricultural imports.’

Barrera underscored that since the negotiation focuses on tariffs, ‘We may get market access, or we may appear to get market access because of the reduced tariff, the presence of NTMs may prevent us from having that market access.’

Data obtained by the BusinessMirror from DTI-EMB showed that the top Philippine food exports to EU in 2024 were: Coconut (copra), coconut oil and its fractions, prepared or preserved fish, caviar and caviar substitutes prepared from fish eggs; Desiccated coconuts; Fruit, nuts and other edible parts of plants, otherwise prepared or preserved; Bread, pastry, cakes, biscuits and other bakers’ wares; Pineapple juice; Flours, meals and pellets of meat or meat offal, of fish or of crustaceans, molluscs or other aquatic invertebrates.

The top 10 food exports of the Philippines to the EU amounted to $1.45 billion in 2024.

Newly minted Mister International 2025 Kirk Bondad is back in the homeland to a hero’s welcome. The gorgeous Filipino-German supermodel, businessman and wellness director won the Philippines’ second Mister International title after ‘Gwapulis’ Neil Perez’s triumph in 2014.

‘It’s like a fever dream so far. Non-stop. I’ve been mobbed in Thailand, which was to me very surprising. I was about to go to the gym and then somebody recognized me and I, you know, I’m in my mode. I’m going to the gym for the first time [after winning in Bangkok] and then suddenly people are doing pictures and they congratulate me and I wasn’t expecting that to be honest,’ Kirk, 28, exulted at his victory presscon at Holiday Inn Express Manila Newport City in Pasay, on September 29.

‘And honestly, the feeling that I’m getting from being Mister International right now, it’s like when you walk in the park and suddenly a fresh breeze hits you and it goes like, I’m still catching up to the feeling. I have nothing but love in my heart,’ a grateful Kirk smiled.

Kirk’s victory follows an exceptional streak by the Mister Pilipinas Worldwide kings this year. Kenneth Cabangcal placed fifth at Mister Supranational in Poland on June 28, while Kenneth Marcelino finished first runner-up at Mister Cosmopolitan in Thailand on September 7.

The two Kenneths, Mister Pilipinas-Manhunt International 2025 Raven Lansangan, Mister Pilipinas-Man of the Year Michael Angelo Toledo and Mister Pilipinas-Eco International 2025: Kitt Cortez ecstatically welcomed Kirk at the pressscon. Also making a surprise appearance was our first Mister International, Neil Perez.

Jether Palomo is currently in Bangkok aiming for a back-to-back victory for the Philippines at Mister Global.

‘You are loved even before the pageant. Your moment of victory, you’ve inspired a lot of Filipino men who are joining beauty pageants, especially me. And I’m sure that I’m speaking on behalf of our reigning kings as well. Look at their smiles right now,’ said Kitt, who hosted the presscon.

‘I’m glad that you’re here, guys. Thank you so much,’ Kirk beamed.

‘How crazy is that?’ asked Kitt.

‘It’s surreal,’ replied Kirk.

Kitt countered: ‘What does this victory mean to you, Kirk, personally?’

A still-overwhelmed Kirk, who bested 41 contenders, answered:

‘Well, it’s interesting since when I won Mister Pilipinas Worldwide and I got the title of becoming Mister Philippines International, it is something that you know will happen, you know, just day X, you prep, you train, day by day, and then suddenly it happens and you realize all the pressure that I didn’t feel before.

‘To be honest, I didn’t feel the pressure until I actually got the crown because I sat down alone in my hotel room after everything was done and I was munching on snacks already. But in that moment, I realized I worked so hard for this and honestly, it feels hard to describe the feeling because it’s overwhelming. I haven’t got time for myself to catch up, to be honest.

‘So, it feels like a sand clock, right? Like all the sand of my emotions is buckled up and just a tiny bit of sand is being metabolized, meaning my emotions, and day by day, I just realize how much attention I need to put in.’

THE Philippine Economic Zone Authority (Peza) has approved P154.70 billion worth of investments in the January to September 2025 period, up 33.50 percent compared to the P115.87 billion approved in the nine-month period last year.

The investment promotion agency said these approved investments in the nine-month period this year are seen to generate 50,430 jobs.

Meanwhile, Peza said these investments may result in $4.49 billion worth of export revenues.

The approved investments in the January to September 2025 period comprise 215 newly approved projects spread across various sectors.

Of the 215 approved projects, Peza said 98 are into Manufacturing; 55 are in the IT and Business Process Management (IT-BPM) sector; 18 are into Domestic ecozones; 16 are Facilities; 17 are into Ecozone Development; 7 into Logistics and 4 are into Utilities.

As for the location of these investments, Peza said 178 projects are set to rise in Luzon; 29 in Visayas and 8 in Mindanao.

By source of investments, Peza pointed out that Japan has ‘reemerged’ as the top investing nationality of Peza. From January to September 2025, Japanese firms chipped in P14.78 billion in new and expansion projects, accounting for 9.55 percent of the investments generated by the investment promotion agency in the nine-month period.

According to Peza, at the ‘forefront’ of this resurgence is the registration of a domestic market enterprise in Tarlac City which is set to manufacture food products and processed foods inside the Tari Estate.

‘Valued at over P9.1 billion, this Japanese flagship food processing facility, one of September’s big-ticket approvals, will cater to both domestic and export markets and anchoring industrial growth in the Luzon Economic Corridor [LEC],’ Peza said.

In September 2025 alone, the investment promotion agency was able to greenlight 36 new and expansion projects worth P48.87 billion. These investments are seen to be generating $1.11 billion in export revenues and creating 10,312 jobs.

For his part, Peza Director General Tereso O. Panga said: ‘Japan’s return as our leading partner reflects the fruit of our investment missions and strong collaborations with stakeholders. With nearly 10 percent of this year’s total project approvals coming from Japanese companies, we see undeniable proof of the Philippines’ standing as a trusted and highly competitive hub in Asia.’

MALABON CITY-A new chapter in Malabon’s healthcare system officially began with the inauguration of the San Lorenzo Ruiz General Hospital (SLRGH), now a Level 2 General Hospital, that will provide better health services to more Malabueños.

Malabon City Mayor Jeannie Sandoval led the blessing and inauguration ceremony along with Rep. Ricky Sandoval, who initiated the upgrade through House Bill No. 5791, Secretary of Health Teodoro J. Herbosa, and SLRGH officials.

‘With the collaboration of our Depoartment of Health and the initiative of our city’s former representative, Ricky Sandoval, the San Lorenzo Ruiz General Hospital has been reopened – more modern this time, and able to provide more comprehensive services for more Malabueños. Now, along with the programs of the city government, our people are assured of better healthcare. We continue to pursue our goal of better services for all,’ Mayor Jeannie said.

The newly inaugurated six-story hospital along Panghulo Road boasts a 200-bed capacity, a major upgrade that will allow it to accommodate more patients. Equipped with modern facilities such as operating rooms, a labor room, an intensive care unit, a surgery consultation room, an emergency room, and a spacious lobby, the SLRGH ensures that Malabueños have access to comprehensive and quality healthcare.

SLRGH’s expansion was made possible through the initiative of Reo. Ricky Sandoval, who filed House Bill No. 5791 in the 17th Congress. The bill led to the allocation of funds for a wider hospital site and the construction of the new six-story facility under the Health Facilities Enhancement Program. In 2019, through Republic Act 11289, the former San Lorenzo Ruiz Women’s Hospital was officially converted into the San Lorenzo Ruiz General Hospital, paving the way for its upgrade.

Because of this initiative by Sandoval, the hospital has increased its capacity from 10 beds to 200 beds, allowing it to serve more residents of the city.

As a Level 2 hospital, SLRGH offers departmentalized services, including:

Medicine

Diagnosis and treatment of various illnesses

Pediatrics

Child healthcare and wellness

Obstetrics and Gynecology (OB-Gyne)

Women’s health and childbirth services

Surgery

Safe and advanced surgical procedures

Anesthesiology

Specialized care before, during, and after operation.

It features modern equipment, including machines for colposcopy, MRI, CT scan, 2D echo, ultrasound, therapy, x-ray, a clinical laboratory, and other services under Level 2 classification that will improve the delivery of health services to residents. It will soon have a fully digital fluoroscopy machine, a fully digital C-arm machine, and a hystero-laparoscopy tower and instruments.

Founded in 1990 as the San Lorenzo Ruiz Municipal Hospital, the facility initially served as a small healthcare center before becoming the San Lorenzo Ruiz Women’s Hospital (SLRWH) in 1998. From a modest 10-bed Level 1 hospital, it has now transformed into a 200-bed modern general hospital-proof of Malabon’s continuous investment in healthcare.

Over the years, SLRGH has also earned national recognition such as being a PhilHealth-accredited Center for Quality hospital, an ISO 9001:2015 Certified Government Hospital, and a Red Orchid Hall of Famer Awardee.

CHANGES introduced by lawmakers during budget deliberations are part of the regular budget process, and provide a check and balance mechanism to ensure prudent use of public funds, Senate President Vicente Sotto III asserted Monday.

In a speech at the start of the regular session, Sotto sought to ‘clarify some matters brought to the forefront by recent events,’ after Senate President Pro Tempore reported in a radio interview at the weekend that ‘almost all’ senators made insertions in the 2025 budget. The current budget has been widely deemed ‘the most corrupt’ budget in recent years owing to the diversion of precious resources into graft-ridden flood-control projects.

‘Amendments, insertions or whatever you want to call it, whether individual or institutional, done during the deliberations in the Senate, are part of the regular budget process. It is within the mandate of the Senators to amend and determine the government spending allocation. It serves as a crucial check-and-balance mechanism to ensure that public funds are spent in accordance with the law.

‘It is unfortunate that the issue on ghost projects and failed flood control projects affect and generalized all amendments as illegal or improper,’ Sotto declared.

Some of these amendments are for additional classrooms, farm to market roads and bridges that will benefit our people, especially those in the far flung provinces. Some of which were never funded and were tagged ‘for later release’ (FLR). These requests come from LGU’s, province, municipalities and even barangays that were not included by their respective Regional Councils due to numerous reasons. These basic services are as equally important and it is within the duty of the Senators, upon assessment, to include these amendments that will benefit the people.’

He then assured the public that, as ‘agreed in our caucus, rest assured that for the 2026 budget, the Senate will institute changes for greater transparency, people’s participation and accountability. That is the reason that we have included live streaming in all the steps of the budget process.’

Palace: No ‘suspicious insertions’

Suspicious insertions by lawmakers in the future national budget will not be tolerated under the Marcos administration, according Malacañang.

This after Senator Lacson exposed that there were P100-billion total insertions from almost all senators of the 19th Congress in the 2025 General Appropriations Act (GAA).

He said that while the said insertions were not entirely illegal, it was suspicious.

Palace Press Officer Claire Castro admitted that Marcos was not aware of the said insertions in the 2025 GAA, but she said it will no longer be allowed in future national budgets, especially after the President and the public have expressed outrage against any corrupt practices in government public works.

‘When the budget was implemented, he definitely did not know in detail what the insertions of the said senators were,’ she said in Filipino in a press briefing in Malacañang last Monday.

‘But now, because the President has really seen and really noticed what happened to the funds for flood control projects, it has also resulted in him knowing about those kinds of insertions,’ she added.

The President created the Independent Commission for Infrastructure, which was tasked to investigate sub-standard and non-existent flood control projects and then recommend to concerned government agencies the prosecution of the involved individuals or parties.

In his fourth State of the Nation Address (SONA), Marcos said he will veto the 2026 GAA if it contains any provisions, which are not aligned with the priority of his administration.

The Bureau of Customs (BOC) has its own forfeiture and seizure powers under the Customs Modernization and Tariff Act (CMTA, RA 10863), which can directly apply if the flood control anomaly perpetrators are found owning untaxed, smuggled, or misdeclared motor vehicles.

The BOC can forfeit vehicles, including cars, planes or yachts, owned by the flood control anomaly perpetrators if these were smuggled or misdeclared in importations, or if the owners cannot present official importation documents and BOC clearances. The BOC, upon finding probable cause (e.g., no valid import documents), can issue a Warrant of Seizure and Detention against the vehicle. Subsequently, these seized properties can be forfeited in favor of the government after the application of several measures, including the auction of said vehicles. The BOC made a big show of seizing 10 of 12 imported luxury cars owned by contractor couple Curlee and Sarah Discaya in early September 2025.

Simultaneously, the BOC can assess the unpaid duty and taxes and impose up to 500 percent surcharge on these, plus 20 percent per annum of interest on unpaid duties and taxes for smuggled vehicles. The smuggling cases can also be filed as criminal cases that can result in imprisonment.

The Bureau of Internal Revenue (BIR) designated its tax investigators to conduct a multi-year audit of the tax declarations of the flood control contractors, including the top 15 contractor companies cited by the President in his televised broadcast last August 2025. BIR Commissioner Romeo Lumagui, Jr. has designated its various investigating offices, including the National Investigation Division, to audit the flood control perpetrators. The BIR investigators can conduct criminal tax fraud audits and utilize net worth investigations, resulting in both deficiency tax assessments with 50 percent fraud surcharge and 20 percent per annum interest and criminal prosecution for tax fraud that carries fines and imprisonment. Commissioner Lumagui has mandated the multi-year audit of the tax liabilities of these construction companies. The investigation should cover all the related or dummy companies, the owners, and their relatives. The tax cases of these persons and companies that have been closed by earlier tax investigations of BIR district offices should be reopened and investigated again with the authority of the Commissioner.

I suggest that the Presumptive Taxation or the best-evidence assessment approach be applied appropriately. Section 6(B) and 6(C) of the National Internal Revenue Code give the BIR the authority to assess taxes on the ‘best evidence obtainable’ if the taxpayer’s records are incomplete, falsified, or non-existent. This is a powerful authority that the BIR investigators can utilize to come up with immediate results even when the taxpayers being audited do not submit complete records and documents.

The BSP, AMLC, SEC, BOC, and BIR must now show that they can bite as well as bark. The flood control perpetrators have flaunted their ill-gotten wealth for too long, hiding behind dummies, offshore accounts, and smuggled toys. By freezing their assets, seizing their hot cars and planes, and hammering them with tax fraud assessments that lead to prison time, the financial watchdogs can prove that the rule of law still has teeth. But as I have stressed in many of my columns, laws and powers are meaningless without relentless follow-through. It is up to all of us-tax professionals, civil society, and ordinary taxpayers-to demand results and keep watch, lest this investigation be remembered as another showpiece probe that went nowhere.

Gokongwei-led Robinsons Land Corp. (RLC) said it will spend the P7.66 billion in net proceeds from the sale of shares of its real estate investment trust RL Commercial REIT Inc. (RCR) to its ongoing projects.

RLC said the bulk of the money will go to the Forum redevelopment in Mandaluyong at P1.82 billion. The said development involves a mall and an office tower, which is 43 percent complete. It has torn down the original structure to build a modern, high-end lifestyle center and mixed-use development, which will include a new six-storey mall and four office towers, collectively known as The Jewel.

About P282 million will be spent for Cebu Hotels, which include Nustar Hotel and Grand Summit in Cebu; P288 million for Robinsons Bacolod; P238 million for Robinsons Manila; P834 million for Malolos Bayan Park in Bulacan; P260 million for Robinsons Antipolo; P562 million for Robinsons Tanay; P638 for Robinsons Pangasinan; P56 million for BF Homes Paranaque; P148 million for the Tower 2 of GBF Center in Bridgetown in Quezon City, which is already 90 percent complete; P362 million for Cybergate Apo 1 in Davao; P327 million for Fili Hotel in Bridgetowne; P4 million for Grand Summit Pangasinan; and P302 million for Grand Summit Panglao in Bohol.

The company also listed P1.65 billion in land acquisition in the Visayas and Mindanao and P6 billion to buy properties in Luzon, which will also be disbursed by its wholly-owned subsidiary Bonifacio Property Ventures Inc.

‘Pending the disbursement of such proceeds, RLC may invest the net proceeds in short-term liquid investments including but not limited to short-term government securities, bank deposits and money market placements which are expected to earn interest at prevailing market rates, withdrawable on demand and without holding restrictions prior to any fund withdrawals.’

The said money came from the sale of 1 billion RCR shares at P7.75 per share.

Robinsons Offices, a unit of Robinsons Land Corp., meanwhile, has inaugurated GBF Center 2 in Bridgetowne.

The said opening came two years after the completion of the adjacent GBF Center 1.

The new 30-storey building has a gross leasable area of 60,000 square meters, 20 percent more than the 50,000 square meter-GBF Center 1. Both have 21 office floors, eight parking floors, plus basement parking and the ground floor, which has the lobby and some retail outlets.

‘Although they have the same height, GBF Center Two has larger floor plates, which results in more usable space,’ RLC Senior Vice President and Robinsons Offices general manager Jericho P. Go said.

Each floor in GBF Center 2 offers 2,800 square meters of flexible office space, compared with GBF Center 1’s 2,500-square meter of office space per floor.

THE Asian Development Bank (ADB) is open to the possibility of including firms linked to the flood control controversy to its debarment list to prevent them from participating in its current or future projects.

In a briefing on Tuesday, ADB Country Director for the Philippines Andrew Jeffries said under its rules, ADB can only debar firms that participated in its projects.

ADB also implements cross-debarment with other multilateral development banks in the world. Under this policy, debarred firms in these institutions are also debarred from participating in their projects in the region.

‘If there is an officially sanctioned government blacklist, we would honor such a list and take that into account. But it would need to be, you know, kind of officially sanctioned and not just a list of firms in the press, so to speak,’ Jeffries told reporters.

Currently, Jeffries said the ADB has implemented strict technical and financial requirements for all contractors bidding for ADB-funded projects.

These include having a proven track record in undertaking a project as well as possessing the technical capability of implementing specific projects.

Jeffries also mentioned that they have a strict oversight when it comes to loan disbursement to make sure that funds are released based on achieved milestones set by ‘legal construction contracts.’

Apart from the procurement of contractors, Jeffries said ADB also has a post-implementation evaluation process that scrutinizes financial statements, final project costs, and the explanation of any cost overruns and changes that were made in the course of project implementation.

‘Regarding our lending, we take the corruption and public financial management very, very seriously. [Public Works and Highways] Secretary Vince Dizon has stopped progress on domestically funded flood protection projects, for example, but he has not stopped foreign funded flood protection projects because of the strict oversight that ourselves and other development partners give,’ Jeffries said.

In 2010, ADB and multilateral development banks such as the World Bank Group, the African Development Bank Group, the European Bank for Reconstruction and Development, and the Inter-American Development Bank Group entered into a mutual enforcement agreement on debarment decisions.

The agreement covered the harmonization of debarment rules across the multilateral development banks and mutual enforcement of debarment decisions, which required the banks to debar the firms.

In most cases the names of the firms and their violations as well as the period of their debarment are made public by the multilateral development banks.

In a joint statement in 2010, the multilateral development banks stated that the collective enforcement action validated the institutions’ September 17, 2006 commitment as part of the International Financial Institutions Anti-Corruption Task Force.

The 2006 accord committed MDBs to further explore how compliance and enforcement actions taken by one institution could be mutually recognized. Under the 2006 agreement, the institutions agreed to harmonize their definitions of sanctionable practices and to share greater investigative information among the Banks.

ADB’s public debarment list currently includes 14 Filipinos and firms; some are debarred indefinitely while others are debarred ‘until further notice’ for committing various integrity violations. Some of the firms are cross-debarred with the World Bank as a result of the agreement between the multilateral banks.