Category: Business Mirror

The Department of Education (DepEd) has reinforced its disaster preparedness and response systems through the deployment of rapid assessment teams and the launch of new tools and facilities aimed at strengthening education resilience, following 6.9-magnitude earthquake that struck Bogo City, Cebu.

Education Secretary Juan Edgardo ‘Sonny’ Angara, said that President Ferdinand ‘Bongbong” Marcos Jr. has directed to protect learners and that learning shall continue.

‘Kailangan nating masiguro na makakaresponde ang ating mga paaralan na protektahan ang mga mag-aaral at maipagpatuloy ang edukasyon bago, habang, at matapos ang anumang sakuna,’ Angara said.

According to DepEd Region VII Director Salustiano Jimenez, the total damage to schools across the province is projected to exceed P1 billion, with more than 50,000 learners and over 1,400 teaching and non-teaching personnel affected, including nearly 900 in Bogo City.

As response efforts continue, DepEd is also shifting its focus from rapid relief to long-term preparedness.

PlanSmart for Safe Schools

Among its major initiatives is PlanSmart for Safe Schools, a web-based contingency planning application developed with support from the Department of Science and Technology-Philippine Institute of Volcanology and Seismology (DOST-Phivolcs) and the World Bank.

The platform integrates hazard and risk data from the GeoRiskPH system, enabling schools to create evidence-based contingency plans aligned with the standards of the Office of Civil Defense (OCD) and the National Disaster Risk Reduction and Management Council (NDRRMC).

A series of training sessions for the project will begin in November 2025 for 3,012 schools in the Greater Metro Manila area, before its nationwide rollout to build the capacity of school heads and DRRM coordinators.

M7X School Ready Program

In addition, DepEd will pilot the M7X School Ready Program, an initiative aimed at strengthening earthquake preparedness in public schools and DepEd offices.

Recognizing the imminent threat of a 7.2-magnitude earthquake along the West Valley Fault (WVF), the program introduces a certification system that awards the M7.2 Ready School Seal to schools that complete the checklist on both structural safety and non-structural preparedness.

The pilot phase will prioritize schools in Metro Manila, Region III, and Region IV-A that are situated along or near the WVF.

Manual promoting resilient design

DepEd also introduced the Pillar 1: Safer Learning Facilities Guidebook, a reference manual promoting resilient design, safe site selection, and maintenance practices in line with the Comprehensive School Safety (CSS) Frameworkand the Sendai Framework for Disaster Risk Reduction.

Developed in collaboration with UNICEF and Good Neighbors International Philippines, the guidebook empowers schools to adopt inclusive, climate-resilient, and child-safe construction standards.

Upgraded Temporary Learning Spaces

To sustain learning in disaster-affected areas, DepEd also rolled out Upgraded Temporary Learning Spaces (UTLS)-improved modular classrooms designed to support continued education while permanent school structures undergo repair or reconstruction.

These initiatives were featured during the National DRRM x CCA Summit 2025 held in Makati City this October, with the theme ‘EduResilience 2025: Strengthening Learning Continuity and Climate Resilience in Basic Education.’

‘Ang kahandaan ang pundasyon ng katatagan. Kapag may sapat na kagamitan, pagsasanay, at pasilidad ang ating mga paaralan, makakatiyak tayo na magpapatuloy ang pag-aaral kahit sa gitna ng sakuna,’ Angara added.

The Zamboanga Peninsula is the latest region to adopt the rapid damage assessment tool that the Department of Science and Technology has developed to prepare the communities to prepare and respond to disasters and emergency situations.

The DOST said slightly more than half, or 43 out of 75, of local governments in the Zamboanga Peninsula have officially adopted a hazard assessment system called Rapid Earthquake Damage Assessment System (Redas).

This number placed the Zamboanga Peninsula, which consists of the provinces of Zamboanga del Norte, Zamboanga del Sur, and Zamboanga Sibugay, as the region with the most numerous LGUs that have manifested their intent to adopt Redas.

The DOST said this number was confirmed during the celebration of the 2025 Regional Science and Technology Innovation Week (RSTW) in Zamboanga Peninsula, when 43 municipalities and cities signed the memorandum of agreement with the DOST Regional Office 9 to formally integrate Redas into their disaster risk assessment efforts and emergency plans.

‘For region 9, we are facing a severe drought and heavy rains. With heavy rains, accounts are very heavy with flooding. With that, with the REDAS, some of our local government units have already initiated preparation activities related to, in terms of mitigating the rains, and the efforts to protect against disasters,’ said DOST 9 Officer in Charge Jennifer A. Pidor.

In a forum titled ‘Strengthening LGU Preparations Through DOST-DRRRM Innovations,’ representatives of local governments shared their experiences and best practices in addressing disasters like flooding through the use of science-based technologies like GeoRiskPH, Hazard HunterPH, and project Redas, Pidor said.

Take for example, she added, the Municipal Disaster Risk Reduction and Management Office (MDRRMO) of Diplahan, Zamboanga Sibugay, which installed early warning devices to detect floods in their communities with the help of the data they get from the Redas software.

Redas is a software developed by the DOST-Philippine Institute of Volcanology and Seismology (DOST-PHIVOLCS) in 2002, after the devastating 1990 Luzon earthquake, the DOST said.

The software can simulate earthquake hazards such as ground shaking, liquefaction, landslides, and tsunamis. It can also compute earthquake impacts in terms of physical damage, casualties, and economic loss, allowing communities to make practical and science-based solutions.

Although Redas was originally conceived for use in earthquake hazard and impact assessment, other multi-hazard maps, such as floods, storm surge, and rain-induced landslides, are already incorporated into the software, according to Philippine Institute of Volcanology and Seismology.

‘Here in Region-9, innovations are translated into concrete action, ensuring that science benefits local governments, schools, barangays, fisherfolk, farmers, and marginalized groups. From 2023 to 2024, 74 of 75 LGUs in the Zamboanga Peninsula completed training on the Rapid Earthquake Damage Assessment System (REDAS),’ Science Secretary Renato U. Solidum Jr. said.

He added that DOST 9 led the passage of Regional Disaster Risk Reduction Management Council (RDRRMC) Resolution 016, series of 2023, to institutionalize the use of REDAS and to ensure that the LGUs are strictly implementing the project after the adoption.

Meanwhile, Pidor said the remaining 31 LGUs that did not sign the MOA but nonetheless sent personnel to undergo training on the implementation of project Redas have already manifested their intent soon and will be adopting the REDAS software officially through a memorandum of agreement.

She said the DOST has targeted the entire Zamboanga Peninsula to adapt the tool, and including 19 more municipalities from the island province of Sulu, which has been recently integrated into the region.

A LAWMAKER flagged the over P10-billion ‘overpriced’ farm-to-market road (FMR) projects from 2023 to 2024 amid the increasing public scrutiny over controversial flood control works.

During a Senate hearing on the proposed budget of the Department of Agriculture (DA) on Wednesday, Senator Sherwin Gatchalian noted the top 10 ‘extremely overpriced’ FMRs last year, with a project worth P348,432 per meter leading the list.

This figure was 96 percent higher than the P15,000 per meter benchmark by the DA. The agency said 1 kilometer of FMR costs P15 million.

‘This is extremely overpriced [.] It’s an obvious sign of corruption,’ Gatchalian said.

Meanwhile, the senator also noted that the ‘overpriced’ FMR projects in 2023 and 2024 settled at P10.3 billion, which is equivalent to about 689 kilometers. Of this, P4 billion was under fiscal year 2023 for 268 kilometers while P6.3 billion was in 2024 for 420 kilometers.

‘The amount lost to corruption could build a road that starts in Manila all the way to Aparri,’ Gatchalian said.

‘That’s why the DA needs to think carefully because we will not allow this to happen again in 2026,’ he added.

For his part, Agriculture Secretary Francisco Tiu Laurel Jr. said the DA did not concur in these FMR projects.

‘Based on the information I got from my undersecretaries earlier, it seems the projects didn’t go through us,’ Laurel told reporters on the sidelines of the Senate hearing.

Despite this, the DA chief said the agency would investigate the ‘overpriced’ projects.

‘I’m asking for a copy then we will do our internal investigation [.] we will also be coordinating with the [Department of Public Works and Highways] DPWH on this,’ Laurel said.

Earlier, Laurel ordered the audit of every FMR project since 2021 amid the ongoing clamor on controversial flood control works.

The DA explained that even though FMR schemes are identified and validated by the agency, these road projects are commissioned, bid out, and constructed by the DPWH.

‘We must make sure they are done properly, that taxpayers’ money was spent to provide farmers with market access and not squandered for farm-to-pocket projects,’ Laurel said.

Given the 61,000 kilometers considered backlog or pending validation as of July, the DA chief called on lawmakers to pass legislation that mandates a priority list for FMR projects. This would move away from the arbitrary selection of where to build those roads, often merely to satisfy parochial concerns.

Laurel also recommended reviewing that priority list every three years to keep it aligned with agricultural needs.

While funding remains a concern, the DA chief proposed redesigning road dimensions, such as narrower roadways of 3 meters instead of 5 meters, with shoulders every 300 meters to facilitate traffic movement. This is expected to cut costs and build more roads faster.

Department of Migrant Workers (DMW) Secretary Hans J. Cacdac flew to Djibouti with the family of the Filipino crew of the MV Minervagracht, who died, after their ship was attacked while passing through the Gulf of Aden last month.

He made the announcement in a social media account last Wednesday after confirming the death of one of two hospitalized Filipino sailors of the Dutch-flagged cargo ship.

The DMW chief said he is accompanied by officials of the Department of Foreign Affairs (DFA) and the shipowner for the repatriation of the remains of the said sailor. He did not identify the said sailor.

‘I am with @DMWPHL Asec Jerome Pampolina and the wife and sister of our dearly departed slain seafarer,’ Cacdac said.

In line with President Ferdinand Marcos’s directive, he said they provided the family of the deceased sailor with ‘full support and assistance.’

While in Djibouti, Cacdac said he will also check on the status of the other injured Filipino MV Minervagracht sailor, who is still recovering in a hospital.

On Tuesday, he confirmed the Filipino sailor died after being critically injured when MV Minervagracht was damaged by an explosive device on 29 September 2025. The ship has a multinational crew including a Russian, a Ukrainian, Sri Lankans, and 12 Filipinos.

They were rescued by an European Union maritime mission Aspides and then transported to Djibouti.

Yemen’s Houthi rebels later claimed responsibility for the attack.

Two of the 12 Filipino seafarers were hospitalized.

Citing updates from Cacdac, Palace Press Officer Claire Castro said the 10 other Filipino seafarers of MV Minervagracht already arrived home last Saturday.

THE Bureau of Customs (BOC) will tighten rules on declaring imported items as it braces for potential revenue losses from the dumping of goods into the Philippines, following the United States’ imposition of tariffs on several countries.

On the sidelines of a business summit organized by the Federation of Philippine Industries on Wednesday, Customs Commissioner Ariel F. Nepomuceno stated that undervaluation and misdeclaration remain top concerns, as foreign exporters may divert goods to the Philippines.

This comes after Trade Secretary Cristina Roque called on the BOC to work closely with the Department of Trade and Industry in protecting local industries from possible dumping by countries such as China and Vietnam that face higher US tariffs.

‘We will monitor strictly against misdeclared imported items,’ Nepomuceno said in response, adding that shipments must match the quantity and value declared in documents.

The Customs chief explained that when countries dump goods into the Philippines at low or almost zero tariff rates, the volume of imports rises, resulting in lost revenues for the government.

Using last year’s data, Nepomuceno said the impact of zero taxes and duties from US-imported goods would mean more than P30 billion in foregone revenues for the government.

‘So, it has an impact on our collection,’ Nepomuceno said, noting that the BOC is in talks with the Department of Finance (DOF) to identify areas where stronger collection efficiencies can offset losses.

‘Kung saan taya mawalan, magkaroon tayo ng pang-compensate with other important items. We will look for that,’ Nepomuceno said.

To strengthen border security and guard against smuggling, Nepomuceno said the BOC will prioritize the full digitalization of customs processes, which will be procured through a public-private partnership (PPP) project.

Nepomuceno said a private proponent from the PPP Center already stepped forward and submitted a proposal to develop the BOC’s digital system, which will be implemented at no cost to the government.

Under the proposal, importers will be charged P350 per transaction, no matter how many shipments they have, with the government entitled to a share of the revenues.

‘Our job is to make sure that the minimum required features or capabilities will be there. The system should have the capacity to have full or 100 percent digitalized processes. Hindi puwedeng partial-garbage in, garbage out is not allowed,’ Nepomuceno said.

The Philippines is not spared from US tariffs, having been subjected to a 19 percent reciprocal tariff on its exports to the US, while also removing its tariffs on certain US-made goods.

This will be a challenge to the BOC, one of the country’s main tax-collecting agencies tasked to collect P958.7 billion this year, on top of the expected revenue losses from the rice import ban.

Nepomuceno said the foregone revenues could cost around P3 billion to P4 billion per month, with losses to be even higher in high-import months.

Despite the leakages, Nepomuceno said the country still benefits from the ban. ‘But from the point of view of BOC, those are our foregone revenues.’

This August, the BOC’s collection dipped by 1.38 percent to P77.436 billion from the P78.521 billion raised during the same month last year.

As of end-August, the BOC generated P621.4 billion, a 1.14 percent increase from the previous year’s P614.4 billion.

Medicine security became a pressing issue during the Covid-19 pandemic when countries restricted exports to prioritize domestic needs.

Despite this wake-up call, significant strides to promote local pharmaceutical manufacturing have been limited until these recent commitments.

Food and Drug Administration (FDA) Director General Paolo Teston framed medicine security as both a public health imperative and national resilience strategy, drawing lessons from recent global health crises.

‘Medicine security is not only a public health concern but a matter of national resilience. We have learned from recent global health crises that ensuring access to safe, effective and affordable medicines are as critical as safeguarding our food supply or securing our borders,’ Teston emphasized.

However, Teston clarified that supply availability must be balanced with quality standards: ‘For the FDA, it is also about the safety, efficacy and quality of every health product that reaches the Filipino people. We will ensure that every tablet, capsule or vial that reaches the Filipino people have undergone the most rigorous scientific review and uncompromising evaluation.’

Teston vowed to ease regulatory barriers without compromising safety to strengthen the competitiveness of the local pharma industry.

Other FDA initiatives include digitalization, reliance mechanisms with strict regulatory authorities, and hiring of additional personnel to help reduce backlog applications.

Address systemic industry barriers

The Philippines’s post-pandemic vulnerability to medicine shortages is getting targeted attention through concrete commitments from Congress, regulatory agencies, and industry leaders to strengthen domestic pharmaceutical capacity and reduce import dependence.

In a recent public forum hosted by the Philippine Chamber of Pharmaceutical Industries (PCPI) focused on the theme ‘Ensuring Medicine Security; Strengthening the Philippine Pharma Industry,’ key stakeholders outlined specific reforms and partnerships that could reshape the country’s approach to medicine security.

Rep. Ciriaco Gato, chair of the House of Representatives’ Committee on Health, spoke about a whole of government and whole of society approach to address systemic industry barriers.

‘We in Congress are cognizant of the numerous concerns that plague the local pharma industry. Regulatory bottlenecks, the prevalence of counterfeits, the high cost of production, reliance on and apparent bias for imports are among issues that must be addressed in the exercise of Congress’ legislative oversight powers,’ Gato said.

He added, ‘We at the Committee on Health and other relevant committees commit itself to reviewing executive issuances that restrict or even prohibit the local pharma industry from effectively functioning in the delivery of medicines that will satisfy the health needs of the population.’

In the same forum, Department of Trade and Industry Board of Investments Executive Director Corazon Dichosa presented market data highlighting both opportunity and structural imbalance.

The local pharmaceutical industry is valued at US$4.5 billion with projected 4.1 percent annual growth until 2029. However, it remains critically dependent on imports with government statistics showing only 46 manufacturers compared to 650 importers. Philippine export of medicines to other countries is virtually non-existent.

Private sector

PCPI President Dr. Lloyd Balajadia assured government officials of the private sector’s support for the reform agenda.

‘Only private-public partnership can drive progress and with new leaders coming in, it is possible,’ Balajadia stated, positioning industry collaboration as essential for meaningful change.

Balajadia outlined an ambitious vision connecting pharmaceutical development to broader economic diplomacy: ‘In the same way that Filipino nurses are driving a positive image of the Philippines abroad, the healthcare industry can likewise be an offensive tool for economic growth and diplomacy.’

The PCPI president specifically highlighted mutual recognition agreements (MRAs) as strategic pathways for Philippine pharmaceutical companies to enter foreign markets.

These agreements could enable streamlined regulatory approval processes across ASEAN and other regions, potentially transforming the Philippines from an import-dependent market to a regional pharmaceutical hub.

PCPI is the largest association of pharmaceutical firms composed mostly of Filipino- owned companies.

NO REMORSE

REVELATIONS about the starlet’s past may not have obviously affected her career but it has in ways not visible to the public. For example, she is in danger of losing a movie project, and a number of possible endorsements have not pushed through. And there’s the upcoming holiday season where three or four corporate shows could add to the millions already in her bank account. The problem is that the starlet seems remorseful so her management is doing everything they can for damage control. For sure, some of those endorsements will not be renewed.

ONE TRUE LOVE

WITH so many scandals related to politics these days, it’s not surprising that there are many rumors about this politician. Said to be gay, the politician’s boyfriend is reportedly a member of his staff. The politician has allegedly had many boyfriends and most of them are handsome but sources said the staff member is his true love. Meanwhile, how does his wife feel about all these rumors? She pretends as if everything is okay and that they’re a family, and there is some truth to that.

RED FLAG

SPOTTED at a private restaurant were an actress and a politician, along with some friends, staff members, and colleagues. The actress posed for photographs but the politician was said to be super elusive, which is unusual because he usually loves publicity of any sort. The couple is said to be in a relationship but there has been some backlash over it because according to certain quarters, the politician is a red flag as evidenced by what happened to his past relationships. The rumors have resulted in the actress being bashed even by her fans. She was once their sweetheart but they now feel that she betrayed them.

SPONSORED BY A POLITICIAN?

THE public is scrutinizing the lives nepo babies and profligate wives, husbands, and partners of politicians but no one has pointed a finger at the actress. She is now going the fashion route to become more popular. So guess who is spending for this new adventure? Her rumored boyfriend who comes from a family of politicians. The boyfriend has been under attack lately so it’s a wonder that he spent this much for her so publicly.

SECURITIES and Exchange Commission chairman Francis E. Lim on Thursday said he made a mistake when he said the corruption issue have wiped out about P1.7 trillion in market value of publicly listed companies.

Lim said the information was ‘based on what I believed at the time to be a credible industry report. I have since learned that the report was fictitious. I deeply regret any confusion or concern that my statement may have caused.’

‘My sole intent was to underscore the vital importance of integrity in our markets and the devastating impact corruption can have on investor confidence,’ Lim said.

The P1.7-trillion market loss figure was denied by Frederick D. Go, Special Assistant to the President for Investment and Economic Affairs.

Data from the Philippine Stock Exchange showed market capitalization fell to P19.12 trillion at the end of third quarter in September, down by 1.4 percent, from August’s P19.4 trillion.

Go said Lim’s statement was based on a ‘confirmed fake news socmed [social media] post designed to catch attention and falsely sensationalize.’

Go said he was able to personally talk to Lim on the matter, who also said that the statement was indeed based on misinformation.

The spurious information was wrongfully attributed to S and P Global Market Intelligence, which disowned it.

‘So, unfortunately, it happened, but it was confirmed by multiple sources that it was fake news, including the attributed source of the Socmed post. So, hopefully, let’s not be fooled by fake news,’ he said in a press briefing in Malacañang on Thursday.

Go did not comment when asked about the possible consequence Lim may face for the mistake.

The economic aide, however, admitted that the country will face a ‘short-term challenge’ from the government’s ongoing crackdown on anomalous flood control projects and other public works, which is currently being led by the Independent Commission for Infrastructure (ICI).

While there was no steep 12-percent drop in the Philippine Stock Exchange Index as stated in the false report, Go said there was a minimal decline in the index in August, when President Ferdinand Marcos initiated reforms in the Department of Public Works and Highways (DPWH).

‘For the period mentioned, which is August 11 to 29, the named PSE drop was only 1.6 percent, as a matter of fact, it was 1.58 percent. And the All Shares Index in our Philippine stock market of 282 companies, the drop was only 1.5 percent. And in terms of the market cap which is the click bait number of that fake socmed post, the drop po is only 1.4 percent,’ Go said.

In the long-run he said the anti-corruption of the President including creating the ICI and naming Jesus Crispin ‘Boying’ C. Remulla as the new Ombudsman will help boost the business confidence in the Philippines as a reliable investment destination.

He said it will address the two main concerns of local and foreign business chambers when conducting transactions in the country-corruption and red tape-by ensuring government funds are not spent on substandard or non-existent public works.

‘I believe the negativity is overblown. This investigation will be good for the country long-term because it will address and correct the wrong practices,’ Go said.

‘Better deployment of the budget will result in projects with greater multiplier effect, bringing about better effects on the economy and jobs created. So while this may be a short-term issue, it definitely will have long-term benefits,’ he added.

Strong interests

Go said the anti-corruption probe on public works has not made a significant dent on the business pledges received by the country, as the government was able to put in place pro-investor measures such as the Republic Act (RA) No. 12066 or the CREATE MORE Act, RA No. 11966 or the Public-Private Partnership Code, and the green lane for strategic investments under Executive Order No. 18.

‘We’re quite confident that when this is all resolved, they will all come back. So, they have not pulled out. They will continue rather, that they will continue with their project,’ he said.

‘By enhancing the effectiveness of public spending, we are turning a short-term challenge into an opportunity to reallocate funds to projects with a far greater growth and employment multiplier effect. This is the clearest signal that the Philippines is building a future-ready economy, anchored on trust and sustainable growth,’ he added.

In fact, he said they will soon be transmitting to the Office of the President their approval of the first beneficiary of the CREATE MORE Act.

The beneficiary is a Korean semiconductor and electronics company, which will make an over US$1-billion dollars investment in the country.

‘The FIRB (Foreign Investment Review Board) will be transmitting this to the Office of the President this week. So, I don’t think we have lost any investment pledges because of this ongoing issue,’ Go said.

‘Let me assure the public that the SEC remains firmly committed to promoting transparency, good governance, and investor protection. Corruption is indeed a weapon of mass wealth destruction,’ Lim said.

Weak integrity, not weak fundamentals

Lim told the Financial Executives Institute of the Philippines on Tuesday that investors in the Philippines are not fleeing because of weak fundamentals of the country, but because of weak integrity of its leaders.

‘When trust breaks down, capital dries up, and everyone-the government, business and the public-pays the price,’ Lim said.

‘Let’s face the hard truth. Our stock market is a laggard. Sadly, this reflects something deeper-a crisis of confidence,’ Lim said.

‘Too many firms still hesitate to go public, while others who have chosen to go public are leaving the stock market. This is not just a market issue. It’s a trust issue. And rebuilding that trust is one of the SEC’s most urgent missions,’ he said.

At the moment, there is only one initial public offering-Top Line Business Development Corp.- and possibly another one by Maynilad Water Services Inc. by next month.

The benchmark Philippine Stock Exchange index fell on Thursday by 41.34 points to close at 6,057.40 points.

Lim said the agency sees compliance not as a bureaucratic hurdle, but as a leadership advantage, a way to strengthen the very foundation of markets and enterprise.

‘Because when markets are trusted, capital flows. And when capital flows, the economy grows,’ Lim said.

‘That’s why we’re moving boldly by strengthening the independent director system, making REITs (real estate investment trust) more inclusive, pushing PERA (Personal Equity and Retirement Account) reforms and championing financial literacy as a mandatory subject for our students. Because each reform we make is a promise that trust will again be our strongest currency, and that every Filipino, not just a few, will share in the nation’s growth,’ Lim said.

THE Bangko Sentral ng Pilipinas (BSP) intends to tighten bank regulations surrounding cash or digital money transfers, especially involving publicly funded projects in light of the flood control controversy.

In a briefing on Thursday, BSP Governor Eli M. Remolona Jr. said this may take the load off of local banks. He said most of the banks who disbursed these large amounts were not comfortable releasing the funds they released.

By issuing a BSP policy on money transfers, Remolona said there may be conditions set when banks can refuse to release or transfer amounts based on suspicion of corruption.

‘We’re looking very carefully into this. One would be a threshold on how much can be withdrawn. Now we have a threshold on how much cash can be withdrawn,’ Remolona said.

‘Now there would be a threshold on transfers in general. Could be cash, could be digital. And so we’re looking at the factors more carefully in trying to decide what would be a threshold. And we’re also looking at other rules that would make it harder for this thing to continue,’ he added.

These new guidelines will allow banks to reconsider releasing funds after careful evaluation of whether these withdrawals of funds is disproportionate to what a depositor does or earns.

The latest corruption scandal, Remolona said, is now a bigger factor for the country’s growth than external factors. Nonetheless, the BSP is hoping that the impact of the controversy would be short-lived.

‘I think we need a credible resolution on this issue,’ Remolona said.

AMLC’S fear: Complicit banks

Earlier, the Anti-Money Laundering Council (AMLC) raised the possibility that banks and their employees may be complicit in the release of funds from accounts linked to the anomalous flood control projects.

In a radio interview, AMLC Executive Director Matthew M. David said if this were the case, the AMLC can initiate an examination or compliance checking against the banks, including their employees.

David said AMLC can also file criminal cases of money laundering against banks and their employees who are complicit in the current corruption controversy.

He said banks should file suspicious transaction reports to the AMLC if there are withdrawals that are suspicious, as provided under the law.

The flood-control mess could threaten the country’s growth given its potential to slow down government spending, according to Nomura.

In a separate development, however, President Ferdinand Marcos Jr. gave assurances on Monday that public works will still push through next year to keep the country’s economy going, despite the ongoing government crackdown on anomalous flood control projects.

In its latest brief, Nomura said the slowdown in government spending as a result of the floodworks fiasco could prompt the Bangko Sentral ng Pilipinas (BSP) to reduce policy rates to help support the country’s growth.

A reduction in policy rates could provide a much-needed boost to domestic demand, which Nomura said, is expected to encounter ‘significant downside risks’ compared to August 2025.

THE Girl Scouts of the Philippines (GSP) marks its 85th anniversary with a milestone celebration-‘Run as One: 85 Years in the Running’ Fun Run-on Sunday at the Quirino Grandstand in Manila.

The fun-filled event gathers Girl Scouts, alumnae, families and friends from all over the country to celebrate 85 years of empowering girls and young women to become leaders and agents of change.

The fun run features distances of 850 meters, 5 kms, 8 kms and 13 kms symbolizing GSP’s 85 years of continuous service and sisterhood.

Each participant will receive a race kit that includes a race singlet, rucksack, race bib, finisher medal, finisher shirt (for 8K and 13K only) and freebies.

More than a fitness event, the fun run also serves as a reminder of the values of unity, perseverance, and community that remain at the heart of the Girl Scouting movement.

For inquiries and confirmation of attendance, please contact Peachie Rama at 09190814675 or email at communicationsgsp@gmail.com.

The GSP is a non-stock, non-profit, non-partisan organization chartered under the Philippine Congress in 1940 and for 85 years, it has empowered girls and young women to develop their fullest potential as responsible citizens and leaders through the Girl Scouting Program.