Category: Business Mirror

HITTING THE JACKPOT

The actress has had bad luck with her former boyfriends and their families but this time, she may have hit the jackpot (in her eyes, at least). The buzz is strong that the actress’ new love is a well-connected politician who just came out of a long- term relationship. People are suspicious because the young actress is suddenly wearing expensive jewelry and watches, and catching luxury bags. Definitely, the actress is not poor. She had been working since she was a child and has money of her own. However, the things she has been wearing lately are definitely out of her price range. The politician is known for being generous to his girlfriends but he is also known for taking back the most expensive products he had given his exes and that’s a red flag.

TRAUMATIZED

So the actress had some surgery on her face which didn’t turn out nice. She became the object of jokes and memes. So she quietly underwent another surgery to fix whatever had been botched. During a recent big event of her network, the actress was noticeably absent. According to the grapevine, the actress purposely did not go because she feared being the butt of jokes again. She just wants to work quietly and hopes that in time, this too will pass. The actress is one of the nicest in this business. She works hard to improve her craft and is generally well- liked by people in the industry. It’s too bad that she is being defined by her appearance.

JUST FRIENDS

The guy is the other half of a popular showbiz loveteam. He and his onscreen partner look good together and they get along. However, it seems that the guy’s partner likes him more than he likes her. Insiders said that if you probe into the guy’s past, you’ll see that one of his exes is also a man and that isn’t shocking really in these days. But for fans of the loveteam, that could be devastating, considering how seriously people look at their favorite loveteams in this country. The (unanswered) questions are: Does the girl know that her onscreen partner once dated a guy? Do they have an agreement that they live separate lives off-camera? Does he like her or is she his ticket to success?

BITTER RIVALS

The tension between the two starlets is palpable, as seen during a recent network event. Starlet 1 has a permanent smile on her face whenever Starlet 2 is around and this smile does not falter. Meanwhile, Starlet 2 is her usual bubbly self. She will talk to her rival if she has to but they can’t be friends. Meanwhile, Starlet 1 is the fiercer competitor simply because she hates losing. She has nothing personal against Starlet 2. She just does not like the other girl and would rather keep her at arms’ length. For Starlet 2, who is known to be kind and sweet, this rivalry and feud is just all in a day’s work. She does not wish the other girl any ill and hopes that one day, things will be better between them.

THE Ayala-led Bank of the Philippine Islands (BPI) is extending P47.07 billion to Prime Infrastructure Capital Inc. (Prime Infra) of the Razon Group to acquire a stake in First Gen Corporation’s (FGEN) natural gas-fired power plants and liquefied natural gas (LNG) terminal in Batangas.

A statement issued by the lender last Thursday read that the loan will fund Prime Infra’s acquisition of a 60 percent stake in the gas-fired power portfolio and LNG terminal in Batangas of First Gen Corp. (FGEN).

The transaction forms part of a broader deal valued at around P50 billion, covering Prime Infra’s entry into some of the country’s most critical gas assets

The Philippine Competition Commission cleared the deal in October 2025, allowing Prime Infra to move forward with the acquisition.

FGEN will retain the remaining 40 percent share in the assets, which include more than 2,000 megawatts of gas-fired generation capacity and one of the country’s main LNG import terminals.

BPI said Prime Infra’s acquisition further contributes to the country’s transition to more dependable energy sources.

‘By financing the acquisition, BPI helps enable power supply stability as the country transitions to its long-term goal of increasing the share of renewables in the energy mix,’ the lender said.

BPI Institutional Banking Head Louie Cruz said the bank’s participation reflects its support for projects that enhance the country’s energy security.

‘We value leveraging our expertise in structuring complex, large-scale financing facilities that enable industry players to deliver viable and reliable energy solutions for the nation,’ Cruz said.

‘The transaction is a milestone in securing the country’s energy future,’ said Prime Infra President and Chief Executive Officer Guillaume Lucci.

‘With reliable LNG infrastructure and efficient gas-fired facilities, the Philippines can better manage the volatility of energy supply by providing power during the transition towards more renewable energy sources for the grid,’ Lucci added.

Prime Infra is the infrastructure arm of the Razon Group, investing in, developing, and operating critical assets in essential sectors such as sustainable energy, water, and waste management.

FGEN is the listed power generation company of the Lopez Group, and operates the country’s largest portfolio of renewable energy, which includes geothermal, hydro, wind and solar power.

Give it to an old man-aging if you wish-to pine for the perfect breakfast.

I am in the far-off South as I speak and yesterday, I struggled with a set breakfast in this small hotel. The choice was the usual fried rice with sausage or corned beef, predictable fare until the steward began explaining the added spices, which when queried, presented with details that would pose a challenge to my morning frustration.

I am a bread guy. The most basic pan de sal makes me happy and when butter, salted and of good hotel variety, at least, presents itself, I am happy. Lately, I have realized the unsalted butter has yielded itself as common in most hotels. Uncertain as to where this fashion is coming from or if this is part of any sumptuary law, the unsalted butter has become one of my frustrations anywhere I go.until this very morning when I found out that there would be a morning when I would be facing down my plate of omelette, and contemplating how gross vegetables can become when one does not like the presentation at all.

Then and there, I promised to look the next day for the best bakery. There should be at least a few meters outside my hotel. Or some pastry shops.

Ever the person with the positive view of things, I know myself. I have the ability to find, well, eternity in an hour. More or less. Already, I began this journey to the south with the most bureaucratic route, completing what my airline ticket tells me to do, which was to fly at six in the morning and wait it out in the airport for the next six hours for my next flight. This means meditating over cups of coffee and in between subsisting on porridge and salad and, after much digressing, giving in finally to the desire of my heart-a sip of Coke Zero.

The guilt notwithstanding, I could hear my endocrinologist and cardiologist and my sister and all their fair warning but I am all keyed up for an adventure. I am much braver now, I tell myself, I should be having fun. I should be a bit laid back, bored even, insouciant, weary for the world, a little bit bohemian, altogether pretentious, oh but why not, throw caution to the four or even five winds.

I file away my thoughts and scramble for memories. I searched online and found old photos. There was one tucked somewhere, a quiet scene of Ticao Island. I quickly posted it. A cousin noticed it immediately and commented when I made the visit. I was candid. It’s an old photo.

Something happens when we travel far-we begin to miss our islands, our birthplaces. We feel we are moving far from where we were born. We are almost afraid of not being able to return to our roots, to the beginning.

Here in this hotel, I was looking out into the hills and mountain ranges in the distance. Those are towns and villages. Those mounds hide gold and wealth. They are far and they do not have my memories, nor my childhood. They are far away. We are far from them. Even if I close my eyes, I will have a hard time imagining the island of my birth. Something hides the enchantment of my remembering.

There are new trees, new growth in front of the hotel. These are sad trees because there are no birds. The leaves are very sparse and no bird could hide from these thin leaves. The birds could be somewhere else.

This must be the face of solitude, when one is not able to find the right moment for the ideal morning coffee. Nothing makes sense, not the bitterness in the cup. And so, we go through the ordeal of looking around for the right bread. We walk the extra mile, or at least a few meters. Indeed, I searched high and low for good coffee and in one of the stores, the store manager was solicitous enough to present me with cappuccino. Instant! She went out of her way to temper the instance with the right infusion of water, hoping not to dilute the already artificial version of what I think she was imagining my coffee to be. After the scent from the brew suffused us both, she offered their bread. I politely refused as I already saw the bakery next door.

I went out with my instant Cappuccino, walked to the bakery and bought two pieces of bread. I sat down outside, contented at least, for that morning, as trucks lumbered to eternity past me, bearing all my sorrows and joys till the next mornings of my old life.

Despite the recent major revamp in the Cabinet following allegations that some members were involved in inserting P100 billion worth of projects into the 2025 national budget, Malacañang has stated that no internal investigation is currently being conducted.

Instead, Palace Press Officer Claire Castro attributed the recent changes in the Cabinet to the performance evaluation, which is regularly conducted by President Ferdinand Marcos.

‘I can’t say anything that everyone [in the Cabinet] is under investigation. So, what the President can only carry out is the usual and regular performance [evaluation] of each cabinet,’ she said in Filipino in a press briefing last Thursday.

Since the start of Marcos’ presidency in 2022, his Cabinet has already undergone several revamps due to the ‘voluntary resignation’ of some of its members or as a result of the chief executive’s performance assessment secretaries.

The latest to leave the Cabinet were former Executive Secretary Lucas P. Bersamin and former Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman after they were linked to the allegations made by former Ako Bicol Party list representative Elizaldy ‘Zaldy’ Co that Marcos ordered the insertion of P100 billion worth of projects in the 2025 budget.

Senate President Pro Tempore Panfilo ‘Ping’ M. Lacson claimed Bersamin helped in facilitating the collection of P52 billion worth of kickbacks from the 2025 budget, which the former executive secretary denied.

Last Monday, Castro announced the voluntary resignation of Bersamin and Pangandaman. However, the former executive secretary said he was ordered to vacate his post.

The Presidential Communications Office Undersecretary maintained that Bersamin voluntarily resigned.

‘The Palace acknowledges former Executive Secretary Lucas Bersamin’s clarification regarding the manner of his transition,’ Castro said.

‘As he [Bersamin] himself stated in his interview, he submitted himself to the President’s discretion and prerogative as part of the ongoing reorganization. The Palace announcement was issued in line with this understanding and with due regard for stability and continuity in governance,’ she added.

Lawmakers on Thursday called for an ‘open and transparent’ bicameral conference committee through livestreamed proceedings to restore public trust amid allegations of insertions in previous budgets.

In a joint statement, House Deputy Minority Leader and Mamamayang Liberal (ML) Partylist Rep. Leila de Lima and fellow Liberal Party (LP) lawmakers urged the Committee to implement a raft of measures to ensure transparency.

‘Amid the corruption issues hounding the passage of previous national budgets-made worse by the secretive nature of the bicameral conference committee where controversial insertions are allegedly made-implementing an open and transparent bicam is long overdue. It is not optional. It is non-negotiable,’ the solons said.

The House earlier passed the proposed P6.793 trillion National Budget for 2026 on third and final reading, with the Senate plenary budget deliberations ongoing. This would be moved to the bicam following the Senate’s approval.

As such, the lawmakers said the Committee should livestream the full bicameral meetings, including deliberations, while comprehensive bicameral meetings should be published.

They also seek the presentation of the detailed matrix of the differences between the House’s and the Senate’s proposed General Appropriations Bill (GAB), and how these differences were reconciled.

Furthermore, machine-readable copies of House GAB, Senate GAB, House and Senate committee reports, and bicam reports should be publicly available.

The lawmakers also noted that amendments, including the names of the members of the panel and their respective chambers who proposed these changes, should be disclosed.

Lastly, they said the media should be allowed to cover the entire bicam proceedings, and Civil Society Organizations (CSOs) should have access and the opportunity to raise questions and comments during the bicam.

‘Kaban ng bayan ang pinag-uusapan. May pakialam ang lahat kung paano at saan nilalaan at ginagastos ang pera ng mamamayan. Sa tama, angkop at makabuluhang mga programa, proyekto at serbisyo ba ito napupunta? O sa mga bulsa ng mga tiwaling opisyal at kawani ng pamahalaan at ng kanilang mga kasabwat sa pribadong sektor?’ the joint statement read.

‘Kapakanan ng bayan at kinabukasan ng ating kabataan ang nakasalalay rito. Tiwala ng tao sa gobyerno ang mismong nakataya. It is a gross injustice to continue denying access of the public to the proceedings of the bicam, which constitutes a deprivation of the constitutionally guaranteed right of the Filipino people to information on matters of public concern. They are entitled to know where every centavo of their taxes goes,’ it added.

Earlier, lawmakers filed Joint Resolution No. 2 to institutionalize public access to bicam proceedings.

‘We hope that our colleagues in the House of Representatives and in the Senate recognize the urgency of implementing an open and transparent bicam,’ the solons said.

The Securities and Exchange Commission (SEC) is proposing key amendments to the rules governing real estate investment trusts (REITs), including broadening the list of income-generating real estate assets that may comprise a portfolio.

The SEC released for public comment the proposed amendments to SEC Memorandum Circular 1, Series of 2020, or the Revised Implementing Rules and Regulations of Republic Act 9856 or the Real Estate Investment Trust Act of 2009.

The draft amendments also seek to provide flexibility for the REIT sponsor in reinvesting proceeds from the listing of the REIT and relax the minimum public ownership requirement, among others.

‘The proposed reforms will help ensure that the REIT framework remains robust and responsive to evolving market needs, thereby enabling the real estate sector to unlock more capital that will further support their growth and to contribute more to the development of our economy,’ SEC Chairman Francis E. Lim said.

The proposed amendments expand the definition of income-generating real estate assets by allowing a REIT to directly or indirectly own income-generating real estate through a shareholding in an unlisted special purpose vehicle wholly owned by the REIT and duly constituted to primarily hold or own real estate.

The SEC is also proposing to include within the definition of income-generating real estate those real properties with regular streams of income, or those with recurring and predictable cash inflows derived from the lease of, or other similar arrangements involving such properties.

These may include rental properties from transportation, information and communications technology, and energy infrastructure assets; parking lots; buildings; malls; warehouses or storage facilities; immovable fixtures, machineries, facilities, and structures; and real rights over properties, which include usufruct, easements, registered leases.

More companies may be classified as REITs under the amended rules-effectively expanding the scope of real properties that may comprise a REIT’s portfolio.

Meanwhile, the draft circular extends the period for the utilization of reinvestment proceeds to two years, from the previous standard of one year from the date of receipt of the proceeds.

Reinvestment in the Philippines may take the form of investment in equity, the extension of loans or purchase of debt instruments or the repayment of loans or debt instruments in relation to any real estate or infrastructure project-both government and privately initiated-in the Philippines.

The SEC is further relaxing the compliance with the minimum public ownership (MPO) requirement for REITs, allowing for a temporary dip in instances when there is an issuance of additional shares to its sponsor/promoter or the latter’s affiliates in exchange for income-generating real estate or real rights over immovable property, subject to certain conditions.

The temporary dip in public float may be allowed when the transaction has been approved by the SEC and the Philippine Stock Exchange, when it submits a plan and timetable to the commission on how the MPO requirement will be restored; and when the REIT publicly discloses the temporary breach and the remedial plan in its structured reports and on its website.

The SEC is accepting comments until December 3.

Manila became the gathering place for leading economists across East and Southeast Asia on November 8 and 9, 2025, as Ateneo de Manila University, together with the Philippine Economic Society, hosted the 20th East Asia Economic Association (EAEA) Conference at the Makati Shangri-La Hotel. Nearly 450 participants-academics, policymakers, researchers, and development practitioners-traveled from across the region, as well as from the United States and the United Kingdom, to join two days of high-level dialogue.

Their determination to participate was particularly remarkable: Typhoon Uwan swept across Luzon during the final day, yet the full program proceeded uninterrupted, and delegates remained engaged throughout. It was, in many ways, a fitting backdrop to our conference theme of resilience.

The theme, ‘Navigating Economic Transitions: Inclusion, Innovation, and Resilience in Asia,’ captured the evolving landscape that East Asia now confronts. We are in a period of profound global uncertainty- marked by shifts in the geopolitical order, disruptive technological change, heightened vulnerability to climate shocks, and widening social divides. These transitions call for new thinking and stronger regional cooperation. This year’s EAEA gathering created an important space to examine how economies across Asia can respond to these challenges while sustaining broad-based and inclusive growth.

The conference opened with the Ichimura Lecture and Keynote Address by Professor Danny Quah and former Dean of the Lee Kuan Yew School of Public Policy of the National University of Singapore. In his lecture, ‘Inadvertent Cooperation and Pathfinder Multilateralism for a G-minus World,’ he argued that even in a fragmented global system, cooperation remains possible-emerging not from sweeping agreements, but from practical, incremental alignments among countries that share common interests. His message resonated strongly with participants confronting the realities of trade tensions, global supply chain adjustments, and a weakening multilateral framework.

This was followed by the first plenary, ‘Promoting Macroeconomic Growth in a New World Order,’ where distinguished economists Jong-Wha Lee, Jomo K. Sundaram, Aaditya Mattoo, and Arsenio Balisacan examined the region’s growth prospects amid tightening financial conditions and overlapping shocks. Their insights underscored the importance of sound institutions, prudent macroeconomic management, and coordinated policy action. The second plenary, ‘Stabilization Policies and Economic Reforms Amid Global Uncertainties,’ featured Benjamin Diokno, Albert Park, Hal Hill, and Denis Suarsana, who delved into the credibility of reforms, fiscal-monetary coordination, and strategies for managing external risks.

Across the two days, the conference featured over 70 parallel and semi-plenary sessions, offering a rich variety of research and policy discussions. The breadth of topics was intentionally wide: digital transformation, labor markets, value chains, poverty and inequality, education and skills, fiscal and monetary policy, industrial strategy, climate resilience, and demographic transitions. Sessions on automation, AI, and the future of work drew strong engagement, reflecting the region’s interest in how technology will shape the next phase of development. Meanwhile, sessions on trade, global value chains, and geopolitics highlighted both the risks and opportunities created by realignments in global economic power.

The semi-plenaries on the second day added a practical policy focus. The Asian Development Bank discussed its 2025 Asian Development Policy Report on digital transformation; the World Bank presented insights from The Prosperity Blueprint on trade, skills, and fiscal policy; and the Bangko Sentral ng Pilipinas hosted a session honoring The Mariano Legacy, tracing how sound macroeconomic institutions evolved in East Asia. Meanwhile, the Economic Research Institute for Asean and East Asia (ERIA) and Ateneo’s own scholars led discussions on Asean’s economic challenges and Asia’s creative and music economies-reminders that development is as cultural as it is structural.

The success of the conference was made possible through close collaboration with our international partners-the Asian Development Bank, World Bank Group, ERIA and the Konrad Adenauer Stiftung, and-as well as our local sponsors including the Bangko Sentral ng Pilipinas, Landbank, SEAMEO INNOTECH, GT Capital Holdings and First Metro Securities. Their support ensured that the conference proceeded smoothly despite the logistics challenges brought about by the weather.

For the Philippines, hosting the EAEA for the second time since 2008 was a meaningful milestone. It allowed us to place the country at the center of regional policy dialogue and to strengthen our ties with colleagues working on the forefront of economic analysis across East Asia. It also highlighted the role of Filipino economists-across universities, government agencies, and think tanks-in contributing to regional debates.

One of the most striking aspects of EAEA20 was the commitment shown by all participants in the face of Typhoon Uwan. As strong rains lashed Metro Manila, the conference rooms remained full. Scholars continued to present, discuss, critique, and collaborate. For me as Chair of the Local Organizing Committee, this was a powerful reminder of the shared dedication within the region’s economic community. It also reflected the very resilience that our conference theme sought to underscore.

As we look ahead to the 21st EAEA Conference in Siem Reap, Cambodia, the ideas and partnerships forged in Manila will continue to shape the research and policy conversations that matter most for the region. The challenges facing East Asia are immense -but so too is the collective capacity of our community to learn, innovate, and build solutions together. In times of global uncertainty, this spirit of collaboration is perhaps the region’s most valuable resource.

THE Philippine economy remains strong despite recent governance challenges and continuing global uncertainties, according to the country’s socioeconomic planning chief.

In a statement on Thursday, Arsenio M. Balisacan, Department of Economy, Planning, and Development (DEPDev) Secretary said the country’s ‘sound’ macroeconomic fundamentals-‘sustained growth, easing inflation, a healthy labor market, a manageable fiscal deficit and public debt, a broadly stable currency and external position, and a robust banking system-continue to anchor our resilience.’

The country’s chief economist is banking on ‘hard-won’ reforms that were passed, implemented, and sustained over the years which he said have ‘consistently strengthened’ the Philippine economy’s ability to weather periods of domestic or external turbulence.

Amid ‘political noise’ and global headwinds, Balisacan stressed: the economy continued to expand: although growth moderated to 4 percent in the third quarter, full-year growth for 2025 has so far averaged 5 percent.

The socioeconomic planning chief said the Philippine economy’s potential growth remains at least 6 percent annually, assuming that it is supported by a ‘robust labor force, steady capital investment, productivity gains, and ongoing technological progress.’

‘Our medium-term targets reflect this capacity. While short-term fluctuations and external headwinds may affect immediate outcomes, the economy’s overall trajectory remains firm,’ Balisacan underscored.

Moving forward, he said the government will continue to deploy fiscal, monetary, financial, technological, and social-protection policies, together with key legislative measures, to keep actual growth aligned with this potential.

‘At the same time, we have been laying down the necessary investments to future-proof the economy amid environmental, technological, and geopolitical disruptions,’ added Balisacan.

He said the government is strengthening economic foundations, particularly recognizing that investor and consumer confidence are necessary to sustain growth.

Further, Balisacan said the government continues to prioritize human capital development.

‘Laws policies, programs, and projects in health, education, skills development, and social protection are being implemented or expanded to ensure that Filipinos are equipped to navigate the challenges of a rapidly evolving economic landscape,’ said the country’s socioeconomic planning chief.

As these efforts continue, he said DEPDev is prioritizing actions to enhance the quality of public investments-ensuring that the nation’s resources are directed toward programs and projects with the ‘greatest impact.’

‘We are strengthening planning and budgeting linkages; improving program convergence and project coordination; scaling up strategic monitoring and evaluation (M and E); and expanding capacity building in planning, project appraisal, investment programming, and M and E.

‘These initiatives form part of the government’s broader e?orts to reinforce governance and strengthen institutions. We call on our partners in business, civil society, and the international community to continue working with us as we progressively realize our shared aspirations. Together, we can build and sustain partnerships founded on trust, accelerate development, and ensure that progress meaningfully reaches every Filipino,’ Balisacan said.

WHILE the country’s balance of payments (BOP) recorded an eight-month-high surplus of $706 million in October 2025, persistent trade deficits, tariff policies and higher global uncertainty reversed the 10-month BOP into a deficit of $4.609 billion.

According to the Bangko Sentral ng Pilipinas (BSP), the country’s $706-million BOP surplus in October was a turnaround from the $724 million in deficit during the same month last year.

The BOP accounts for the transactions of the country with the rest of the world.

Better weather conditions, easing of political noise that previously caused volatility, seasonal tapering off of imports and an increase in remittances and export sales improved the country’s BOP, according to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation.

‘Though still offset by the continued Trump risk factor/premium that led to some market volatility worldwide,’ Ricafort said.

Robert Dan Roces, group economist at SM Investments Corporation, said the October surplus reflects strong inflows from the national government’s external financing program and the usual lift from seasonal remittances and business process outsourcing receipts.

‘On top of that, import growth has softened, which naturally narrows the trade gap and helps the balance,’ Roces added.

GIR surplus

Meanwhile, the BSP said October’s surplus reflected the increase in gross international reserves (GIR) to $110.2 billion as of end-October 2025.

This level of reserves, the BSP said, remains an adequate external liquidity buffer, equivalent to 7.4 months’ worth of imports of goods and payments of services and primary income.

It covers about 3.8 times the country’s short-term external debt based on residual maturity.

10-month BOP: From surplus to deficit

During the January to October 2025 period, the BOP posted an overall deficit of $4.609 billion, ‘showing signs of narrowing as inflows strengthened,’ the BSP said.

This, however, is a reversal from the $4.393 billion surplus in the same period a year ago, based on BSP data.

Ricafort said this is partly due to the continued trade deficit of the country in recent months, foreign debt servicing and volatile markets due to local political noise, Trump tariff policies and higher global uncertainty.

‘Looking ahead, BOP should stay broadly stable, but foreign exchange stability will still hinge on US rate cuts, oil prices, and how quickly exports recover,’ Roces said.

He added that the risk now is less about liquidity and more about sentiment. ‘Any flare-up in geopolitics or tariffs can easily swing the monthly numbers.’

Anti-corruption measures and other reform measures, Ricafort added, will help further improve international investor sentiment on the country, which could improve the BOP data in the coming months.

The BOP accounts for the transactions of the country with the rest of the world.

GIR, meanwhile, are made up of foreign-denominated securities, foreign exchange, and other assets, including gold.

GIR help a country finance its imports and foreign debt obligations, stabilize its currency, and provide a buffer against external economic shocks.

THE human trafficking conviction is the latest in a series of legal setbacks for Alice Guo.

In June 2025, Branch 34 of the Regional Trial Court ruled that Guo, legally identified by the court as a Chinese national, had fraudulently assumed a Filipino identity to run for mayor.

The court also voided her proclamation and convicted her of usurpation of public office.

In September 2025, Branch 111 of the RTC in Tarlac City certificate of live birth, a ruling affirmed in October after her appeal was denied.

The government had also secured criminal forfeiture of Guo’s 7.9-hectare Baofu property, valued at P3.9 billion. Civil forfeiture cases involving Guo’s other assets including bank accounts, vehicles and real estate collectively worth hundreds of millions of pesos remain pending.

Businessman Ruperto Cruz, who has been repeatedly mentioned in investigations into the Porac Philippine Offshore Gaming Operations (Pogo) case, declined to comment on Guo’s conviction.

Cruz maintained that he was not involved in the Porac hub’s operations and that the property transaction was strictly a business matter.

Cruz said there are no records linking him to human trafficking and that he was unfairly singled out, while similar cases involving other landlords and local officials were not pursued.

‘I cannot comment on that. We respect the court’s judgment. But in the case filed against me in relation to human trafficking, there are no records to prove that,’ said Cruz.

‘Just like the Remullas on their Cavite property, we only sold our property, because I am a businessman. Ang lumilitaw kasi bakit ako lang ang kinasuhan sa human trafficking? Wala naman pruweba. It won’t stand in court. Naging sensationalized ang Porac case pero kung tutuusin nasi-single out lang din kami. Wala naman records,’ he added.

Cruz is the owner of the 150-hectare Royal Garden Estate in Porac town. Only about 4-hectare portion of the property was sold to Whirlwind Corporation and later leased to Pogo Lucky South 99.

Lucky South was raided by the authorities in June 2024. The hearings conducted by the Senate and the House of Representatives have revealed links between Whirlwind and Lucky South through common associates including former presidential spokesperson Harry Roque.

Cruz is also the chairman of the Pinoy Gumising Ka Movement-among the civil society groups in Pampanga pushing for the call to a Constitutional Convention (Con-Con) as a peaceful way to end the systemic corruption amid the ongoing flood control scandal.

‘First of all, I am not in their corporation [Whirlwind]. Kamukha ng kina Ombudsman [Jesus Crispin] Remulla at Secretary [Juan Victor] Jonvic Remulla, nag benta at nagpa-lease lang din kami. Kung isasali nila ako, isali nila lahat,’ Cruz said.

‘When we were having the transaction, they said they were BPOs, a call center. They were legalized under the Duterte administration. What about the mayors in Metro Manila? They were also not included. Mayor Jing Capil was also singled out,’ he added.

The Paocc said it is monitoring 55 related cases nationwide, with 33 already in active trials.