Category: Business Mirror

AMID demands for accountability and reform in the government, the Philippine economy remains ‘fundamentally strong’ and has stable foundations with opportunities for investments intact, according to Finance Secretary Ralph G. Recto.

In a statement on Monday, Recto noted that inflation stands low at 1.7 percent and at 0.4 percent for the bottom 30 percent of households in October.

‘This stability allows the Bangko Sentral ng Pilipinas [BSP] more room to cut interest rates, boosting household spending and economic growth,’ said Recto, who also sits as a member of the highest policy-making body Monetary Board.

The Monetary Board has reduced the key policy rate by 25 basis points to 4.75 percent, and is further expected to deliver a rate cut in its next rate-setting meeting on December 11.

While Recto expects the economy to grow at 4.7 to 4.8 percent, below the government’s target of 5.5 to 6.5 percent, by the end of the year, he said trust will keep investments coming in, businesses expanding and jobs growing.

‘We assure the Filipino people that our fiscal consolidation path is on track, and everything moving forward is on the upside. We will bring down our deficit and debt gradually, while creating more jobs, increasing our people’s income, and lifting more Filipinos out of poverty,’ Recto added.

The real interest rate the government will pay is estimated at 3.3 percent by the end of the year. ‘That means we have more than enough capacity to pay what we owe, and our debt remains manageable, stable, and sustainable for the long run,’ the Finance chief said.

‘We hear you loud and clear. The Filipino people demand accountability and reform, and we answer with decisive action. For these are non-negotiables for long-term growth,’ Recto said.

In the short term, Recto said the government is implementing a catch-up plan to align disbursements with national priorities and boost economic growth.

‘As budget hearings continue, we urge Congress to pass a 2026 national budget that reflects our priorities and reform agenda,’ Recto said.

Spending with the highest multiplier effects must be prioritized, as well as enforcing fiscal discipline and imposing targeted austerity on travel, maintenance and other operating expenses and non-essential expenses in the government, Recto added.

‘The national budget is the most powerful lever of our growth story-and we will wield it responsibly. These are your hard-earned money entrusted to us, and we will make sure to protect it and spend on programs and projects that will benefit each and every one of you,’ the Finance chief said.

Recto assured the public that essential and targeted public services will remain uninterrupted, including high-impact infrastructure projects and official development assistance projects.

Importantly, Recto said the government heeds the call of the public and will prioritize good governance reforms moving forward.

As such, the Marcos Jr. administration will pursue the anti-political dynasty law, as well as rationalize and strengthen the party-list system.

It will also enforce campaign finance transparency, institutionalize freedom of information and remove all unprogrammed appropriations, except those essential for emergencies, Recto said.

The Department of Finance is also strengthening its initiatives against tax evasion and smuggling, with the Bureaus of Internal Revenue and Customs pursuing major cases.

‘No delays. No exemptions. No sacred cows. We will see results,’ Recto said.

‘This is a government that listens, acts decisively, and puts the national interest above all else. And this is a government that will deliver on its promises-without fear, without favor, without hesitation,’ he added.

GMA Public Affairs’ The Atom Araullo Specials: PogoLand has been named Best Documentary under Domestic Affairs at the 2025 Association for International Broadcasting or AIB Awards held in London last November 14. This marks another global victory for the program, following its Gold Medal win at the 2025 New York Festivals TV and Film Awards earlier this year.

The multi-awarded documentary, hosted by Atom Araullo, investigated the underworld of Philippine Offshore Gaming Operators or Pogos that were used as scam hubs and human trafficking dens. The documentary exposed the horrifying realities behind the glossy façades of online gaming, where victims are lured by promises of legitimate work but end up trapped, tortured, and forced into scamming activity.

The episode also followed law enforcement operations that uncovered chilling evidence of torture, forced labor, and organized crime hidden in plain sight. PogoLand gave voice to victims who endured abuse and violence inside the tightly secured compounds before escaping to tell their stories. Offshore gaming was eventually banned in the Philippines.

Atom Araullo, who renewed his exclusive contract with GMA this November, shared his insights from his past seven years with the network: ‘As my contract renews, I’m reminded that this work is a privilege. The AIB recognition belongs to our entire team and the communities who trust us with their stories. We’ll keep pushing for journalism that is rigorous, compassionate, and fearless.’

This latest recognition from London underscores GMA Public Affairs’ commitment to truth-telling: mga kwentong tumatatak sa buong mundo.

THE Department of the Energy (DOE) reported last Monday of full power restoration to four million affected households and business, leaving 800,000 to be energized.

According to the DOE, industry stakeholders have made significant progress with four million households energized. The 4.8 million households were affected by typhoons Tino and Uwan.

Energy Secretary Sharon S. Garin said significant progress has been made in restoring critical energy infrastructure across various regions, with several areas now fully energized.

The DOE estimates that electricity will be restored to the remaining 800,000 affected households and businesses in the coming days, with continued emphasis on the safety of all personnel deployed on the ground.

‘We are emphasizing utmost caution for all line workers, engineers, and Task Force Kapatid volunteers, recognizing the hazards in remote and hard-to-reach areas,’ Garin said. ‘Rapid, safe, and complete restoration of power services remains our highest priority. Our teams will remain on the ground until every affected household is reconnected to safe and reliable electricity.’

The DOE chief added that significant progress has been made in restoring critical energy infrastructure across various regions, with several areas now fully energized.

For instance, key power generation plants-Sabangan Hydroelectric, GIFTC2 Biomass, Morong Solar, and FLS Hydroelectric-have been successfully brought back online, strengthening available supply for the grid.

In Catanduanes, vital transmission infrastructure has been fully restored, such as the Virac-Codon, Virac-San Miguel, and San Miguel-Viga lines, alongside the 20 MVA Marinawa Substation.

Also, numerous private distribution utilities across Luzon have achieved full restoration. Some of these are the following: La Union Electric Co.; Subic Enerzone Corp.; Olongapo Electricity Distribution Corp.; Clark Electric Distribution Corp.; Angeles Electric Corp.; San Fernando Electric and Light and Power Co.; Cabanatuan Electric Corp.; and, Tarlac Electric Inc. Dagupan City, San Carlos City, and San Jacinto (Decorp) are also fully energized, according to the DOE.

In Visayas, the Mactan Electric Co., the More Electric and Power Corp. and the Bohol Light Co. Inc. have achieved complete power restoration, with Bacolod City also fully energized, the agency added.

WITH remittances reaching $26.03 billion in the first nine months of the year, the Philippines is on pace to log another record-high inflow of cash from overseas Filipinos.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances grew by 3.2 percent year-on-year to $26.030 billion as of the end of September 2025, from $25.226 billion during the same period last year.

The United States remained the top source of remittances to the Philippines during the nine-month period, according to the BSP, followed by Singapore and Saudi Arabia.

‘There is optimism that the Philippines will attain another record-high inflow of foreign-sourced cash remittances from the over-10 million Filipino population who work and reside abroad,’ Jeremaiah M. Opiniano, executive director of the Institute for Migration and Development Issues (IMDI), told BusinessMirror.

This will be driven by families affected by recent disasters seeking help from loved ones abroad, as well as the strengthening of the US dollar against the peso, Opiniano said.

‘Given the recent string of disasters, those who will send money will remit it regardless of the foreign exchange rate,’ Opiniano added.

Still, the Philippines has yet to return to the above-3.5 percent monthly cumulative growth levels last seen in December 2022 and January 2023.

‘Ber months’ and weak peso

The onset of the ‘-ber’ months marks the start of the holiday season in the Philippines, which in turn, increases the inflows of remittances by overseas Filipino workers to their families for celebrations and gatherings, Reinielle Matt Erece, economist at Oikonomia Advisory and Research, Inc., said.

‘We may continue to see remittances grow stronger in the last two months of the year, add to that the upward exchange rate movements, which may amplify the peso value of remittances,’ Erece added.

Robert Dan Roces, group economist at SM Investments Corporation, said the peso’s slight depreciation in September offered only a ‘modest’ conversion boost.

‘A dollar did translate to a bit more in peso terms, but this was a small nudge rather than a major driver of the increase,’ Roces noted.

For the rest of the year, Roces said remittance growth will likely stay in the 3 to 4 percent range.

The peso, meanwhile, may remain under pressure from a firm US dollar and lingering political noise, Roces added. ‘Any FX-related lift to remittances could be limited and will not offset broader risks to inflation and sentiment.’

Drum up economic, social measures

Opiniano cited the BSP’s third quarter Consumer Expectations Survey (CES) 2025, which showed that OFW families allocated 39.3 percent of their incomes to savings, while the share for investments also rose to 7.7 percent.

Meanwhile, allotments for debt payments increased compared with last year, indicating that more first-time migrant workers had borrowed to cover predeparture costs.

‘We hope that these developments from the CES; 2025 third quarter round redound to a start in savings and investment habits for overseas Filipinos,’ Opiniano said.

Despite these positive indicators, Opiniano said economic and social protection measures for this population growth may have to be ramped up.

‘We cannot always rely on overseas employment, and when news that there may be lower remittances or lower numbers of deployed OFWs comes their way (such as the January-September 2025 figures from the Department of Migrant Workers) economic and migration managers get rattled,’ Opiniano noted.

Personal remittances

BSP data further showed that the increase in cash remittances also boosted personal remittances, including those sent through banks and informal channels, as well as remittances in kind.

Personal remittances rose by 3.8 percent to $3.46 billion in September 2025 from $3.34 billion in the same month last year.

Year-to-date personal remittances also went up by 3.2 percent to $28.97 billion in January to September from $28.07 billion recorded in the same period a year.

THE Philippine peso may ‘gradually’ regain some strength as new US tariff exemptions on key food products could offer a modest cushion for the currency, though domestic spending issues remain the larger drag.

Japanese bank MUFG Global Markets Research said in a note that the Philippines could benefit from the recent tariff exemptions on food products, which could provide some relief to the local currency.

The US recently excluded several agricultural products, including coffee, cocoa, bananas, beef and other food items, from President Donald Trump’s latest round of tariffs.

MUFG said this is a ‘sign that perhaps tariffs are having a bigger negative impact on US consumers and key constituencies than the administration would publicly admit.’

In particular, up to 6 percent of the Philippines’s total exports to the US, including items such as coconut oils, will now be exempt, MUFG said.

While this relief may help ease some pressure on the local currency, the peso’s larger challenges remain homegrown, MUFG noted.

The bigger macro driver for the peso, MUFG said, are the corruption issues tied to flood-control projects and their negative spillovers to government spending.

‘We are nonetheless hesitant to be too bearish on PHP at current levels of the 59 handle,’ MUFG said.

The local currency is seen to gradually appreciate toward the P58 level, driven by a weaker US dollar and a pickup in public expenditure once budget implementation normalizes, potentially by the first half of 2026.

The Philippine peso rebounded on Monday, back at P58 levels after opening at P59.055, data from the Bankers’ Association of the Philippines showed.

The local currency closed at P58.931 against the greenback, and traded for as high as P59.19 and as low as P58.91.

The peso weakened to an all-time low of P59.17 against the US dollar last week, weighed down by local governance issues and strong global demand for the greenback.

In a celebration of sport, charity and community, the 3rd Battig Golf Cup brings golf enthusiasts to the lush fairways of Tagaytay Midlands on Wednesday.

This year’s event brings together foundation patrons and golf enthusiasts for a day of spirited competition, music, and camaraderie.

The tournament supports the Sister Baptista Battig Music Foundation, Inc., raising funds for its 32 music scholars, the Battig Chamber Orchestra, and the Streets to Strings program offering free violin lessons to underprivileged children.

Shotmakers tee off to empower the next generation of Filipino musicians in the event presented by Megan Stella Music, Orocan, Profiles Asia Magazine, Volvo Cars, Ms. Marianne Tan, and Xavier ’73 Forever, among others.

the tournament is held in support of the Sister Baptista Battig Music Foundation, Inc.

The foundation is named after Sister Baptista Battig, a Benedictine nun and lifelong music educator from St. Scholastica’s College Manila. Her legacy continues through programs that uplift young talents who may not otherwise have the means to pursue their musical aspirations.

THE Philippines received renewed interest from foreign travel buyers at the recent World Travel Market in London, but Filipino stakeholders pointed out the need for an improvement in the country’s marketing strategies.

Matt Poonin, general manager of Travelite Travel and Tours, told the BusinessMirror, ‘There were moments when buyers told us that the Philippines has fallen off the radar simply because other countries are more visible. This is why intensified and well-aligned strategies are important. Product development must continue, and familiarization trips should be directed toward serious buyers and credible media partners, not junkets. When the budget is used wisely, the returns are much higher.’

In a budget presentation at the Senate in September, the Department of Tourism (DOT) said it received a budget of P3 billion or about $52.1 million, while the Philippines’s Southeast Asian neighbors received: $431.42 million (Singapore), $262.87 million (Malaysia), $234.36 million (Indonesia), $167.9 million (Thailand), and $147.92 million (Vietnam).

Poonin’s view was echoed by Allan Santos, general manager of the Bohol Beach Club, who said his buyers observed that, ‘the Philippines has become silent on advertising and marketing efforts. This has resulted in a slip in demand from the European market as neighboring countries have been very consistent in their efforts, and new destinations are very aggressive. Without support, presence and efforts from the DOT, the private sector has to step up and fend for ourselves.’

Arrivals from Europe up 9.5%

DOT data showed that from January to October 2025, visitor arrivals from Europe increased by 9.53 percent to 520,629 versus the same period last year, with the largest numbers coming from the United Kingdom 138,074 (+7.32 percent); Germany 64,780 (+3.05 percent); France 57,954 (+19.2 percent); Spain 39,704 (+5.55 percent); the Netherlands 30,637 (+12.4 perent); Italy 27,220 (+24.5 percent); Switzerland 21,045 (1.02 percent); Norway 16,538 (+8.57 percent); Poland 15,289 (+ 44.4 percent); and Ireland 14,570 (+11.32 percent).

The Philippine delegation to the WTM was composed of 27 private tourism stakeholders such as destination management companies, tour operators, and accommodation providers.

Rajah Tours Philippines President Jose C. Clemete III estimated that his meetings with various travel buyers yielded actual bookings of some $60,000 from his current partners alone. ‘There is still a possibility of more business based on the discussions during the show. The markets would be from United Kingdom, Brazil, and New Zealand. It’s a very eclectic trade show,’ he added. New clients, which accounted for about 60 percent of his meetings, were from India and Scandinavia.

For Travelite, this year’s meetings with new and long-time partners were very strong. ‘New clients were very curious about the depth of experiences the Philippines can offer, while our existing buyers wanted to expand their programs with fresher routes,’ Poonin said, adding that ‘several groups are already on soft hold for 2026 and 2027. Most of these sales leads came from Spain, Italy, France, the UK, and the Nordic region.’

Camiguin, Siquijor, Dumaguete attracts

She added there were also ’emerging interests’ from Northern and Latin America, also the Middle East. ‘Many are looking at long haul leisure, private groups, and soft adventure programs.’

Overall, most of her buyers inquired about about ‘community-based activities, culturally rooted experiences, and trips that support conservation and local livelihoods. Aside from the usual favorites like Palawan, Bohol, Cebu, Siargao, Banaue, and Sagada, many buyers were also drawn to Camiguin, Siquijor, and Dumaguete. They saw these destinations as peaceful, authentic, and ideal for travelers who want meaningful journeys that directly benefit local communities.’

Santos noted, however, that due to the dearth of information and ‘almost nil’ marketing efforts in Europe, many of the previous concerns of his travel buyers remained unaddressed. Among these were ‘connectivity within the country, safety and support from the government for a consistent and sustainable push for the development of tourism.’

There was concern on the recent natural disasters that have hit the Philippines, said Clemente, and buyers wondered about the difference in travel costs vis-a-vis other Southeast Asian countries. ‘The only thing we have going for us right now is that everyone else has been around our neighboring countries so they’re looking at the Philippines as a possible destination. But we have to convince them of the value-for-money proposition for the country along with the various attractions available,’ he noted.

SHOTMAKERS battle for honors at the Masters and Legends courses of Manila Southwoods, with huge prizes at stake including a Mitsubishi XForce GLS 1.5G, a Toyota Raize E MT, and a luxurious cruise package in the 2025 Chairman’s Charity Cup, which unfolds on Thursday in Carmona, Cavite.

Players will compete under the Modified Stableford scoring system for individual play, while teams will battle for honors in the Two-Person Aggregate format.

To accommodate the anticipated strong turnout, sequential tee times are set for Nov. 20 and 21, followed by a shotgun start for the final round on Nov. 22.

The club’s premier three-day tournament, with San Miguel Corp. as title sponsor, continues to shine as a standout tradition, blending excitement on the course with a strong sense of community and generosity. Each year, it draws members and guests who look forward to its unique mix of competition, camaraderie and generosity – core elements of the Southwoods spirit.

This year’s lineup of grand hole-in-one prizes is made possible by Mitsubishi Motors Philippines Corp. and Toyota Silang, Cavite, while Royal Caribbean/Baron Travel is offering a spectacular seven-night Mexican Riviera Cruise for two, complete with round-trip Manila-Los Angeles-Manila airfare.

As in its past staging, the cars and the cruise package will not go unused – they will be raffled off to participants if no player scores a hole-in-one.

Beyond the headline prizes, additional rewards for aces are being contributed by other valued partners. Gamboa and Sons, Inc., Ogawa Philippines, Rakso Air Travel and Tours, Inc., Time Golf Corp. (K and G), Okada Manila, BYD, and Jten Sports, Inc. (Srixon) are offering an impressive lineup, including a brand-new Gransportivo GSM 400, an Ogawa massage chair, a 6-day Mongolia Tour package for two, ?100,000 worth of K and G gift certificates, ?100,000 in casino play credits, a 2025 BYD Seagull, an MF Electric Golf Cart, plus an XX10 Eks Iron Set (Masters) and Majesty Driver (Legends) from Jten Sports.

Except for the irons and driver, all other prizes will also be raffled off if no hole-in-one is recorded – further highlighting the sponsors’ extraordinary support for the event.

For inquiries, email clubtournament.msgcc@gmail.com or visit the Front Desk for assistance.

Supported by longtime partners Mitsubishi Motors Philippines Corp., Royal Caribbean/Baron Travel, and Toyota Silang, Cavite, and Platinum sponsors Agricultural Products, Corp., The Turf Company, Solaire Resorts and Robin Jeon, along with Gold backers Abomar Equipment Sales, Corp., Agrexplore Corp., Aqua Haus, Inc., Bethel General Insurance and Surety Corp., Coca Cola Bottlers Phils. and Federal Land NRE Global, Inc., the tournament is open to club members, spouses, and dependents in good standing. Participants may join individually or as a pair, with solo registrants to be matched by the Committee prior to the event.

Other backers are Bronze sponsors Jea Steel Industries, Inc., Maguyam Logistics Supply, Inc., Mejore, Metro Rail Transit Dev’t. Corp., Newington Builders, Inc. PBR Law Offices, Penguin by Munsing Wear, Prime Power Manpower Services, RFM Corp., Romago, Inc., Sherwood Hills Golf Club, Smart Probe, Snackwell Foods Corp., Technology Exports Services, Corp., Time Cargo Logistics Corp. and Warbird Security and Investigation Agency, Inc.

MARIKINA City, the country’s shoe capital, announced opening the local government unit’s annual ‘Christmas Shoe Bazaar’ last Monday, ‘giving shoppers a chance to buy high-quality and affordable shoes, bags, and leather goods for the holiday season while boosting the livelihood of local shoemakers and leather goods manufacturers.’

A statement by the LGU quoted Mayor Marjorie Ann ‘Maan’ A. Teodoro as saying that the bazaar is a tradition built to uplift Marikina’s workers-one that began under the administration of her husband, Marikina First District Rep. Marcelino ‘Marcy’ R. Teodoro, and continues to be offered free of charge to support manufacturers.

‘Ito pong bazaar ay taon-taon nating ginagawa. Pinangunahan po ito noong panahon ni Mayor Marcy. Binigay niya po nang libre itong ating bazaar para makatulong na rin po sa inyo,’ she said, noting how the initiative has allowed local producers to earn significantly during the holiday rush.

This year’s bazaar features 39 local manufacturers of shoes, leather goods, and handcrafted bags. Among them are long-established family enterprises and emerging leather brands that have found a steady following in recent years.

Open until January 4, 2026, the Christmas Shoe Bazaar at Marikina Freedom Park welcomes visitors daily from 8:30 a.m. to 7 p.m. on Mondays to Thursdays, and until 8:00 p.m. on Fridays to Sundays.

The mayor also stressed that the Christmas season remains the most crucial period for Marikina’s shoe and leather sectors, with the bazaar providing an accessible and centralized venue for both longtime patrons and new customers.

‘Alam ko pong malaking bagay po [ito], lalo na itong kapaskuhan mas kumita po ang ating mga magsasapatos, at ang ating leather manufacturers,’ Teodoro said. ‘Kung kaya po naming i-extend, mas maganda pero talagang hanggang January 4 po narito po kami para sumuporta sa inyo.’

The mayor described the annual bazaar, organized by the Philippine Footwear Federation Inc. (PFFI), as a modest yet meaningful way for the city government to stand with its workers-many of whom rely on increased year-end sales to support their families.

‘Ito po ay maliit na bagay na pagtulong po sa inyo, pero alam ko na malaking bagay para sa ating mga manggagawa,’ she said, adding that the city wanted the event to be operational in time for workers to benefit before mid-month payouts.

‘Sabi ko, kailangan bago mag-akinse.’ Teodoro remarked, underscoring the city’s intention for the bazaar to serve as an early economic push for the community.

As the 2025 edition of the bazaar opens, the Marikina LGU chief expressed hope that participating producers will surpass last year’s earnings.

‘Ito po ay para po sa inyo. Nawa, itong bazaar, itong 2025, ay marami po tayong maibigay na tulong sa ating manggagawa, gayundin sa ating shoe manufacturers,’ Teodoro said. ‘Malampasan niyo po ang sales noong nakaraang taon.’

THE National Bureau of Investigation (NBI) has denied the allegations made by former congressman Mike Defensor that its men beat up a former aide of resigned Ako Bicol Party List Rep. Zaldy Co and forcibly flown the latter and his pregnant wife out of the country.

In a statement, the NBI said Defensor’s allegations were ‘unfounded, unsupported by evidence, and purely speculative.’

The NBI also challenged Defensor to present evidence to back up his allegations.

In his interview over Bilyonaryo New Channel, Defensor also claimed that the NBI provided Estrada and his wife fake passports before they were flown to Chile to prevent them from testifying before the Senate in connection with the multi-billion anomalous flood control and infrastructure projects of the government.

However, the NBI countered Defensor’s claim, stressing that they never had custody of Estrada and his wife.

It added that there is no existing complaint, report, or medical record showing that Estrada or his wife suffered physical harm.

‘We categorically condemn any false, malicious, or unverified statements intended to undermine the credibility and integrity of our institution. We reaffirm our commitment to transparency, due process, and the rule of law,’ the NBI said while expressing its readiness to be investigated in connection with the issue.

The NBI said it had already talked with Defensor on the matter and the latter gave his assurance that he would submit evidence to support his claims.

‘Should the evidence so warrant, the Bureau shall proceed with the appropriate investigative actions. Absent any credible proof, these allegations remain unfounded, cannot be given weight, and may even lead to prosecution for its malicious intent to undermine the credibility and integrity of the Bureau,’ it pointed out

ICI mulls indirect contempt vs CO

Meanwhile, the Independent Commission on Infrastructure (ICI) said it is mulling to file indirect contempt charges against Co for his failure to heed its summons to appear before its investigation.

The ICI first issued a subpoena against Co last October 8, requiring him to attend its hearing scheduled on October 14 but the former solon did not show up.

It issued another subpoena for Co to appear at its November 12 hearing but it was not accepted, according to ICI Executive Director, lawyer Brian Keith Hosaka.

‘The legal team will now look into the possibility of filing any petition before the regional trial court for indirect contempt,’ Hosaka said.

Co, who previously served as chair of the appropriations committee, left the country last July to undergo medical treatment in the United States.

The former solon has been criminally and administratively charged before the Ombudsman for allegedly benefitting from the P289.5 million anomalous flood control project in Naujan, Oriental Mindoro implemented by the Department of Public Works and Highways.

Co has recently released a series of video statements accusing former House Speaker Martin Romualdez and President Ferdinand ‘Bongbong’ Marcos Jr. of receiving kickbacks from flood control projects undertaken by the Department of Public Works and Highways (DPWH) that was made possible through budget insertions

He also confirmed the statement made by his ex-aide, former Marine officer Orly Guteza, before the Senate Blue Ribbon Committee about delivering cash in kickbacks to Malacañang and residence of Romualdez in Forbes Park.

Co also claimed that Marcos received P25 billion, representing 25 percent in ‘SOP’ kickbacks from the P100 billion in insertions.

In the said video, Co showed photos of several luggage purportedly containing cash intended for Marcos and Romualdez.

Co and 17 other individuals for criminal and administrative charges in connection with the P289.5 million anomalous flood control project in Naujan, Oriental Mindoro implemented by the Department of Public Works and Highways.

Hosaka, however, downplayed the value of Co’s video statements in the ICI’s ongoing probe because it has yet to be verified and authenticated. ‘Well, definitely we cannot use it because it is not verified. Unless, we have other evidence, or submitted evidence, which are verified or really strong, that is the only time we can truly give it attention and use it in our referrals,’ Hosaka said at a press briefing on Monday.

Hosaka confirmed that former DPWH Undersecretary Roberto Bernado has applied as a state witness under the Department of Justice’s (DOJ) Witness Protection Program in connection with the flood control scandal.

Hosaka said Bernardo cited his pending application as his excuse for not attending the ICI’s hearing scheduled Monday. According to Hosaka, the former DPWH secretary sought to become a state witness based on the second supplemental affidavit that he read before the Senate Blue Ribbon Committee last November 14.

In his letter, Bernardo told the ICI that under Republic Act No. 6981 or the Witness Protection, Security and Benefit Program, he is not allowed to disclose information in connection with his application as a state witness.

‘Because of this, the ICI accepted his letter and affidavit so we can evaluate and include them in our investigation. This is the reason why our hearing did not push through this afternoon,’ Hosaka said.

DOJ mum on Bernardo’s WPP application

Meanwhile, the DOJ is mum on the statement made by Senator Sherwin Gatchalian that Bernardo has returned the kickbacks he allegedly took from funds allotted for the government’s flood control projects.

Gatchalian, in a radio interview, said restitution is part of the memorandum of agreement that Bernardo needs to sign with the DOJ in order to become a state witness.

When sought for the DOJ’s reaction on Gatchalian’s statement, its spokesman, lawyer Polo Martinez, reiterated the confidentiality of proceedings under R.A. 6981.

‘We’ll have to strictly abide by Section 7 of R.A. 6981 for this. Unless a written order has been issued by the Department of Justice, all proceedings and actions taken in the Witness Protection Program shall be kept confidential,’ Martinez said.

‘This includes the memorandum of agreement agreed upon by a covered witness and the Department, if any,’ he added.

Under the said provision, any person who violates the confidentiality of said proceedings could face imprisonment of one to six years aside from disqualification from holding a public office or employment for a period of five years.