Category: Business Mirror

The growing use of recycled plastic in food packaging and other food contact materials offers clear environmental benefits but also raises crucial chemical safety concerns that underscore the need for discussion on globally harmonized standards, according to a report by the Food and Agriculture Organization of the United Nations (FAO).

The report titled ‘Food safety implications of recycled plastics and alternative food contact materials,’ which was published last week, comes amid a steady rise in the global food packaging market-estimated at $505.27 billion in 2024 and projected to reach $815.51 billion by 2030.

Snacks, ready-made meals, fast food, confectionery, and bottled beverages illustrate how shifting consumption patterns and lifestyle changes are fueling demand for food packaging.

‘Food contact materials [FCMs] play an important role in reducing food loss and waste by extending shelf life and protecting food quality, thereby helping to lower production costs, improve agrifood systems efficiency, support food security and nutrition, and contribute to environmental sustainability,’ FAO said.

‘However, the widespread use of plastic-based FCMs with long environmental half-lives is contributing to a global plastic waste epidemic, prompting a gradual shift to recycled plastics.’

While less than 10 percent of plastic waste generated globally has been recycled so far, this share is expected to grow for sustainability reasons, raising important food chemical safety questions.

The report argues that environmental objectives must be pursued in parallel with health concerns stemming from potential chemical contamination and migration from FCMs into food.

‘We want to recycle more plastic, but we also want to make sure that by solving one problem we don’t create new problems. Food safety must be a central consideration in the transition towards more sustainable agrifood systems and food consumption patterns,’ said Corinna Hawkes, Director of the Agrifood Systems and Food Safety Division at FAO.

An area of concern, according to FAO, is the potential introduction of new hazards associated with feedstock sources-such as pesticides, natural toxins, or allergens-in bio-based FCMs derived from natural and renewable resources such as corn, sugarcane, and cassava. Additional concerns arise from the use of new intentionally added substances, such as nanomaterials, which are used to improve material performance or enable active packaging functions. The report calls for the effective cleaning and removal of chemicals during plastic recycling processes specifically designed for FCMs. Suitable waste stream control and sorting systems can separate food-use plastic packaging materials before recycling according to synthetic polymer-specific Resin Identification Codes.

‘Addressing rising public concern about exposure to micro- and nanoplastics in food and beverages requires validated analytical methods for their detection and identification. The current lack of such methods has so far prevented regulatory agencies from determining a clear risk to human health, the report argues.’

FAO also noted that there are potential global trade issues due to the lack of regulatory harmonization. The report’s findings are expected to inform discussions at the Codex Alimentarius Commission, an intergovernmental body established in 1963 by FAO and the World Health Organization (WHO) to develop international food standards, guidelines and codes to ensure food safety and facilitate trade.

The report noted that ongoing discussions within Codex Alimentarius on the food safety aspects of using recycled plastics in food packaging have further highlighted a global need for regulatory harmonization of FCMs across countries.

President Ferdinand Marcos Jr. has appointed former Palawan 1st District representative Franz Josef George E. Alvarez as acting president and chief executive officer of the Philippine National Oil Company.

Alvarez will also temporarily replace Joel R. Caminade as a member of the PNOC Board of Directors.

Palace Press Officer Claire Castro confirmed that Alvarez’s appointment papers were issued by the Office of the President on May 13, 2026.

Before his latest appointment, Alvarez briefly served as president and chief executive officer of PNOC Exploration Corporation, a subsidiary of PNOC, from 2023 to 2024.

He was later succeeded by Adrian Ferdinand S. Sugay as head of PNOC Exploration Corporation.

Prior to joining PNOC, Alvarez served as representative of Palawan’s 1st District from July 2013 to June 2023. He also served as a member of the Palawan Provincial Board from July 2010 to June 2013.

Alvarez earned his Bachelor of Arts in Humanities degree from University of Asia and the Pacific.

THE Chinese Embassy and Philippine Sanjia-Steel Corporation have denounced the May 15-16 raid on the firm’s Misamis Oriental plant, calling the detention of 69 Chinese workers ‘irregular, discriminatory, and inhumane.’

The operation, led by the Presidential Anti-Organized Crime Commission (PAOCC) with the NBI, AFP, Coast Guard, and Bureau of Immigration, was carried out under search warrants issued by a Cagayan de Oro court.

Authorities alleged immigration, labor, and nuclear safety violations, claiming most of the Chinese nationals lacked permits and that traces of radioactive thorium were found in raw materials.

Officials further accused the plant of producing contaminated, substandard steel and flagged its proximity to a naval dock project as a possible security risk.

Both the embassy and Sanjia Steel issued detailed rebukes, warning of the raid’s chilling effect on the Philippine economy.

In a statement released by its law firm, Sanjia Steel alleged that authorities failed to furnish a search warrant despite repeated requests, barged into offices, broke doors, and seized employees’ phones.

Counsel was ‘repeatedly denied access’ to the facility and detained clients.

‘Based on the statements from our employees, they were detained and subjected to coercion and pressured to admit to the conduct of illegal activities. Their personal phones were also confiscated, leaving them with no access to their families and counsel,’ Sanjia Steel said.

The company also rejected Department of Labor claims that only 18 of the 69 had alien permits. It said all Chinese technicians were ‘fully and properly documented.’ In a media briefing at the Chinese Embassy in Makati City, Minister-Counsellor Zhou Zhiyong presented records showing 57 held Special Work Permits and 12 had valid 9G visas.

On accusations of radioactive contamination, Sanjia Steel insisted on strict ‘non-use of radioactive sources or feedstock,’ stressing thaht it imports high-quality raw materials from Japan.

‘Any statement regarding ‘non-use of radioactive materials’ refers to the absence of intentional use,’ it said, adding support for ‘all lawful inspections and scientific verification processes.’ Minister-Counsellor Zhou, meanwhile, dismissed national security concerns over the plant’s proximity to a naval dock, noting the facility was built in 2018, ‘likely predating the dock’s construction.’

The firm also clarified that businessman Tony Yang had ‘fully divested his shares’ years ago and has no current affiliation. It said their 2025 filings at the Securities and Exchange Commission no longer list Yang as one of their shareholders.

The embassy raised ‘strong suspicion of discrimination,’ citing that over 300 Filipino co-workers were freed the same day while Chinese machine operators, technicians and supervisors were profiled, detained, and flown to Manila. ‘This, for us, raises a strong suspicion of discrimination against Chinese workers. A discriminatory law enforcement practice,’ Zhou said.

Following consular visits, Zhou reported detainees confined in single cells of five to six square meters at the NBI facility in New Bilibid Prison, with 13 adult males ‘without enough space to lie down or sleep.’

Sanjia Steel warned of economic fallout, saying prolonged closure would disrupt supply chains, delay construction projects, and raise costs.

Both the company and the embassy urged government to uphold due process, act transparently, and secure the workers’ return.

IN times of conflict, and in times of peace, the rights of children must remain among any nation’s foremost responsibilities.

Regardless of nationality, politics, or geography, every child has the same fundamental rights: to safety, to family, to education, and to a future free from fear. When children become victims of war, protecting them is not only a national responsibility, but also a shared duty of the entire international community.

The unlawful deportation and forced transfer of Ukrainian children did not begin with Russia’s full-scale invasion in 2022. This practice began years earlier, following Crimea’s illegal occupation by the Russian Federation in 2014. By 2015, there was evidence of Ukrainian children being taken from Ukraine’s nongovernment-controlled areas and deported across borders, or transferred deeper into Russian-controlled areas.

This unlawful and inhumane practice has grown into a large-scale and systematic violation of the rights of Ukrainian children. Today, Ukraine’s Ministry of Justice has officially confirmed more than 20,000 cases of Ukrainian children’s deportation and forced transfer to Russia, or temporarily Russian-controlled territory. For these children, the disruption has meant not only displacement, but separation from family, loss of community, and an attack on their identity, language, and connection to home. Their situation reminds us that protecting children in conflict is not an abstract principle-it is a human responsibility that requires sustained international cooperation.

‘Enormous challenges’

UKRAINIAN authorities and civil society organizations working on these cases face enormous challenges in tracing where children have been taken. Russia has not provided comprehensive information about the number of deported or transferred children or their locations, making identifying and ultimately returning those children extremely difficult. Even when children are located, bringing them home can be a long and complex process.

This is why global cooperation is key. No country facing such a challenge could address it alone. And no child should have to wait for the world to act.

This is the purpose behind the ‘Bring Kids Back UA’ initiative launched by President Volodymyr Zelenskyy in 2023, and the International Coalition for the Return of Ukrainian Children launched by Ukraine and Canada in February 2024. Bring Kids Back… provides the national framework for Ukraine’s efforts to return children, support their recovery and reintegration, and pursue accountability. The International Coalition mobilizes international support for those objectives and helps translate political commitment into coordinated action. Today, the coalition brings together 49 members-including states and international organizations. Its focus is humanitarian: protecting children’s rights and ensuring international standards safeguarding children are upheld. As co-chairs, Ukraine and Canada have worked hand-in-hand to build and sustain the coalition, expand international participation, keep the return of Ukrainian children high on the global agenda, and encourage practical support for tracing, safe return, rehabilitation, reintegration, and accountability. This leadership reflects a simple conviction: Children must never be used as instruments of war. The European Union (EU) became a coalition member in September 2025.

Shared duty

WITH sustained diplomatic, humanitarian and legal efforts and global cooperation, more than 2,130 Ukrainian children have been returned and supported through rehabilitation and reintegration programs to date. For every child, returning home represents the restoration of something irreplaceable: the embrace of family, the familiarity of language and culture, and the chance to grow up in the place where they belong.

But these are only some of the stories. Many more children remain under Russian control-deported or trapped in the temporarily occupied territories of Ukraine. Addressing this challenge requires a truly global response. Protecting children in conflict is not the responsibility of one actor alone; it is a shared duty rooted in universal human rights and our shared values.

For this reason, we encourage countries around the world to engage with the International Coalition for the Return of Ukrainian Children, whether as members or as observers. We also recognize that many nations in Africa, Asia, Latin America, and the Middle East bring invaluable experience on this issue. From peacebuilding and reconciliation efforts to post-conflict child protection and reintegration programs, many countries have demonstrated leadership over time in protecting vulnerable children and rebuilding communities.

The coalition is not only a platform for supporting the return of Ukrainian children; it is also a space for exchanging insights and strengthening global approaches to child protection in conflict. Countries that join the coalition can share their perspectives and lessons learned from their own experiences. While the conflict in Ukraine is our starting point, the goal is broader: to strengthen international practices so that children are better protected in every conflict.

Shared imperative

PARTICIPATION also creates pathways to work together on legal and institutional frameworks that safeguard children. Across the world, governments have developed approaches to family tracing, return, psychological rehabilitation, and preservation of children’s cultural identity following displacement. By bringing these experiences together, the coalition aims to strengthen international norms and practical mechanisms that help ensure children’s rights are respected in every conflict.

The coalition continues to expand this collaboration. Its next high-level meeting-jointly hosted by the EU, Ukraine and Canada-was scheduled to take place on May 11 in Brussels. It aimed to bring partners together, review our progress, and identify further practical steps to help return children to their families and communities.

Ultimately, protecting children must remain above geopolitical divides. It is a shared humanitarian imperative, grounded in international law and the recognition that every child deserves safety, dignity, and care.

We invite partners from across the world to join this effort and share their diverse voices, unique experiences, and invaluable leadership-all of which are essential in ensuring the protection of children remains a universal priority. By working together, across regions, cultures, and political perspectives, we can restore childhoods disrupted by conflict and strengthen the global framework that protects children everywhere. Because when it comes to the rights and dignity of children, our shared humanity must always come first.

Biñan City, Laguna – A total of 182 families from the Dreamland Homeowners’ Association, Inc. (HOAI) are now one step closer to securing their own land after the Social Housing Finance Corporation (SHFC) and the Department of Human Settlements and Urban Development (DHSUD) officially turned over checks on May 20 in Barangay Tubigan, Biñan City, Laguna.

The funding marks a milestone for the community, turning a nearly two decades of dream of securing land tenure into a reality under President Ferdinand Marcos Jr.’s Expanded Pambansang Pabahay para sa Pilipino (4PH) Program through the Enhanced Community Mortgage Program (ECMP).

DHSUD Secretary Jose Ramon Aliling, along with SHFC President and CEO Federico Laxa and Mayor Angelo Alonte, led the awarding of checks worth more than PhP18.2 million that will cover land acquisition and mortgage taxes.

In his message, Laxa emphasized the impact of the ECMP to the community. ‘Hindi na po kayo mangangambang mapaalis sa inyong lugar. Makakatulog na po kayo nang mas mahimbing sa gabi dahil unti-unti nang nagiging sigurado ang kinabukasan ng inyong mga pamilya,’ he said.

Mayor Alonte expressed his willingness to extend assistance and collaborate more with the national government to help his constituents. He also committed to deepen cooperation with SHFC and DHSUD to further scale up housing efforts and reach more underserved communities in Biñan.

Meanwhile, HOA President Freddie Allado thanked the national government for the fulfillment of their long awaited dream. ‘Nagpapasalamat kami sa lahat ng ahensya ng gobyerno, kung hindi dahil sa tulong nila, magiging dream pa rin ang land na tinitirikan namin. Pero dahil sa programa ng ating Pangulo, naabot at nakamtam namin ang bawat pangarap ng mga Pilipino, lalong-lalo na sa pabahay,’ he said.

Dreamland HOAI is the second ECMP community in Laguna to receive funding assistance from SHFC and DHSUD. Earlier in March, Don Vicente Villas HOA in Cabuyao received more than PhP18.7 million in housing assistance, benefiting a total of 271 families.

Since the program’s rollout in July 2025, SHFC has released checks to 19 ECMP communities nationwide. These form part of the 45 approved ECMP projects expected to benefit more than 7,700 families across the country.

AS Gen Zs enter the age of navigating love and romance amid the modern culture of online dating, they also come face to face with its consequential evil twin-ghosting. With the increasing trend of cutting ties by simply fading away from online conversations, could Gen Zs be doomed in terms of forming genuine connections?

From your dearly departed. ID 122 HRIM student Gia described herself as a loving person who selflessly attended to her partner’s needs before her own. Despite this, she had initiated her first ghosting when the effort and time she gave her ‘situationship’-an unofficial relationship-was unreciprocated. Her solution: ‘a kind of an open end to the situationship,’ she said.

Before disappearing from the circumstance, Gia further explained, ‘I don’t want to stay in [the talking stage] if it’s [already] a one-sided thing this early.’ She only pushed through with her decision to ghost when she finally convinced herself that ‘there are more people out there that may work better with me and my emotional needs.’

However, having already invested feelings, she found it quite hard to move on from the fast-burn romance. Yet, by spending time with her loved ones and academics, it served as a healthy coping strategy. Gia also admitted to making happy crushes out of people she found attractive, calling this a bad habit, ‘I constantly look for someone [new] to fill a void someone else left behind.’

The home you left haunted. Meanwhile, ID 120 Film student Francis had been on the receiving end. ‘[Being ghosted] was really hurtful. Being dumped is really hard. Being dumped without a reason is harder,’ he said. He found it hard dating an emotionally unavailable person, as he felt like they had different plans for the relationship’s direction. More disappointed in himself than his ghoster, he stated how ‘it felt like I was so desperate for [my partner’s] love and attention.’

Francis credited his partner’s lack of interest as to why he was ghosted. To cope, Francis turned to writing songs, calling this his ‘peak catharsis.’ Although strenuous, he noted the constancy of the moving-on process that ‘it shouldn’t be rushed.’

Interestingly, Francis also shared how he too had been a ghoster, for the same reasons he himself was ghosted. ‘I felt bored because our thing was static. [We] didn’t have much going on.’ Regardless, he admitted that he was not spared of guilt after going his own way. He thought he could have been more empathetic toward the other person by talking out their feelings instead.

No body, no crime? As it turns out, ghosting is an indicative behavior of emotional unavailability-defined by psychologist Dr. Annie Tanasugarn as the difficulty to process, regulate and express one’s feelings, as well as handling that of others. To spot an emotionally unavailable person, you can observe the depth of how they navigate relationships: if they run away or shut down as they get closer to other people, then they are most likely a part of the demographic. Moreover, through licensed mental health counselor Jeremy Ortma’s interview with Refinery29, Francis’ sentiment regarding being left without an explanation becomes clearer. Ortma described ghosting as an act of silently drawing boundaries, stating how ‘people who struggle with emotional availability tend to ghost when there is a conflict or the interaction begins to feel too intense.’

Meanwhile, Gia also revealed that before ghosting, she had been cheated on in a previous long-term relationship. With Tanasugarn’s emphasis on emotionally taxing events as a possible cause of emotional unavailability, we can see beyond her fear of her partner’s disinterest.

THE Fertilizer and Pesticide Authority (FPA) issued suspension and preventive suspension orders on five firms for allegedly violating fertilizer laws and regulatory policies.

The agency noted that the sanctions followed separate investigations, monitoring operations, and compliance checks involving fertilizer manufacturers, distributors, and product registrants.

FPA Executive Director Glenn Estrada said the violations include refusal to allow lawful inspections by the agency’s personnel, sale of counterfeit and off-specification fertilizer products, product mislabelling.

Unauthorized movement of products already covered by Stop Sale, Stop Use, Stop Move, and Hold (SUMS) orders is also included in the violations.

He added that some of the firms involved had been participating in government fertilizer procurement and bidding activities, including the Department of Agriculture’s (DA) fertilizer subsidy program.

‘These violations undermine the integrity of the country’s fertilizer regulatory system and may expose farmers and the agricultural sector to risks linked to unverified, unregistered, adulterated, or non-compliant products,’ Estrada said.

As such, the FPA stressed that only compliant, duly registered, and quality-assured fertilizer products and handlers are allowed to join government-backed agricultural programs.

For his part, Agriculture Secretary Francisco Tiu Laurel Jr. said strict regulation is crucial to protecting farmers and safeguarding public funds earmarked for agricultural support programs.

‘We cannot allow questionable and non-compliant fertilizer products to undermine our farmers’ productivity and compromise the integrity of government agricultural programs,’ Tiu Laurel said. ‘These enforcement actions send a strong message that the government is serious about protecting Filipino farmers and ensuring accountability across the fertilizer industry,’ he added.

The DA chief said the agency’s regional officials are also being investigated by Internal Audit Service to look into possible collusion with erring fertilizer firms.

‘We must make sure that our personnel in the regions are above reproach,’ he said.

The FPA added that some cases involve unresolved questions on the validity, traceability, and regulatory status of certain fertilizer products and registrations.

Pending final resolution of the cases, the FPA explained that affected companies and products will be temporarily removed from the official list of FPA-registered fertilizer handlers and products.

The agency said preventive suspension is a precautionary regulatory measure to protect farmers, consumers, and the public while investigations and compliance verification remain ongoing. The FPA warned that penalties against firms violating fertilizer regulations may include suspension or revocation of licenses, disqualification from government transactions, and possible criminal charges.

The agency then urged farmers and stakeholders to buy only FPA-registered fertilizer products from licensed dealers and to report suspicious or counterfeit agricultural inputs.

Integra R.E., a business-to-business renewable energy distribution and solutions platform connecting global manufacturers with local partners, installers, EPCs, developers, and commercial customers, unveiled its new brand identity at ‘Integra R.E. – Unveiling the Future of Trusted Energy’ on May 20, 2026 at the SMX Convention Center, Pasay City. The launch was held alongside Solar and Storage Live Philippines 2026, where Integra R.E. saw strong visitor traffic, active customer engagement, and clear market interest in solar, energy storage, and distributed energy solutions.

The rebrand comes at an important time for the Philippine energy market. Recent grid alerts and outage concerns have reinforced what many businesses and households already experience: reliable, affordable, and cleaner power is no longer a future requirement, but an urgent national priority. For Integra R.E., this reality strengthens the company’s role in supporting energy security by helping more customers and partners deploy rooftop solar, battery energy storage, and smarter distributed energy systems closer to where power is consumed. ‘For the Philippines, renewable energy is not only about sustainability. It is about reliability, competitiveness, and energy security,’ said Junrhey Castro, Managing Director of Integra R.E. ‘Every rooftop that can generate power, every battery that can support critical loads, and every business that can reduce its dependence on the grid contributes to a stronger energy system. This is where rooftop solar and storage can make a very practical difference for Filipino businesses and, over time, for every Filipino consumer.’

Integra R.E. brings to the Philippine market a complete portfolio of core components required for solar and storage projects, including solar modules, inverters, energy storage systems, mounting structures, optimizers, and solar cables. Beyond product supply, the company is expanding partner enablement capabilities through technical advisory, system integration support, training, project support, and procurement tools that help installers, EPCs, and developers deliver projects faster and with greater confidence.

The company said rooftop solar will play a growing role in the Philippines because it directly responds to the country’s most visible energy challenges. For commercial and industrial users, rooftop systems can help manage electricity costs, reduce exposure to grid interruptions, and improve business continuity. For the broader economy, wider adoption of distributed solar and storage can support productivity, attract investment, ease pressure on the grid, and accelerate the country’s clean energy transition without waiting only for large centralized generation projects.

‘Our vision is to help build a more trusted energy ecosystem in the Philippines,’ Castro added. ‘We want Integra R.E. to be known not just as a supplier, but as a trusted partner that helps local energy players grow their business, improve project quality, and bring reliable clean energy solutions closer to Filipino companies and communities.’

The refreshed identity also reflects a major corporate milestone following the entry of Tai Sin Electric Limited as a new shareholder. Tai Sin, a Singapore-listed electrical solutions provider with over 60 years of industry experience across Asia, brings deep expertise in electrical distribution, cables, infrastructure, and power solutions. Its investment in Integra R.E. reflects strong confidence in Southeast Asia’s renewable energy growth and a clear interest in supporting the Philippine market as one of the region’s key energy transition opportunities.

With strengthened shareholder backing, improved governance, and continuity of experienced commercial and technical teams, Integra R.E. said it will continue investing in supply chain capability, technical expertise, customer support, and stronger partnerships with global technology leaders such as Huawei and JA Solar. The company aims to support Philippine customers not only with products, but with the reliability, knowledge, and execution support needed to scale solar and storage projects responsibly.

As the Philippines continues to manage rising electricity demand, grid reliability challenges, and the need for cleaner power, Integra R.E. believes that the clean energy transition must be practical, local, and inclusive. The company said its long-term commitment is to help create a stronger renewable energy ecosystem where Filipino businesses can become more resilient, local partners can grow, and communities can benefit from cleaner and more dependable energy.

‘Our success has always been closely tied to the success of our customers,’ Castro said. ‘If our partners grow, we grow. If more businesses gain access to reliable and cleaner energy, the economy becomes stronger. This is the purpose behind our new identity: to be a trusted energy partner for the Philippines as it builds a more secure, competitive, and sustainable energy future.’

The Asean Committee in Amman (ACA) met with the Arab Institute for Security Studies (ACSIS) to exchange views on regional issues and explore opportunities for future collaboration.

In his capacity as the Asean Committee in Amman (ACA) chairperson, Ambassador Wilfredo C. Santos facilitated the discussion on shared concerns and potential collaboration amid evolving security developments in the region.

The discussion focused on the current security situation, maritime security in the region, and the broader regional implications and economic impact of the conflict. Participants highlighted the importance of freedom of navigation, the safety of seafarers and the protection of trade routes, as well as the role of dialogue and multilateral cooperation in addressing evolving geopolitical challenges.

Discussions also emphasized adherence to international law, diplomacy, and cooperative engagement as the foundation for regional security.

Both sides agreed to continue dialogue and pursue future collaboration across a broader range of shared interests, including economic cooperation, policy research, and knowledge-sharing initiatives

The ACSIS is a leading regional think tank on security studies and provides research and policy analysis on regional security issues. Director Dr. Ayman Khalil, Senior Researcher Mohammad Abu Rumman, and United Kingdom-based researcher Osmond Chu represented the institute.

Second Secretary and Consul Angeli A. Payumo, Third Secretary and Vice Consul Sheila Marie G. Andales, as well as Political and Economic Assistant Ma. Jolina M. Guerrero joined the ambassador. Each embassy’s respective ACA Technical Working Group members were also present at the discussion.

The ACA serves as a platform for collaboration among Asean member states’ diplomatic missions in Jordan, promoting solidarity, dialogue, and engagement with partners in support of the region’s shared goals.

The Securities and Exchange Commission (SEC) has revoked the registration of Mount Peak Securities Inc. as a broker dealer following the discovery of ‘severe fraudulent financial reporting practices.’

In a decision, the SEC Markets and Securities Regulation Department (MSRD) canceled the registration of Mount Peak as a broker dealer for violating 12 provisions of the Securities Regulation Code.

The SEC also revoked the license of Mount Peak President Wilster S. Gaweco as a salesman, and Marie Stephanie Gaweco as an associated person, while perpetually disqualifying both from being registered persons.

For these consolidated violations, the SEC imposed penalties amounting to P17.25 million.

The decision follows an investigation by the Capital Markets Integrity Corp., which found irregularities in Mount Peak’s business practices, books, records and back-office system.

The CMIC subsequently placed Mount Peak under involuntary suspension in August 2025, noting that the Company’s continued operations would be detrimental to the interests of the Philippine Stock Exchange (PSE) and the investing public.

Gaweco admitted that an account under the name of Michael Malate was a dummy account maintained for his own personal benefit.

Mount Peak then executed trades under the guise of a client account and updated the dummy account’s information to maintain an appearance of regulatory compliance.

The SEC also noted discrepancies in the personal details in the customer account information form of a client for 2023 and 2024, with the signature affixed for 2024 confirmed to be forged. Mount Peak’s creation of the dummy account, engaging in the unauthorized dispositions of client securities and execution of such transactions despite the client’s insufficient positions constitute a violation on ethical standards which require broker dealers ‘to observe high standards of commercial honor and just and equitable principles of trade.’

The company was also found to have failed to act in the best interest of its clients and for the best integrity of the market due to numerous defects in its back-office system, which included the presence of unidentified User IDs, lack of independent supervision, and inconsistent system-generated reports.

‘In the instant case, notwithstanding its breach of the minimum prescribed RBCA ratio across various periods, (Mount Peak) did not cease doing business nor notify the PSE and the Commission of such breach… (W)orse, (the company) submitted incorrect RBCA Reports to make it appear that the Company is compliant with capital adequacy requirements,’ the decision read.

RBCA stands for risk-based capital adequacy.

The adjustment of the company’s financial records by the CMIC also indicated that Mount Peak’s unimpaired capital would have fallen below the minimum threshold of P30 million.

In addition, the company failed to maintain the appropriate funds in its reserve bank account, and report it, even incurring zero balance for August 2024 and February 2025, indicating that it had no funds maintained for customers’ money balances during those periods. ‘The myriad irregular practices in (Mount Peak), such as the use by the company president of a client account for personal gain, the deficient back-office system, and the maintenance of errant and inconsistent books and records, indicate an ineffective compliance function within the Company,’ the decision read.

The MSRD decision is now pending before the Commission En Banc after Mount Peak filed an appeal.