Category: Business Mirror

THE Sandiganbayan Third Division issued yesterday an arrest warrant against former Speaker and incumbent Leyte Rep. Martin Romualdez, former Party-list Rep. Elizaldy Co of Ako Bicol and two others for allegedly pocketing and receiving kickbacks amounting to P7.4 billion from infrastructure and flood control projects of the government.

Also covered by the arrest warrant are their co-respondents-Joselyn Tragua Serenio, Romualdez’s personal aide, and Felicito Guevarra, president of Samchan Foreign Exchange Corporation.

In addition, the anti-graft court issued a hold departure order (HDO) against all the respondents.

The crime of plunder is a non-bailable offense.

‘The issuance of a warrant of arrest signifies only that, after personally evaluating the records, the Court found probable cause to believe that the accused committed the offense charged,’ the Third Division said.

‘Probable cause for the issuance of a warrant of arrest exists when the facts and circumstances alleged by the prosecution would lead a reasonably discreet and prudent person to believe that an offense has been committed by the person sought to be arrested,’ it added.

The Sandiganbayan stressed that the arrest order ‘does not constitute a determination of guilt.’

The arrest warrant was issued several hours after the Ombudsman filed the plunder case.

Ombudsman Jesus Crispin Remulla said more plunder and money laundering charges are still being prepared by the agency against Romualdez, whom he considered as the ‘biggest fish’ that have been charged so far in connection with the flood control mess.

The Ombudsman had previously charged former senator Ramon Revilla Jr. and Sen. Jose Pimentel Ejercito alias Jinggoy Estrada, several other lawmakers, present and former Public Works officials and contractors for their alleged involvement in the flood control scandal.

Revilla, however, was allowed to post bail by the Sandiganbayan owing to the failure of the Ombudsman to present strong evidence of guilt during the bail hearings.

Romualdez is being accused of manipulating and pocketing funds intended for flood control projects of the government from 2022 to 2025 amounting to at least P56 billion.

The plunder charge has been raffled off to the Sandiganbayan Third Division which is expected to determine the existence of probable cause for the issuance of arrest warrant against the respondents.

Institutional influence

IN its resolution, the Ombudsman gave weight to Romualdez’s ‘institutional influence’ in the House as Speaker which enabled him to commit plunder.

‘He held the highest level of power in the House-such as his roles in committees, the selection of Zaldy Co as Chairman of the Appropriations committee and his role and influences in the legislative and budget process,’ the Ombudsman said.

The Ombudsman also noted that Romualdez had ‘uninterrupted control and meaningful participation over the national budget’ owing to his position and friendship with Co.

On the other hand, Co then had control over the selection, prioritization and funding of projects.

The Ombudsman said its investigation showed that Romualdez directly or indirectly received money from Co’s security escorts on at least 15 occasions as commissions, shares, percentages, kickbacks, commitments or other pecuniary benefits’ amounting to P7.44 billion.

The amount includes monies derived from contractors, persons and entities involved in flood control, infrastructure and other government projects under the General Appropriations Act for the period 2022 to 2025.

The money were allegedly delivered to properties owned or associated with Romualdez and received by Serenio and other persons acting on his behalf.

These deliveries, according to the Ombudsman, were part of the P2 billion monthly quota or collection that Romualdez imposed on Co.

Out of the P7.4 billion illegally amassed by Romualdez, the Ombudsman said P5 billion was used to form shell or dummy companies such as Golden Pheasant Holdings Corporation, Braavos Holdings OPC of Valiant Consolidated Resources Inc.

To conceal the trail, the money was exchanged into foreign currencies allegedly with the help of Guevarra’s foreign exchange company.

‘These shell companies were used to transfer funds and purchase properties and assets such as the P1.5 billion property on Tamarind Road in Forbes Park, Makati,’ the Ombudsman said.

Aspiring lawyers arrive with family and friends at the University of Santo Tomas in Manila on Sunday, September 6, for the first day of the 2026 Bar Examinations.

The Supreme Court cleared 13,441 of the 14,291 registered applicants to take this year’s exams, which are being administered over three days at 15 local testing centers nationwide.

THE first parliamentary election in the Bangsamoro is shaping up to be a critical test of the region’s political transition as persistent violence, deepening political divisions and weak public confidence threaten to overshadow the historic vote, the latest Boto Mo Bangsamoro! bulletin of Climate Conflict Action Asia (CCAA) and the Early Response Network (ERN) said.

The two groups also noted that political activities have intensified across the region, with parties holding rallies, caravans and assemblies to consolidate support.

But beneath the campaign activity is a more uncertain political environment marked by rising tensions, insecurity and questions about public confidence in the Bangsamoro political settlement.

The political climate deteriorated following the August 15 ambush involving the convoy of Bangsamoro Interim Chief Minister Abdulraof Macacua in Datu Odin Sinsuat, Maguindanao del Norte. The incident has further widened divisions within the Moro Islamic Liberation Front (MILF) and contributed to political polarization, according to the bulletin.

Tensions quickly spilled over into other incidents.

Two days after the ambush, a man allegedly threatened a supporter of an opposing political party in Cotabato City over comments about the incident. On August 17, a bodyguard of a barangay chairman and political party supporter was shot dead outside his home in Tugunan.

They said clan conflicts have also continued across the region, with incidents reported in Sultan Kudarat, Lanao del Sur and Maguindanao del Sur. In Shariff Saydona Mustapha, a recurring rido or family feud rooted in a land dispute erupted anew on August 29, displacing about 30 families.

CCAA and ERN said the persistence of armed violence has raised questions about the effectiveness of the election gun ban. Data from the Critical Events Monitoring System showed 58 gun-related incidents during the six-week period after the gun ban took effect, compared with 44 incidents during the preceding six weeks. Deaths also increased from 34 to 39.

They described the security situation as complicated, exacerbated by the unfinished process of decommissioning and continuing tensions between the government and the MILF.

CCAA and ERN said the government-MILF agreement on August 31 established guidelines for mutual understanding on cease-fire related functions. However, just two days later, an armed MILF convoy was blocked by the military in Kolambugan, Lanao del Norte, prompting authorities to remind the group to coordinate movements through the Bangsamoro peace-process mechanisms.

CCAA and ERN said the developments underscore the difficulties of translating the peace agreement into a functioning political settlement.

Extremist threat

CCAA and ERN said the election environment is also being complicated by the continuing threat of extremist violence.

The bulletin cited military operations against alleged members and supporters of Dawla Islamiyah (DI), including the August 29 operation in Marawi City that resulted in the deaths of a suspected DI member, his wife and their seven-month-old child.

The incident has reportedly been used by extremist sympathizers as propaganda to generate public sympathy and potentially encourage recruitment, particularly among young people.

CCAA and ERN said the emerging threat requires stronger monitoring and coordination beyond military operations, including greater involvement of community groups and relevant agencies.

The concern, according to CCAA and ERN, is that continuing extremist violence could trigger another cycle of conflict and undermine the broader Bangsamoro political settlement.

Beyond physical security, the CCAA and ERN pointed out that the credibility of the parliamentary election could also be affected by limited voter education and uncertainty about the new electoral system.

Interviews conducted through the Aksyon Alerto program found that some community members remained unfamiliar with the voting process. Some also reported limited voter education activities in their areas.

Where voter education activities were conducted, CCAA and ERN reported some were reportedly perceived as opportunities for political parties to campaign rather than explain voting procedures.

The problem is particularly significant because the parliamentary election differs from previous local elections. Rather than choosing familiar local officials, voters are selecting representatives to a regional legislature.

This could weaken the sense of personal or family involvement that traditionally drives participation in local contests.

Low turnout could also reflect broader doubts about the ability of the Bangsamoro government to deliver tangible improvements in people’s lives.

The election comes as the Bangsamoro continues to confront longstanding socio-economic problems.

During an August 27 debate involving the 13 political parties participating in the parliamentary election, candidates discussed persistent concerns involving the economy and human development, peace and security, and good governance.

Violence remains a major concern, with rido, tribal conflict and extremist activity continuing to affect communities. The heavy deployment of security forces for the election itself illustrates how deeply entrenched violence has become during electoral periods.

Basic services remain another challenge. The bulletin pointed to concerns over the quality of health facilities and education, including allegations of corruption involving the education bureau. Although poverty has declined, many communities continue to experience economic hardship.

The CCAA and ERN said the Bangsamoro will enter its first parliamentary election at a critical juncture.

They said the vote offers an opportunity for citizens to select leaders capable of addressing the region’s longstanding problems and strengthening the political settlement.

But without sustainable solutions to insecurity, weak public services, political polarization and declining confidence in the electoral process, the CCAA and ERN said the region could enter a new political chapter carrying many of the same challenges that have defined its transition.

The Bangsamoro, as the CCAA-ERN assessment puts it, is at a crossroads.

Nobody ought to dispute that the right to travel is a fundamental liberty. Yet this constitutional right was never designed to become an escape route for people who suddenly find themselves under investigation.

I admire how sitting legislators Estrada and Marcoleta opted to face arrest and eventual imprisonment despite having opportunities to run and hide. When the names of powerful people begin appearing in investigations and government investigators start asking uncomfortable questions, some individuals suddenly discover urgent reasons to leave the country: medical treatment, business or family matters, even political persecution.

Former PNP Chief Panfilo Lacson evaded arrest years ago, as did former PNP Chief and sitting Senator Ronaldo ‘Bato’ dela Rosa a few months ago. A few days ago, sitting legislators Loren Legarda and Leandro Leviste followed suit, reportedly anticipating their arrest for a non-bailable crime.

So when powerful people leave precisely when accountability begins knocking at the door, the public has every right to ask: Is this really an exercise of a constitutional right or is it an exercise in escaping responsibility?

Departure from the country, by itself, does not establish criminal liability. After all, we have due process and the constitutional presumption of innocence. But the people also have something that no statute can take away-common sense. And common sense tells us that when people being investigated suddenly become unavailable to investigators, something is seriously wrong with the system.

By law, government agencies generally have to wait for a court order before they can prevent a person from leaving the country. The more disturbing question, therefore, is not simply why people leave. It is why government appears to allow them to leave so easily. Last year, when President Marcos Jr. himself exposed supposedly anomalous, questionable, or even ghost projects involving enormous amounts of public money, there was a glimmer of hope that corrupt public officials would finally be held accountable. Senate hearings and NBI investigations followed. Names of several powerful people, mostly congressmen, surfaced.

Yet some could still evade arrest by simply leaving the country unless a court order can be timely issued to stop them, as in the case of former Speaker Martin Romualdez. I doubt whether there are non-judicial restrictions on the right to travel of other individuals whose names were mentioned or who were implicated in the flood-control anomaly hearings but had neither been charged nor arrested. If reports are accurate, government agencies somehow took precious time before placing certain personalities under closer watch. And, even freeze their assets in the process as a precautionary measure.

I am bewildered. What exactly were officials waiting for, a confession or a boarding pass? Unfortunately, this is where our bureaucracy becomes almost utterly comical, if not absurd. Corrupt people can flee the country with money that belongs to the Filipino people. Government proudly announces that it is ‘doing something’ and that an investigation is ongoing, almost as if it were giving suspects ample time to exercise their constitutional right to travel. Immigration officers tighten the borders only after some of these powerful individuals have already crossed them.

Doing something very late is sometimes indistinguishable from doing nothing. For decades, our justice system has developed a reputation for moving quickly against the powerless and very cautiously against the powerful. An ordinary Filipino can be arrested and immediately feel the full weight of the State. But when the accused happens to possess money, influence, connections, lawyers, or political allies, the wheels of justice suddenly seem to require lubrication. Cases take years, as in the sequestration cases involving the father of the incumbent president. Hearings become television performances, as in the ongoing impeachment proceedings against Vice President Sara Duterte. Prosecution spokespersons issue statements while defense lawyers issue counter-statements, much to the chagrin of a tired public.

And somewhere in the middle of all this chaotic noise, public money disappears through the ultimate political maneuver: Leave the country while transferring wealth to dummies. The constitutional right to travel has consequently become the centerpiece of the debate. As a lawyer, I fully understand what the Constitution provides whenever human rights and due process are invoked. But as a former law enforcer, I am dumbfounded by the most basic question of all: What about the ordinary Filipino’s quest for justice? Rights cannot become weapons reserved for the powerful. Government officials who cannot prevent potentially accountable persons such as Co, Legarda, and Leviste from leaving before an investigation is completed must at least explain why they failed to act responsibly and promptly. Otherwise, the public is entitled to suspect that the system is not merely inefficient. It may be selective.

Back in my earlier days in the Bureau of Immigration, the Department of Justice had a tool called a Watchlist Order (WLO), which practically had the same effect as a Hold Departure Order (HDO), until the WLO rules were eventually declared unconstitutional. The lesson from that experience should be clear. The right to travel can be abused when politics enters the picture. And in the Philippines, corruption investigations rarely remain purely legal. They become political almost immediately. I go back to the PDAF investigations, where the big fish managed to evade accountability for many reasons, the principal one being political. Every investigation has a faction and an ally. Every administration eventually discovers that today’s political enemies can become tomorrow’s fugitives or tomorrow’s allies. That is why many Filipinos have become increasingly cynical about every new ‘fight against corruption.’

We have watched administrations promise to fight corruption, only to discover that corruption becomes unacceptable when committed by political opponents and strangely tolerable when committed by political friends. What we have is a selective-accountability problem. Whether under Arroyo, Aquino, Duterte, or Marcos Jr., administrations have perfected the art of weaponizing investigations while simultaneously protecting their own. An educated public ought to notice when government suddenly becomes aggressive against one group and strangely timid toward another, something is amiss. When one suspect is dragged before the cameras while another quietly leaves the country or when one is prosecuted while another is given immunity, there is something unholy cooking. When an administration promises ‘no sacred cows’ but somehow keeps finding exceptions, there is definitely abuse.

Over time, hopefully not too long, Filipinos may finally understand that although the law can encompass every offense, political connections can sometimes make accountability disappear. That is a dangerous lesson for a democracy. As Ombudsman Jesus Remulla has pointed out, our justice systems can be faulty. And when an accused person no longer feels safe in the hands of law enforcement, as Vice President Sara Duterte herself has recently declared, society can eventually stop trusting its institutions. When trust collapses, mob justice becomes tempting. Military intervention can become enticing. Violent changes in government begin to look attractive to people who have lost faith in the institutions meant to protect them. But the answer to a weak justice system is not vigilantism or violent regime change. The answer is a stronger justice system.

To be continued

Siegfred has a diversified set of education and experiences which has made him a game changer and a servant leader in organizations. His professional degrees came from the United States Military Academy at West Point in New York, Ateneo Law School, and University of Southern California, Los Angeles, USA. His corporate experiences include stints as general counsel for the country’s flag carrier, a food exporter with manufacturing plants in Davao and in Laguna, and a sports distributor company. Siegfred is a former soldier and a lawyer by profession, a teacher and inspirational speaker by passion, and a book author and a writer with a mission.

The Balangay boats remain among the Philippines’s most significant archaeological discoveries that connect the Philippines to its historic past before the Spanish colonization of the archipelago.

The remains of the first boat, first unearthed in Barangay Libertad beginning in the 1970s, represent sophisticated plank-built, edge-pegged vessels dating from the 8th to 10th centuries CE, based on recalibrated radiocarbon dating.

At least nine boats have been excavated, although historical records suggest there may have been as many as eleven. All the boats are found in a certain area relatively close to each other in Barangay Libertad.

Through Proclamation No. 86 signed by then President Corazon Aquino, the Butuan boats were declared National Cultural Treasures.

The discoveries have also demonstrated that ancient boat-building technology was widely shared across maritime Southeast Asia.

‘There are similar boat-building traditions in Malaysia, Indonesia and Thailand,’ Nero M. Austero said. ‘This shows there was cultural exchange and the sharing of boat-building technology across the region.’

Searching for the missing boats

After the last archaeological excavation in Butuan in 2012, the NMP resumed its archaeological investigations in Butuan in 2024, returning to previously recorded sites in an effort to identify some of the undocumented boats.

In 2025, archaeologists excavated a portion of the Toyota property after consulting former National Museum personnel familiar with earlier excavations.

Initially believed to contain the remains of Boat 3, the newly exposed timbers did not fully match historical records.

‘Based on our literature review and old photographs, we realized it was not the same boat,’ Austero said. ‘We also cannot yet determine whether it belongs to one of the 11 reported boats because historical documentation remains incomplete.’

The trenches nevertheless exposed approximately 10 meters of wooden planking featuring dowel holes and scarf joints, distinctive construction features of the ancient Butuan boats pointing to an estimated vessel size measuring 10 and 12 meters long.

A long-awaited excavation at Torralba

The latest excavation focused on the Torralba property, managed by Paz Torralba, where residents had long reported buried wooden remains. ‘Even back in 2024, many people were already telling us they could see a boat on the site,’ Austero said.

Because of limited access and time during the 2025 field season, archaeologists were unable to excavate the property and conducted only a site inspection.

‘This year we had time, so we divided the team,’ Austero said. ‘Two members went to Ma’am Paz’s site and conducted a confirmatory excavation.’

Slow science beneath the mud

The team explained that unlike treasure hunting, archaeological excavation is painstaking and systematic. Before they open a trench, researchers establish survey reference points, lay out excavation grids and carefully clean the site.

On untouched archaeological deposits, excavation proceeds in 10-centimeter layers, with every change in soil, artifact and wooden feature carefully recorded before digging continues. Documenting the exact depth, the coordinates, and the position of every feature within the area.

Researchers also used sounding rods to detect buried wood before excavation and screened excavated soil to recover even the smallest artifacts.

Protecting the discovery for future redicovery

Once documentation was completed, archaeologists reburied the excavation trenches to protect the fragile timbers.

Unlike stone artifacts, ancient wood deteriorates rapidly once removed from the wet, oxygen-poor environment that preserved it for centuries.

‘The purpose of backfilling is conservation,’ Austero said. ‘If the wood is left exposed without mud and silt covering it, it can deteriorate.’

The NMP hopes to return to the Torralba site during a future field season to expose more of the vessel and determine whether it belongs to one of Butuan’s previously documented Balangay boats or represents an entirely new archaeological discovery.

For the archaeological team, every newly exposed plank offers another glimpse into the sophisticated maritime civilization that once flourished along the Agusan River, one whose shipbuilders connected Butuan to the wider trading world of Southeast Asia more than a millennium ago.

NMP-Butuan hopes that with the support of the local government unit of Butuan, the community, researchers and other stakeholders, more discoveries will be found that they hope would contribute and shed light on Butuan’s historic past.

‘If there are more boats beneath our feet, then we have a shared responsibility to protect them-not just as artifacts, but as an irreplaceable part of the story and identity of Filipinos. The Butuan boats sailed us in the past, continue to guide us in the present, and will carry our heritage into the future,’ said Plaza.

Plaza concluded that there is still so much we do not know about our ancient past, and every carefully documented finding brings us closer to understanding the remarkable maritime civilization of our ancestors and its place in the broader history of the Filipino people.

SOCIOECONOMIC Planning Secretary Arsenio M. Balisacan’s openness to further monetary tightening to contain inflation and support the peso could come at the cost of weaker economic growth, economists warned.

This comes as Balisacan last week said the Bangko Sentral ng Pilipinas (BSP) could tighten monetary policy further if necessary, depending on the source and persistence of the pressure on the peso and inflation.

Balisacan also noted that using the country’s foreign exchange reserves could provide only temporary relief, particularly if external pressures persist.

‘I’m sure they are monitoring the situation…So kung kinakailangan mag tighten, ay mag-tighten,’ the government’s chief economists told reporters when asked if the economy could still absorb further rate hikes.

The BSP last month once again hiked its key rate by another 25 basis points, bringing the policy rate to 5 percent. Since April, the Monetary Board has delivered 75 basis points in total.

De La Salle University Economist Maria Ella C. Oplas explained that a further monetary tightening would amount to contractionary monetary policy, which can reduce money supply and demand in the economy through measures such as higher interest rates.

This, in practice, could help lower inflation and potentially support the peso by making the currency more attractive to investors.

‘But it will also lower borrowing, consumption and investment… So yes, the government is willing to sacrifice growth to stabilize peso and bring down inflation,’ Oplas told the BusinessMirror.

If the central bank proceeds with further tightening, however, this could make it more difficult for the government to meet its recalibrated growth target of 3.5 percent to 4.5 percent this year-especially since the economy grew by only 2.6 percent in the first half.

Oplas said weaker growth may be a reasonable short-term trade-off to tame persistent inflation, but prolonged monetary tightening should not become the government’s long-term solution as it could weigh on businesses, consumers, and employment.

Meanwhile, Ateneo de Manila University Economist Ser K. Peña-Reyes said the trade-off reflects the BSP’s mandate to prioritize price stability, even if tighter monetary policy raises the risk of slower economic activity.

For the BSP, bringing inflation back to target takes precedence, while the government should use fiscal policy to support growth and prevent tighter monetary conditions from pushing the economy into a recession.

‘Growth can more easily recover, but inflation, once expectations of it become entrenched, will be much harder to tame. And a high-inflation environment is not conducive to growth,’ Peña-Reyes told the BusinessMirror.

Fiscal stimulus, discipline

FORMER Socioeconomic Planning Secretary Dante B. Canlas said the Department of Economy, Planning, and Development (DepDev) should focus on fiscal measures that can support growth while continuing efforts to bring inflation down.

‘This is surprising coming from DepDev… DepDev is largely growth oriented. Its approach must be geared to disinflation without triggering a recession,’ Canlas told the BusinessMirror.

He added that the DepDev could, for instance, focus on crafting a master plan to address flooding in Central Luzon which is a major contributor to the country’s economic output.

Canlas said this would require a rebalancing of public and private capital, with the government providing public funding for flood control, river maintenance, water impounding and alternative non-toll roads to support privately financed infrastructure such as the North-Luzon and South-Luzon Expressways.

These long-term climate mitigation projects, he said, should be funded through public capital under the General Appropriations Act, rather than leaving privately financed toll roads to bear the burden of inadequate public infrastructure.

‘DepDev is the government agency that brings such an important perspective to master planning the country’s infrastructure system,’ Canlas emphasized.

Oplas added that the government should also tighten its fiscal spending by cutting unnecessary expenditures, ending support for non-performing government-owned and -controlled corporations, streamlining processes, and downsizing or automating government operations.

Balisacan, for his part, said the government is also prioritizing resources to address structural constraints to investment, power and infrastructure to improve the country’s competitiveness over the longer term.

‘We should not approach the issue by just looking at the short term only. You need to be mindful that our choice of response is informed by understanding the trade off [between the] short term versus the longer term,’ he added.

AUSTRALIA-BASED Celsius Resources Limited is mounting further legal action to prevent the planned September 8 auction of its 40 percent interest in Makilala Mining Company Inc. (MMCI), its local subsidiary.

MMCI’s operations in the Philippines are centered on the early development and pre-construction stages of its flagship Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in Kalinga province.

The company is currently entangled in a legal dispute with Equinaire Holdings Limited over a loan and security agreement, which is moving toward arbitration.

Celsius said it will file a Motion for Reconsideration after the Regional Trial Court in Makati denied its petition seeking interim protection against foreclosure of the Omnibus Loan and Security Agreement (Olsa) and disposition of its MMCI interest.

In a statement, Celcius said that the court’s denial did not rule that a default had occurred or that Equinaire is legally entitled to foreclose on Celsius’ stake. On the other hand, the court did say the substantive issues remain disputed and should be resolved through arbitration.

The dispute stems from the purported assignment of the Olsa from Maharlika Investment Corporation (MIC) to Equinaire Holdings Limited, a wholly owned subsidiary of Kiri Industries Limited. Equinaire subsequently issued notices asserting events of default and seeking enforcement of security over Celsius subsidiary Makilala Holding Limited’s 40 percent interest in MMCI.

Equinaire has cited several alleged defaults, including the Notice of Relinquishment issued by Makilala Holding Limited to Sodor Inc., certain information-security incidents involving MMCI, and MHL’s efforts to obtain a Temporary Order of Protection from the Makati court.

Celsius has rejected the allegations, maintaining that no Event of Default occurred or continues under the OLSA. It also disputes Equinaire’s capacity to initiate foreclosure proceedings and sell MHL’s interest in MMCI, arguing that the alleged defaults do not satisfy contractual conditions required before enforcement rights can be exercised.

The legal dispute intensified after a Temporary Order of Protection previously granted by the Makati court was lifted following Equinaire’s payment of a P201-million counterbond.

Equinaire then issued a Notice of Resumption of Foreclosure and a Notice of Disposition declaring its intention to proceed with a public auction of MHL’s 40 percent interest in MMCI on September 8, 2026.

MHL subsequently petitioned the court for interim measures of protection seeking to prevent foreclosure or disposition of its MMCI interest until the conclusion of arbitration. The court denied the petition, finding that MHL had not sufficiently established irreparable injury because the potential loss from foreclosure was primarily economic and could be addressed through arbitration.

Importantly, the court expressly stated that its ruling was not a determination that an Event of Default occurred, that any alleged default was incurable, or that Equinaire is entitled to foreclose. It also recognised that the interpretation of the Olsa, the alleged defaults, and Equinaire’s enforcement rights remain open for determination by an arbitral tribunal.

Celsius said it intends to file its Motion for Reconsideration by the end of this week. If the motion is denied, MHL intends to appeal to the Court of Appeals.

At the same time, Celsius is revising its Notice of Arbitration to commence proceedings where the merits of the dispute-including the validity of the alleged defaults and Equinaire’s enforcement rights-can be fully determined.

The company also pointed to a potentially significant procedural hurdle facing any immediate transfer of the MMCI shares following an auction. Celsius said any successful buyer would need to obtain a Certificate Authorizing Registration, or tax clearance, from the Bureau of Internal Revenue before the transfer could be registered with the Securities and Exchange Commission. According to Celsius, the BIR tax-clearance process typically takes at least 27 working days, or approximately six to eight weeks. The company said this could provide additional time for it to pursue court remedies, including reconsideration and a possible appeal, as well as seek interim relief through arbitration.

For the Philippine mining sector, the dispute draws renewed attention to the ownership and financing arrangements surrounding MMCI, which holds the interests in the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in Kalinga. Celsius maintains that the substantive dispute remains unresolved and that the ultimate validity of any foreclosure is a matter for arbitration.

The 57th Women’s National Collegiate Athletic Association (WNCAA) got going at the Makati Coliseum Saturday with University of Makati making its debut as host of the now 18-team league-De La Salle-College of Saint Benilde Antipolo and University of the East Ramon Magsaysay are the newest members.

Shown during last week’s press launch at the U-Mak are (from left) Samahang Basketbol ng Pilipinas Executive Director EriKa Dy, University of Makati president Elyxur Ramos and WNCAA chair Marian Vivian Manila.

A Catholic bishop urged religious leaders Thursday to confront the Church’s failures in protecting minors and vulnerable people, saying safeguarding systems alone cannot create truly safe communities.

Bishop Dennis Villarojo of Malolos, chairman of the Catholic Bishops Conference of the Philippines Office for the Protection of Minors and Vulnerable Persons, said that ‘to create safe communities within the Church, we must first acknowledge our failures in this regard.’

Addressing 233 religious superiors at their national convention, he warned Church leaders against complacency as safeguarding systems are strengthened, saying even one abuse case remains unacceptable.

‘The fact that action is being taken to deal with sex abuse cases should not, however, give us a spirit of complacency, because one case is more than what we can tolerate,’ Villarojo said.

The bishop said safety must go beyond policies and procedures and involve the culture and relationships within Church communities.

”Safe’ does not only mean having all the systems in place to prevent any form of abuse,’ he said. ‘That community may be safe, but it may also be antiseptic, and even toxic.’

He said safeguarding is the responsibility of the entire Church community and warned that cover-ups or negligence by those responsible could lead to separate investigations and removal from office.

‘Any form of cover-up or negligence can make the point person liable to a separate investigation which may lead to removal from office,’ he said.

Villarojo said healthy religious communities should foster authentic faith, joy in service, discipline and zeal for mission – qualities that can also attract young people to consecrated life.

‘It is logical to postulate that a safe community is more attractive to young people than those that are perceived not to be,’ he said.

The CBCP protection office assists dioceses in establishing safeguarding structures and measures to prevent, investigate and respond to abuse cases.

Strengthening climate resilience and improving smallholder farm profitability require stronger support for high-value crops-including ube, or purple yam-diversified production systems, and science-based crop improvement, were emphasized during the recent Southeast Asian Regional Center for Graduate Study and Research in Agriculture (Searca) Agriculture and Development Seminar Series.

The seminar, themed ‘Resilient and Profitable Crops under Climate Change: What Works for Smallholder Farmers?’ highlighted practical ways to help farmers respond to stronger typhoons, prolonged droughts, floods, El Niño, pest outbreaks, and rising production uncertainty.

Director Joseph Manicad of the High Value Crops Development Program (HVCDP) of the Philippine Department of Agriculture (DA), said high-value crops contribute not only to farm productivity but also to household nutrition, rural employment, enterprise development, and export competitiveness.

Potential of Philippine ‘ube’

The seminar also highlighted the potential of Philippine ube to support farmer income, agro-enterprise development, and export growth.

Dr. Antonio Lalusin, professor at the Institute of Crop Science, College of Agriculture and Food Science at University of the Philippines-Los Baños, presented his team’s research on using genetic diversity and genomics to accelerate the development of superior Philippine ube varieties.

Lalusin said demand for ube remains strong, with exports reaching $3.06 million in 2025. Processed products-such as powder, puree, and halaya-continue to drive export demand.

However, he noted that the industry faces a major supply-demand gap, with domestic production estimated at 13,535 metric tons in 2022 against a demand of 49,000 metric tons.

Low yield, seasonality, dormancy, and limited planting materials continue to constrain production.

To help address these gaps, Lalusin’s team collected 188 greater yam accessions from various locations in the Philippines and conducted morphological and molecular characterization, genetic diversity analysis, field performance evaluation, sensory evaluation, and anthocyanin profiling.

Field trials of 30 selected purple-fleshed greater yam accessions at the International Rice Research Institute Central Experiment Station showed that Villasis 2 was the highest-yielding accession, producing an average yield of 60.32 tons per hectare.

Sensory evaluation of 10 selected purple-fleshed ube genotypes identified Kinampay as the most aromatic and genetically conserved, while Mabitac 2 received consistent ratings across appearance, aroma, taste, texture, and general acceptability.

Lalusin identified eight promising Dioscorea alata accessions based on agromorphological, sensory, and pigment attributes: Villasis 2, Villasis 1, San Felipe, Carigar (Leyte), LA63, Mabitac 2, Batangas, and Kinampay.

He also showed the profitability potential of ube production. During the regular season, a yield of 30 tons per hectare at P60 per kilogram could generate a net income of approximately P1.432 million over 10 months to 12 months.

During the off-season, a yield of 20 tons per hectare at the same price could generate about P832,000 in net income. Effects of climate-related hazards

Manicad noted that climate-related hazards reduce yields, increase production costs, and threaten rural livelihoods.

To address these challenges, he presented the HVCDP framework anchored on productive, resilient, and profitable agriculture.

Manicad emphasized circular agriculture and diversification as practical strategies for smallholder farmers. Circular agriculture returns agricultural byproducts to the production cycle, reducing waste and environmental impact, while diversification lowers risk by creating multiple sources of food, income, and value within the same farming system.

He also presented DA initiatives that support climate-resilient and profitable farming, including the Gulayan sa Bayan Program, Project SAFE, or Sustainable Agroforestry Farm Enterprise, post-harvest innovations, and processed and value-added agri-products.

These programs promote food security, improved nutrition, climate-smart technologies, environmental conservation, diversified livelihoods, and stronger multisectoral partnerships.

Manicad said farmers can capture greater value by processing crops into higher-value products-such as mung bean noodles, instant munggo mix, jackfruit chips, tomato chewies, ube powder, and bignay juice concentrate.

He discussed the DA’s response to prolonged El Niño conditions, which includes drought-tolerant planting materials, improved water management, climate-smart technologies, access to credit and crop insurance, and stronger extension and climate advisory services.

‘By integrating production support, risk management, financing, and climate information, the DA aims not only to reduce the impacts of El Niño on agricultural production but also to strengthen the long-term resilience of farming communities across the country,’ he said.