Category: Business Mirror

THE private sector has proposed extending the transition period in the implementation of the Republic Act (RA) No. 12001 or the Real Property Valuation and Assessment Reform Act (RPVARA), which will cap real property tax to 6 percent during the first three years of its implementation.

During its meeting with President Ferdinand Marcos on Tuesday in Malacañang, the Private Sector Advisory Council Infrastructure Sector (PSAC-Infra) has proposed moving the start of the implementation of RA 12001 by four years to 2031 and the phased transition that would cap real property tax increases at 6 percent annually during the first three years of said law.

Under RA 12001, local government units are required to update the Schedule of Market Values (SMV) within two years from the effectivity of the said law in 2024.

During the first year of effectivity of the approved SMVs, any increase in real property taxes shall be limited to a maximum of 6 percent of the real property taxes assessed on such properties before RA 12001 was enacted.

In case the SMVs are not yet available or updated, the Bureau of Internal Revenue shall adopt the existing SMVs, zonal values or the actual price in consideration as stated in real property transaction documents, whichever is higher, for purposes of computing any internal revenue tax.

The Council also said the government should study providing incentives or credits toward balanced housing requirements to developers so they provide discounts to their ‘higher-priced, ready-for-occupancy condominium units,’ to help address the country’s estimated 3.7-million-unit housing backlog.

It further recommended adjusting the socialized housing price ceilings this year, ahead of the scheduled December 2027 review, due to rising construction costs, which is slowing down the launches and construction of such projects.

This as real estate’s contribution to GDP dropped to 5.8 percent in the first quarter of 2026, compared with the 6.65 percent prepandemic average in 2018 and 2019.

‘Through these recommendations, PSAC seeks to support a balanced approach that considers housing affordability and manageable property costs while sustaining investment, construction and jobs across the economy,’ PSAC said.

Aside from real estate-related matters, PSAC also tackled in its latest meeting with the President the proposed National Artificial Intelligence Implementation Task Force and the lifting of the moratorium for information technology (IT) centers and IT parks in Metro Manila.

Among the firms which participated in the meeting were Aboitiz, Alliance Global Incorporated, Ayala Corporation, Ayala Land Incorporated, Robinsons Land Corporation, and SM Prime Holdings, Inc.

Malacañang earlier said that Marcos wants the suspension of any increase in real property taxes so it will not become an additional financial burden for property owners amid rising cost of living.

THE POTENTIAL pricing of GCash shares at a lower level could make the upcoming Mynt initial public offering more attractive to a broader base of investors, including ordinary Filipinos who have traditionally had limited participation in the Philippine stock market, according to investment analyst April Tan.

Tan said the lower price should be viewed in the context of current market conditions, where companies seeking to raise capital may need to make their shares more attractive to investors.

‘I think, obviously, a lower price would mean that the stock is going to be cheaper, so therefore it might be more attractive,’ Tan said in an episode of Intelligent Investing.

Rather than viewing the potential lower pricing solely as a reflection of the company’s condition, Tan said it could be a response to the weakness of the broader market.

‘The market is really so weak, and if you want to raise capital, then you have to make the stock more attractive,’ she said.

The observation puts the GCash IPO in the broader context of efforts to expand participation in the Philippine capital market, particularly at a time when market conditions remain challenging.

For the mass market, a potentially more accessible share price could provide an opportunity for more Filipinos to become participants in the country’s equity market, although the actual level of participation will ultimately depend on the final offer price, investor demand and other IPO terms.

The potential wider participation is significant because the GCash platform already reaches tens of millions of Filipinos through its digital financial services, giving the Mynt IPO an unusual opportunity to connect a mass-market digital finance user base with the country’s formal capital market.

Tan stressed, however, that investors should not assess the IPO on price alone.

She said investors should examine Mynt’s financial performance and determine whether its profitability continues to grow, pointing out that a lower price in a weak market could potentially present an opportunity if the company’s underlying fundamentals remain strong.

‘Let’s look at the numbers. Let’s see if its profitability is still growing,’ Tan said.

Her comments highlight a potentially broader role for the Mynt IPO: not simply as another major listing, but as an opportunity to encourage greater participation in the Philippine capital market by bringing the conversation about stock ownership closer to the ordinary Filipino.

For first-time investors, the distinction remains important. A lower IPO price may make shares more accessible, but prospective investors still need to consider the company’s financial performance, valuation, risks and the terms of the offering before deciding whether to invest.

Against the backdrop of a soft market, the Mynt offering could therefore become a test of whether a major consumer-facing company can help broaden the base of Philippine equity investors while raising capital for continued business growth.

The potential outcome would be a more inclusive capital market in which participation is not confined to large institutional investors and experienced traders, but increasingly includes the ordinary Juan who wants to understand and participate in the growth of Philippine companies.

Victor Wembanyama made headlines when news of him training in a Shaolin Temple in China spread in 2025. When I first heard the story, I was thinking about one particular temple I went to, but I was unsure if that was the same place. Then I got more details of the story, and I realized that it was. It took me back to the time I visited Luoyang.

The Longmen Grottoes

Luoyang is an important historic city because it used to be one of the capitals of China’s ruling dynasties centuries ago. It also served as a center of Buddhism back in its heyday. A walk around the city center’s historic district reminded me of similar places in Beijing, but on a smaller scale, with its traditional houses and shops lining the streets. However, one of my main destinations in this part of the country was to see the Longmen Grottoes.

True to its status as a former Buddhist center, the Longmen Grottoes showcase an impressive display of artistry. As you walk up to the main carvings, you’ll see detailed (from minuscule to massive) carvings and depictions of Buddha and treatments for illnesses. The area has more than 2,000 caves, over 100,000 Buddhist statues, and over 2,800 inscriptions. Some of the earliest carvings date to the 5th century. Various artists from all over China imitated the style they saw during their visits. It’s also an open-air museum that displays the changes in aesthetics over the centuries. Its setting along the Yi River and amid the mountains creates a serene and grandiose ambiance.

If you’re ticking off UNESCO World Heritage Sites, you might want to add the Longmen Grottoes whenever you visit China. You can access this spot by public transportation or just hire a car to take you there.

Train like a Shaolin

I tried different martial arts when I was growing up; from Taekwondo to Wushu to Arnis. Even if it has been years (decades) since the last time I practiced, the interest has remained. That’s why when I was in Luoyang, I had to include a stop at the Shaolin Temple. The temple dates to 495 A.D., when Emperor Xiaowendi of the Wei dynasty ordered its construction. It then became the birthplace of Zen Buddhism. The sprawling complex lies along Mt. Song. The latter is one of the country’s most sacred mountains. Its cultural and historical significance earned it a UNESCO World Heritage Site designation. You wouldn’t think of it as a place of solitude for meditation because of its popularity with locals and the crowds coming and going. I could imagine Victor Wembanyama towering over all of the monks and their masters during his time here.

One of the highlights of a visit was watching the monks perform martial arts. I remembered the hours and years my brothers and I spent kicking, punching, sparring, practicing forms and defensive techniques, stretching (sitting or standing in a front or side split felt like an eternity even if it only lasted for a few minutes), acrobatics, and anything related to the martial art we practiced at the time. I was particularly fond of Wushu because of its ballet-like and smooth movements that just looked cool.

The monks lined up as the host called them to the stage. They were of varying heights and ages, some of whom still looked like young boys. They displayed their prowess with splits, flips, and acrobatic movements. They showed intense focus when they started using weapons, one of which was a spear that a monk bent using his neck. It was a fascinating display of martial arts that also took me down memory lane.

Seeing Wembanyama’s name attached to the Shaolin Temple initially felt like a clash of two different worlds, but experiencing the temple firsthand makes it entirely understandable. Luoyang isn’t just a city frozen in its dynastic past; it’s a living testament to dedication, whether through the painstaking, centuries-old carvings of the Longmen Grottoes or the lifelong discipline of the Shaolin monks.

My trip down memory lane reminded me why these ancient traditions still captivate us today. Whether you are an NBA superstar looking to sharpen your focus or a traveler seeking awe-inspiring history, Luoyang leaves an unforgettable impression.

XPENG North EDSA brought its first group of VIP customers and invited guests to an exclusive test-drive experience at Mount Malarayat Golf and Country Club in Batangas, giving them an early opportunity to experience the XPENG X9 and L03 ahead of the opening of the North EDSA flagship store this October.

The activity was held as part of XPENG’s first major test-drive program in the Philippines. Guests were able to learn more about the X9 and L03 through a product walkthrough and firsthand driving experience, allowing them to explore the vehicles’ technology, comfort, design and driving capabilities on the road.

The XPENG X9 brings together the space and practicality of a premium multi-purpose vehicle with intelligent technology, while the XPENG L03, positioned as a next-generation AI SUV coupe, combines sporty aerodynamic styling with a technology-led driving experience.

Following the exclusive VIP experience, customers can also take part in XPENG North EDSA’s pre-opening customer program. Customers who place a pre-order with XPENG North EDSA can receive an exclusive gift package worth up to P20,000, with each eligible pre-order receiving all three gifts: an SKG S500 Eye Massager, NEXAL Sports Watch, and Laifen P3 PRO Shaver. The offer provides an added privilege for early customers as XPENG North EDSA prepares to welcome its first customers this October. The pre-order gift offer is subject to applicable campaign terms and availability.

For XPENG North EDSA, the event was an opportunity to begin building relationships with customers who are considering XPENG as their next vehicle, ahead of the dealership’s opening mid-October 2026.

XPENG North EDSA Flagship Store Opening in October

XPENG North EDSA dealership is expected to open around mid-October 2026 at:

Unit 1005 Epifanio de los Santos Ave.

Veterans Village, Quezon City

Metro Manila 1105, Philippines

Located along one of Metro Manila’s key automotive and commercial corridors, the dealership will provide customers with a dedicated location to discover XPENG vehicles, speak directly with the North EDSA sales team and experience the X9 and L03 firsthand.

Further information on the official opening date and opening activities will be announced through XPENG North EDSA’s social media channels.

Test Drives Open for Registration, Pre-Orders Now Available

Customers interested in experiencing XPENG do not need to wait for the flagship store opening.

XPENG North EDSA is now accepting test-drive registrations for the X9 and L03, with pre-orders already available for interested customers.

Customers may register online at https://xrunmotors.com/ or contact the XPENG North EDSA sales team directly at +63 966 172 8860 for test-drive appointments and pre-order inquiries.

Customers can also follow and message XPENG North EDSA through its official Facebook, Instagram, and TikTok accounts.

Tokyo Olympics silver medalist Carlo Paalam made a spectacular return from a year-long injury layoff, successfully advancing to the quarterfinals of the men’s 55kg boxing competition at the Aichi-Nagoya Asian Games.

Fighting at the Nishio Gymnasium, the 2018 Jakarta Asiad bronze medalist showcased his veteran poise to defeat Commonwealth Games silver medalist Jadumani Mandengbam of India via a 3-0 split decision.

Paalam acknowledged the tough challenge posed by his hungry opponent.

‘Mahusay din ang Indian, kapag bago gusto nila matalo ang may pangalan na. Nakisabay na lang ako sa kanya sa huling round,’ Paalam told POC Media.

Despite his long absence from competitive boxing, Paalam was thrilled with how his body responded to the physical toll of the bout.

‘Sobrang ganda po yung laban namin. Tsaka nag-adjust din po talaga ako sa taas ng ring kanina po kasi yun nga, first time ko lumaban ngayon,’ he shared in a post-fight interview.

The grueling matchup served as the perfect ultimate test for his stamina.

‘Thankful po ako sa performance na nilabas ko kasi nahatak yung endurance ko po… kahit pagod po. Parang si Pacquiao lang po eh, na ibubuhos buhay talaga yung boxing po,’ he proudly added.

While the scorecards reflected a split decision, Paalam emphasized that his only goal is to fight without regrets.

‘Gawin lang namin yung best namin po. Kada laban po at least wala kaming pinagsisihan sa taas ng lona po. Kasi sacrifice namin yung panalo talaga,’ he explained.

He credited his successful return to his faith, his supportive teammates, and the steadfast guidance of coaches Ronald Chavez and Elmer Pamisa.

The boxing star also took the opportunity to deliver a heartfelt plea to Filipino fans, asking for their unwavering prayers rather than criticism.

‘Wag po kami i-bash kasi sobrang hirap ng laban dito po… suportahan nyo kami, hindi nyo kami iba-bash kasi pagdala palang ng pangalan namin dito, dala namin Pilipinas,’ Paalam passionately stated. ‘Hindi lang apelyido namin, bayan namin dala namin po’.

Paalam will next face Jiamao Zhang of China for a coveted spot in the semifinals.

Before stepping away, Paalam made sure to send a message of encouragement to his teammate: ‘Para kay ate Nes, goodluck sayo ate, gawin mo yung best mo, lahat kami nakasuporta sayo… para sa bayan po,’ he said.

Vingroup has been ranked 340th in TIME’s World’s Best Companies 2026, placing the Group among the world’s Top 400 companies. Compared with 2025, Vingroup has risen nearly 500 places and remains the only Vietnamese company to be recognized on the prestigious ranking.

The World’s Best Companies 2026 ranking is jointly conducted by TIME, a globally recognized magazine, and Statista, a leading global data and market research company.

Companies are evaluated across three comprehensive dimensions: revenue growth, employee satisfaction, and sustainability transparency, supported by in-depth analysis of environmental, social and corporate governance (ESG) factors.

As the first and only Vietnamese company to be included in the ranking for two consecutive years, Vingroup achieved positive results across all three dimensions, receiving an overall score of 81 and ranking 340th among the Top 1,000 companies worldwide, up 477 places from its 817th ranking last year.

In terms of Revenue Growth, Vingroup received an ‘Outstanding’ rating. In the first half of 2026, the Group recorded consolidated net revenue of VND 222.9 trillion, up 72% year on year from the same period in 2025, driven by strong growth in industrial manufacturing and real estate businesses. Consolidated profit after tax reached VND 20.904 trillion, 4.6 times higher than the same period last year and equivalent to 60% of the full-year target.

In terms of Employee Satisfaction, Vingroup ranked 398th globally, up 496 places from 2025. The Group has developed a dynamic working environment that encourages dedication, innovation and employee engagement, while placing a strong focus on individual development.

Over more than three decades of development, Vingroup has continuously expanded into new areas, established new growth drivers and progressively expanded its ecosystem into international markets. Today, companies across the Vingroup ecosystem operate in 12 countries, creating employment for approximately 400,000 people worldwide.

In terms of Sustainability Transparency, Vingroup continues to make important contributions through green transition initiatives, infrastructure development and the development of sustainable urban and living ecosystems. Alongside economic growth, the Group focuses on creating long-term value for society.

VinFast, the all-electric vehicle brand within the Vingroup ecosystem, has become the leading automotive brand by sales volume in Vietnam, while setting a target of delivering 300,000 cars and 1 million electric motorcycles globally in 2026. Meanwhile, Vinhomes has pioneered the development of the ESG++ urban model, adding Regeneration and Resilience to the three core ESG pillars of E-Environment, S-Social and G-Governance, thereby raising the standard for sustainable development across large-scale urban developments spanning thousands of hectares.

In particular, in 2025, Vingroup officially expanded into two new strategic areas: Infrastructure and Green Energy. Through VinSpeed, with the Ben Thanh-Can Gio (Ho Chi Minh City) and Hanoi-Quang Ninh high-speed railway projects now under construction, as well as energy projects developed by VinEnergo across multiple localities, Vingroup is progressively contributing to stronger regional connectivity, the expansion of economic space and the acceleration of the green transition.

Previously, Vingroup became the first and only Vietnamese company to qualify for and be included in the World’s Best Companies 2025 ranking. Brands across the Vingroup ecosystem have also received recognition from numerous international organizations. VinFast was previously recognized by TIME in two prestigious rankings: the TIME100 Most Influential Companies 2024 and Asia-Pacific’s Best Companies of 2025. In the latter ranking, VinFast was recognized among the companies shaping the region’s position on the global economic map.

TIME is a leading global magazine headquartered in New York, the United States, with a history spanning 101 years. With a global presence and in-depth, independent analysis of political, economic, cultural and scientific developments, TIME has established a strong voice and influence capable of shaping public discourse. Its rankings are widely recognized for their value and credibility worldwide.

MARY Jane Veloso was released from the Correctional Institution for Women (CIW) after President Ferdinand Marcos Jr. granted her an absolute pardon, the Bureau of Corrections (BuCor) said.

BuCor Director General Gregorio Pio P. Catapang Jr. personally handed Veloso a copy of the absolute pardon and her official release order, completing the procedures for her discharge from custody.

‘This only proves that there are really second chances, and we are happy that Veloso can now enjoy her newfound freedom with her family,’ Catapang said.

The absolute pardon removes the remaining legal consequences of Veloso’s conviction and clears the way for her return to her family and community.

According to Catapang, Veloso will be endorsed to the local government unit of her residence in Nueva Ecija as part of the government’s reintegration process.

Through the LGU, she may receive livelihood assistance, social welfare support, counseling, skills development and other services intended to help former persons deprived of liberty transition back into their communities.

BuCor said coordination with local governments forms part of its efforts to assist people released from custody in rebuilding their lives.

Veloso’s release followed the formal transmittal of the President’s grant of absolute pardon to the Department of Justice and subsequently to BuCor.

The turnover of the pardon and release order completed the administrative process for her release.

INDIGENOUS natural gas from the Malampaya field is once again supplying the 1,200-megawatt Ilijan Power Plant, restoring a key link in the country’s gas-to-power infrastructure and strengthening the role of domestic gas in supporting energy security and electricity affordability.

Department of Energy Secretary Sharon Garin, Prime Energy President and CEO Donnabel Kuizon Cruz, and LNGPH President and CEO Yari Miralao led the ceremonial admission of Malampaya gas into Ilijan on September 24, alongside representatives from the DOE, PNOC Exploration Corp. (PNOC-EC), Power Sector Assets and Liabilities Management Corp. (PSALM) and the Service Contract 38 Consortium.

Under an Interim Natural Gas Supply Arrangement, Prime Energy, the operator of Service Contract 38, is supplying Malampaya gas to South Premiere Power Corp. (SPPC) for the Ilijan power plant.

The return of indigenous gas to Ilijan was made possible through the collaborative efforts of Prime Energy and SPPC, as well as PNOC-EC and PSALM, to restore the Tabangao-Ilijan Pipeline. The companies worked together to ensure that the infrastructure was restored and brought back into service with safety as a priority.

Ilijan was among the facilities that established the Philippines’ first indigenous gas-to-power value chain following the development of the Malampaya field. Its original gas supply arrangement dates back to 1997, before Malampaya began commercial production in 2001.

‘What we are celebrating today is not just the admission of Malampaya gas and the beginning of a new gas supply arrangement,’ Cruz said. ‘It is also the continued use of critical energy infrastructure that was built decades ago and maintained to serve the country’s evolving energy needs.’

The current arrangement covers a six-month period from September 1, 2026, to February 25, 2027.

The return of Malampaya gas also demonstrates the value of indigenous fuel in reducing exposure to international energy price volatility. The use of indigenous Malampaya gas at Ilijan is expected to contribute about 36 centavos per kilowatt-hour in lower generation charges beginning September 1, providing potential relief to electricity consumers.

Over the past decade, indigenous gas has maintained a price advantage over imported spot LNG, with the difference reaching more than $4 per million British thermal units (mmBtu) at various points. Using domestic gas can help power generators manage exposure to fluctuations in international fuel markets.

Beyond price, indigenous gas contributes to energy security by providing a domestic source of fuel for power generation. It complements imported LNG and other energy sources while helping diversify the country’s fuel supply.

Malampaya has also generated significant economic value for the country. Since production began in 2001, Service Contract 38 has contributed more than $14 billion in revenues to the Philippine government.

The six-month interim arrangement provides a platform for continued collaboration between Prime Energy and SPPC as the companies explore opportunities for a longer-term gas supply relationship.

At the same time, Prime Energy continues to invest in extending the productive life of the Malampaya field and developing additional indigenous resources. Malampaya Phase 4 is targeted to deliver additional domestic gas in the fourth quarter of 2026, supporting the country’s efforts to strengthen indigenous energy supply.

‘Price stability, affordability, reliability and energy security – these are among the benefits of using our own Malampaya gas,’ Cruz said. ‘Today, we celebrate this new chapter and our shared commitment to a more secure, resilient and affordable energy future for the Filipino people.’

THE Bureau of Customs (BOC) has established a new office to oversee its international customs relations, trade diplomacy and cross-border cooperation as it seeks to strengthen coordination with foreign governments and international organizations.

Through Customs Memorandum Order 16-2026, BOC Chief Ariel F. Nepomuceno ordered the creation of the Customs International Affairs Office (CIAO) under the Office of the Commissioner.

The order also renames and reorganizes the existing External Affairs Office into the International Customs Coordination Division (ICCD), which will be supervised by the CIAO.

The CIAO will oversee all programs and initiatives involving foreign governments, customs administrations, international organizations, diplomatic missions, development partners, foreign business organizations, international industry associations and other foreign and international stakeholders.

The new office will also work with the BOC’s deputy and assistant commissioners, functional groups, collection districts and other units on proposed international engagements, foreign technical assistance, bilateral and multilateral initiatives and international partnerships.

Meanwhile, the ICCD will coordinate with various BOC offices on international agreements, technical cooperation, foreign-assisted projects, international meetings, and other cross-border engagements to ensure a consistent agency position and the implementation of these initiatives.

The CIAO will be headed by a director with overall supervisory authority and strategic control over international programs and policy formulation, while the ICCD will be led by a chief, supported by an assistant chief.

‘This organizational restructuring reflects the Bureau’s commitment to strengthening its international affairs framework, aligning its organizational structure with evolving international customs practices, and enhancing the role to support broader and more strategic international customs cooperation and external engagements,’ the memo read.

The BOC stated that it must continue to engage effectively and consistently with international organizations, diplomatic missions, development partners, foreign business organizations, and other international stakeholders as international trade and customs administration continue to change in an increasingly interconnected global environment.

‘Such engagement is essential to advancing customs modernization, promoting trade facilitation, strengthening border security, enhancing institutional capacity, fostering international cooperation, and ensuring the effective implementation of the Philippines’ commitments under international customs and trade agreements,’ it added. #

‘September 21. We will never forget.’

On September 21, 1972, President Ferdinand Marcos, Sr. declared Martial Law in the Philippines by virtue of Proclamation No. 1081.

It marked the beginning of a 14-year period of one-man rule, which effectively lasted until Marcos was exiled from the country on February 25, 1986.

Proclamation No. 1081 was formally lifted on January 17, 1981 by Proclamation No. 2045.

On September 17, 2018, University of the Philippines (UP) President Danilo Concepcion signed Proclamation No. 1, Series of 2018, declaring September 21 every year as UP Day of Remembrance.

The day serves to commemorate members of the UP community who stood at the forefront of the resistance to Martial Law.

‘It serves to highlight the University’s role as a champion of academic freedom and as a beacon of hope and an advocate of human rights during the darkest days of democracy in the country,’ UP said on its website.

The Day is intended ‘to remember the sacrifices and legacy of UP heroes, the living and the fallen, and to impart their stories to younger generations of Iskolar ng Bayan and other patriotic Filipinos.’

‘As we remember our heroes, may we carry forward the lessons they gave us in confronting the challenges of our nation today-especially in safeguarding our hard-won rights and freedoms.’

Activist Judy Taguiwalo views the UP Day as a vital commitment to continue nation-building and resist historical revisionism.

‘The attempt at historical revisionism of the Marcoses is essentially forgetting the dark chapter of our history and the sacrifices of so many people, including teachers and students of UP campuses,’ Taguiwalo said.

She stressed that the commemoration ‘is not just a walk down memory lane, but a pledge that the fight against ongoing issues like human rights violations, plunder, corruption, and environmental destruction must persist.’

I was born in the same period when the First Quarter Storm (FQS) was associated with anti-Martial Law protests, mostly led by UP students and faculty, the same academe where I later spent a decade of my student life.

Back in the 1970s, many members of the UP community participated in protests against the reign of the dictator Ferdinand Marcos, Sr., prompting the declaration of Martial Law on September 21, 1972.

FQS was a period of civil unrest with series of demonstrations, protests, and marches against the Marcos Sr. administration, mostly organized by students, which took place during the ‘first quarter of the year 1970’ or from January 26 to March 17, 1970.

Violent dispersals of ensuing FQS protests were among the first watershed events in which large numbers of Filipino students of the 1970s were radicalized against the Marcos administration.

The regime was marked by extensive, systematic human rights violations including 3,257 cases of extrajudicial killings, 35,000 torture, 737 enforced disappearances, and 70,000 arbitrary incarcerations.

Many became ‘desaparecidos,’ which is the Spanish and Portuguese word for ‘disappeared people’ or victims of forced disappearance.

The victims are subjected to extrajudicial punishment wherein government elements abduct a person to vanish from public view. The victim is first kidnapped, and then illegally detained in a secret location, often tortured, and finally executed and the corpse hidden.

‘The greatest threat to freedom is the shortness of human memory,’ former Supreme Court Chief Justice Claudio Teehankee said in the case of Olaguer v. Military Commission (GR L-54558 May 22, 1987) as he gave recognition to ‘the unforgettable and noble sacrifices of the countless brave and patriotic men and women who fell as martyrs and victims during the long dark years of the deposed regime.’

The Guinness World Records gave the late dictator a title for the ‘Greatest Robbery of a Government’ citing $860.8 million worth of assets such as Swiss bank deposits, shares of stock and real estate, sale of surrendered properties and assets and paintings, and pieces of jewelry from the Marcoses and cronies.

In Marcos v. Manglapus, (GR 88211 September 15, 1989), the Court said that ‘nor are the woes of the Republic purely political. The accumulated foreign debt and the plunder of the nation attributed to Mr. Marcos and his cronies left the economy devastated xxx. We cannot ignore the continually increasing burden imposed on the economy by the excessive foreign borrowing during the Marcos regime, which stifles and stagnates development and is one of the root causes of widespread poverty and all its attendant ills.’

The Supreme Court described the Marcos Sr. dictatorship as a ‘well-entrenched plundering regime of 20 years.’ in PCGG v. Peña (GR L-77663, April 12, 1988)

The SC noted the ‘magnitude of the Marcos regime’s ‘organized pillage’ and the ingenuity of the plunderers and pillagers with the assistance of the experts and best legal minds available in the market.’

Peyups is the moniker of the University of the Philippines. Atty. Dennis R. Gorecho heads the Seafarers’ Division of the Sapalo Velez Bundang Bulilan Law Offices. For comments, e-mail info@sapalovelez.com, or call 0908-8665786.