Category: Philippine Star

COAL is a non-operational zombie, so I’m in favor of any move by COAL’s board that will make this company a productive part of the PSE. That said, I’m not a fan of backdoor listings, as I think they encourage blind speculation and reward insider trading while also side-stepping important parts of the price discovery process. Let me be clear: I’m not alleging that anyone related to COAL or PURE has done anything specific to encourage blind speculation, or that they’ve done insider trading. The lack of information is the issue. In a regular IPO, we’d get a legally vetted document that lays out the ownership structure, the plan, and the risk/reward matrix for all to see. Here, what do we know? Just the names of the buyers.

The 6.9-magnitude earthquake that shook Central Visayas for about 30 seconds left a trail of destruction – highways split by deep cracks, churches reduced to rubble, a mall set ablaze, and many buildings collapsing.

At least 26 people have already died due to the powerful quake, with 147 others injured, according to the National Disaster Risk Reduction and Management Council (NDRRMC).

Its early assessment on Wednesday, October 1, showed at least 22 buildings damaged by the quake, with one road and three bridges rendered impassable. Overall, six roads and bridges in Cebu were affected:

Tabogon

Salag Hanging Bridge – not passable to all types of vehicles

Tuburan

Langoyon Bridge – not passable to all types of vehicles

Fortaliza Bridge – not passable to all types of vehicles

Brgy. Putat Bridge – passable to light vehicles

Brgy. Bagasawe Bridge – passable to light vehicles

Daanbantayan

Brgy. Poblacion Road – not passable to all types of vehicles

A dashcam video also captured the Mactan-Mandaue Bridge shaking in Cebu.

The devastation reached heritage, infrastructure and commercial spaces. The Archdiocesan Shrine of Santa Rosa de Lima in Daanbantayan, considered a cultural treasure, was toppled by the quake.

San Remigio saw damage to the Lambusan and Looc bridges and a government sports facility.

In Cebu City, fast-food chains were not spared. A McDonald’s and Jollibee branch were left in ruins, while another McDonald’s in Bogo collapsed. Housing facilities such as SM Cares Housing and Condor Lodge in Bogo also crumbled.

Communication lines were also cut in three parts of Region 7, while eight areas reported power outages. Affected localities include Daanbantayan, Bogo, San Remigio, Tabuelan, Carmen, Asturias, Catmon and Tuburan.

A total of 46 cities and municipalities declared class suspensions to focus on recovery efforts, with the Cebu provincial government declaring a state of calamity.

The earthquake also triggered a landslide in Tabuelan, Cebu, along a national highway. And around the same time the earthquake jolted Cebu, a fire broke out at SM Consolacion. It was quickly extinguished shortly after the quake.

In Asturias, Cebu, an old concrete wall at a private residence along Lapu-Lapu Street had also collapsed.

The NDRRMC has yet to assess the cost of the damage, but its regional office in Central Visayas has already raised a red alert, with Bureau of Fire Protection teams placed on standby.

Under red alert status, response agencies are placed on complete staffing, with urgent interagency coordination required to address the emergency.

The earthquake

The 6.9-magnitude earthquake was strong enough to cause widespread destruction. It struck 19 kilometers north of Bogo, Cebu, at a depth of 5 kilometers around 9:59 p.m. on September 30. The tremor was tectonic in origin and produced a total of 611 aftershocks as of 7 a.m.

Destructive shaking, Intensity VII, was reported in Cebu and Negros Occidental, as well as in parts of Eastern Visayas. This level of intensity is significantly felt by most people, driving many outdoors, as buildings are rocked by strong movement and hanging objects swing violently. Infrastructure damage, landslides and rockfalls are expected.

Weak to strong shaking was reported across several provinces, including Negros Occidental, Bohol, Eastern Samar, Northern Samar, Samar, Zamboanga del Norte, Albay, Camarines Sur, Sorsogon, Antique and Capiz.

The Department of Interior and Local Government (DILG) has called on LGUs to activate their emergency operations centers and incident management teams, urging chief executives to lead damage assessments and activate contingency plans.

Disgraced contractor couple Pacifico ‘Curlee’ and Cezarah ‘Sarah’ Discaya did a ‘tell-all plus plus’ when they appeared before the Independent Commission on Infrastructure (ICI) yesterday.

Cornelio Samaniego III, the couple’s legal counsel, said the Discayas were fully cooperative and bared everything they know to the ICI.

‘They are not hiding anything anymore,’ he said.

Samaniego said his clients divulged everything – from the persons involved up to the history of transactions they had undertaken.

‘We are telling everything,’ he stressed.

Pressed on the revelations made by his clients before the commission, Samaniego said that most were already included in the affidavit they had filed before the Senate and Congress, yet there were also new names bared by his clients to the commission.

‘We’ll submit a supplemental affidavit, so we will add new names. In due time, it will come out,’ Samaniego said. ‘For now, no comment.’

Samaniego said his clients were scheduled to come back to the ICI to finish giving their statement.

‘It went OK. The members of the ICI were very cordial,’ Samaniego said.

He added that unlike former DPWH Bulacan district engineer Brice Hernandez, the Discayas are not inclined to return any of their luxury cars to the government as a goodwill gesture.

‘We are not returning anything at the moment, because the accounts were frozen,’ Samaniego said.

AMLC, BIR tie-up

Meanwhile, the ICI has forged a cooperation and information-sharing pact with the Anti-Money Laundering Council (AMLC) that will facilitate the freezing of assets of personalities implicated in the numerous ghost and substandard flood control projects at the Department of Public Works and Highways (DPWH).

ICI executive director Brian Keith Hosaka said the agreement, which also includes the Bureau of Internal Revenue (BIR), will speed up investigation of the anomalous flood control projects, the filing of the relevant criminal cases as well as the recovery of the proceeds.

‘We will have information-sharing, coordination and cooperation which is crucial for the verification of information divulged to us by their ‘resource persons’,’ Hosaka told reporters.

Several senators, congressmen, contractors and former and current DPWH officials and officers have appeared before the ICI to provide information regarding multibillion-peso ghost and substandard flood control projects implemented by the DPWH.

Hosaka said the partnership with BIR will be helpful in determining tax liabilities, while the AMLC will facilitate the freezing of assets of individuals involved in the flood control mess.

According to BIR commissioner Romeo Lumagui, Jr., they aim to build strong cases for tax evasion.

‘We already have preliminary draft of (tax) assessments. But they still lack a number of information. We don’t want to file haphazard criminal complaint(s) with the Department of Justice. That’s why we want to get all the useful information,’ he said.

Closed hearing up to ICI – Palace

Malacañang will not intervene with the decision of the ICI against livestreaming its hearings on anomalous flood control projects, stressing that President Marcos respects the body’s independence.

‘The President has already said that this ICI is an independent commission. So, whatever their policies and procedures are, the President will respect them and he will not interfere because they are an independent body or commission,’ Presidential Communications Undersecretary Claire Castro told reporters.

ICI’s Hosaka earlier defended the decision to keep the hearings closed, saying it is necessary to ‘avoid a trial by publicity.’

‘We don’t want the commission to be used for any political agenda or leverage that’s why we are careful,’ Hosaka said.

He said the ICI’s investigation is a ‘process’ that cannot be defined by piecemeal revelations.

‘People might be misled,’ he noted. ‘We would like to prevent that because we want the people to trust the system and in the independent commission that we will be doing our jobs fairly, objectively and independently.’

Meanwhile, Castro also defended the appointment of former Philippine National Police chief Rodolfo Azurin Jr. as special adviser and investigator to the ICI.

Castro said Azurin was chosen to replace Baguio City Mayor Benjamin Magalong based on his capabilities and experience as an investigator.

There were some who questioned Azurin’s appointment as he was previously implicated in the alleged cover-up of the P6.7-billion shabu haul involving high-ranking PNP officers in 2022.

He was later cleared in the Senate committee on public order and dangerous drugs’ investigation into the massive controversy.

‘It’s clear he was never charged,’ Castro said.

‘What I want to stress here is that the independent nature of this commission. We will not interfere with their work. We will, of course, be in discussion with them. We will ask them what happened, what have you found, what are we doing next,’ Marcos said during a Sept. 15 press conference.

‘But we were not about to direct them as to how they were going to conduct their investigations, and we are going to leave it up to them,’ he said.

‘Let the people in’

For some lawmakers, keeping the ICI hearings away from the public invites doubt into what transpires behind closed doors.

‘There’s no real accountability without transparency. Let the people in. It is the right of the people who were robbed of billions of pesos to watch the proceedings of the ICI,’ Akbayan party-list Rep. Perci Cendaña said in a statement.

Cendaña said corruption existed because of the lack of transparency in the process of the bicameral conference committee, which reviewed and approved the national budget of the government up to its project implementation.

‘It is time to pass the Independent Commission for Infrastructure Bill or House Bill (HB) 4453 that will put in place the mandatory public hearings with livestreaming,’ Cendaña said.

For her part, ML party-list Rep. Leila de Lima said given the witnesses’ testimonies in the Senate Blue Ribbon committee hearings on flood control anomalies, it is ripe for Congress to pass HB 4453 into law.

‘As the plot thickens, it becomes even more urgent and imperative to pass House Bill No. 4453. To ferret out the truth and ensure accountability – whoever is involved – Congress must act swiftly and decisively,’ De Lima said in a separate statement.

‘This is the biggest corruption scandal in our history, and we cannot address it with partial solutions. The ICI cannot handle this widespread corruption using its limited powers. The DOJ (Department of Justice) and the ombudsman must hasten the filing of strong cases,’ De Lima said.

Health expert and nutritionist Dr. Hash Flores stressed that the public must be educated on the dangers of consuming imported frozen products, saying that it poses health risks.

Flores said a platform for food and safety must be put in place.

‘I think there are more inherent problems but the only solution at the moment would be to educate the public properly and that stems from a platform that consumers can trust,’ Flores said.

‘This will allow you to be more informed and empowered as a consumer,’ he added.

Flores warned that imported frozen and chemically treated chicken could lead to illnesses and hormonal imbalances.

He said that since such products are ‘not done in its natural form,’ women can get polycystic ovary syndrome and men can do a ‘flip switch’ because of ‘too much estrogen.’

He further encouraged the public to consider the health benefits of local, natural and organic chicken and to exercise caution when purchasing imported frozen poultry.

The Department of Budget and Management (DBM) told agencies to access their emergency response funds to address the devastation caused by the 6.9 magnitude earthquake that struck Cebu.

The quick response funds (QRF) are standby provisions that first responder agencies like the Office of Civil Defense (OCD) and the Department of Social Welfare and Development (DSWD) have.

‘We also have the NDRRM (National Disaster Risk Reduction and Management) Fund on standby for larger-scale needs, including the repair of damaged facilities and heritage sites, to help ensure that our communities can rise again as quickly as possible,’ DBM Secretary Amenah Pangandaman said in a statement.

The NDRRM fund still stood at around P8 billion as of October 1, the DBM said.

Once agencies exhaust 50% of their QRFs, they can ask the DBM to replenish them.

The earthquake that struck Cebu late Tuesday night killed at least 20 people, with reports on the ground saying that the number has reached around 30.

Considering the systematic plunder of public funds in flood control projects, it’s not surprising that corruption is also being unearthed in the construction of farm-to-market roads.

So far the amounts of the non-existent roads unearthed by the Department of Agriculture total only P75 million – a drop in the bucket compared to the billions and even trillions of pesos believed to have been lost to ‘ghost’ and substandard flood control projects undertaken in recent years by the Department of Public Works and Highways.

Department of Agriculture Secretary Francisco Tiu Laurel said the P75 million covers only two projects done in 2021 and 2023 – one in the Davao Region and another in Zamboanga City. The DA has vowed a deeper probe, which will likely uncover more questionable ‘farm-to-pocket’ roads.

While at it, the DA can expand its probe to cover other farm-related projects, including cartel-like operations to control the prices of certain commodities and farm support services such as drying and milling.

In its audit and pursuit of corrupt deals, the DA must heed lessons from the past and ensure that the guilty will face punishment.

Corruption in the farm sector is not new. In March 2004, Panfilo Lacson, already a senator, had exposed the diversion of P728 million in fertilizer funds, which he said went to the presidential election campaign of Gloria Macapagal Arroyo. The P728 million was distributed to congressional districts, several of which did not even have farmlands, Lacson said.

The accused mastermind of the scam, Jocelyn ‘Joc-joc’ Bolante, resigned as agriculture undersecretary and fled to the US in October 2005 before he could face a Senate probe. He was later deported back to the country, and cleared Arroyo. Former agriculture secretary Luis Lorenzo also fled the country.

They were all later acquitted, however, including one of the players, businesswoman Janet Lim Napoles, who would later be indicted in the bigger scam involving the congressional pork barrel.

Several lesser players, however, have been convicted in the fertilizer scam, with other cases still pending. So the ongoing audit of the DA could bear fruit in rendering justice.

As in the flood control scandal, however, the DA audit could lead probers to influential and wealthy people who benefited from non-existent or substandard farm-to-market roads. Such people can be expected to put up a strong legal defense to escape punishment. The DA must ensure that it is up to the challenge.

The Muntinlupa Regional Trial Court (RTC) Branch 204 has granted the prosecution’s withdrawal of the drug case against Rep. Leila De Lima (Mamamayang Liberal Partylist).

In a resolution dated September 30, the Muntinlupa RTC accepted the prosecution’s withdrawal of the motion for reconsideration, filed on July 14, 2025, effectively closing and terminating one of De Lima’s drug cases, the one that led to her nearly seven-year imprisonment.

‘WHEREFORE, premises considered, the Motion to Withdraw (Motion for Reconsideration dated 14 July 2025) filed by the prosecution is GRANTED. With the withdrawal of the motion for reconsideration, this case is hereby deemed CLOSED and TERMINATED,’ the court’s ruling read.

The court explained that every acquittal becomes immediately final upon issuance and cannot be recalled for correction or amendment.

According to the court, granting a motion for reconsideration on the case would violate the constitutional protection against double jeopardy, as it would essentially subject the acquitted individual to a new prosecution.

‘Considering that this case already involves an acquittal, the Court shall exercise sound discretion and allow withdrawal of the prosecution’s motion for reconsideration,’ the court’s order read.

‘Indeed, the directive of the Honorable Prosecutor General upon the panel of prosecutors to withdraw the motion is impressed with merit,’ it added.

On July 23, the Department of Justice ordered the Muntinlupa prosecutors to withdraw the motion for reconsideration on the drug case of De Lima filed in RTC Branch 204.

Timeline of De Lima’s acquittals. February 2021: De Lima was acquitted in her first drug case by the Muntinlupa RTC Branch 205.

She was later acquitted in her second case by RTC Branch 204 in May 2023 due to lack of evidence.

Following this second acquittal, prosecutors filed a motion for reconsideration with RTC Branch 204.

Following this second acquittal, prosecutors filed a motion for reconsideration with Branch 204. However, the court denied the motion and upheld the acquittal, citing reasonable doubt and the recantation of key witness Rafael Ragos.

Her third and final drug case was dismissed in June 2024 after the court granted her demurrer to evidence, effectively clearing her of all charges.

On Sept. 4, 2024, the Office of the Solicitor General (OSG), then headed by Menardo Guevarra, filed a petition for certiorari – not an appeal – with the Court of Appeals, claiming RTC Branch 204 committed grave abuse of discretion in acquitting De Lima.

The appellate court’s eighth division granted the OSG’s petition and remanded the case to RTC Branch 204 for a new ruling consistent with Court of Appeals guidelines. The appellate court found that the RTC failed to clearly state the facts and legal basis for its decision.

Upon remand, RTC Branch 204 reaffirmed its original ruling and again acquitted De Lima, maintaining that the absence of Ragos’ testimony due to his recantation created reasonable doubt. This prompted the prosecutors to file a second motion for reconsideration, which the DOJ now plans to withdraw.

Rizal Commercial Banking Corp. (RCBC) has appointed seasoned banker Alexander Patricio as independent director strengthening the Yuchengco-led lender’s governance and compliance framework.

In a disclosure to the Philippine Stock Exchange, RCBC said its board approved Patricio’s election during its meeting on Sept. 29.

His appointment took effect at the close of business on the same day, subject to regulatory approvals from the Bangko Sentral ng Pilipinas and other agencies for his interlocking positions.

Patricio is filling the vacancy left by Vaughn Montes, who recently concluded his term as independent director. Aside from leading the risk oversight committee, he will also serve as a member of the anti-money laundering committee as well as the audit and compliance committee.

‘Patricio has over 41 years of banking experience,’ RCBC said, citing his extensive background in risk management and regulatory compliance.

According to RCBC, Patricio spent 13 years with Citibank and 18 years with ING Bank Philippines before joining the government sector as executive vice president and chief risk officer of the Development Bank of the Philippines from May 2013 to March 2017.

Publicly available professional records show that Patricio’s career spans senior leadership roles across local and international banks. He served as vice president in various positions at Citibank Philippines from 1976 to 1989, senior risk manager at Citibank Australia from 1989 to 1991 and senior credit officer at Citytrust Banking Corp. from 1991 to 1995.

He then became country risk manager at ING Bank Philippines from 1995 to 2013 before moving to DBP.

Beyond banking, Patricio has been an independent director of CTBC Bank Philippines since 2018 and of the Intellicare Group of Companies since the same year, roles that further deepened his expertise in corporate governance and oversight.

Krelz Gecosala and Kresthan Belacas delivered standout performances with double victories in their respective divisions, grabbing the spotlight in the boys’ category of the Gov. Edwin Jubahib National Juniors Tennis Championships in Tagum City, Davao del Norte over the weekend.

The fifth-seeded Gecosala defied the odds in the boys’ 18-and-under division, stringing together three straight-set wins before overpowering No. 4 seed Kurt Alcantara, 6-1, 6-3, in the finals. The 16-year-old Midsayap, North Cotabato native also dominated his own age group, dropping just eight games across three matches, culminating in a 6-4, 6-1 victory over Wallaen Cabigas in the finals.

Not to be outdone, Belacas of Mlang, Cotabato sparkled in the younger age groups. He held off Tyronne Caro in a tight 7-5, 6-3 win to secure the 12-and-U crown, then added the 14-and-U title after Caro retired in the second set, trailing 3-6, 4-2,

Their back-to-back victories earned both Gecosala and Belacas co-MVP honors alongside Faith Lazaro from Tagum City, who made waves in the girls’ division of the five-day event hosted by Gov. Jubahib in his continuing commitment to help develop the sport in the region.

Lazaro snapped Ayl Gonzaga’s winning streak in the Palawan Pawnshop nationwide junior circuit with a gutsy semifinal comeback win, 0-6, 6-4, 6-2. She then claimed the 16-and-U crown with a 6-2, 6-2 victory over Telko Ello. Though she fell short in the 18-and-U finals, losing to Sultan Kudarat’s Sanschena Francisco, 6-3, 6-3, Lazaro’s strong performance earned her a share of the MVP award.

Meanwhile, Gonzaga, who has been a consistent force in both Luzon and Mindanao legs of the nationwide talent search initiated by Palawan Pawnshop president/CEO Bobby Castro, bagged the girls’ 14-and-U title with a 6-2, 6-2 win over doubles partner Justine Gumbao, replicating her triumph in Sultan Kudarat.

In other results, Maureen Mamaba of Davao de Oro shocked the girls’ field by clinching the 12-and-U crown with a 6-3, 6-3 upset of Alexandrea Bendoy; while Brandon Luchavez, an unseeded player, won the 10-and-U unisex title, defeating top seed Storm Tozer, 5-4(3), 4-0.

Gonzaga, on the other hand, bounced back in doubles play, securing two titles. With Gumbao, they trounced Sam Rodriguez and Shan Tuyor, 8-1, in the 14-and-U finals. She later paired with Francisco to beat Ello and Yana Reyes, 8-3, in the 18-and-U finals.

In the boys’ doubles, Alcantara and Cabigas captured the 18-and-U trophy with an 8-5 win over Harinne Antiola and Jaime Gultiano, while Caro and Gecosala clinched the 14-and-U crown, downing Belacas and Dimzon, 8-3.

The Group 2 tournament was presented by Dunlop and sanctioned by Philta with support from Universal Tennis and ICON Golf and Sports, utilizing both the DavNor Sports Complex and Tagum City courts to accommodate a record number of participants.

Cebuana Lhuillier Bank’s (CL Bank) Iponventure campaign has earned international acclaim with a Bronze Stevie Award for Corporate Social Responsibility Program of the Year at the prestigious International Business Awards (IBA).

The award highlights the bank’s efforts to make saving simple, consistent and accessible for millions of Filipinos, proving that financial empowerment can begin with small, steady steps.

‘This recognition reaffirms our belief that true leadership is not measured only by growth and profit, but by how many lives we uplift and how much positive change we create. Iponventure is proof that even the simplest tools can spark a culture of saving, empower families and open doors to a brighter financial future for every Filipino,’ said Jean Henri Lhuillier, CEO of Cebuana Lhuillier Bank, as he reflected on Iponventure’s global win.

At the heart of Iponventure is the IPONBOX, a simple but powerful tool that has been distributed to more than 700,000 clients nationwide. This visual savings container serves as a constant reminder to set aside even small amounts of money regularly.

Shared through branches, community events, employee programs and social media content from financial experts, the IPONBOX has grown into a recognizable symbol of the message: start small and save consistently.

The campaign also makes formal saving more accessible through Micro Savings Accounts, which can be opened with just a P50 initial deposit.

By breaking down one of the biggest barriers to banking, Iponventure empowers Filipinos to begin their savings journey. This effort is further supported by the Cebuana 24k Rewards Program, a free loyalty program that gives clients incentives for using the bank’s financial services, helping them save even more along the way.

In 2024, Iponventure opened over 1.1 million new Micro Savings accounts and raised balances among IPONBOX users. These savings have helped families handle emergencies, grow small businesses, and plan for their children’s future-showing that even modest deposits create real security.

Unlike short-term campaigns, Iponventure drives lasting behavior change by combining practical tools, financial education, and community involvement, making saving a daily habit championed by both clients and employees.

By aligning its social responsibility programs with its mission to promote inclusive financial empowerment, CL Bank has gone beyond offering services. It has started a movement that makes saving personal, practical and achievable for every Filipino.