Category: Philippine Star

Salmon Bank is targeting to infuse at least P1.2 billion in fresh capital over the next two years as it prepares to transition from a rural bank to a thrift bank as part of its broader strategy to expand nationwide.

Salmon Bank chairman and co-founder Raffy Montemayor said the group plans to inject at least P600 million before the end of 2025, bringing its equity to about P1.4 billion, and another P600 million in 2026 to support rapid growth and regulatory requirements for a thrift bank license.

‘We continue to prepare ourselves to apply for a thrift bank next year,’ Montemayor said.

‘In terms of capital, we’re already there. But we want to make sure we complete key investments in people and in technology before we apply,’ he said.

He added that the upgrade would mark a significant step toward operating on a nationwide scale, allowing the bank to combine a strong digital platform with an expanded physical presence.

‘We want to make sure the bank is ready to put its foot forward as a thrift bank, which brings with it a higher level of attention,’ Montemayor said.

Pavel Fedorov, who also co-founded Salmon, said the group is already among the most capitalized modern banks in the country and expects to be ‘well above most of the digital banks in capitalization fairly soon.’

‘Alongside net income, we’re injecting quite a bit of capital into the bank,’ Fedorov said. ‘We, as a group, will be bringing a lot more capital next year as well. We want to increase the share capital to the level where many of the new startups will be in our shadow.’

Fedorov said the parent company could inject more capital if the bank grows faster than expected.

He added that Salmon Bank has been sustaining rapid growth since its launch, doubling key operating and financial metrics every six to nine months.

According to Montemayor, the Bangko Sentral ng Pilipinas is currently reviewing Salmon’s application for an advanced electronic payments and financial services (EPFS) license, which was filed in August.

‘It could take six to 12 months,’ he said. ‘We have ongoing dialogue with the BSP to make sure we answer all the questions and provide the documentation they need.’

Salmon Bank is also gearing up to launch its ‘daily banking’ suite next year, a package of integrated products including checking and high-yield savings accounts, time deposits and digital payment features designed to meet customers’ everyday financial needs.

When asked if the rural bank is considering applying for a digital bank license, officials said they are focusing on expanding their physical footprint, which is restricted under a digital bank license.

To support its growing customer base, the bank plans to open three new flagship branches in Bonifacio Global City, Cebu and Cagayan de Oro, with the goal of testing a 24/7 branch model.

The Cebu Provincial Government has unveiled an ambitious plan to reshape the island’s economic geography through strategic zoning and corridor-based industrial development, a move aimed at drawing new investments, accelerating regional industrialization, and ensuring economic gains extend beyond Metro Cebu.

In a keynote address during the ‘Cebu Industrial Summit 2025’ held yesterday, October 29, 2025, organized by Aboitiz Economic Estates at Oakridge Business Park, Governor Pamela Baricuatro outlined a long-term roadmap positioning Cebu as a national model for ‘sustainable, people-centered industrialization’ by 2035.

Anchored on the province’s updated Provincial Development and Physical Framework Plan (PDPFP), the initiative envisions the creation of industrial corridors and secondary growth centers to decentralize development and strengthen local economies.

‘Cebu has always been a land of builders,’ Baricuatro told the summit’s audience which composed of business leaders, local and foreign investors.

‘We rise not because it is easy, but because it is in our nature to move forward, to rebuild stronger, and to dream bigger,’ the Governor added.

Decentralizing Growth Through Industrial Corridors

Under the province’s polycentric development strategy, Metro Cebu will remain the main economic engine, but growth will be deliberately spread across emerging industrial hubs.

The Metro Cebu Corridor, encompassing Talisay, Naga, and Danao, will anchor logistics and manufacturing expansion; The North Corridor – from Consolacion to Carmen and Bogo City – will drive renewable energy ventures, including a 114-megawatt solar farm in Toledo City; The West Corridor, covering Balamban and Pinamungahan, will focus on medium to heavy industries, while the Southeast Corridor, spanning Poro, Argao, and Palisay, is eyed for light manufacturing; The Southwest Corridor, including Barili and Toledo, will diversify tourism, capitalizing on Cebu’s natural landscapes and cultural heritage.

Infrastructure and Human Capital Investments

To support the zoning strategy, Cebu is advancing key infrastructure projects with the Japan International Cooperation Agency (JICA), including the Fourth Cebu-Mactan Bridge and Coastal Road, the Metro Cebu Expressway, and the Metro Cebu Sewerage System. These projects aim to improve mobility, expand access to new growth zones, and attract export-oriented industries.

Governor Baricuatro said more than 30 percent of the province’s 2026 budget will be dedicated to human development, with spending focused on healthcare, education, and workforce upskilling.

The goal, she noted, is to prepare Cebuanos for the demands of ‘industries of the future’ – including green energy, artificial intelligence, advanced manufacturing, and the creative economy.

‘What makes our approach different is that we measure progress by international standards,’ she said. ‘We focus not only on infrastructure but on human development and environmental stewardship.’

A Broader Vision for Sustainable Industry

The province’s zoning and investment push comes as Cebu seeks to solidify its standing as the Philippines’ second-largest economy outside Metro Manila. The integrated approach underscores a commitment to partnership-driven development, balancing industrial growth with environmental and social goals.

Rafael Fernandez de Mesa, President and CEO of Aboitiz Land Inc. and Head of Aboitiz Economic Estates, praised Cebu’s forward-looking strategy, noting that it aligns with private sector efforts to modernize industrial ecosystems.

‘We have deliberately evolved beyond the traditional industrial park model,’ de Mesa said. ‘We now see ourselves as builders of integrated economic systems – partners in enabling enterprise, advancing sustainability, and driving nation-building.’

He added that Cebu’s strategic location, robust infrastructure, and skilled workforce make it a prime destination for high-value industries capable of propelling inclusive growth across the Visayas and beyond.

The International Bazaar Foundation, Inc. (IBF), in cooperation with the Department of Foreign Affairs, the Diplomatic and Consular Corps of the Philippines, and Spouses of the Heads of Mission (SHOM), will hold the International Bazaar 2025 on Sunday, Nov. 16, from 9 a.m. to 7 p.m. at the World Trade Center Tent in Pasay City.

The annually held International Bazaar is one of the most anticipated bazaars of the holiday season to usher in the start of the Christmas festivities. It enjoys the participation of the diplomatic community as well as Philippine product exhibitors from across the country. The yearly theme, ‘Shop Global, Help Local,’ highlights the coming together of global wonders and local treasures, as well as entrepreneurship and philanthropy.

During the press conference to launch the 2025 International Bazaar held at the Department of Foreign Affairs, Double Dragon Tower, the Foundation announced that 42 countries will participate in the bazaar this year: Australia, Bangladesh, Belgium, Cambodia, China, Czech Republic, European Union (EU), France, Ghana, Hungary, India, Indonesia, Israel, Japan, Republic of Korea, Lao PDR, Lebanon, Malaysia, Mexico, Netherlands, New Zealand, Oman, Order of Malta, Moldova, Pakistan, Palestine, Peru, Poland, Romania, Singapore, Slovenia, Spain, Sri Lanka, Switzerland, Syria, Tanzania, Thailand, Trkiye, Ukraine, United Kingdom of Great Britain, United States of America, and Viet Nam.

Switzerland, one of the yearly crowd favorites, is rejoining the bazaar after a year of hiatus and is bringing back its popular, in-demand premium Swiss chocolates. Moldova, Poland, and Slovenia are joining as exhibitors for the first time. Exhibiting their products during the press conference were the Embassies of Hungary, India, Indonesia, Japan, Poland, Thailand and Trkiye.

Also participating are a number of the Philippines’ Best exhibitors that will highlight our country’s top products in fashion, housewares and decor, cosmetics, self-care, jewelry, and food. Much is in store for the whole family.

The entrance fee to the International Bazaar is P200. All proceeds from the bazaar will go to the various IBF and SHOM charity projects and scholarship programs for marginalized communities. The IBF supports 56 active scholars and livelihood projects for distressed communities and victims of calamities, as well as provides financial and in-kind assistance to civic organizations, medical institutions, and NGOs in the care of persons with disabilities, the elderly, the homeless, abused women, abandoned children, and other deserving groups.

Established in 1966, the IBF is a non-profit fundraising institutional foundation. Now in its 59th year, the IBF remains committed to its vision of assisting disadvantaged sectors of the community through its charitable activities, as well as fostering stronger bonds within the diplomatic community in Manila.

The Manjuyod White Sandbar in Negros Oriental has been closed temporarily due to the contamination of the local water supply.

In an order issued on Monday, Mayor Raffy Alipio Andaya said the water discoloration was caused by wastewater discharged from a collapsed dike in a lagoon of a nearby distillery company.

Alipio said the dike sustained cracks from an earthquake and heavy rainfall that occurred in the past few days.

He said the contamination poses health and environmental hazards,which required immediate preventive actions to ensure the safety of visitors, residents and stakeholders.

The municipal government and its disaster risk reduction and management council are coordinating with the Department of Environment and Natural Resources and other concerned government agencies for the conduct of water quality testing, assessment and monitoring.

For many working students, the road to higher education is filled with sacrifices, sleepless nights and financial uncertainty. For one determined Ilongga, that journey has finally come full circle with a dream realized and the bar successfully passed.

Balancing a full-time job while studying Law at Central Philippine University was no easy feat. The pressure of exams, recitations and maintaining employment was already challenging. But perhaps the biggest hurdle of all was financial.

‘I’ve been exposed to legal matters through my work, and I took up law to gain the right knowledge and prepare myself for when it’s needed,’ shared Sheila Mae Gomez, who graduated in 2023 and passed the bar in 2024.

‘I also pursued law studies to build confidence, make smarter decisions and help others when they’re dealing with tricky legal situations. For me, becoming a lawyer isn’t just about the title-it’s a chance to stand up for justice, protect people’s rights and make a real difference by helping others find fair solutions,’ she said.

Despite having a monthly income, the cost of legal education was still a challenge for Gomez. ‘Every enrollment and exam season brought anxiety,’ she added. ‘That’s when GLoan became one of my most reliable yet silent personal partner.’

‘It is unfortunate that loans are often seen in a negative light,’ remarked Gomez, ‘but I believe that borrowing, when done with purpose, can be a powerful tool and a smart investment, especially when it supports your education and personal growth.’

GLoan, a service offered by Fuse Financing Inc., the lending arm of GCash, stood out for its simplicity and transparency. With no documentary requirements, no collaterals, quick approval process, clear terms and no hidden surprises, it provided much-needed peace of mind.

‘There was no drama. I didn’t have to risk my relationships by borrowing from family or friends,’ she shared. ‘With GLoan, I immediately saw how much I would receive and what my monthly payments would be,’ she expressed.

Now officially a lawyer, she looks back on the journey with gratitude, having finally earned the title ‘Atty.’ that now precedes her name and established a law office to serve her immediate community.

‘With the support of my family, friends and GLoan, I was able to pass the bar. And even now, as I begin this new chapter, GCash continues to be part of my financial journey,’ shared Gomez.

To others dreaming of pursuing further studies, her message is clear: ‘Don’t hesitate to invest in yourself. The road is always tough, but it’s not impossible to reach your dreams.’

University of Perpetual Help outlasted San Beda, pulling off a gut-wrenching 88-85 triple overtime victory yesterday to claim a twice-to-beat quarterfinals incentive in NCAA Season 101 at the Filoil EcoOil Arena.

Patrick Sleat scorched with a team-best 23 points including a crucial three-point play in the third OT before fouling out while Mark Gojo Cruz sizzled with 20 points including a mammoth triple late as the Altas improved to 8-1 and took that important privilege in the quarters.

Another win would seal the Las Piñas-based dribblers that top seeding in Group A.

Earlier, San Sebastian stunned Letran, 82-81, to claim a second triumph in nine outings and avoid the play-in. Instead, the Stags qualified straight to the quarters.

The Knights faltered to 5-4.

The Department of Agriculture (DA) will assume responsibility for developing farm-to-market roads or FMRs starting next year, taking over from the Department of Public Works and Highways following the corruption scandal that has prompted probes into DPWH infrastructure projects.

Agriculture Secretary Francisco Tiu Laurel Jr. and Public Works Secretary Vince Dizon met a day earlier to review past FMR audits and map out the transition, including a catch-up plan to finish pending 2025 projects before the turnover.

‘These roads are badly needed by our farmers and fisherfolk. They will ease livelihoods, lower production costs and give farmers more time with their families,’ Tiu Laurel said in a statement.

Dizon said about 1,000 kilometers of FMRs are targeted for completion in 2025, adding that both agencies are looking at ‘outside-the-box’ ways to fast-track delivery.

‘Local government units will be engaged, similar to our approach with classrooms,’ he said.

The transfer follows President Marcos’ directive to streamline infrastructure delivery and ensure that projects are completed swiftly and at the right cost.

The DA said the catch-up plan for 2025 would also serve as the blueprint for how it will manage FMR development once it fully takes over in 2026.

At a recent Senate hearing, Tiu Laurel said the department is studying new construction technologies that could cut costs significantly.

He noted that the country still faces a backlog of around 60,000 kilometers, equivalent to six decades of work at the current pace.

The DA said it also plans to work with local governments and the Armed Forces of the Philippines, particularly the Army Corps of Engineers, to speed up FMR construction in remote and conflict-affected areas.

Dizon said audits of past FMR projects have flagged several segments that may warrant further investigation.

Of the nearly 1,000 kilometers inspected by the DA out of over 4,000 kilometers built in recent years, a few were found to have irregularities that could lead to complaints filed before the Ombudsman and the Independent Commission on Infrastructure.

‘These are small stretches, but accountability must still be enforced,’ Dizon said.

The DPWH is currently facing investigation over alleged widespread corruption in its infrastructure programs, particularly flood control projects worth as much as P1 trillion.

“Revival King” Jojo Mendrez continues to make his mark in the local music scene with songs he’s beautifully revived.

Some of these include Apo Hiking Society’s “Tuyo ng Damdamin,” Florante’s “Handog,” Jireh Lim’s “Magkabilang Mundo,” and Julie Vega’s “Somewhere in My Past.”

Aside from his revival hits, Jojo also has original songs such as “Basta Ikaw,” “Diwa ng Pasko,” and “Nandito Lang Ako” – along with a new Christmas single composed by award-winning songwriter Jonathan Manalo.

“Ngayong Pasko’y Ikaw Pa Rin marks a career highlight for Jojo as it was specially written for him by Jonathan.

The very emotional track brings back memories of love and longing, all delivered with Jojo’s soulful and heartfelt voice.

“I’m honored because the songs of Gary V and Ariel are timeless. they stay in people’s hearts and are played every Christmas,” said Jojo. “So for me, this is truly one of the biggest honors of my career.”

When the ruling for the disqualification of Tarlac City Mayor Susan Yap-Sulit becomes final and executory, her position will be filled by Vice Mayor Katherine Therese Angeles, the Commission on Elections said yesterday.

Comelec Chairman George Garcia said the poll body is preparing to issue the certificate of finality as well as the entry of judgment on Sulit’s case.

Sulit was disqualified as Tarlac mayor over questions of residency.

Garcia said the Supreme Court has not, as of yesterday, issued a temporary restraining order that would stop the Comelec from implementing the decision.

He stressed that the ruling on Sulit’s ineligibility to sit as mayor cannot be overturned by her being voted into office.

‘The will of the people cannot prevail over the rule of law,’ Garcia said.

The listed education joint venture between the Yuchengco Group and Ayala Corp. has merged AC College of Enterprises and Technologies Inc. (ACCET) and National Teachers College (NTC), with the latter as the surviving corporation.

In a stock exchange filing, iPeople Inc. said that the merger took effect on Oct. 28 following the Securities and Exchange Commission’s approval and issuance of the certificate of filing of the articles and plan of merger.

Under the merger, the entire assets and liabilities of ACCET will be transferred to and absorbed by NTC.

NTC, which was founded in 1928 and is located in the University Belt in Manila, has grown substantially since being acquired by iPeople in 2019.

Last year, iPeople announced plans to bring NTC outside Metro Manila to address rising student demand. It is set to expand to Bulacan as part of the company’s mission to bring quality education to more Filipinos.

iPeople is a holding company under House of Investments Inc. of the Yuchengco Group of Companies and Ayala, with a focus on investments in the education sector.