Category: Philippine Star

Seventeen Filipinos believed to be victims of human trafficking have been deported from Malaysia, according to the Bureau of Immigration.

In a statement released yesterday, the BI said the victims, who illegally stayed in Malaysia between 2022 and 2024, arrived in Zamboanga on Saturday onboard the motor vessel Antonia.

Four of the victims belonged to a family including the parents and their two sons. They were reportedly recruited in 2023 and left the country through a port in Jolo, Sulu onboard a speed boat.

The head of the family was promised a job at a palm oil company with a monthly salary of 2,000 ringgit.

The wife and two sons later followed and worked in the same company.

After two years, the family sought the help of authorities because they reportedly suffered abuses at the hands of their employer.

Six other deportees said they each paid 1,700 ringgit to be able to enter Malaysia illegally.

They said that as they were approaching the port, they were told to jump into the water to avoid detection by Malayasian authorities.

The victims said they were employed in a palm plantation owned by a Chinese national.

The rest entered Malaysia through the same illegal route. They were reportedly detained for five months before they were deported.

BI Commissioner Joel Anthony Viado said intensified monitoring is needed to stop human traffickers from exploiting the southern maritime route to Malaysia.

‘The backdoor remains a dangerous corridor for illegal migration and human trafficking. We call for a stronger coordination among law enforcement agencies, local government units and communities in the region to tighten security and prevent further abuse of our kababayan,’ Viado said.

He thanked the Inter-Agency Council Against Trafficking for mapping out high-risk points and working with police and local authorities to address the security gaps.

The victims were turned over to the Department of Social Welfare and Development for assistance and debriefing.

At the recent launch of the La Prairie Pure Gold Radiance Collection, guests were welcomed into an afternoon of refined elegance and sensory indulgence to capture the essence of radiance, renewal and transformation – values at the heart of La Prairie’s luxurious skincare philosophy.

The venue glowed with soft golden light, setting the stage for an experience that was as immersive as it was inspiring. Attendees took part in a kintsugi-inspired activity, a Japanese art form that celebrates beauty in imperfection. Each guest painted and repaired delicate vases, later adorning them with fresh floral blooms – a graceful metaphor for restoration, resilience, and inner glow.

As guests explored the Pure Gold Radiance range, they discovered how La Prairie’s innovative formulations harness the revitalizing power of gold to illuminate the skin and restore its youthful vitality. The products, displayed like precious works of art, embodied the brand’s signature blend of science, craftsmanship and timeless luxury.

Every detail of the evening – from the golden-hued décor to the serene ambiance – reflected La Prairie’s dedication to elevating skincare into an art form. The launch was not merely an introduction to a collection, but a celebration of beauty’s enduring brilliance, leaving each guest feeling both renewed and radiant.

Ex-ombudsman Samuel Martires would do well to answer that question. Filipinos find suspicious his erstwhile unknown pardon of Sen. Joel Villanueva for graft as far back as 2019.

Martires’ claim is queer. He never publicized his exculpation of Villanueva supposedly to ‘protect a person’s dignity.’ Duh! Doesn’t absolution from a crime restore a person’s dignity? So why hide it? Baligtad na ba ang mundo?

Queerer is Villanueva’s silence all these years. His graft buster image was tarnished 17 years ago in 2008 when as Citizen’s Battle Against Corruption party rep he was linked to P10-million sleaze.

In 2013 pork barrel-fixer Janet Lim Napoles named Villanueva among her 100 congressmen-accomplices. In 2016 then-ombudsman Conchita Carpio Morales ordered him, then a newly-elected senator, dismissed from public office.

Wouldn’t he have gone to town with his absolution 11 years later in 2019? Yet he was silent.

His clearance came during Martires’ first year in office. In that first year Martires made more difficult the public’s access to officials’ statements of assets, liabilities and net worth. His appointer president Rodrigo Duterte had refused to divulge his SALNs.

Villanueva is now implicated in the P1.7-trillion flood works scandal. Three DPWH officials confessed to handing him hundred million-peso illegal campaign contributions from government contractors in Election 2022.

New Ombudsman Jesus Crispin Remulla had wanted the Senate to belatedly enforce Carpio-Morales’ nine-year long ruling. But Villanueva surprised him Thursday with certifications of ‘no pending cases’ from the ombudsman and Sandiganbayan. Aghast, Remulla asked longtime reporters if they ever heard of Villanueva’s 2019 clearance. The newsmen were as astounded.

Former solicitor general Florin Hilbay, 2014-2016, hit the validity of Martires’ act: ‘If it’s true, as Ombudsman Remulla asserts, that the cases against Joel Villanueva were dismissed by former ombudsman Martires in secret – ‘Di naman na-publish yan, ‘di yan nilabas, nobody knew about it.’ – then Ombudsman Remulla should treat such order as mere internal memo subject to his reconsideration or reversal.

‘The order of former ombudsman Carpio-Morales dismissing Senator Villanueva for the PDAF scam was a public act. Former ombudsman Martires had no authority to reverse that decision in secret, thereby depriving the public or any interested party from questioning his decision before the Supreme Court. Therefore, Ombudsman Remulla can treat the secret memo as having had no effect and can proceed with his intention to request the Senate to enforce the original order of dismissal.’

Another oddity was the Sandiganbayan’s exoneration from graft Friday of Presidential Chief Legal Counsel Juan Ponce Enrile.

The anti-graft court ruled that prosecutors didn’t prove guilt beyond reasonable doubt of P173-million pork barrel kickbacks in 2013. Cleared too were Enrile’s chief of staff Jessica Lucila Reyes and Napoles.

But the court held Napoles civilly liable and ordered her to return the money to the Treasury.

Talagang baligtad na ang mundo.

It’s reminiscent of Sandiganbayan’s 2018 acquittal of ex-senator Bong Revilla. The court cleared him of Napoles’ racket, but ordered him to return P124.5 million.

Why should he when, he maintains, it’s unclear whom the court told to restitute? If he’s innocent, why should he return the money that his chief of staff Richard Cambe deposited in the senator’s account?

The court has not bothered to clarify till today. It convicted Cambe, who has since died in prison.

Nearly all Sandiganbayan cases against 20 senators and 100 congressmen linked to Napoles were dismissed. The reason was similar: prosecutors’ inability to prove guilt.

In nearly all cases about Marcos and cronies’ stolen wealth, Sandiganbayan rulings were also similar: dismissed for prosecutors’ delay.

All these bring to mind the Supreme Court’s own strange ruling on VP Sara Duterte’s impeachment.

It deemed the House of Reps to have faultily impeached her without a plenary decision. It cited an ABS-CBN news report that supposedly stated no plenary last Feb. 5.

Yet the ABS-CBN news item twice mentioned the plenary. Same with a second news bit that the SC also footnoted.

How can 13 justices unanimously decide based on non-existent news? They did so in a special en banc July 25 amid storms and floods.

Catch Sapol radio show, Saturdays, 8 to 10 a.m., dwIZ (882-AM).

Yuchengco-led Rizal Green Energy Corp. (RGEC) has completed the grid integration of its P1.9-billion Limbauan Solar Power Project (LSPP) in Isabela.

RGEC, a joint venture between the Yuchengco Group’s PetroGreen Energy Corp. (PGEC) and Japan’s Taisei Corp., is now awaiting the National Grid Corp. of the Philippines (NGCP)’s go-signal for the project’s energization.

Once secured, the NGCP approval will enable the company to start LSPP’s actual testing and commissioning to bring an additional 40 megawatts (MW) of clean power capacity to the Luzon grid.

Broken ground earlier this year, the LSPP consists of a six-MW Phase 1 embedded in Isabela Electric Cooperative Inc.’s distribution system and a 34-MW Phase 2 directly linked to the NGCP’s 69-kiloVolt Tuguegarao-Cabangan transmission line.

With completion targeted by year-end, the project is expected to deliver 59 gigawatt-hours of clean energy annually while displacing 31,700 metric tons of carbon emissions.

A winner of the government’s second green energy auction round, the 40-MW solar facility marks PGEC’s first investment in the Cagayan Valley. It was certified as an energy project of national significance in November 2024.

Aside from the LSPP, RGEC’s current portfolio also includes the 27-MW Dagohoy Solar in Bohol, the 19.6-MW San Jose Solar in Nueva Ecija and the 25-MW Bugallon Solar in Pangasinan.

The Bohol and Nueva Ecija projects started commercial operations in July and August, respectively, while the Pangasinan facility has yet to secure the NGCP’s energization approval.

As the renewable power arm of the Yuchengco Group, PGEC develops and operates various green projects across the country.

PGEC president and CEO Francisco Delfin Jr. earlier told The STAR the company is poised to expand its capacity to 2,500 MW by 2030 with the completion of its massive offshore wind project in Ilocos Norte.

As for me, my answer is, ‘I could be a lot better.’ Yup, as I write this piece, the PSEi is again below 6,000, my news feed shows me the sad news of Emman Atienza’s death (which affects me as a parent), more corruption cases yet still no one behind prison bars, plus my own energy level is still low having gotten sick during the last leg of our US trip.

I know I’m not alone. Many of you may also be feeling off. There’s a certain heaviness in the air and many are getting sick-not just physically but sick and tired of what’s happening and the seemingly absence of a light at the end of the dark tunnel we’ve been in for quite some time now.

Trust has been taking a beating in our society and we have to be careful about this. It’s because trust is the invisible currency that makes everything work-markets, institutions, and relationships. When it’s shaken everything wobbles-stocks fall, confidence erodes, and even our motivation to do what is right gets tested. You hear people say, ‘What’s the point of being honest when those who cheat continue to be scot-free? Why pay taxes when politicians and their partners will just steal the money to fund their impossible lifestyles?’

This reminds me of the questions raised by some who are struggling financially, ‘Why should I still save and invest when I’m already old and it’s too late. Isn’t it useless to do so? Shouldn’t I just enjoy the money that I have?’

What do you think of that line of thinking? Isn’t it an irresponsible way to live your life? Someone in this situation should always remember that not doing anything to improve one’s financial condition is a burden to loved ones and the society in general.

So, it’s the same thing for the first set of questions about the point of being honest and paying taxes. Just because many of our politicians are crooks doesn’t mean that we should also follow their lead. Even if it’s hard to swallow it, we should continue to live our lives to our own moral standards. To do otherwise is to allow them not just to rob us of our money but also of our own decency.

Here are other random thoughts that can help us get out of the funk.

On the matter of raising your children, Emman’s tragic story should remind all parents that our presence is really more important than presents. I know that all parents just do their best for their children and there is no judgment here, but really, be there physically and emotionally for them. Set very clear and implementable rules for them to follow and don’t leave them alone until their Makatwirang Mak (their rational brain) is fully developed at age 25 (for some even later). I remember in my first book Raising Pinoy Boys when I interviewed Lianne, the mother of Chris Tiu, she said, ‘We do not want to send our children to study abroad even for college, unless a parent or grandparent can live with them.’ This nugget of parenting wisdom is even more important now with social media being their constant companion everyday, exposing them to the whole world.

The first 25 years of our children’s lives will go fast. I know this very well as all three of mine are past this age already. Enjoy this phase, and rephrase the ‘can-have-it-all’ mentality to ‘can have it all but not all at the same time.’ Yes, let’s honor all the seasons in our life. (Read The Seasons in a Woman’s Life.)

On the matter of getting impatient with the market and that no one is still getting jailed (in fact, we see news of more acquittals!), first let’s all express the frustration, ‘$#@ and ! (insert your curse words of choice)!’ then breathe deeply. Let’s accept that justice, like investing, takes time, sometimes too much time. We can’t control the pace of the courts and the market, but we can control how we live while waiting. Just like investing, compounding only works if we don’t give up midway. Walang bibitaw!

On the matter of health, if you’re also recovering just like I am, let’s go back to the basic laws of health: Eat well, Sleep/Rest well, Move, and have happy moments.

Maybe the market will stay down for bit longer. Maybe justice will take longer than we want. Maybe my/your energy will take another week to fully return. But I know this: Cycles turn. Always.

So, let’s all hold on together-gently but firmly. Let’s continue to show up for our family and friends, do honest work, save and invest regularly, choose decency even when no one is looking, and live a peaceful and meaningful life.

Because in the end, that’s the kind of wealth no market crash, scandal, or tragedy can take away.

Writer and editor Dindo Balares gave an explanation as to why host-actress Kris Aquino broke her strict isolation to celebrate the birthday of designer Michael Leyva.

On his Instagram account, Dindo – a close colleague of Kris – said the Queen of All Media really honored her friends.

“‘Di lang basta-basta dumarating si Kris, maraming beses ko nang napatunayan. She shows up, fully and sincerely,” Dindo said, sharing a pandemic experience where Kris sent help even as she was beginning to experience the symptoms of what would be numerous autoimmune conditions.

Dindo further shared that Kris organized Michael’s birthday lunch for his charity last October 24, Friday, with catering by Chef Jessie Sincioco, whose recipes are a favorite of Kris’.

“Kung naiba-ibang tao lang na may ginagamot na multiple autoimmune diseases, hindi ito gagawin. Pero pamilya na rin si Michael,” Dindo continued. “It is not vanity but loyalty that moves Kris: the impulse to honor a friend’s goodness and to amplify what is kind and true.”

According to the writer, Michael managed to draw prominent clients because of Kris’ friendship and support, “They saw, through her, the sincerity of his craft and the purity of his purpose. In standing beside him, Kris lent not just her name, but her credibility, her trust, her light.”

He added that Kris endured the pain of her numerous conditions throughout Michael’s birthday celebration, reflecting her “heart that refuses to turn inward despite suffering’ and that “rather being defined by illness, [she] is defined by generosity, empathy, and grace under trial.”

Through the pain, Kris told Dindo that at the very least she knew she made Michael happy that day.

“Sa bokabularyo ni Kris, friendship is never transactional. It is covenantal – rooted in gratitude, sacrifice, and faith,” Dindo said. “What she does for a friend goes beyond gestures; it is a reflection of her soul’s generosity.”

“In her giving, even amid weakness, she reminds us that true friendship is not measured by presence in prosperity but by faithfulness in frailty. Kris Aquino remains, above all, a giver of love, of loyalty, of light. And that is why those who walk with her, as friends or as witnesses, never leave unchanged,” he ended.

Much has been said about the recently released ‘Quezon’, the third film in the Bayaniverse trilogy following ‘General Luna’ and ‘Goyo’. The movie drew attention after Enrique Quezon Avanceña, grandson of former President Manuel L. Quezon, publicly reacted to its portrayal of his grandfather. While the film began with a clear disclaimer stating that it was ‘inspired by historical events’ and that ‘creative license was used for dramatic purposes,’ this artistic freedom did not sit well with Quezon’s descendants. Avanceña’s reaction is understandable –he is, after all, a direct descendant and grandchild of the film’s subject.

This reflects the idea of genealogical proximity: those closest to a person naturally feel the strongest reactions when that person’s life is portrayed or reinterpreted. Each generation views the past through its own lens –children and grandchildren often preserve the family myth, while later descendants like great-grandchildren tend to question it, examining the ancestor’s actions within a broader social and historical context rather than through personal memory.

Whatever Quezon’s flaws may have been, it is for later descendants and historians to examine them more deeply. As a historian, I sought to confirm the film’s accuracy, and indeed, the Osmeña-Quezon love-hate relationship it portrayed was historically true. The two men clashed often –Quezon even split from the Nacionalista Party that Osmeña had helped found– but, like many politicians of their era, they eventually reconciled in the interest of national unity. Osmeña himself later reflected on this dynamic. In Vicente Albano Pacis’ biography, he admitted that ‘part of the price of unity was the development of an apparent oligarchy.’ For four decades of Nacionalista dominance, he observed, only Quezon and himself truly stood at the top, while the same small circle of leaders merely rotated positions in what he called a ‘ritualistic rigodon.’ New faces appeared only rarely, stepping in to replace those who had retired –or died.

Another key highlight was the political face-off between Emilio Aguinaldo and Manuel Quezon. Aguinaldo ran against Quezon in the 1935 presidential election and the campaign unearthed old controversies, from Quezon’s alleged first marriage to Aguinaldo’s supposed role in the deaths of Andres Bonifacio and Antonio Luna. The election ended decisively in Quezon’s favor, who secured 67.99% of the votes. Aguinaldo struggled to accept defeat. He lodged complaints before the chief executive, later forwarded by Governor-General Murphy to the legislature, alleging widespread fraud and irregularities. These included the refusal of certain municipal councils to appoint election inspectors for the Socialist Party, while favoring the Republican Party, and accusations of partisan activity among public officials.

The three Bayaniverse films, inspired by history, remind viewers that even the nation’s greatest heroes were human –brilliant yet flawed, noble yet imperfect. The reaction of the Quezon family is thus understandable; relatives often feel compelled to protect the memory and legacy of their ancestor. It is thus wiser to allow more time to pass before controversial political figures are portrayed on screen, so that emotional proximity gives way to historical reflection.

Later generations –particularly great-grandchildren and beyond– tend to view their ancestors with curiosity rather than nostalgia. Freed from emotional attachment and family expectations, they approach the past with open inquiry instead of defensiveness. Their aim isn’t merely to preserve stories but to understand how those lives were shaped by the social and political realities of their time. In doing so, they turn family memory into historical insight, ensuring that ancestors are remembered not just with affection, but with honesty, depth, and context.

In the end, the film’s themes still resonate today: there may be many politicians, but true public servants remain rare. Mudslinging and black propaganda continue to plague our politics, and defeated candidates still cry fraud despite clear losses. Decades may have passed, but the old saying rings truer than ever –plus ça change, plus c’est la même chose– the more things change, the more they stay the same.

The Philippines officially assumed the 2026 Chairship of the ASEAN Business Advisory Council (ASEAN-BAC) on October 26, 2025, as ASEAN-BAC Malaysia handed over leadership of the regional body.

The council provides private sector guidance to boost ASEAN’s economic integration and identifies priority areas for consideration by ASEAN Leaders.

The ASEAN-BAC Philippines delegation, led by Chair Jose Ma. Concepcion III and council members George Barcelon and Michael Tan, traveled to Kuala Lumpur for the handover ceremonies.

The event was a highlight of the ASEAN-BAC Events and Related Summits held from October 24 to 27, which included the ASEAN Business and Investment Summit, the ASEAN Business Awards and the inaugural ASEAN Inclusive Growth Summit.

These events coincided with the 47th ASEAN Summit, which gathers leaders of the Association of Southeast Asian Nations.

ASEAN-BAC Philippines will continue to follow the guiding theme of ‘Prosperity for All’, first adopted during its previous chairship in 2017.

‘There has been plenty of exchanging of ideas, and I am glad to hear how some resonate with my own views of the role of ASEAN and the private sector in bringing about inclusive, sustainable growth,’ Concepcion said.

‘As we take on this new role, our goal is to build on this momentum, empowering MSMEs and strengthening partnerships that drive inclusive growth and food security across the region. Together, we can ensure that the ASEAN spirit of unity, innovation, and entrepreneurship continues to thrive,’ he added.

NOTE: The Masked Banker is a top executive at a local investment house. Their identity was confirmed to my satisfaction through independent reference and credential checks, but has been withheld at their request.

MB: I’m so excited to talk to a high-level investment banker (IB) about IPOs! Thanks for putting aside some time to talk shop about the IPO process with a certified IPO fanboy like me.

Masked Banker: The pleasure is mine, and thank you also for the opportunity to provide your audience with insights on what happens behind the scenes on IPOs and the process. Hopefully your audience will have a better understanding of what goes on, and spot the actions that go behind certain moves during an IPO.

Merkado Barkada (MB): For most investors, the preliminary prospectus filing with the SEC is the first time they see an IPO, but that’s actually a huge milestone in a long process that probably started months (if not years) ago. How do IPO candidates and bankers first come into contact?

Masked Banker: Prospective IPO candidates are introduced to the Investment Bankers in one of several ways:

Creditor banks of the IPO candidates are one of the ‘first touch’ with the IPO candidates, who happen to be lenders to such companies. The creditor banks usually introduce such IPO candidates to their IB (investment bank) subsidiaries.

Audit and/or law firms that have such IPO candidates as their clients and refer them to their IB contacts. The quid pro quo is that the said audit or law firms are also engaged in the transactions.

PSE-LEAP – the PSE has a Listings Engagement and Assistance Program (LEAP) that regularly conducts roadshows and discussions with companies that express interest in listing on the PSE. During such engagements, the PSE will normally include an IB to provide context on the IPO process and underwritings.

Financial Advisers – IPO candidates may have their own respective financial advisers who are working with the company to prepare for its capital-raising activities, such as an IPO. These advisers then turn to their contacts among IBs to present and pitch their services.

IBs – we will also reach out to companies that we believe are IPO-ready and have a unique storyline to bring to market. We will usually try to find introductions to the company principals or even cold-call.

MB: Assuming either side can initiate, which (in your experience) is better for the potential performance of a future IPO?

Masked Banker: Generally, the IPO candidates that proceed to the offering are those that have an expressed interest/objective/goal for their planned IPO, and these are the companies that are ‘motivated’ and actually proceed with their IPOs. A motivated company would have an initial plan already and outlook on where they want to go. IBs provide the runway for these companies to achieve their goal of going public.

MB: What are the critical things that bankers and potential IPOs talk about in those first few meetings?

Masked Banker: Personally, it’s critical to understand the IPO candidate’s objective and purpose for going public. Candidates should be motivated, as it’s a long process that requires principals’ and senior management’s engagement. We also talk about the fundraising requirement (how much cash we need to generate from the transaction), and we check on the commitment level of the principals and senior management players who will be involved in the transaction. We also assess the familiarity of those players with the workings of the stock market to try and avoid any rude awakenings or misconceptions.

MB: How can retail investors get a feel for how involved and bought-in the IPO candidate’s principals and senior managers are to the deal?

Masked Banker: A good indicator of this is when the Principals are the ones front and center in Pre-Deal Investor Education (PDIE – this is an Investment Banker terminology) presentations, QIB briefings, and retail roadshow presentations. When these are ‘assigned’ to the investor relations team, the involvement is not really the same.

MB: What are the red flags that you look for that might signal a problem for an IPO candidate?

Masked Banker: There are several:

Governance and Reputational Considerations – Before we even speak with prospective IPO candidates, we will conduct research on the Company’s principals, the Company, its past performance, reputation in the industry and trade, manpower/labor matters. These areas provide a peek into the red flags, if any.

Unrealistic Price Expectations – We’re normally wary of IPO candidates that have unrealistic price expectations and who may not have thought through their bases for such price expectations.

Lack of Plans – If the IPO candidate does not know what it will do with the funds raised, I believe there is no reason for them to go public at this time.

Big Secondary Portion for the IPO – Unless the IPO involves a REIT or the secondary portion will be for the overall allotment/stabilization fund, we will usually advise against an IPO candidate doing a large secondary portion (greater than 20%) as it gives a wrong message to the market that the principals are cashing out.

Presence of PE Investors – While PE investors signal an initial group as having conducted a thorough due diligence review and their investment in the company presents a ‘seal of good housekeeping’ from a professional investor – our worry is the timing and extent of secondary selling that the PE Investor would undertake during the public offer and eventually during listing (what will they do after the lock-up period).

MB: How do investment bankers try to overcome those red flags?

Masked Banker: We usually will have a frank and candid discussion on the red flag matters and signal remedial actions on the part of the IPO candidate. If we believe that they will be sincere in addressing the red flags, then we proceed. Otherwise, we beg off on the deal.

MB: The topic of price must be an intensely emotional one for some owners. How do you work with potential IPOs to come up with a price range?

Masked Banker: The ‘science’ in pricing is that the IBs will go through a valuation process with the IPO candidate using one of a number of valuation methodologies: (a) asset-based, (b) market-based, and (c) cash-flow based. We also look at the IPO candidates’ intrinsic ‘valuables’ like the industry it is involved in, its industry standing/market share (is it a leader or a challenger), reputation, and potentials/prospectus. Finally, we look at overall market sentiment: bull or bear. Personally, a frank question I always ask the principals of my IPO candidates is this: At what price will YOU buy your company’s stock?

MB: Is the pricing day ‘discount’ used by some IBs as a way of framing the IPO price as a ‘deal’ relative to its maximum price from the prospectus?

Masked Banker: The discount is usually the actual price established during the book-building process, i.e, the price that clears the books (usually 70% of the offering).

MB: How is that maximum price from the prospectus arrived at?

Masked Banker: This is usually the HIGHEST JUSTIFIABLE PRICE IN A PERFECT MARKET, based on the higher end of comparables at the best times in the market, just in case the market and valuations move and approach this condition.

MB: How does the investment bank “test” the pricing during the book-building process?

Masked Banker: There is usually a small group of Institutional Investors (Fund Managers, Stock Broker Research Heads, and Institutional Investor Sales Heads) that we will hold in-depth presentations and discussions to get their candid comments, interest, and at what price levels in the IPO pre-deal roadshows. This initial canvas allows us to narrow the price range before going into the actual QIB briefings and book-building, where, if we did our job right, we should be getting stronger interest.

MB: The last few IPOs have performed very well relative to their IPO prices, but historically (since COVID), IPOs on the PSE have generally lost a significant amount of value relative to their IPO prices. What do you think is the cause of this historical underperformance?

Masked Banker: The historical under-performance was really due to companies coming out or getting caught in the middle of market disturbances that affected overall market sentiment. A few companies that went public also posted weaker-than-expected revenue and earnings growth, with some even posting earnings declines.

MB: What do you think is behind the overperformance of recent IPOs?

Masked Banker: The companies listened to market investors’ feedback and came to market with deep cuts in IPO pricing/valuation, and this was well received by investors. There was also better-than-expected earnings performance, and even post-IPO mergers and acquisitions activity.

MB: Ok, I’m going to have to stop myself there, because I could literally do this for hours. Thank you for answering my questions so directly and giving MB readers a look behind the IB curtain to gain a better understanding of the IPO process!

Six undefeated fighters will put their unblemished records on the line during the ‘Thrilla In Manila’ Golden Anniversary boxing card with the first of 13 bouts starting 12 noon at the Smart Araneta Coliseum today.

The six are middleweight Eumir Marcial (6-0, 4 KOs), superbantamweight Carl Jammes Martin (26-0, 20 KOs), lightflyweight Berlan Robles (12-0-1, 5 KOs), middleweight Vadim Tukov (16-0, 7 KOs), lightweight Eman Bacosa (6-0-1, 4 KOs) and lightweight Ronerick Ballesteros (5-0-1, 4 KOs). Of the six, only Martin and Turov are world-rated. Martin, 26, is ranked No. 2 by WBO and No. 8 by IBF in the 122-pound division while Turov, 31, is ranked No. 2 by WBA and No. 10 by IBF in the 160-pound class.

Marcial and Martin are now based in Las Vegas, staying in MP Promotions head Sean Gibbons’ Knuckleheads spread which has living quarters and training facilities. They’re back in Manila to celebrate the ‘Thrilla’ anniversary. Five of Marcial’s fights were in the US and the four-time SEA Games gold medalist is chasing the vacant WBC International middleweight crown. A win over Venezuelan KO artist Eddy Colmenares will be his ticket to a top 10 rating. Colmenares, 28, is known as ‘El Terrible,’ borrowing Erik Morales’ nickname, and has won 11 fights all by KO, five in the first round. His two losses were close decisions, one majority and the other split. Colmenares has fought in Russia, Argentina and Germany aside from Venezuela so he’s no stranger to fighting on unfriendly soil.

Martin’s last seven opponents were foreigners, three Mexicans, two Thais and two Tanzanians. He’s taking on another Thai Aran Dipaen whose four career defeats were away from home, twice in Japan and once each in Russia and UK. Dipaen, who was stopped by Naoya Inoue in an IBF bantamweight title match in 2021, boasts a record of 21-4, 18 KOs. It’s a homecoming for Martin and Marcial who’re promising an explosive ending to their assignments.

Tukov is up against Ghana’s Sena Agbeko in an eight-rounder. The Russian had an extensive amateur career of 60 fights before turning pro in 2020. He’s the reigning WBA International and Golden middleweight champion. It’s his first fight outside of Russia. Agbeko, 33, roared to a 15-0 start in his pro career then lost a decision to Russia’s Vladimir Shishkin in 2021. He intends to avenge that defeat to Shishkin by dealing Tukov his first defeat.

Robles, 25, will challenge WBC International Silver lightflyweight champion Arvin Magramo in a tenner. Bacosa, 21, drew with Jommel Cudiamat in his pro debut then rattled off six straight wins. He faces Nico Salado who’s coming off a 14-month layoff from losing on points to Ricky Cristobal. Ballesteros has won his last four fights by KO and the Jackhammer aims to add Speedy Boy Acope to his list of victims.