BSP strengthens prudential rules for Islamic banks

The Bangko Sentral ng Pilipinas (BSP) has tightened prudential regulations for Islamic banks and banking units to align their operations with international standards while allowing flexibility during the sector’s early growth stage.

Under Circular 1219, the Monetary Board approved on Oct. 9 amendments to several sections of the Manual of Regulations for Banks to refine licensing, liquidity and reporting requirements for Islamic banks (IBs) and Islamic banking units (IBUs).

The BSP said the revised framework seeks to ‘address the unique specificities of Islamic banking operations, the evolving landscape of liquidity risk management in the Islamic banking system and the limited availability of liquidity management instruments which are appropriate for IBs and IBUs.’

Applicants seeking to operate an IBU must now submit a detailed corporate plan describing their business model and delivery of Shari’ah-compliant products and services.

The establishment of an IBU will be treated as a Type A license, subject to applicable fees and the bank’s capitalization requirements. The authority to operate will be automatically revoked if business does not commence within one year from Monetary Board approval.

To improve industry monitoring, IBs and IBUs are required to submit prudential reports using existing financial reporting package templates, alongside a supplemental FRP report that reflects Islamic finance-specific accounts.

The BSP will observe a three-year transition period to allow new IBs and IBUs to adjust to data and system requirements before full implementation of the prudential reporting standards.

The circular also refines rules under the liquidity coverage ratio (LCR) and net stable funding ratio (NSFR) to reflect Shari’ah-compliant instruments such as sukuk, which will now be treated as eligible liquid assets if they meet prudential criteria.

‘Debt instruments should be taken to include sukuk or the Islamic alternative to bonds,’ the BSP said, adding that those issued by the International Islamic Liquidity Management Corp. and similar multilateral organizations may qualify as high-quality liquid assets.

IBs are expected to establish independent liquidity management frameworks, while IBUs must maintain segregated assets and liabilities from their parent conventional banks.

For conventional banks with IBUs, compliance with liquidity ratios such as the LCR, NSFR and minimum liquidity ratio will be determined on a consolidated basis. IBUs are not required to submit separate liquidity reports, but their transactions must be incorporated into the parent bank’s reports.

The BSP said it would maintain ‘an open line of communication with stakeholders to ensure that the regulatory framework remains appropriate and relevant.’

It added that given the Islamic banking market’s nascent stage, the central bank would adopt a flexible approach in enforcing compliance, especially in report submissions.

The new rules also clarify that only banks duly authorized by the BSP as full-fledged IBs may use and affix the term ‘Islamic bank’ in their business name.

IBs are likewise encouraged to take ‘necessary steps to have their shares of stock listed in any duly registered stock exchange,’ signaling support for greater market participation and transparency.

PCCI offers project monitoring aid

The Philippines’ largest business group is offering to partner with the government in fighting corruption through project monitoring.

At yesterday’s Philippine Business Conference and Expo, the Philippine Chamber of Commerce and Industry (PCCI) told Public Works Secretary Vince Dizon that the private sector can aid the government’s anti-corruption drive.

‘We consulted our area vice presidents and different groups. Not just the PCCI, but all the other associations. We want to be together in this to help,’ said PCCI chairman for science and technology Ferdinand Ferrer.

The PCCI can enter into an agreement with the Department of Public Works and Highways to engage with the DPWH’s citizen participatory audit, he noted.

Dizon said the DPWH’s problems are systemic and changing personnel would be insufficient.

State officials should end the unabated, continuing and excessive corruption by instituting strict monitoring, transparency and accountability mechanisms across all levels of governance, the PCCI said.

Investing in artificial intelligence and emerging digital technologies will enhance efficiency, transparency and effectiveness in public service delivery, the group asserted.

AI tools can be used in evaluating and studying government projects, Ferrer said.

Blockchain would be effective in protecting documents, he added.

As for the bidding process, Ferrer said the government can use the private sector’s procurement tools.

Dizon said the government is planning to launch a transparency portal.

Reveal your SALNs, or else leave gov’t

‘If you’re afraid of the public, then quit politics.’ That’s what then-Comelec chairman Christian Monsod told Election 1992 candidates who pestered him for permits to have bodyguards.

In the same vein they should be told, ‘If you’re afraid of transparency, then quit government.’

Politicos have a common lame excuse to hide their statements of assets, liabilities and net worth. Publicizing SALNs supposedly exposes them to harassment by opponents.

Phooey! Harassment is a crime, so sue that opponent.

The Constitution is clear. Article XI, Accountability of Public Officers, Section 17 states:

‘A public officer or employee shall, upon assumption of office and as often thereafter as may be required by law, submit a declaration under oath of his assets, liabilities and net worth. In the case of the President, Vice President, Members of the Cabinet, Congress, Supreme Court, Constitutional Commissions and other constitutional offices, and officers of the Armed Forces with general or flag rank, the declaration shall be disclosed to the public in the manner provided by law.’

The enabling law is RA 6713, Code of Conduct and Ethical Standards for Public Officials and Employees. Section 8, Statements and Disclosure, says:

‘Public officials and employees have an obligation to accomplish and submit declarations under oath of, and the public has the right to know, their assets, liabilities, net worth and financial and business interests including those of their spouses and of unmarried children under eighteen (18) years of age living in their households.

‘(A) Statements of Assets and Liabilities and Financial Disclosure.

‘All public officials and employees, except those who serve in an honorary capacity, laborers and casual or temporary workers, shall file under oath their Statement of Assets, Liabilities and Net Worth and a Disclosure of Business Interests and Financial Connections and those of their spouses and unmarried children under eighteen (18) years of age living in their households.

‘The two documents shall contain information on the following: (a) real property, its improvements, acquisition costs, assessed value and current fair market value; (b) personal property and acquisition cost; (c) all other assets such as investments, cash on hand or in banks, stocks, bonds and the like; (d) liabilities and (e) all business interests and financial connections.

‘The documents must be filed: (a) within thirty (30) days after assumption of office; (b) on or before April 30, of every year thereafter; and (c) within thirty (30) days after separation from the service.

‘All public officials and employees required under this section to file the aforestated documents shall also execute, within thirty (30) days from the date of their assumption of office, the necessary authority in favor of the ombudsman to obtain from all appropriate government agencies, including the Bureau of Internal Revenue, such documents as may show their assets, liabilities, net worth and also their business interests and financial connections in previous years, including, if possible, the year when they first assumed any office in the Government.

‘Husband and wife who are both public officials or employees may file the required statements jointly or separately.

‘The Statements of Assets, Liabilities and Net Worth and the Disclosure of Business Interests and Financial Connections shall be filed by:

‘(1) Constitutional and national elective officials, with the national Office of the Ombudsman;

‘(2) Senators and Congressmen, with the Secretaries of the Senate and the House of Representatives, respectively; Justices, with the Clerk of Court of the Supreme Court; Judges, with the Court Administrator and all national executive officials with the Office of the President;

‘(3) Regional and local officials and employees, with the Deputy Ombudsman in their respective regions;

‘(4) Officers of the armed forces from the rank of colonel or naval captain, with the Office of the President, and those below said ranks, with the Deputy Ombudsman in their respective regions; and

‘(5) All other public officials and employees, defined in Republic Act No. 3019, as amended, with the Civil Service Commission.

‘(B) Identification and disclosure of relatives.

‘It shall be the duty of every public official or employee to identify and disclose, to the best of his knowledge and information, his relatives in the Government in the form, manner and frequency prescribed by the Civil Service Commission.

‘(C) Accessibility of documents.

‘(1) Any and all statements filed under this Act, shall be made available for inspection at reasonable hours.

‘(2) Such statements shall be made available for copying or reproduction after ten (10) working days from the time they are filed as required by law.

‘(3) Any person requesting a copy of a statement shall be required to pay a reasonable fee to cover the cost of reproduction and mailing of such statement, as well as the cost of certification.

‘(4) Any statement filed under this Act shall be available to the public for a period of ten (10) years after receipt of the statement. After such period, the statement may be destroyed unless needed in an ongoing investigation.

‘(D) Prohibited acts.

‘It shall be unlawful for any person to obtain or use any statement filed under this Act for: (a) any purpose contrary to morals or public policy; or (b) any commercial purpose other than by news and communications media for dissemination to the general public.’

For six years as president, Rody Duterte hid his SALN. He appointed ombudsman Samuel Martires to a seven-year term, 2018-2025. Martires’s first act was to hide SALNs of other high officials.

Constitutionalists complained. The Supreme Court in 2021 affirmed Martires.

Meantime, politicos, DPWH officials and contractors plundered P1.7 trillion in flood control funds.

Time to undo opacity and disclose SALNs.

Legislated ICI

It’s been more than a month since the Independent Commission for Infrastructure (ICI) started their investigations into the alleged ‘ghost’ flood control projects of the Department of Public Works and Highways (DPWH). The three-man ICI was actually tasked, among others, to look into the graft-tainted flood control and other infrastructure projects funded by the government for the past 10 years.

As far as administration critics are concerned, the ICI was just a ploy by Malacanang to nip in the bud the simmering national outrage on the multibillion-peso worth of taxpayers’ money lost to ‘ghost’ flood control projects. At the outset, the decision of President Ferdinand ‘Bongbong’ Marcos Jr. (PBBM) to create the ICI was met with so much skepticisms. On top of doubts on its supposed ‘independence,’ the ICI is seen as a toothless body because it was not empowered enough to be feared by grafters in and out of the government.

Immediately after the ICI was created by Executive Order (EO) 94 last Sept.11, PBBM named retired Supreme Court (SC) associate justice Andres Reyes Jr. to chair the factfinding body. PBBM also named ex-DPWH secretary Rogelio ‘Babes’ Singson and SGV and Co. country managing partner Rossana Fajardo as ICI members.

While it has power to issue subpoena, the ICI has no power to cite for contempt anyone who refuses to appear before them. What further compounds the ICI’s woes are the public perceptions that it could not even summon resigned Ako Bicol party-list Rep. Zaldy Co. As the former chairman of the House committee on appropriations during the 19th Congress, Co allegedly manipulated the 2025 budget, especially those of the DPWH.

On its first week in office, the ICI took up first the reported ‘ghost’ flood control projects funded in the annual budget of the DPWH from 2022 to 2025. By Sept. 20, the ICI submitted its first-ever interim report to the ombudsman, flagging possible anomalies in a P289.5-million flood control project in Oriental Mindoro.

Dismissed DPWH district engineers in Bulacan pointed to certain ‘proponents’ of the 19th Congress – including Co’s own construction companies – who have cornered flood control projects in the DPWH budget. Co resigned in February this year as the House appropriations chief after PBBM first assailed the ‘badly mangled’ 2025 budget law. Citing medical conditions, Co flew to the United States supposedly for treatment.

Apparently thinking the President had gotten over his anger over the 2025 budget, Co quietly slipped back to the country. In fact, his Ako Bicol won two seats in the last May 12 mid-term national and local elections.

The presidential wrath though wasn’t over as Co thought. In his mid-term State of the Nation Address (SONA) before the 20th Congress, PBBM unleashed his extreme anger.

The President’s SONA triggered full-blown legislative inquiries. Co left the country again at the height of these scandals while parallel investigations were being done by the Senate Blue Ribbon committee and the House infrastructure committee. Up to now, Co’s whereabouts abroad remain uncertain. Photos of Co have been coming out in some social media posts showing him in a European city while others show him somewhere in Spain.

Appearing for the second time at the ICI last Friday, Navotas Rep. Toby Tiangco questioned the Department of Foreign Affairs (DFA) for its failure up to now to cancel Co’s Philippine passport. Under the Philippine Passport Act of 1996, Tiangco cited, the DFA secretary or consular officer can cancel a passport ‘in the interest of national security, public safety and public health.’

‘People are very angry. There are mass (protest) movements. These mass movements can be taken advantage of by bad elements to destabilize the government. Isn’t that a national security issue?’ Tiangco pointed out.

Reacting to Tiangco’s demand, the DFA clarified it cannot do so unless a criminal case is filed in court against Co. The DFA invoked our country’s 1987 Constitution protecting the right to travel of each Filipino. Speaker Faustino Dy III earlier announced he had already coordinated with the DOJ to file the formal charges that would lead to the cancelation of Co’s passport.

Since he resigned already as congressman, Co could no longer use diplomatic passport, if one is issued to him. But Co can still use his regular Philippine passport.

If the ICI cannot do it, perhaps it’s about time for Congress to consider pending bills seeking to create a more permanent body as an institutional watchdog.

Senate President Vicente ‘Tito’ Sotto III was the first to file a proposed legislated creation of ICI. Sotto’s Senate Bill (SB) 1215 proposed the creation of an independent ‘People’s Commission’ to investigate anomalies in all government infrastructure projects. Sotto explained SB 1215 seeks to constitute a five-man ad hoc body to serve as an investigatory and recommendatory body that will report its findings directly to the President.

At the Lower Chamber, like-minded legislators led by Mamamayang Liberal party-list Rep. Leila de Lima co-authored and filed last month a House bill to create a five-man Independent Commission to undertake such investigation without any political consideration. De Lima believes a legislated body would remove any doubts on the genuine intention of PBBM to really punish those accountable for the misuse of public funds.

In the meantime that Co is beyond the reach of Philippine authorities, the ICI has been getting the public’s ire for its lack of transparency on its proceedings. Even a seemingly innocuous courtesy call by the deputy chief of mission of the US embassy in Manila was met with so much suspicions.

Yesterday, the ICI announced they will hire 180 personnel to speed up their investigation of possible corruption cases in the 238,000 projects under its review.

‘Why not tap the existing PCGG (Presidential Commission on Good Government)?’ Tiangco asked.

Tiangco asked his legislative staff to study the possible recreation of PCGG, currently attached at the DOJ. Created in the aftermath of the 1986 Edsa People Power Revolution, reinventing the PCGG is not an option though for PBBM.

Fully-loaded 2027 PBA draft

Because the PBA’s golden anniversary season is expected to extend to at least 15 months, there will be no draft next year. But in January 2027, the succeeding draft could be the richest and deepest in years.

The PBA had asked if the UAAP’s graduating players, including one-and-dones, could apply for this year’s draft but was turned down even with the qualification that those picked would finish their varsity obligations before crossing over. That meant the likes of Michael Phillips, Gerry Abadiano, Nic Cabanero, Jake Figueroa, John Abate, Ced Manzano, Dom Escobar, Kymani Lani, Forthsky Padrigao, Harold Alarcon and Josh Lazaro will wait one year before joining the draft. Since the next draft is set after the UAAP’s 89th season, the list of eligibles will bulge with the addition of blue-chippers Mason Amos, Jacob Cortez and Kean Baclaan. Then, there are Fil-foreigners like DJ Fenner, CJ Lane, Robin Duncan and Remy Martin, MPBL players, including Raven Gonzales, and NCAA stars like Clint Escamis waiting in the wings.

The big question is with so many talents available, who will be the first overall pick in 2027? Note that Barangay Ginebra just traded for Terrafirma’s first choice, giving up Maverick Ahanmisi and Aljon Mariano in exchange. It’s more than likely Terrafirma will end up at the cellar again this season, gaining as a result the first overall slot. Terrafirma remains in the market for sale but its value has diminished with the abdication of its first pick. Still, it’s a PBA franchise and a more attractive investment than an expansion option which is costlier.

The PBA’s Technical Committee, made up of four members, approved the trade on a unanimous vote. PBA commissioner Willie Marcial had nothing to do with the vote and has made it a point not to interfere with decisions of the independent committee. Ahanmisi had asked for a trade and his partnership with brother Jerrick was a perfect seal to deal with Terrafirma.

The timing of the next PBA draft couldn’t be more felicitous. The UAAP, NCAA and MPBL seasons will be over by then, making those eligible from the three leagues available to transfer. Overseas players who’ve never applied for the draft will have several months to think whether or not to enlist. Thirdy Ravena would be a prime candidate. Of course, most will opt to stay where they are. But imagine how fully loaded the draft would be if even just a few of the overseas players join in.

Trillanes: Garma ICC testimony to proceed

Retired police colonel Royina Garma will push through with her testimony against former president Rodrigo Duterte before the International Criminal Court (ICC), former senator Antonio Trillanes IV said yesterday.

In an interview with ‘Storycon’ on One News yesterday, Trillanes said Garma would not be affected should the Interpol issue a red notice against her.

Garma has arrived at her ‘final destination’ and is under the protection of the ICC, he said.

‘The ICC itself will take care of lifting (the red notice) through Interpol,’ Trillanes said.

While Garma is not in ICC custody, Trillanes said she qualifies for the court’s witness protection program.

‘She’s not necessarily under ICC safekeeping, but it has a witness protection program where they constantly monitor and assess the witness’ situation. If relocation is needed, they will facilitate it,’ Trillanes explained.

She is expected to testify in Duterte’s crimes against humanity case that stemmed from his war on drugs.

Asked about the possibility of arrest warrants for Senators Ronald dela Rosa and Bong Go, Trillanes said it is only ‘a matter of time.’

‘Based on the information we have, Dela Rosa will be the first. It’s a waiting game now,’ he said. ‘As for Go, maybe early next year.’

Garma is facing murder charges for the killing of Philippine Charity Sweepstakes Office board secretary Wesley Barayuga in 2020.

On Oct. 16, a Mandaluyong court ordered the Department of Foreign Affairs to cancel Garma’s passport.

Unseeded American ousts Eala

Alex Eala absorbed yet another early exit, folding to lower-ranked and unseeded American foe Claire Liu, 6-2, 4-6, 4-6, in Round 1 of the WTA250 Guangzhou Open yesterday at the Nansha International Tennis Center in China.

Eala wasted a 4-2 lead in the second set for what’s supposed to be a sweep after taking the opener with ease, and that spelled doom for a bigger meltdown in the third set.

Seeded No. 4 and ranked No. 53 in the Women’s Tennis Association, the 20-year-old Filipina then relinquished another 3-1 gap in the third for the stinging defeat in two hours and 28 minutes.

Liu is ranked No. 305 in the world and had to go through the qualifying rounds before slaying the giant in Eala, who ascended as among today’s young tennis stars with a breakthrough WTA title in Mexico last month.

It’s the third straight early exit for Eala after also bowing in the qualifiers of the W100 Wuhan Open and the first round of the WTA250 Japan Open after consecutive deep runs in Latin America and China.

We are the ‘new poor’

I knew the sender and he is one of those people who seldom calls unless it’s important or necessary. Considering my circle of friends, I generally assume the person is going to ask for advise on a personal or spiritual matter.

Yes, that is one of the signs that you’re officially ‘mature,”getting on in years’ or have become wise as you aged, with emphasis on ‘aged.’ I remind myself that it is a privilege to gain such trust or confidence that people are willing to share their pain or fear.

My friend called because his son requires surgery within the week and after a ‘Go-No/Go-Go’ process, the doctor wants to cut and remove gall stones from his son.

Like many middle-class Filipinos, they can no longer afford the commercial rates charged by physicians and hospitals. The professional fee of the surgeon was P160,000 and they are still preparing for the aftershock charges of the hospital.

The parents have pooled their resources in terms of HMO, savings, even soliciting help from the LGU and I think DSWD. But all that would not be enough when the total is summed up.

So, my friend is staring at the dire possibility of burning their credit cards and kiss Christmas celebrations goodbye! He reached out in desperation to ask for any amount of help that our discipleship group might be willing to give just to lessen his load.

This situation is all too common and true for many Filipinos, even for those working in the corporate world. We want the best for our loved ones and ourselves, so we instinctively rush to the well-known and well-marketed private hospitals.

Unfortunately, we have misled ourselves into believing that HMOs, PhilHealth and savings will cover the cost of minor to medium-type surgery. Sorry, they no longer do.

People now pay several hundred thousand to several million pesos, with no guarantee of full recovery. We are forced to ‘ransom’ family because we are emotional hostages at the mercy of private health practitioners.

It was honestly painful and humbling to hear my friend ask for financial assistance and to learn that he even approached the LGU for ‘indigent assistance’ that Cong. Tractors have been using for their glorification.

I advised my friend to seriously consider going to my favorite government hospital, the Rizal Medical Center, since he was a resident of Pasig.

In case some readers missed the article, yes I was confined at the ICU of the Rizal Medical Center for three days due to Atrial Fibrillation or AFIB. The care and expertise were superb and even as a regular paying patient the rates were below affordable.

None of us want to take away resources from indigents and the poorest of the poor, but when corporate employees can no longer afford private hospital charges and doctor’s fees, we have become ‘The New Poor.’

How else do you define it? You have to sell your allegiance to the company for HMO coverage, you humiliate yourself lining up for the pittance that PCSO extends, you go to the LGU with a begging bowl for P15,000 to P30,000 maybe, and for the next six months to a year you learn what it’s like to be ‘poor’ because of credit card debts.

In the final chapter you max out credit cards, sell cars or hock your land title for emergency medical loan. And while you are doing it, private hospitals and GOCC hospitals bill you by the day as if you were an ATM machine.

My friend and his family still has to decide if they go to ‘public’ or suffer the consequential indignities of going to a private hospital. Either way, our group will surely help out.

So, what should all of us learn and do about the situation?

For starters, guys like Secretary Ted Herbosa should ‘raise the bar’ and change the reputation of government hospitals as ‘hospitals for the poor.’

Malacañang and the DOH should work at improving the reputation of public hospitals and show the public that things have improved over the decades. Even the media should do its part to make up for the negative portrayal of government hospitals and public health.

Government hospitals should be built and run as proper hospitals for all Filipinos and by that I mean don’t squeeze them to fit. We always talk about lack of beds and rooms because we squeeze hospitals into lots that are too small or not ideal for hospitals.

Make more rooms and increase beds for paying patients as well as improve laboratory services by applying correct planning, project management and future proofing based on population growth and aging and sustainable funding.

The perfect example is how the Philippine government improved public schools, made salaries highly competitive thereby convincing many parents that it was alright to transfer their children to public from private!

The Department of Health should take ownership of its infrastructure. Working with counterpart agencies such as the DPWH, DILG or LGU may be necessary.

But as Secretary Herbosa now realizes, ownership and control must be fiercely defended and done by the DOH. Raise the bar, make public hospitals good for all Filipinos, regardless of status.

If the DepEd did it, so can the DOH!

As Philippines lags peers, government bets on China eVisa restart

The Philippines is counting on the resumption of a eVisa program for Chinese tourists in November to help close a widening gap in tourist arrivals, as neighbouring Southeast Asian countries pull further ahead.

Tourism Secretary Christina Frasco said Tuesday, October 21 that the government expects Chinese visitor numbers to rise once the eVisa is back in place.

“With the eVisa being resumed only in November, it’s really a lot of market preparation to rebuild what has been lost,” she said at an event in Makati City, as quoted by the Philippine News Agency.

Frasco added: “The market penetration, I anticipate, will only be next year. As we can see in the results of any marketing campaign, it’s a work of at least six months before you can see actual conversion.”

The online system aims to make it easier for travelers from mainland China and its Special Administrative Regions to obtain visas for stays of up to 14 days for business or tourism.

The Department of Tourism (DOT) said it will also work with Chinese industry partners to increase the number of charter flights into the country and will step up marketing for both leisure and business travelers.

“Even when the eVisa was suspended… our marketing efforts in China did not stop,” Frasco said in Filipino.

The DOT reported 203,923 Chinese arrivals in January-September 2025. While that is an improvement in trend compared to 2024’s 300,000 tourists, the Philippines was banking on a 2-million visitor target from China.

Lagging behind peers

The effort, however, is an uphill task. The country, after all, is lagging behind peers in Southeast Asia in overall tourism numbers.

Between January and April 2025, the Philippines drew just 2.1 million foreign visitors-a drop of 3.2 % compared to the same period in 2024. Its neighbors such as Malaysia (13.4 million) and Thailand (12.1 million) posted far higher volumes.

Number of international tourists January-April 2025 in Southeast Asia

Thailand

12.1

Malaysia

8.4

Vietnam

7.7

Indonesia

4.3

Singapore

4.2

Cambodia

2.4

Philippines

2.1

In millions. | Source: ASEAN governments | Philstar.com chart

The weak performance stems from multiple factors: weaker high-volume feeder markets like South Korea and China, and the Philippines’ less-mature public and private tourism infrastructure.

Reintroducing the China eVisa may prove crucial. Before the pandemic, China was the Philippines’ second-largest source market after South Korea, delivering 1.7 million visitors in 2019.

The DOT said it is ramping up joint promotions with the Tourism Promotions Board and private-sector partners to align efforts.

“We hope that it (e-Visa) can lead to higher arrivals from the Chinese market next year,” Frasco said.

Competitive race. Tourism analysts, however, say that inbound tourism has not kept up with outbound tourism, that is, Filipinos visiting countries overseas, particularly Japan, Korea and Vietnam.

One report described inbound arrivals as “a bit slower, at less than three-quarters (72 %) recovered to 2019 levels.”

“The regional market is very competitive, and we need to keep adding more focus, resources, and funding to our tourism sector to ensure we stay relevant,” Mastercard Chief Economist for Asia-Pacific David Mann said in a May report.

Philippine Army delists Barzaga over ‘seditious’ posts in uniform

Rep. Kiko Barzaga is no longer part of the Philippine Army’s Reserve Force after being found to have committed military violations deemed “grave offenses.”

Philippine Army spokesperson Colonel Louie Dema-ala confirmed on Wednesday, October 22, that Barzaga has been delisted from the AFP, barring him from wearing the uniform or joining the regular or reserve forces in the future.

Barzaga was reportedly removed following September 21 social media posts in which he donned a military uniform and appeared to hint at sedition backed by the military. The lawmaker has been actively posting on his social media accounts, calling for President Ferdinand “Bongbong” Marcos Jr.’s resignation.

“We do not condone violations of military regulations, regardless of status or position, as part of our duty to preserve the professionalism and credibility of the organization,” Dema-ala said in a statement.

The army, however, clarified that the administrative action against Barzaga “does not reflect” on his personal character as a lawmaker.

“While we regret the necessity of this action, the Philippine Army upholds its commitment to discipline, integrity, and accountability,” Dema-ala said.

Enlisted only this year. Barzaga, who held a rank of private, was only enlisted in January. He served as a member of the National Capital Region Regional Defense Group Reserve Command before his delistment.

The lawmaker faces an ethics complaint after the National Unity Party, his former party, cited violent or lewd content and ostentatious displays of wealth as misconduct.