Category: Philippine Star

Philippine Stock Exchange Inc. (PSE) president and CEO Ramon Monzon has expressed reservations over a proposed memorandum circular from the Securities and Exchange Commission (SEC) that seeks to impose a mandatory nine-year term limit on independent directors while simultaneously granting them security of tenure.

‘I told SEC chairperson Francis Lim that I am not in favor of it. Why are we going to require a company to keep or maintain an independent director for three years? The election of independent directors is held every year. But what if the independent director’s performance is not good? Or what if someone good becomes available? You have to stick with it?’ Monzon told The STAR in an interview.

‘But overall, the nine years look okay. But the problem, I told him, is that other jurisdictions are liberalizing. Us, on the other hand, are regulating. Anyway, he’s very open. He said put that in your comments since we have a public comment period up to Oct. 15,’ the PSE chief said.

The SEC issued a draft memorandum circular late last month, which sets the rules on the duration of terms and amends its rules on term limits for independent directors.

The issuance is expected to strengthen the independence of independent directors, as well as to align with international best practices under Republic Act 11232, also known as the Revised Corporation Code of the Philippines.

Under the draft memorandum circular, an independent director shall be elected for a fixed three-year term and is subject to term limits.

An independent director should serve for a maximum cumulative term of nine years. An independent director who has served the maximum term shall be disqualified from serving as an independent director in the same company.

Lim said that the proposed three-year security of tenure aims to make the independent directors ‘truly independent.’

‘In other words, once voted, he or she is elected for three years, not one year only,’ he said.

Lim said that the SEC would also eliminate exemptive reliefs and will strictly enforce the nine-year term limit.

A company’s independent director is currently allowed to serve for a maximum cumulative term of nine years, after which the independent director shall be perpetually barred from re-election as such in the company, but may continue to qualify as a non-independent director.

However, in the instance that a company wants to retain an independent director who has served for nine years, the firm’s board should provide meritorious justifications and seek shareholders’ approval during the annual shareholders’ meeting.

With the draft memorandum circular still subject to public comments, Lim earlier acknowledged that there will be issues, but assured the public that the SEC is ready to face them.

Ramon Lopez, an independent director at listed firms SM Investments Corp. and Monde Nissin Corp., said that the proposed three-year fixed term for independent directors is logical and fair.

‘On the nine-year maximum term of independent directors, this is a reasonable provision that is being strictly adhered to by corporations with a high standard of corporate governance,’ he told The STAR.

Aside from enforcing a mandatory term limit for independent directors of publicly listed companies, the SEC is also considering implementing a term limit for broker directors of the PSE.

Lim earlier told The STAR that the proposal, which is still under study, aims to introduce term limits for PSE broker directors, similar to the existing limits for independent and non-broker directors.

He said the intent is to level the playing field and provide other brokers the opportunity to serve on the PSE board.

Asked about his position on the proposal, Monzon said, ‘If he wants to level the playing field, then all directors should have term limits. If independent directors are to have term limits, then why not for broker directors as well? So I think that is leveling the playing field.’

From the newly reopened Singapore Oceanarium to the exciting Minion Land, Sentosa Island is home to several must-see attractions.

The Singapore Oceanarium, which opened in July, features 22 zones with giant aquariums, tunnels, and exhibits that showcase the ocean’s past, present, and future. It is three times larger than its predecessor, the S.E.A. Aquarium.

Universal Studios Singapore – the only Universal Studios theme park in Southeast Asia – now houses Minion Land as its newest themed zone, based on the hit franchises “Despicable Me” and “Minions”.

Potterheads can wave their wands and cast spells at the interactive art installation Harry Potter: Visions of Magic, which includes two new rooms exclusive to Singapore – The Chamber of Secrets and The Trap Door.

From tall water slides to wave pools, Adventure Cove Waterpark offers splashes of fun with marine encounters, with visitors being able to feed rays at the Ray Bay Encounter.

Six sensory gardens enchant and captivate the senses at Sentosa Sensoryscape, a 350-meter walkthrough blending nature, architecture, and innovative technology.

The benchmark Philippine Stock Exchange index (PSEi) posted slight gains to start the week, as investors bought stocks at cheaper prices after a period of decline.

AP Securities said local equities cautiously edged higher after marking an intraday low near the psychological support at 6,000, with bargain hunters stepping in to pick up battered blue chips.

The PSEi inched up by 0.24 percent or 14.54 points to cap off yesterday’s session at 6,052.33 points.

The broader All Shares index, however, slipped by 0.08 percent or 2.85 points to end at 3,655.59.

‘The PSEi opened the week in positive territory despite persistent trade uncertainties between the United States and China that weighed on global markets,’ Luis Limlingan of Regina Capital said.

‘The index’s resilience was likely driven by bargain hunting, while investor sentiment was further lifted by the appreciation of the peso against the dollar,’ Limlingan said.

Most sectors were in the red, with industrial recording the largest drop at 1.22 percent.

The mining and oil index as well as services index, meanwhile, surged by 2.29 percent and 2.01 percent, respectively.

Total value turnover stooda at P4.92 billion.

Decliners crushed advancers, 121 to 76, while 52 issues were unchanged.

ICTSI was the session’s most active stock, climbing by 3.61 percent to P545 per share, followed by DigiPlus with a 2.88- percent plunge to P23.60 and AREIT with a 1.75-percent gain to P43.50.

New Ombudsman Jesus Crispin Remulla is planning to revive the deployment of resident ombudsmen to serve as watchdogs in corruption-prone government agencies, a practice that has been stalled for years despite an existing agreement with the Department of Justice (DOJ) and the Commission on Audit (COA).

The revival of the resident ombudsmen deputization program is among key initiatives Remulla is planning to launch in the coming days as part of his aim to make the agency a ‘more proactive’ body.

‘I really believe that one overlooked aspect is the proactive aspect that the ombudsman should be playing in our society. Because the origin of the ombudsman is that it is the ‘protector of the people’ and we have to protect public interest all the time,’ Remulla said at a press briefing Friday.

‘I think the proactive role has not been used at all in the past. Its function is not only to put people in jail or dismiss officials from service, those are not the only roles of the ombudsman,’ he added.

Remulla pointed out that deputizing resident ombudsmen in select government agencies could be an effective proactive measure to safeguard public coffers from corruption.

‘(I want) the re-establishment of resident ombudsmen in various government agencies. I think a lot of agencies need to have it reinstated, because there’s no one reminding them anymore that they’re already violating the law,’ he said.

In 2021, the ombudsman signed a Memorandum of Agreement with the DOJ and COA for the designation of DOJ prosecutors and COA auditors as ‘resident ombudsmen’ in graft-prone government agencies.

Under the MOA, the state prosecutors and auditors, acting as resident ombudsmen, shall act on complaints and reports against officials and employees of the agencies where they were assigned; serve as watchdogs and implementers of corruption prevention programs and monitor compliance with existing anti-graft laws and regulations.

While the MOA remains effective, Remulla said it is no longer being implemented.

Additionally, the ombudsman will also soon establish a Public Interest Office which will receive complaints from the public against government agencies.

Marcos to release SALN

President Marcos and all officials under the executive branch are ready to make public their statement of assets, liabilities and net worth (SALN) as part of the government’s efforts to combat corruption, Malacañang maintained yesterday.

Remulla, who was appointed by Marcos as ombudsman last week, earlier said he would issue a memorandum this week to reverse the access restriction on SALNs imposed during the Duterte administration.

‘Whatever is appropriate, whatever the law says and whatever is best to fight corruption, everyone in the executive department will follow,’ Presidential Communications Undersecretary Claire Castro said.

When pressed whether the President is willing to release his own SALN if requested, Castro said: ‘Everyone in the executive department is ready.’

Castro also took a jab at Vice President Sara Duterte after the latter said she would not appoint Remulla, a former secretary of justice, as ombudsman if she were the president.

‘It just so happened that she’s not the president. So, it’s hard to respond to a dream that won’t happen today,’ Castro said.

‘But we know that the President thinks well, knows better,’ the Palace press officer said.

Castro also reminded Duterte that it was the President who revealed corruption in government projects and he would not tolerate or side with those who steal public funds.

Remulla’s predecessor, Samuel Martires, had imposed restrictions on public access to government officials’ SALN, including that of the President.

Amid public outrage over flood control corruption, a lawmaker revived calls to pass the Freedom of Information bill into law in order to promote transparency in government.

‘Transparency should not stop with the disclosure of SALNs. The people have the right to access information about how their government operates and how public funds are spent,’ Las Piñas Rep. Mark Anthony Santos said.

‘Restoring public access to SALNs is a major victory for transparency, but it should only be the beginning,’ he noted. ‘We must go further by enacting the FOI law so that transparency becomes the rule, not the exception.’

I was so absorbed in reading and grading my students’ essays the other night that I didn’t notice it was already past midnight. Then the ground shook. My smartphone blared an alarm just as the shaking started. If you use Android, turn on its quake alert feature. It can warn you seconds before (or as) the shaking arrives, especially when the epicenter is farther away, since telecom signals can reach you faster than seismic waves.

No one is immune to fear when the ground starts shaking. I tried to keep my bearing, expecting that it would not be as strong as the September 30 quake. Still, the seconds felt like minutes as this aftershock lasted longer. I just remained at my study desk at home in Banilad, watching for any sign that the ceiling or a shelf might give way.

Please don’t follow my example. Remember what authorities say: drop, cover, and hold. When the shaking stops, move to an open area. Maybe I’ve just grown tired of all the shaking these past couple of weeks that my instinct now is to treat the aftershocks as part of the new normal. I apologize if this sounds insensitive to those who cope differently, especially younger people.

We all felt fear, but once the danger seemed over, I noticed that we older ones usually cracked jokes or exchanged banter, perhaps as a way of relieving the tension. The younger ones in our neighborhood, however, as I saw when everyone rushed outside, had the color drained from their faces and looked really shaken. Sensing this, I tempered my reactions.

I was at a fast-food restaurant along Escario, having coffee the morning after the quake yesterday. Strangely, or perhaps characteristically of us Cebuanos, people struck up conversations with strangers at nearby tables about the quake that happened around 1:05 that morning. For a moment, it felt like everyone inside the place knew one another.

One of them, probably a parent, said that it felt like the pandemic again, when face-to-face classes were suspended for an indefinite period. He said the school administration’s bottom line may not be affected by the quake, since parents have already paid tuition. But it’s the students’ quality of learning that gets shortchanged. That made me think we should find a middle ground on class suspensions. We all know how much learning suffered during the pandemic, because there’s still no better substitute for in-person classes.

One stark reality exposed is that our school system lacks a tried-and-tested adaptation playbook for earthquakes. That’s worrying, given that the Philippines sits on the Pacific Ring of Fire. Japan is our neighbor to the north that, like us, is prone, arguably more so, to earthquakes. In a 1995 committee report, its education ministry urged stronger disaster education and swift reopening of classes in facilities deemed structurally sound. The guidance emphasizes restoring school activities and predictable schedules to reduce students’ anxiety.

Today, the recommendation stays the same. Students tend to do better when they return to regular routines, as the US-based National Child Traumatic Stress Network (NCTSN) notes: ‘Reopen school as quickly as possible, help reestablish school routines, and make modifications as needed.’ Schools should also connect students to community mental health services, where available.

It’s true we are not Japan or the US, but still we can do better. The National Secretariat for Disaster-Safe Education Unit of Indonesia, for example, recommends suspension of classes when hazards make it unsafe. But its playbook emphasizes localized closures, continuity measures, and reopening as soon as buildings are cleared.

The Philippines has crossed an important digital threshold. According to the Bangko Sentral ng Pilipinas’ (BSP) 2024 Status of Digital Payments in the Philippines report, digital payments now account for over 57 percent of monthly retail transaction volume. This tells us that a significant portion of Filipino consumers and enterprises are using digital transaction methods and leaving data trails at an unprecedented scale. This shift, alongside the Philippine Development Plan’s (PDP) push for economy-wide digitalization and our digital economy’s growing GDP share, creates an opening for companies to modernize their core systems with artificial intelligence (AI) -enabled enterprise resource planning systems (ERP).

Policy developments are reinforcing this trajectory. The Department of Trade and Industry’s (DTI) National AI Roadmap envisions the Philippines as an ASEAN hub for AI innovation. Complementing this, a multi-agency AI program has been launched to accelerate adoption across sectors. The National Privacy Commission (NPC) has also clarified how the Data Privacy Act applies to AI systems, emphasizing transparency, accountability, and privacy by design. Together, these initiatives create a clearer framework for organizations to adopt AI responsibly and effectively.

What excites me most about this transformation journey is how Philippine organizations are beginning to connect technology with purpose. I often remind leaders that AI isn’t just about automation, it’s about clarity, agility and unlocking human potential through better information.

At the recent SAP Transformation excellence tour held at Discovery Primea last Sept. 4, I shared with industry leaders and experts how AI-enabled ERP systems can go beyond traditional technology stacks to transform processes. Tools such as SAP Signavio illustrate this potential by integrating process mining, real-time insights, journey and process modeling, governance, collaboration and automation into a single tool chain. The result is faster decision-making, reduced risk in change management, and measurable outcomes that connect strategy to execution and business to IT.

For the Philippines’ financial ecosystem, the benefits are especially significant. With the BSP driving interoperability and greater use of electronic transfer services, organizations can run reconciliations, cash positioning, and working capital management on fresher data and shorter cycles. Process mining eliminates duplicate approvals and manual detours, while AI-enabled ERP standardizes purchasing, strengthens supply chain performance, and ties key process indicators to customer service outcomes. As e-commerce continues to scale and digital adoption accelerates, omnichannel processes must be governed and optimized end to end. ERP systems powered by AI make this possible, linking customer interactions directly to operational workflows and enabling organizations to deliver more seamless experiences.

With digital payments standardized and the PDP’s growth agenda leaning heavily on digitalization, the conditions are ideal for Philippine corporations to embed continuous improvement into their operations. Global evidence from ERP programs such as SAP Signavio highlights the tangible benefits such as accelerated insights, integrated design-to-delivery execution, and stronger alignment between business and IT. These are the levers that transform ambition into measurable impact.

Looking back at the many transformation stories I’ve been part of, I’ve realized that success isn’t defined by technology alone; it’s defined by mindset. When leaders choose to integrate data, people, process and purpose, that’s when technology becomes a true enabler of progress. Organizations that embrace AI-enabled ERP today will not only accelerate progress but also secure a stronger position in an increasingly digital economy. The opportunity is clear: those who act now will lead the way, setting the pace for sustainable growth and long-term competitiveness.

The holiday spirit has arrived early as Anko, Australia’s much-loved home and lifestyle brand as it unveils its latest Christmas collection designed to bring warmth, creativity and joy into Filipino homes.

From stylish home décor to thoughtful gift ideas, Anko’s Christmas range captures the joyful spirit of the season-combining Australia’s relaxed aesthetic with the Filipino love for festive gatherings.

Bring the Anko holiday into your home

To jumpstart everyone’s holiday creativity, Anko collaborated with renowned interior designer Madelaine San Jose, founder of Design Gone Mads, to reimagine how Filipinos can bring the Anko holiday spirit into their own homes.

‘Design should always feel within reach. That’s what makes Anko’s Christmas collection special. Every piece opens the door to creativity, inviting you to mix colors, textures, and personal stories that make the season your own,’ San Jose explained.

During the morning workshops, San Jose shared our distinct styling themes that offer a fresh take on holiday decorating that balances style, personality and affordability:

Retro Candy Cane

Joyful and nostalgic, Retro Candy Cane evokes the childlike wonder of Christmas using bright reds, soft whites and playful patterns reminiscent of a classic holiday carnival.

San Jose shared you can adorn your space with Candy Cane Baubles (P190), Candy Cane Letter Decorations (P90) and the Candy and Gift Garland (P290). Complete the look with the Nutcracker Décor Set (36 pieces, P490) for a whimsical touch that radiates fun and love.

Traditional Cheer

Timeless and heartwarming, Traditional Cheer brings the magic of home to life with deep reds, velvety textures and metallic accents. San Jose recommends pairing Christmas Berries in Pot (P690) and Frosted Pine in Pot (P690) with gold ornaments for a sophisticated yet cozy setup.

Add a Bow Basket (P440) or a Christmas Tree (P2,140) as a centerpiece-a reminder that some traditions only grow more beautiful with time.

Natural Holiday

Soft, grounded and serene, Natural Holiday celebrates the beauty of simplicity. Inspired by nature’s calm palette, this look layers soft neutrals, organic textures and cozy fabrics.

Create an inviting space with Christmas Wreath Cushions (P440), Bow Cushions (P690), and the Silk Striped Pillow Case (P690). Complement with ceramic accents and wood finishes for a relaxed, coastal-inspired Christmas.

Seasonal Sparkle

For those who love quiet elegance, San Jose recommends following the Seasonal Sparkle theme, which glows with metallic hues, candlelight and subtle glamour. Layer Light-Up Tree Cushions (P690), Metallic Baubles (P130) and Christmas Tinsels (P90) for a radiant holiday glow.

Serve drinks in Gingerbread, Santa or Red Bauble Drink Jars (P150) to add a refined, festive flourish.

From festive home décor to heartfelt gifting, Anko reminds Filipinos that celebrating the holidays doesn’t have to be extravagant to be meaningful. As the brand marks its first anniversary in the Philippines, it reaffirms its promise to make style and joy accessible to every home this Christmas and beyond.

Festive in-store experiences

Last October 10 to 12, shoppers experienced the magic firsthand through immersive displays and weekend activities designed to capture the joy of the holiday season.

From Christmas cotton candy and inspiring tablescapes to craft workshops, a calligraphy corner and a photobooth for personalized keepsakes, every visit to Anko, promises a moment to remember, turning ordinary shopping trips into a celebration of creativity, connection and cheer.

‘There’s a certain magic that only Christmas in the Philippines can bring-homes come alive, families gather and everyday moments feel brighter. It’s only Anko’s second Christmas in the Philippines, but it’s the season where our mission of making everyday living brighter comes to life most vividly. From thoughtful gifts to festive home touches, Christmas is when stylish, quality products at affordable prices matter most to families,’ shared Rachel Turner, Anko Philippines country manager.

The festivities began with a touching surprise from Anko brand ambassador Anne Curtis-Smith, who led a P10,000 shopping spree for a chosen nominee at the Trinoma branch.

Anne joined the winner in curating their cart with festive décor, home essentials and gift-worthy finds from Anko’s Christmas collection. The celebration continued with an intimate meet-and-greet with Anko Club members, where Anne shared her favorite Anko holiday pieces and styling tips.

‘As a mom, I especially love how Anko’s vibrant, friendly pieces make the season even more magical for kids. It’s about creating a space where both the young and the young-at-heart feel the Christmas cheer,’ the model-actress shared.

Anne also shared that Anko will be marking a special milestone this season with its first anniversary celebration on November 7 at Ayala Malls Glorietta 2, Palm Drive Activity Center. The event will feature exclusive activities for Anko Club members.

Fancied rookie Juan Gomez de Liano wasted little time showcasing his high-level hoops skills in the PBA.

Converge’s No. 2 overall pick delivered a performance that’s unheard of for a newbie in his maiden appearance in the league’s 50-year existence – a triple-double.

Gomez de Liano filled up the stat sheets with 15 points, 10 rebounds and 11 assists and played a key role as the FiberXers dominated Titan Ultra, 129-92, for a winning start in the Season 50 Philippine Cup.

That sparkling debut also earned for the standout from University of the Philippines the honors as the PBA Press Corps’ Player of the Week for October 5-12.

Gomez de Liano was the first to receive the weekly citation in the young season, winning it over Magnolia’s Zav Lucero, Rain or Shine’s Caelan Tiongson, and fellow FiberXer Justin Arana, among others.

The 6-foot cager thanked the team for giving him the opportunity to shine on that memorable Saturday in Montalban.

‘I was informed that I needed like couple more rebounds and assists (to complete a TD). So I mean, I asked the coaches if I could just play the game and I’m glad they allowed me. You know it’s not a bad way to start my PBA career,’ said Juan GDL, whose TD was also the first for a rookie since Barangay Ginebra’s Scottie Thompson made one back back in 2016.

He shared this feat with Converge’s debuting coach, Pampanga vice governor Delta Pineda, and his teammates.

‘I think it’s a total team effort and I give props and credits to our coaching staff and especially our players. We were able to execute the game plan and we focused a lot on our defense, we emphasized on that really, really well (against Titan). I’m happy we got the W,’ he said.

Marikina First District Rep. Marcelino Teodoro yesterday filed perjury complaints against two policewomen assigned as his close-in security when he was mayor, who accused him of rape by sexual assault and acts of lasciviousness.

Alma Mallonga, lawyer for Teodoro, said the charges were filed against the policewomen before the Manila prosecutor’s office for allegedly fabricating stories to tarnish the lawmaker’s name.

‘Congressman Teodoro charged his accusers who falsely claimed that he committed various acts of sexual abuse against them,’ Mallonga said.

She maintained that the complaints filed against Teodoro before the Department of Justice were baseless, saying the accusers admitted that they had no evidence to support their allegations.

‘Several witnesses testified that Congressman Teodoro had never been alone with the complainants. There was no opportunity for him to have committed the crimes they impute. This means they perjured themselves,’ Mallonga said.

Under Republic Act 11594, perjury is punishable by up to 10 years in prison. If the offender is a public officer, the penalty may reach up to 12 years, with a fine of up to P1 million and perpetual disqualification from holding public office.

According to Mallonga, the policewomen continued to report for duty after the alleged sexual incidents transpired.

‘They interacted with their colleagues even on the same day they claim to have been sexually abused,’ she said.

Mallonga said there was no rape, adding that the complaints against Teodoro were filed only to ‘smear his reputation.’

‘As the complainants themselves admitted, no force or intimidation was employed upon them. They were not threatened, they were not harmed. Congressman Teodoro had no weapons,’ Mallonga said, noting that the policewomen carried their own service firearms.

Mallonga said Teodoro would pursue the perjury case against the female police officers.

‘In the end, he is confident that the truth will prevail,’ Mallonga said. ‘False claims of rape harm everyone, especially women who are true victims of the crime.’

Teodoro expressed confidence that the charges filed against him would be dismissed, but stressed that those who lied under oath should be held accountable.

‘I am confident that I will obtain justice and that these fabricated complaints will be dismissed. But those who lied must be punished,’ Teodoro said. ‘The justice system should never be used as a weapon by those with malicious intent to destroy the innocent.’

Convinced that the accusations against him were politically motivated, Teodoro appealed for an end to ‘dirty politics.’

‘It is heartbreaking that we have come to a point where ambition prevails over truth and decency –

where some people no longer fear God, only losing power,’ he said.

Several institutions have announced a suspension of face-to-face classes for this week. Many students have expressed their worry and anxiety as the tremors continue as aftershocks to major earthquakes that recently hit the country these past two weeks. I must have detached myself too much from the real scenario, as every little movement comes off as normal. Perhaps because I’ve grown used to them, or because it’s easier to believe everything is fine. Officials from the Philippine Institute of Volcanology and Seismology (PHIVOLCS) have confirmed that these tremors are indeed aftershocks. It’s my way of coping, to ward off negative thoughts and to block my imagination from wandering off to worst-case scenarios.

The feelings of the students are valid. I understand how some of them, especially those who aren’t from Cebu, may feel the need to be nearer to their families as the ground continues to tremble. Others may still carry trauma from the 7.2-magnitude earthquake that devastated Bohol and parts of Cebu in 2013. This remains vivid in the memories of those who witnessed collapsed churches, cracked roads, and homes turned into rubble. There are many reasons why physically going to school now can feel draining, especially when these old yet sturdy buildings suddenly feel fragile. The horrific images we see on social media like toppled houses, frightened children, and rescue operations only magnify fear, regardless of how much science tries to explain it away.

However, few have ever asked about the welfare of the adults who are also enduring the same fear while being expected to remain calm. The narrative always centers on the students or the public. The teachers who are looked upon for reassurance continue to grapple with their own unease. In the morning, they put on a brave face, steady their voice, and pretend things are normal. They hold the space for anxious students. But when the last one leaves the room and the echoes of conversation fade, the teacher becomes human again. The teacher sits in silence, letting emotions sink in, sometimes shaking not from the aftershock but exhaustion.

As for me, every tremor reminds me of the traumatic images up north, of cracked walls and frightened faces. It makes me pause and reflect on how fragile everything is. Life, after all, can change in seconds. No matter how many ‘go bags’ the local government units prepare, or how many drills we conduct, nobody is ever truly ready for an earthquake. Preparedness goes beyond supplies as it’s a mindset, a calmness that comes from knowing how to respond, and an empathy that binds communities together.

The earth may move beneath us and in many ways. It could be a quake or a volcano steam emission or anything else. However, I hope our compassion doesn’t. Our mind is the most powerful tool that we have, let’s use it wisely for the benefit of those who need it the most.