Category: Philippine Star

Just to be clear, our lawmakers themselves are the ones who have made it difficult (and continue to make it difficult) for the Bangko Sentral ng Pilipinas (BSP) and the Anti-Money Laundering Council (AMLC) to quickly act and look into accounts of individuals who are under suspicion of money laundering, terrorist financing, corruption or illegal financial transactions.

Thus, if our legislators truly want to heed the call for transparency, address corruption and prove that they are not using the bank secrecy law to hide their own unexplained wealth, they should now act promptly to pass the necessary amendments to lift the restrictions on the bank secrecy law.

As currently crafted, the Philippines’ bank secrecy law imposes restrictive conditions for the BSP and/or the AMLC to look into individual accounts and put a freeze order on such accounts. The existing bank secrecy law requires the BSP and/or AMLC to first secure a court order to look into suspicious accounts.

Problem is, in securing the court order, information leakage often happens, so by the time the BSP and/or the AMLC secures the court order to look into private individual accounts, the suspected account holders may already have been able to move or empty the bank account.

According to the BSP, as early as 2011, the Group of Twenty or G20 had already declared that the ‘era of bank secrecy is over’ after it endorsed the standards on transparency and exchange of information.

In 2014, the Organization for Economic Co-operation and Development released the standard for automatic exchange of information as the new global standard of obtaining detailed account information from financial institutions, and exchanging that information automatically with other jurisdictions for the purpose of combatting tax evasion, money laundering and commission of other crimes. This global regulatory watch lifted the cloak of bank secrecy.

The last three to hold out from the transparency move were Lebanon, the Philippines and Switzerland. Switzerland and Lebanon eventually lifted their bank secrecy laws. The Philippines is now the only country to still have a restrictive bank secrecy policy, making it hard for the government to go after tax evaders and money launderers.

According to the International Monetary Fund, the Philippines’ bank secrecy law restricts the ability of the BSP to undertake effective supervision. The IMF noted that our secrecy laws undermine financial stability, financial integrity and development of the banking sector, and expose the banking system to reputational risk.

The IMF recommended that legislative amendments be promptly approved to give the BSP direct and full access to individual depositor information covered by bank secrecy laws.

The BSP, Bankers Association of the Philippines, Management Association of the Philippines, Chamber of Thrift Banks and the Makati Business Club have proposed the repeal of bank secrecy laws. While there are pending legislative proposals to amend the existing bank deposit secrecy law in the Philippines, Congress has not exerted effort to enact the proposed amendments.

Fortunately, the Anti-Financial Account Scamming Act was passed and signed into law last year to combat financial cybercrimes, safeguard the interests of financial consumers and uphold the integrity of the financial system. Under the AFASA, the BSP has the authority to investigate and inquire into financial accounts, and to share the said information with law enforcement and other competent authorities subject to the limitations imposed under the said law.

For such purpose, the relevant provisions of laws containing prohibitions against inquiry into or disclosure of deposits under the Law on Secrecy of Bank Deposits, Foreign Currency Deposits Act of the Philippines and the Revised Non-Stock Savings and Loan Association Act of 1997, shall not apply to financial accounts that are the subject of the BSP’s investigation.

Removing the restriction on our bank secrecy law is a crucial move as the world faces an even far greater threat from evolving digital technology and cryptocurrencies.

In a recent article of the IMF Finance and Development Magazine, Chady El Khoury, deputy division chief in the IMF’s legal department, wrote about fighting tech-fueled crime that now uses advanced technology and Artificial Intelligence.

In his article, he wrote that organized criminals are operating across international borders using advanced technology and social engineering, such as romance or investment scheme to manipulate victims using AI-generated profiles, encrypted messaging and obscured blockchain transaction to hide and move stolen funds.

Criminals, El Khoury wrote, are outpacing enforcement by adapting ever faster, using the best tools for their schemes, from laundering money through crypto and AI-enabled impersonation to producing deepfake content, encrypted apps and decentralized exchanges.

Authorities, he said, now face anonymous, borderless threats, but are unfortunately held back by jurisdiction, process and legacy systems.

Annual illicit crypto activity growth, he wrote, has averaged about 25 percent in recent years and may have surpassed $51 billion last year, according to Chainalysis, a New York-based blockchain analysis firm specializing in helping criminal investigators trace transactions.

Bad actors, he said, still depend on cash and traditional finance, and money laundering specifically relies on banks, informal money changers and cash couriers. But the old ways are being reinforced or supercharged by technologies to thwart detection and disruption.

Encrypted messaging apps, he said, help criminal cartels coordinate cross-border transactions. Stablecoins and lightly regulated virtual asset platforms can hide bribes and embezzled funds.

Cybercriminals use AI-generated identities and bots to deceive banks and evade outdated controls. Tracking proceeds generated by organized crime is nearly impossible for agencies with insufficient resources.

AI lowers barriers to entry, he added. Fraudsters with voice-cloning and fake-document generators bypass the verification protocols many banks and regulators still use. Their innovation is growing as compliance systems lag.

Governments recognize the threats, but responses are fragmented and uneven – including in the regulation of crypto exchanges.

And there are delays implementing the Financial Action Task Force’s travel rule to better identify those sending and receiving money across borders, which most digital proceeds cross.

OREO, the world’s beloved cookie brand, has dropped yet another jaw-dropping collab. Strap on your dancing shoes because OREO x Babymonster is here to hit you up with a taste so good, it makes you dance. The launch is a bold fandom-first collaboration designed to turn the taste of an OREO into a dance party.

This latest drop marks a continuation of OREO’s legacy of culture-defining partnerships, following high-profile collaborations that have captivated fans around the globe. With Babymonster’s signature charisma and OREO’s crave-worthy taste, the OREO x Babymonster collab is set to take over snack aisles and social feeds across Southeast Asia.

A global first twist: The playful #TwistLickDance revolution

Consumers across the world are familiar with OREO’s beloved Twist, Lick, Dunk ritual. But OREO is switching up the track for this latest collaboration.

In a first for the brand, OREO x Babymonster grooves to a new beat, putting a playful twist to the classic dunk ritual: Introducing the #TwistLickDance moment. With a bespoke song released by OREO and original choreography performed by Babymonster, the #TwistLickDance challenge invites Monstiez across Indonesia, Malaysia, Singapore, Thailand, Philippines, Vietnam and Cambodia to rediscover their sense of rhythm with a bite of the all-new OREO taste.

Earlier in the month, K-Pop fandoms were buzzing with speculation after a leaked clip showed the band moving without their usual monster energy. In an official reveal on OREO’s brand pages on Facebook, Instagram and Tiktok, fans found out that all Babymonster needed to regain their signature electric moves was a bite of an OREO.

‘This collaboration puts us right on the pulse of culture,’ said Lucas Levy, Mondelez senior director of marketing, Southeast Asia.

‘By bringing together the playful spirit of OREO and the global energy of the new generation K-pop icons Babymonster, we’re creating a shared moment where music, movement and taste collide. With Babymonster, we’re reimagining OREO’s iconic ritual into a #TwistLickDance revolution that resonates with a new generation of fans.’

Taste the drop: New taste, bold colors and fan-favorite collectibles

For the first time in Southeast Asia, OREO has partnered with a global artist to co-create the cookie experience from the inside out.

Inspired by one of Korea’s hottest dessert trends, OREO reveals the limited-edition OREO Babymonster Marshmallow Flavored Crème, in celebration of Babymonster bold identity.

OREO will also debut custom cookies personally designed by Babymonster members.

Each OREO x Babymonster multipack comes with exclusive collectible photocards of the band members. Available in-stores in fan-favorite core flavors of Vanilla, Chocolate, Strawberry and the limited-edition Red Sandwich Cookies, MONSTIEZ can get ahold of these photocards with purchase of an OREO x Babymonster multipack. Collect all seven to complete the set and certify your place as a Babymonster superfan!

Stay playful with local activations

To celebrate the launch, OREO will roll out activities across Southeast Asia, starting with local activations and experiences curated specially for each market. In the Philippines, the grand launch event will happen on October 18 at Market! Market! in Taguig City.

Senate President Tito Sotto is pushing to eliminate unprogrammed appropriations for locally funded projects, saying only foreign-assisted programs should remain under this funding scheme.

At a press briefing on Monday, October 6, Sotto said the move aims to tighten transparency in the national budget after revelations that lawmakers’ insertions into unprogrammed funds have been used in alleged kickback schemes.

‘I have discussed it with our chairman of the committee on finance. We will, as much as possible – and if possible 100% – have no unprogrammed funds,’ Sotto said.

Reform push. Unprogrammed appropriations are standby unallocated funds that can be released only under certain fiscal conditions, such as excess revenue collection or new loans. These allocations have long drawn criticism for being vulnerable to abuse.

Now, Sotto said, every project, as much as possible, must be a line item. He also stressed that by the time the proposed budget reaches second reading, no further changes should be made during the bicameral conference committee.

‘It must be clear who the proponent of every budgetary item is,’ he said.

He added that only foreign-assisted projects should be exempt, since these are typically funded by external loans that trigger automatic releases once approved.

Under President Ferdinand Marcos Jr., Congress has repeatedly expanded unprogrammed appropriations beyond what the executive branch initially asked for, drawing scrutiny from watchdog groups and reform advocates.

Controversy. Sen. Joel Villanueva has been accused by a former Department of Public Works and Highways (DPWH) engineer of inserting projects as unprogrammed funds for later kickbacks, including those awarded to Wawao Builders, a contractor linked to ghost projects. Funding for Wawao Builders has since been pulled from the unprogrammed fund.

Sen. Sherwin Gatchalian, who chairs the Senate finance committee, has expressed support for Sotto’s position, saying the chamber is intent on maintaining full transparency in the 2026 budget deliberations.

Two people died and two others were injured in separate vehicular accidents in Quezon on Saturday.

The Pagbilao town police said an unidentified man died after the truck he drove from Davao to deliver mangoes to Manila lost its brakes and rammed an electric post before plunging into a creek in Barangay Silangang Malicboy.

The Pagbilao rescue team rushed his truck helper to Quezon Medical Center for treatment.

In Barangay Sta. Catalina Sur in Candelaria town, police said a motorcycle rider suffered fatal head injuries after colliding head-on with a utility van.

Police said the van swerved to the opposite lane when the incident happened. The van driver was taken to the nearest hospital for treatment.

The call of the Catholic Bishops’ Conference of the Philippines for a National Day of Prayer and Public Repentance is as timely as it can get.

Considering the series of devastating typhoons, billions of pesos stolen by corrupt politicians and government officials through the flood control ghost projects and last week’s Bogo, Cebu earthquake, we all better go on bended knees and pray!

I support the call of the CBCP and any other religious or church group calling for prayers because our national situation feels like being caught between a rock and a hard place. On one end we have the calamities and on the other we have a growing anger and frustration with all the investigations.

Many are worried that people will either give up on legal process and turn to violence, or people will just run out of steam and give up on the Philippines.

Last week, I suggested to friends that we do a silent prayer walk interspersed with praise and worships songs similar to what God instructed Joshua and the Israelites to do around the walls of Jericho. (Joshua 6:1-5)

In summary, the Jericho march tells how God showed up, declared that he had delivered Jericho to Joshua and the Israelites.

For their part, the people had to march around Jericho once every day for six days.

On the seventh day, they were to circle around the walls of Jericho seven times and on the seventh time, the priests were to blow the trumpets while the army and the men shouted out loud! Then the walls fell, the Israelites attacked and destroyed the city.

Most people would find the account ‘fantastic’ while cynics could say it is absurd. You might even say we are not at war or attacking enemy territory. To that I quote St. Paul’s words in Ephesians 6 verse 12: ‘For our struggle is not against flesh and blood, but against the rulers, against authorities, against the powers of the dark world and against the spiritual forces of evil in the heavenly realms.’

‘Struggle’ means to fight, to break free against something or someone pinning us down over a period of time. It could be our mindset, eco-political transactional relationships, personal corruption or outright occult practices or inclination to omission rather than confrontation.

For the longest time, Filipinos have fought back with walk-outs, position papers, declarations, noise barrage, molotov and rocks and protest marches. But we never seem to get out of the vicious cycle.

I don’t devalue the risk, effort and sacrifice people make to express their indignation and rage. What I am suggesting is that we might get better results if we also exerted as much effort in prayer power as we do in ‘people power.’

Historically speaking, corruption, politics and abuse of power are forces that Filipinos have been overwhelmed with. It reminds me of King Jehoshapat and the people of Judah who were under attack by an overwhelming force of Moabites and Ammonites. (2 Chronicles 20)

Their chances of survival where slim or none, but instead of surrender, the king called for a fast in Judah and prayers for God to save them. All the people from every town responded.

In response, God sent Jahaziel who said: ‘Listen King Jehoshapat and all who live in Judah and Jerusalem! This is what the Lord says to you: ‘Do not be afraid or discouraged because of this vast army, for the battle is not yours, but God’s’.’

‘You will not have to fight this battle. Take up your positions; stand firm and see the deliverance the Lord will give you.’ (2 Chronicles 20:15 and 17)

Go figure. In Jericho they marched, silently prayed and blew trumpets. In Judah, they prayed, fasted, took up their positions in faith and watched as God annihilated their would-be invaders.

Perhaps God intentionally uses absurd or illogical methods, not for fun, but to make a point, that for him nothing is impossible, that ‘we’ did not solve the problem, God did.

Filipinos are very prayerful people. Many Catholics will soon be attending the Misa de Gallo or Simbang Gabi. Others pray before meals, novenas, the rosary. Christians do annual prayer and fasting during a family medical crisis or during New Year. Pinoy netizens even ask for prayers for other nations in crisis.

Why is it that we go on bended knees during our personal crisis but not ‘consistently’ for our national crisis and tragedy? Inconsistent prayers will not move long-term struggles.

This brings me to part two of the CBCP invitation: public repentance!

Many people ask, ‘Why doesn’t God answer my prayers?’ In the case of the Philippines, it is because we have relied on kanya-kanya, tapang, even entitlement, but never publicly said to God: ‘Forgive us Lord.’

In closing, I leave you with this encouragement from Psalms 37:7-11:

‘Be still before the Lord and wait patiently for him; do not fret when men succeed in their ways, when they carry out their wicked schemes. Refrain from anger and turn from wrath.

‘Do not fret – it leads only to evil. For evil men will be cut off, but those who hope in the Lord will inherit the land. A little while, and the wicked will be no more; though you look for them you will not find them, they will not be found.

‘But the meek will inherit the land and enjoy great peace.’

College of St. Benilde overcame a shaky first two sets and completed a sweep of University of Perpetual Help System Dalta, 28-26, 26-24, 25-18, to secure a second round seat in the 2025 Shakey’s Super League (SSL) Preseason Unity Cup yesterday at the Paco Arena.

The Lady Blazers snatched their second win in as many outings and climbed to solo top spot in Pool D of the tournament, backed by Shakey’s Pizza Parlor, Peri-Peri Charcoal Chicken, Potato Corner and R and B Milk Tea.

Veteran Zam Nolasco delivered 12 points from seven attacks, three kill blocks and two aces, and her leadership kept CSB together during anxious moments in the closing stretches of the first two frames.

‘Alam namin ang sasabihin ni coach (Jerry Yee) so kami na lang ang gumawa ng talk sa isa’t isa. Yung mga lapses namin sa first and second sets siguro dahil nag-relax lang din kami. During the third set dun na namin talaga inilabas ang laro namin and gusto na naming tapusin,’ Nolasco said.

The Lady Blazers raced to an early lead in the third frame and even built a 20-14 advantage. Unlike in the previous sets, CSB maintained a safe distance from the Lady Altas to finish the match in straight sets.

Blacklist International, Boom Esports, Elevate and ACT Esports Club will be the four teams representing the country in the upcoming Honor of Kings International Championship (KIC) happening in Manila this November.

Boom Esports and Blacklist International advanced to the Honor of Kings’ world stage by booking the top two seeds in the group stages of the fall season of the 2025 Philippines Kings League (PKL). This granted them at least a top-four finish.

ACT Esports Club and Elevate had to go through the single elimination for the playoffs first to book their slots in the KIC.

Third seed ACT Esports Club had no trouble sweeping sixth seed TNT Tropang Alab, 2-0; while fifth seed Elevate pulled off an upset, sweeping fourth seed WETRND Esports, 2-0, to qualify to the KIC.

With all four teams qualifying, all eyes will be on which squad lift the PKL trophy and be the country’s top seed as well as the country’s sole representative in the upcoming 2025 Honor of Kings Nation Clash in Malaysia at the end of this month.

The double-elimination playoffs of the 2025 PKL Fall Season will begin Friday, October 10, at the Trinoma Activity Center in Quezon City, with Blacklist International versus ACT Esports Club, and Boom Esports against Elevate.

University of Perpetual Help drew strength from Mark Gojo Cruz and its rock-solid interior defense as it turned back Lyceum of the Philippines U, 73-61, yesterday and claimed a piece of the lead in NCAA Season 101 at the Filoil EcoOil Arena.

Gojo Cruz, a sophomore gunner who is a product of the school’s high school program, erupted for 18 points including 12 in the second quarter when the Altas turned a shaky one-point edge into a double-digit lead that they nursed until the end.

It was the second win in a row for the Las Piñas-based dribblers, who joined the back-to-back title-seeking Mapua Cardinals at the helm.

‘I’m conditioning my mind that even though I’m just a sophomore, I still have to lead,’ said Gojo Cruz, who spiked his strong scoring game with four rebounds, the same number of assists and three steals.

Later, San Beda also grabbed a share of top spot after blasting bitter rival Letran, 68-58.

The Knights slipped to 0-2.

The Judicial and Bar Council released the shortlist for the candidates for the position of Ombudsman, with Justice Secretary Jesus Crispin “Boying” Remulla on the list.

Six other individuals are also included in the shortlist released on Monday, October 6, namely:

Supreme Court Associate Justice Samuel Gaerlan

Retired Supreme Court Associate Justice Mario Lopez

Sandiganbayan Associate Justice Michael Frederick Musngi

Philippine Competition Commissioner Michael Aguinaldo

Philippine Postal Corporation Chairman Stephen Cruz

Deputy Executive Secretary for Legal Affairs Anna Liza Logan

Article XI, Section 9 of the 1987 Constitution states that vacancies from the Ombudsman must be filled within three months from the vacancy.

Like members of the judiciary, the Ombudsman is appointed by the president and does not need confirmation from the Commission on Appointments.

The Ombudsman also has a non-renewable term of seven years and can only be removed through impeachment.

The individual who will be appointed to the post will occupy the Office of the Ombudsman, which was vacated by former Ombudsman Samuel Martires, whose term expired on July 27, 2025.

The Office of the Ombudsman earlier cleared Remulla to be in the running for the post amid kidnapping and arbitrary detention charges filed against him over the government’s handover of detained former President Rodrigo Duterte to the International Criminal Court.

The top priority for National Power Corp. (Napocor)’s new top official is to slash costly diesel reliance in off-grid areas, signaling a stronger push toward renewable energy (RE).

‘The instruction is to decrease dependence on diesel fuel because diesel power plants are basically the majority of the Napocor generation facilities,’ Napocor president and CEO Jericho Nograles said in an interview.

Nograles, who took office just last month, said diesel-fired facilities remain the ‘most expensive’ power plants to operate for the state-run firm.

He said diesel-generated electricity costs about P30 per kilowatt-hour on average, but consumers pay only around P7 per kWh, leaving the government to shoulder the heavy subsidy gap.

Given this, Nograles said Napocor is now focused on accelerating the rollout of new RE assets by overhauling its previously slow-moving strategy.

‘We’re reviewing that (RE rollout), and we’re getting better leads nowadays. Let’s hope that you will see the results within six months,’ Nograles said.

Under the Electric Power Industry Reform Act, Napocor is mandated to provide electricity and associated power delivery systems to areas and communities not connected to the main grid.

It currently operates over 200 power plants and manages the transmission systems of several island provinces, including Palawan, Catanduanes, Masbate, Marinduque and Mindoro.

According to Nograles, Napocor is working closely with the Department of Energy to deploy new technologies aimed at reducing diesel consumption in off-grid areas.

‘We’re looking at islands. We’re looking at geographically isolated areas. And for those that are within the Napocor territories, within our 168 islands, we will fix their cost of electricity,’ Nograles said.