Category: Philippine Star

First Philippine Holdings Corp. (FPH) of the Lopez Group is ready to buy back more shares to boost its stock price, which the company believes is currently undervalued.

During the company’s annual stockholders’ meeting yesterday, FPH president and chief operating officer Francis Giles Puno said the company has been actively buying back its own shares since the share buyback program began in 2010.

He said FPH has purchased a total of 185 million shares to date, representing 31 percent of its pre-buyback outstanding shares, and has paid P13.1 billion to its shareholders.

‘Given the undervaluation of FPH shares, we believe that the best way forward is to continue the buyback program. This will benefit loyal shareholders who choose to remain with the company as they will own a larger share of a valuable company,’ Puno said.

‘For shareholders who wish to sell their shares, FPH through the share buyback program serves as a ready buyer, providing them with an immediate opportunity to realize the value of their investment at fair market value,’ he said.

Puno said the program also distributes cash to shareholders, with FPH paying P3.4 billion to its shareholders under the share buyback initiative in 2025.

FPH shares closed at P87.50 yesterday, down by 2.29 percent from P89.55 the previous day. Its 52-week low is at P70.10, while its 52-week high is P120.

The company held its annual stockholders’ meeting yesterday following previous postponements due to issues relating to the legal dispute between FPH chairman and CEO Federico ‘Piki’ Lopez and Lopez Inc.

FPH is part of Lopez Group of companies, with Lopez Inc. serving as its ultimate parent firm.

In his report, Piki discussed the group’s theme, which is compounding good choices, as FPH turns 65 years old this year.

‘Milestones like this naturally invite us to look back. But perhaps their greater value is that they make us look forward. What will it take for FPH to remain relevant and purposeful for the next 65 years?’ Piki said.

FPH is a holding company with investments in power generation, energy solutions, residential and commercial real estate, industrial real estate as well as construction and energy services.

Piki said that for 65 years, FPH has been shaped by choices across many generations.

‘We inherited businesses and assets. But we also inherited capabilities, partnerships, values and trust accumulated across decades,’ Piki said.

When Ferdinand Magellan’s Spanish expedition reached the Philippines in 1521 in search of the Spice Islands, his chronicler Antonio Pigafetta recorded the seafaring, navigation, and boat-building skills of the islands’ inhabitants. Magellan called the islands they encountered Las Islas de San Lazaro (Islands of Saint Lazarus), before Ruy López de Villalobos later gave the name Las Islas Filipinas in honor of Prince Philip, later King Philip II of Spain.

The islands officially became Spain’s colony in Asia in 1565, from which a sustained trans-Pacific commercial trade was established, linking Asia, the Americas, and Europe. This was the Manila Galleon Trade between Manila and Acapulco in Mexico, a forerunner of modern trade globalization.

The huge galleons, many of which were built in Philippine shipyards from the early 1600s onward, were the ocean liners of that era that crossed the vast expanse of the Pacific. They carried silver, goods, and people from Europe and the Americas to Manila, and Asian goods and Philippine sailors back to Acapulco.

That galleon trade lasted for 250 years, from 1565 to 1815. The Manila Galleon trade made Manila the international hub of trade in Asia. This history illustrates how the Philippines has long occupied an important position at the crossroads of interregional commerce.

Many developments changed the course of history between then and the 21st century.

On Sept. 22, 2026, the European Union (EU) and the Philippines announced that they had reached ‘substantial agreement’ for a free trade agreement (FTA), which will liberalize over 94% of tariff lines, covering more than 97% of bilateral trade. The agreement is expected to deepen trade and investment ties, create new opportunities, and help both sides build more diversified and resilient supply chains.

This progress comes at a very important moment. For the Philippines and Europe, closer cooperation can provide the foundation for expanding opportunities for businesses, including micro, small and medium enterprises (MSMEs), manufacturers, and services providers, while giving consumers access to more choices.

Being like-minded partners, the Philippines and the EU share an interest in open, rules-based trade and deeper economic cooperation. The FTA can therefore become more than a trade instrument: it can form part of a partnership built on trust, predictability, and long-term investment.

Interestingly, that connectivity has taken new forms. The Philippines is increasingly integrated into ASEAN and Indo-Pacific supply chains, while its economic relationship with Europe is gaining greater momentum.

The timing of the FTA announcement was particularly notable as it coincided with the 12thASEAN-EU Business Summit in Manila, the annual flagship forum of the EU-ASEAN Business Council for high-level dialogue on trade, investment, and regional economic cooperation.

Department of Trade and Industry Undersecretary Ceferino Rodolfo, delivering the ASEAN Chair 2026 Address, underscored the importance of trust in strengthening partnerships. ‘Trust has become one of the world’s most valuable strategic assets,’ he said, linking it to investment, innovation, and long-term growth.

He also emphasized that the FTA matters not just for the Philippines and Europe, but for ASEAN: stronger links between an ASEAN member state and the EU can contribute to a stronger bridge between the two regions.

Business sentiment reinforces this opportunity. The 2026 EU-ASEAN Business Sentiment Survey found that 61% of European business leaders regard ASEAN as the region offering the strongest economic opportunities, while 78% expect trade and investment in ASEAN to increase over the next five years. At the same time, 73% said that there are many barriers to efficient supply chain use, with regulatory fragmentation remaining a significant challenge.

These findings point to both optimism and a clear agenda for action through reduced unnecessary friction, strengthened connectivity, and easier linkages for businesses to operate across borders.

The Philippines is already taking steps in this direction. Earlier, the EU and Spain officially joined the Luzon Economic Corridor (LEC) partnership, bringing the grouping to 13 partners. The EU is aligning its Global Gateway initiative with LEC priorities, including green and circular development, renewable energy, energy efficiency, secure digital connectivity, innovation, and skills development.

Launched by the Philippines, the United States and Japan in 2024, the LEC aims to connect Subic Bay, Clark, Metro Manila, and Batangas while accelerating strategic infrastructure investment and strengthening supply chains. European participation can bring additional capital, expertise, and technology while creating opportunities for Philippine firms and workers.

The Philippines has inherent strengths to build on. Its geostrategic location in the Indo-Pacific, abundant natural resources, and a large, young population provide a strong platform for investment.

According to the Philippine Statistics Authority’s 2024 Census of Population, the country recorded a population of 112.7 million, with a median age of 27.7 years and 66.7% of the household population classified as working age.

Turning this demographic advantage into sustained growth, however, will require continued investment in education, skills, infrastructure, and productive employment.

During the ASEAN-EU Business Summit, Department of Finance Undersecretary Ma. Angela Ignacio highlighted the Philippines’ resource base and its potential to play a greater role in ASEAN’s green metals and energy transition through responsible resource extraction and higher-value processing.

She also pointed to enacted reforms aimed at creating a more open and investment-friendly environment, including the new Public-Private Partnership Code, the CREATE MORE Act, and the green lanes for strategic investments.

These reforms can help attract more European and other foreign investors to the Philippines and support job-generating, investment-led growth. However, productive investment and greater market access alone will not guarantee results. This is where trade policy and domestic economic policy meet: an FTA can open doors, but businesses must be able to walk through them.

Competitive logistics, reliable energy, efficient ports, digital infrastructure, skilled workers, transparent regulations, and effective institutions will determine how fully Philippine enterprises can benefit from greater market access and investment flows.

The EU-Philippines FTA offers a promising foundation for that next chapter. Its successful conclusion and implementation will require sustained trust, continued reform, and close cooperation among governments and businesses.

Indeed, while the geography remains, the connections have expanded: from maritime trade routes to modern supply chains, digital networks, strategic investment partnerships, and knowledge and culture exchange.

Thus, the story that shaped the concept of globalization now shifts to a new page that interestingly redefines the meaning of connectivity and enduring collective partnerships amid some of the most important turning points in modern times.

Cebu City Councilor Dave Flores Tumulak, chairman of the Committee on Budget and Finance, has called on fellow public servants to ensure that Cebu City’s 2027 budget reflects discipline, accountability, and tangible benefits for citizens.

In a statement ahead of the budget deliberations, Tumulak stressed that the budget is more than a financial document.

‘This budget is not just a financial plan-it is a statement of who we are as public servants, how we serve the public with integrity, and how seriously we take our obligations to citizens,’ he said.

He emphasized that the process must be collaborative and transparent, with consultations and feedback mechanisms to include the voices of the people.

‘Engage stakeholders and consider the voices of the people through consultations, feedback mechanisms, and meaningful listening. Ensure inter-departmental alignment so our proposals support shared national and sector goals-not isolated activities,’ Tumulak noted.

The councilor also stressed the need for alignment with executive priorities.

‘Every proposal must clearly connect to the Executive’s stated priorities and legally or strategically committed actions. Avoid general intentions and instead specify what will be delivered and how it supports national direction,’ he said.

Tumulak urged clarity in outcomes, saying, ‘Public clients must be able to see what we are trying to achieve, not just that improvements will be made. Replace vague language with specific deliverables-services to be provided, facilities to be completed, programs to be rolled out, targets to be reached.’

He further highlighted the importance of realistic timelines and measurable results.

‘Provide implementation timelines that match available capacity, procurement realities, and reporting cycles. Include measurable outcomes and expected impact by quarter or semester where possible,’ he explained.

On fiscal discipline, Tumulak reminded colleagues that the budget must be grounded in actual collections.

‘The annual budget must be realistic and grounded in what we can collect, not wishful projections. Where funding gaps exist, proposals must show credible options such as reprioritization, sequencing, or phased delivery,’ he said.

He urged that the budget inspire confidence by demonstrating its impact on daily life.

‘Let our plans demonstrate tangible benefits-especially in areas that touch daily life: health, education, water, sanitation, infrastructure, jobs, safety, and social protection. The budget should reflect not only what government will spend, but what citizens will experience because of that spending,’ Tumulak declared.

‘No matter the size of the budget, we must ensure it reflects the values of public service: discipline, accountability, and results. When we submit budgets that are specific, achievable, and grounded in reality, we earn trust and strengthen confidence in government,’ he concluded.

The city’s annual budget preparation begins with the executive branch setting ceilings and priorities, followed by departmental proposals reviewed by the Budget and Finance Committee.

The consolidated executive budget is then submitted to the City Council for deliberation and approval.

Another bronze medal for the Philippines in the 20th Asian Games.

Ian delos Santos bagged a bronze medal in the Asian Games’ men’s 70 kilogram weightlifting competition Saturday at the Nagoya City Trade and Industry Center.

Delos Santos tallied 141 kilograms in snatch and 183 kilograms in clean and jerk, for a total of 324 kilograms.

The Philippine flag-bearer reached the mark before North Korea’s Won Ju Ri and Japan’s Masanori Miyamoto started off their clean and jerk attempts.

When the dust settled, Ri nabbed the gold medal, tallying 151 kilograms in snatch and 198 kilograms in clean and jerk for a total of 348 kilograms.

Miyamoto finished with 342 kilograms total, off of 154 kilograms in snatch and 188 kilograms in clean and jerk.

Aside from the bronze-medal finish, the 20-year-old delos Santos also set the Junior Asian Record and the Junior World Record.

The Philippines now has two golds, two silvers and six bronzes.

The National Bureau of Investigation (NBI) is looking into a much larger pool of Davao infrastructure contracts than previously disclosed, with a preliminary Commission on Audit (COA) report putting the value at about P7 billion for 51 projects awarded to one contractor from 2018 to 2024.

NBI Director Melvin Matibag said the figure surfaced as the bureau reviewed documents in its investigation of alleged irregularities in flood control projects in Davao City.

The amount is significantly higher than the previously reported P1.9 billion worth of projects awarded to Genesis88 Construction Inc. in the district of Davao City Rep. Paolo Duterte. The NBI has identified 47 projects for closer examination, with six initially described as clearly questionable based on the documents reviewed.

‘The initial report we received from COA was P7 billion,’ Matibag said over dzRH on Thursday. ‘One contractor had P7 billion worth of projects, with 51 projects.’

The contracts span from 2018 to 2024, although Matibag said the bulk of the projects were awarded from 2022 to 2024. The NBI is now examining why one contractor repeatedly secured projects and whether the bidding and procurement processes were properly followed.

Matibag said the bureau would also consult the Philippine Competition Commission to determine whether the pattern of contracts raised competition concerns. ‘There are many contractors. Why is it that only one or two repeatedly receive the contracts?’ he said.

The NBI had earlier reported possible ghost and substandard projects, as well as projects appearing to have the same coordinates but different titles and separate budgets.

Matibag said officials of the Department of Public Works and Highways (DPWH) were being asked to explain the projects and provide supporting records, while the NBI would formally seek additional documents from COA.

The bureau has already identified the owners of the construction companies involved and plans to summon them as the investigation progresses.

Matibag stressed that the investigation is not directed at any particular politician and that receiving projects in a congressional district does not by itself establish wrongdoing by the lawmaker representing it.

‘What we will first look at is the bidding process,’ he said. ‘It does not automatically mean that a person is criminally involved or conspired in wrongdoing.’

The NBI director said investigators would need evidence of intervention or participation in the procurement process before linking any public official to possible criminal liability. He added the bureau would continue examining projects regardless of the political affiliation of officials involved.

Matibag noted the investigation remains ongoing and that the documents and testimony being gathered will determine whether criminal charges should be filed.

DPWH Davao chief appears before NBI

DPWH Region XI Director Juby Cordon appeared before the NBI on Thursday to comply with a subpoena issued in connection with the bureau’s probe into alleged irregularities in flood control projects in Davao.

Cordon arrived at the NBI headquarters in Pasay City at around 1 p.m. but declined to answer questions from reporters.

Ten boxes of documents from DPWH Region XI were also brought to the NBI as the bureau examines around 50 flood control projects flagged for possible irregularities.

Cordon was subpoenaed to provide records covering 37 contracts, most of them in Davao City and Davao del Sur.

The subpoena, issued on Sept. 17, cited possible violations of the Revised Penal Code on malversation, the Anti-Graft and Corrupt Practices Act and the Anti-Money Laundering Act.

Matibag earlier said the bureau found red flags in 47 of 100 projects reviewed based on DPWH records. Six of the 47 were initially identified as clearly questionable, including projects suspected to be ghost or substandard and those that appeared to carry different titles and funding despite having the same coordinates.

There’s been a development in the case of the missing cockfighting enthusiasts in Luzon, but it’s not exactly good news.

According to Prosecutor General Richard Fadullon, some families of the missing cockfighting enthusiasts have withdrawn or stopped cooperating in the cases, including an obstruction of justice complaint against a defense lawyer.

As of last hearing, only one complainant showed up.

A report from GMA has Fadullon adding that even if complainants recant or withdraw their statements, the cases can still proceed without them. The Department of Justice also said the lack of cooperation from the families of those missing won’t affect the criminal aspect of the cases, only the claims for damages.

So what’s the bad news we’re referring to here? The case will proceed anyway.

If speculation is to be believed, the families of the missing cockfighting enthusiasts are slowly losing interest in the case or abandoning it altogether because they’re being threatened or paid.

One is worse than the other.

We understand why some would back down due to threats. Those behind the disappearances of the missing cockfighting enthusiasts are likely very influential individuals with connections to even more powerful people, who may not think twice about making even more people disappear.

But if they’re being paid for their silence, then that’s different.

Because it shows that some families are willing to forget that someone they loved was snatched, murdered, then dumped God-knows-where in exchange for money. Even if the guilty don’t get punished, even if they can never bury that loved one properly.

But it might not be that simple. Some families might have been threatened, others paid off. Or threatened until they just agreed to get paid off. Or they might have just lost interest because they have decided to forgive and move on.

We won’t know exactly because people aren’t talking about it.

But one thing’s sure. If some people are willingly accepting money for silence or non-cooperation then it sends the message that those who are rich enough can afford to just pay people to look the other way if they do something wrong. And that some of us are totally cool with it as long as we’re getting paid.

Body-swapping and time travel drive the drama in “Dive Into You” starring Kim Ji-yeon, more popularly known as Bona, Jang Se-hyuk, and Park Seo-ham.

Bona and Se-hyuk play twins Ha-na and Ha-ru who learn they are capable of travelling back in time using an old camcorder.

Together they rewrite history in order to save Seo-ham’s Jung Woo-jae, Ha-na’s first love who lost his life protecting her.

Ha-na, a seasoned celebrity in adulthood, returns to her teenage years but ends up in Ha-ru’s body.

The 12-episode series premieres on September 26 in the Philippines via the streaming service Viki, hailed by the platform’s chief content officer Jaehee Hong in a statement as “a place where fans around the world can discover and connect over Asian stories they love.” “With ‘Dive Into You,’ we’re continuing to invest in original stories that bring together the creativity, talent and emotional storytelling that audiences look to Korean dramas for,” Hong also said. “We’re excited to bring this series to our global community and give fans another story to fall in love with.”

Bona is a member of the girl group WSJN and her acting credits include “Twenty-Five Twenty-One,” “Joseon Attorney,” “Pyramid Game,” and most recently “The Haunted Palace.”

Se-hyuk debuted in “Bitch x Rich” before going on to star in “Our Unwritten Seoul,” “Love, Take Two,” “Pro Bono,” and “Filing For Love.”

Seo-ham is best known for playing Jang Jae-young in the “Semantic Error” show and movie, also starring in “The Murky Stream” and “Our Universe.”

The Wednesday Club reaffirmed its dominance over the Monday Hoopers, 108-99, in the 1st Edgar Cokaliong Memorial Cup Basketball Tournament sponsored by Shell Pilipinas Corporation last Tuesday, September 22, at the Don Edgar Stadium of Cokaliong Tower.

Wednesday Club launched a fierce opening assault, 28-12, and never looked back from there onwards to hand the Monday Hoopers their fifth straight loss.

Jonel Camboanga exploded for 34 points, while Cyfandel Amora banged in 26 points as the Wednesday Club completed its campaign in the double-round elimination with a 2-4 win-loss record.

Reil Young chipped in 15 points, while Dexter Stella and Alvin Bustos combined for 21 for the Wednesday Club, which will face the twice-to-beat Toyota Mandaue North in the Final Four.

Regardless of the outcome of its game against the Monday Hoopers today (Friday, September 25), Toyota Mandaue is already assured of the No.2 spot in the semifinals with a 3-2 card.

The Chester Cokaliong-led Cebu Eastern College Alumni Basketball Association (CECABA) All Stars are the top seeds with a perfect 6-0 slate. Armed with a twice-to-beat advantage, they will go up against the fourth-ranked Monday Hoopers in the semis next week.

The scores

Wednesday Club (108) – Camboanga 34, Amora 26, Young 15, Bustos 11, Stella 10, Tero 6, Tadefa 4

Monday Hoopers (99) – Advani 36, Salibay 25, Abella 23, Mata 9, Dizon 6

Quarterscores: 28-12;54-40;81-70;108-99.

It’s been over a month since the PBA put the Governors ‘Cup on hold to give way to Gilas’ participation in the fourth FIBA World Cup Asia qualifying window and the Aichi-Nagoya Asian Games. Hostilities will resume on Oct. 7 with rule and import changes to be introduced.

While on break, the PBA scheduled five provincial games in a tour that ends in Candon, Ilocos Sur, tomorrow with TNT taking on Rain or Shine. NLEX, sharing the top of the standings with San Miguel Beer at 7-2, lost twice during the series as Robert Bolick attended to Gilas. The first setback was a 109-107 squeaker to Blackwater in San Jose del Monte last Sept. 9. No imports played that game. Then, the Road Warriors dropped a 95-81 decision to Magnolia in Batangas City last Sept. 19 with new import Deonte Burton scoring 11 points.

Other tour winners were San Miguel over Phoenix, 94-89, in Ilagan City last Sept 12 and Meralco over Converge, 96-89 in Santiago City the next day. Marcio Lassiter fired 30 points for the Beermen who were without June Mar Fajardo, CJ Perez, Don Trollano and Jerrick Ahanmisi. CJ Cansino hit 21 points to pace the Bolts. Jordon Varnado, Chris Newsome and Brandon Bates sat out for Meralco while Justine Baltazar and Jusin Arana were excused for Gilas duties.

Aside from Burton, TNT’s Nick Hornsby and Ginebra’s Jordan Murphy will make their first PBA appearance this conference. They both flew in yesterday. TNT team manager Jojo Lastimosa said Hornsby won’t play in Candon tomorrow. Rondae Hollis-Jefferson is back in the US to attend his grandmother’s funeral and will return on Oct. 5. He’s expected to be ready to play starting the quarterfinals. Ginebra assistant coach Richard del Rosario said while Murphy will take over from Riley Grigsby, there’s still hope for Justin Brownlee to reemerge. Coach Tim Cone said nothing is final with Brownlee. ‘We’re hopeful, we’ll see,’ noted Cone. ‘In the meantime, (for Gilas), we’re still working on Bennie (Boatwright).’

Hornsby, 31, played in four NCAA seasons with Sacramento State and never averaged in double figure points until his senior year in 2016-17 when he shot an average of 11.3. He has seen action in four years in Germany and Canada, three in Israel and one each in Mexico and Indonesia. Hornsby starred in Indonesia last season, averaging 24 points, 12.4 rebounds, 4.9 assists and 2.8 steals while shooting 46.8 percent from the floor and 77.9 percent from the line.

Murphy, 29, has seen action for the US Virgin Islands and Puerto Rico national teams. He averaged in twin digit points in four years with the University of Minnesota and came close to joining the Minnesota Timberwolves in the 2019-20 NBA season. Murphy has been a mainstay in the Puerto Rico league since 2021. Last season, he averaged 12.3 points for Leones de Ponce, hitting 57.6 percent from the floor and 39.2 percent from three.

The rule changes will conform to FIBA’s modifications which take into global effect on Oct. 1. The major difference is the removal of the unsportsmanlike foul. Now, fouls are classified into flagrant, disruptive and technical. Flagrant will be called on a non-legitimate play against an opponent as in a reckless or violent act. Disruptive will be called on no legitimate attempt to play the ball in transition. Technical will be called for disrespectful behavior, excessive swinging of elbows, flop, delay of game, hanging on the ring and goaltending on the last free throw.

Access to online community platforms Discord and Reddit has been restored after the companies have agree to comply with the safety guidelines set by the Philippine government.

The two platforms reportedly became inaccessible to some users earlier this week after Philippine authorities gave them a 24-hour ultimatum to establish their presence in the country.

In a press release on Friday, September 25, the Department of Information and Communications Technology (DICT) announced that the platforms have formally agreed with the government’s standards amid the ongoing evaluation of children’s online safety.

‘The temporary restriction successfully compelled both tech giants to establish binding, operational commitments with the DICT and the Cybercrime Investigation and Coordinating Center (CICC),’ the press release read.

According to DICT, Reddit and Discord committed to establish a ‘green lane’ for local authorities for immediate removal of exploitative materials and channels targeting minors.

Also included in the agreement is the implementation of age-verification systems and close coordination with the country’s cybersecurity agencies.

The agreement prompted the DICT to direct the National Telecommunications Commission (NCT) and internet service providers in the country to restore the access on Reddit and Discord nationwide.

The recent move of the DICT and CICC came following the deadly school shooting incident in South Cotabato on September 18, which intensified concerns over influences of nihilistic violence extremism (NVE) online.

The ban on Discord, however, sparked criticisms from users who use the platforms for jobs, businesses, and other non-gaming related purposes.

On Thursday, September 24, the CICC publicly apologized to the inconvenienced users, admitting that they were unaware that Discord is not exclusively a game-messaging platform.