Category: Philippine Star

Bank lending slowed to 11.2% year-on-year in August, easing from 11.8% in July, the Bangko Sentral ng Pilipinas (BSP) reported Thursday, October 2.

Despite the marginal slowdown, lending activity remained firm, rising 0.4% month-on-month after seasonal adjustments.

Business loans. Lending for business activities expanded by 9.9% in August, down from 10.8% the previous month.

Growth was supported by financing for the electricity, gas and steam supply sector, which surged 28.1%, and real estate activities, which grew 11.0%.

Consumer loans. Loans to residents for household use-including credit cards, motor vehicles and general-purpose salary loans-accelerated by 23.9%, up from 23.6% in July.

Resident vs. non-resident lending. Total loans to Philippine residents rose 11.6% in August, slower than July’s 12.4%.

Outstanding loans to non-residents contracted 5.9%, an improvement from the 8.1% decline a month earlier.

The BSP said consumer lending remained a key driver of growth, even as lending for business activity expanded at a slower pace.

Mapua delivered a fitting tribute to the golden anniversary of the ‘Thrilla in Manila’ via a 90-89 double-overtime cliffhanger over Lyceum of the Philippines University yesterday at the start of the 101st NCAA basketball season at the Smart Araneta Coliseum.

It was a victory that set in motion the Cardinals’ title defense, on the very same day and venue where one of the best, if not the best, sporting moments in history – the heavyweight world title fight between greats Muhammad Ali and Joe Frazier – was staged exactly 50 years ago.

JC Recto paced his team with 16 points on top of nine rebounds, three assists and a game-high five steals while Marc Cuenco scattered 14 points including one FT with 12 seconds remaining that eventually turned out the dagger.

It launched Mapua’s campaign for back-to-back crowns – a year after ending a long championship wait that spanned 33 years.

Yam Concepcion likewise came through with a double-double effort of 13 points and 10 rebounds.

Clint Escamis, the 2023 MVP who decided to skip turning pro to suit up one final time for his alma mater, had an opening-day mishap where he missed all his five three-point attempts and finished with only eight points after fouling out late in regulation.

Despite the dangers posed by the 6.9-magnitude earthquake, some BPO companies in Cebu allegedly forced employees to return to work, even threatening them with dismissal if they refused.

The BPO Industry Employees’ Network (BIEN) in Cebu said on Thursday, October 2, that hundreds of agents from at least 10 business process outsourcing (BPO) companies in Cebu reported labor rights and occupational safety and health violations.

‘Agents were also being forced to report to work, despite their pleas to focus on their safety and their families during this crisis,’ the organization said in a statement.

Other cases reported to BIEN Cebu include BPO agents receiving notices to explain (NTEs) or unpaid days after prioritizing urgent personal needs in the aftermath of the earthquake.

Workers also raised concerns over retaliatory actions, including the removal of attendance incentives, loss of benefits, and other punitive measures such as sanctions and suspensions.

With no regard for employees safety, some BPO firms allegedly blocked their offices’ emergency exits when their agents returned to the production floor after the earthquake, despite warnings of aftershocks.

When they were required to evacuate, a pregnant woman was reportedly not even given any assistance going down flights of stairs.

No safety clearance

Some BPOs also purportedly failed to provide any memorandum or clearance ensuring the safety of its employees when ordered back to work.

While some reportedly offered double pay to agents who returned to work, BIEN Cebu stressed that such incentives failed to address critical safety concerns.

Workers also pointed to the absence of support measures such as transportation assistance, psychological debriefing, or medical aid for those affected by the quake.

In some cases, BPO agents were required to sign memos prohibiting them from discussing their working conditions on social media.

Criticism of government oversight

BIEN Cebu said the mounting complaints and labor violations reflects the government’s lack of oversight over BPO companies and issues of deregulation.

‘The government as well showed its prioritization of corporate interest over employee well-being in their decision to not declare imminent danger, instead passing the decision of how to handle the emergency situation to private companies,’ the organization said.

The group added that if the government can suspend classes to keep students safe after possible school damage, private companies like BPOs should also be required to get building inspections before workers return.

‘The only recourse of BPO workers is to engage in ‘BPO Hopping’ jumping from one company to another in search of ‘better compensated’ and ‘less toxic work cultures,’ only to find out that these issues are industry-wide,’ BIEN Cebu said.

Planned complaints. BIEN Cebu plans to file labor violation complaints before the Department of Labor and Employment (DOLE) in Central Visayas.

Cebu City Vice Mayor Tommy Osmeña also offered personal assistance by sharing his contact number, encouraging people to send in detailed complaints.

He said the city would not only file formal reports but also inform BPO clients about the conduct of the companies they’ve hired.

The deadly earthquake already claimed 72 lives and left hundreds injured as multiple buildings collapsed. According to Phivolcs, more than 2,000 aftershocks have been recorded, with additional tremors expected in the coming weeks.

After plunging to its lowest since he assumed office earlier this year, public satisfaction with President Marcos rebounded in the second quarter of 2025, according to a survey conducted by Social Weather Stations (SWS).

Results of the June 25 to 29 survey released on Tuesday showed that 46 percent of Filipinos were satisfied with the performance of Marcos, up from 38 percent obtained in a similar survey in April.

Some 36 percent said they were dissatisfied, down from 48 percent, while those who were undecided increased from 14 percent to 19 percent.

SWS said the survey results resulted in a net satisfaction rating of ‘moderate’ +10, a 20-point rise from the ‘poor’ -10 he obtained in April.

The net satisfaction rating is the percentage differential between those who said they were satisfied and those who were dissatisfied with the performance of the government official.

SWS classifies net satisfaction ratings of at least +70 as ‘excellent;’ +50 to +69 as ‘very ‘good;’ +30 to +49 as ‘good;’ +10 to +29 as ‘moderate;’ +9 to -9 as ‘neutral;’ -10 to -29 as ‘poor;’ -30 to -49 as ‘bad;’ -50 to -69 as ‘very bad’ and -70 and below as ‘execrable.’

Based on SWS survey results, Marcos’ satisfaction rating had been in a steady decline since September 2024, when it was at ‘good’ +32.

It went down to +19 in December 2024, +9 in January 2025 and +1 in February 2025.

Marcos had a ‘very good’ +63 satisfaction rating in October 2022, the first quarterly survey conducted by SWS during his administration. It went up to as high as +68 in December that year.

According to SWS, the latest net satisfaction rating of the President rose across all areas in the June 2025 survey.

It was highest among those in balance Luzon at +28 (from +7), followed by those in Metro Manila at +1 (from -6), the Visayas at -2 (from -11) and Mindanao at -9 (from -44).

It rose among men and women respondents, among all educational groups and across age groups, except among 18 to 24-year-olds, SWS said.

The survey had 1,200 respondents and a margin of error of plus/minus three percent.

Marcos Jr.: Keep working

President Marcos said yesterday the significant improvement in his performance rating in the latest SWS survey was ‘nice’ but stressed the government must continue working to serve the people.

‘It’s, of course, nice to note. I didn’t know about that. But now that you tell me, of course I’m glad that it’s that way,’ Marcos told reporters after visiting typhoon victims in Masbate.

‘I guess we just have to keep working. Whatever happens, whether there is a storm, there is a scandal, there is chaos, the people expect the government to continue providing services, to continue the work of the government at every level,’ he said.

‘As public servants, who are elected by the people, we should not be seen playing around, doing whatever, politicking,’ Marcos said.

This time 35 years ago, on Oct. 3, 1990, the former German Democratic Republic (GDR), often referred to as ‘East Germany,’ and the Federal Republic of Germany were reunited after more than 40 years of division. This very important date in recent German history not only marks the end of the Cold War and the fall of the iron curtain. It also ended the separation of millions of people and families and had far-reaching implications for politics and economics worldwide.

German reunification was brought about by mass demonstrations of people living in the former German Democratic Republic. They went out to the streets asking for freedom, democratic rights and the right to travel freely also beyond the area of the former communist bloc. It was their fearless commitment and desire for freedom and unity that led to the collapse of the communist regime in East Germany.

Both the Philippines and Germany share a longstanding spirit of people-led movements that have shaped our dynamic histories. In 1986, the Filipino people led the People Power Revolution, exemplifying the significance and their capacity to exact systemic change. The People Power Revolution was a series of nonviolent mass demonstrations which toppled Ferdinand Marcos Sr.’s dictatorship, changing the course of Philippine history by way of civil resistance. Democracy was thus restored in the country, and has since been remembered by the world as an example of civic action and heroism.

The Berlin wall, separating East and West Berlin, was the cruelest symbol of the division of Europe and of the permanent threat of the Cold War. Its fall on Nov. 9, 1989 was a decisive moment on the road to reunification.

In 2020, a fragment of the Berlin Wall was donated by the city of Berlin to the city of Manila, serving as a reminder that democracy is a permanent challenge and a daily task that is kept alive through partnerships and reinforced through international cooperation in today’s political landscape. This gift – the fragment of the Berlin wall, standing today at Cecilla Munoz street near the Kartilya Ng Katipunan memorial – was given in commemoration of the 30th anniversary of German reunification, and continues to stand as a reminder of shared democratic values and a joint history of people-led movements.

Reunification brought enormous challenges, especially economically. The integration of the different systems is still not fully accomplished. Yet the different historical experiences have also culturally enriched German society.

The end of the division in my home country and the world paved the way for international cooperation on an unprecedented scale. Multilateralism, the commitment to international law and the United Nations became core elements of German foreign policy. In Europe, reunified Germany accelerated regional integration and became a strong advocate of the full integration of Central and Eastern European countries into the European Union and NATO.

For present-day Germany, the historical experiences of the Nazi dictatorship, the Holocaust, the Second World War and the subsequent division of Germany have led to a strong awareness of the key importance of freedom, democracy, peace and human rights. It also showed us that these values cannot be taken for granted but have to be protected and defended daily from internal as well as external threats.

Today, reunified Germany is an important political and economic partner and close friend of the Philippines. It is the Philippines’ biggest trading partner in the EU and a strong ally in safeguarding the rules-based international order, protecting human rights and the rule of law and defending media freedom and democratic values. Both our countries are strong advocates of international law, including the United Nations Convention on the Law of the Sea (UNCLOS).

In an increasingly complex world where multilateralism and international norms and rules are under threat, and where transactional foreign policy approaches and the use of military power seem to become more broadly accepted, like-minded partners like the Philippines and Germany must work together even more closely on security. We have strengthened our military cooperation on multiple fronts. In September 2024, as part of the Indo-Pacific Deployment 2024 (IPD24), the German Navy task group composed of the frigate Baden-Wrttemberg and the supply ship Frankfurt am Main paid a three-day port visit to Manila following their passage through the Taiwan Strait. In May this year, our defense ministers signed an arrangement on defense cooperation.

In a few days, mid-October, the Philippines will be the guest of honor at the Frankfurt book fair in Germany, the largest and most prominent book fair in the world. This marks another strong signal for the close cooperation between our countries on all fronts.

Two clear messages emerge from the past for the future:

Together with our partners in the European Union, Germany stands firmly committed to the Indo-Pacific and to our ever closer partnership. This commitment signals not only our support for the Philippines but also for other ASEAN partners as they navigate national interests in a challenging and constantly evolving regional environment.

Peaceful, yet massive people-led movements can change the course of history and inspire a dynamic that leads to freedom, democracy and a more prosperous and peaceful society.

Let’s continue to work together – on a government-to-government level, on the level of the private sector, on a people-to-people level – to defend multilateralism, human rights, an open and liberal society and the respect for international law.

The Securities and Exchange Commission (SEC) has formalized its plan to enforce a mandatory nine-year cap on independent directors, while providing them with security of tenure at the same time.

The SEC has issued a draft memorandum circular, which sets the rules on the duration of term and amends its rules on term limits of independent directors.

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

‘Basically, we will be strict on the nine-year limit. We will do away with exemptive reliefs. At the same time, to make the independent directors truly independent, we’re giving them a three-year security of tenure. In other words, once voted, he or she is elected for three years, not one year only,’ SEC chairperson Francis Lim said.

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.

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

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

Pubcly listed firms and registered issuers are given until Oct. 15 to submit their comments and inputs on the draft memorandum circular on the duration of term and term limit of independent directors.

The sporting world now starts to shift its on focus on basketball.

And so, Puma Hoops and Indiana Pacers All-Star Tyrese Haliburton have unveiled the Hali 1: Opal, the debut colorway of his first-ever signature basketball shoe. A groundbreaking collaboration with renowned designer Salehe Bembury, the Hali 1 in the striking blue colorway seamlessly blends premium design with elite performance, creating a masterclass in form and function for a player who embodies style, confidence and unstoppable performance.

Driven by the mind of a playmaker and the eye of a trendsetter, Haliburton envisioned the Hali 1 as the epitome of “luxe performance’. This vision has been brought to life through Salehe Bembury’s signature futuristic aesthetic, by merging advanced NITROTM performance technology with premium craftsmanship.

The silhouette of the Hali 1 draws direct inspiration from the smoothness of Haliburton’s playstyle. Bembury’s design language introduces unexpected lines, amplified Puma Cat branding, Tyrese’s signature logo on the tongue, and Salehe’s signature textures, creating a visually dynamic shoe that stands out both on and off the court. It’s a testament to the fusion of eye-catching design and uncompromising technology, crafted to elevate your game.

To complement the launch, Bembury’s creative vision reimagines the consumer experience through bold storytelling. The campaign introduced Hali Mart – a surreal, immersive grocery-themed world that reflects Haliburton’s vibrant personality and playful style of play. In partnership with Foot Locker, the Hali Mart pop-up opened for one day only on September 25 in Indianapolis, offering fans an exclusive first look, with both Tyrese and Salehe in attendance.

A total of 317 pairs of the Hali 1 “Opal” were available at the pop-up – an intentional nod to Indy’s iconic area code – ahead of the wider global release.

The Hali 1 is now available at PUMA stores for P7,900, and will soon be available at Foot Locker. Elevate your game and express your unique style with the shoe that embodies Haliburton’s fearless spirit.

The Global Youth Summit (GYS) 2025 has marked a historic milestone, gathering over 40,000 young leaders, innovators and advocates nationwide through simultaneous events across SM malls.

Organized by SM Cares, the corporate social responsibility arm of SM Supermalls, in partnership with the Global Peace Foundation (GPF) Philippines, the summit highlighted the strength of the Filipino youth as a nationwide movement for change.

From Luzon to Mindanao, students, youth groups and advocates came together for thought-provoking discussions, keynote sessions and collaborative activities that amplified the collective voice of the Filipino youth.

The summit tackled pressing themes of empowerment, sustainability, innovation and leadership, reflecting the youth’s role in shaping the country’s future.

‘The youth are not just leaders of tomorrow-they are a driving force for change today. The Global Youth Summit proves what is possible when we empower young people nationwide,’ said Royston Cabunag, SM Cares program director for children and youth.

Leonard Faustino, executive director of Global Peace Foundation Philippines, added: ‘Collaboration across Luzon, Visayas, and Mindanao has created one of the largest youth platforms in the country. This summit is proof that when given space and support, our youth can lead transformative change.’

While the SM Mall of Asia Arena leg drew thousands of participants and nationwide recognition, the heart of GYS 2025 was its collective nationwide reach-with simultaneous summits held across 17 SM malls.

Each of the 17 provincial summit locations was deliberately anchored on one of the 17 United Nations Sustainable Development Goals (SDGs), ensuring that every global goal receives equal importance within a holistic platform that champions innovative and actionable solutions for communities nationwide. In line with this, the provincial legs gave young people in local communities the chance to share solutions and contribute to projects aligned with the respective SDGs.

By empowering more than 40,000 Filipino youth across regions, SM Cares and its partners reaffirm their commitment to inclusivity, accessibility and meaningful youth participation on a national scale.

The Global Youth Summit 2025 stands as one of the largest youth movements in the Philippines, uniting voices that will shape the country’s future.

MP Promotions and Araneta City yesterday celebrated the 50th anniversary of the epic ‘Thrilla in Manila,’ regarded as the greatest heavyweight boxing fight ever, leading up to a loaded fight card on Oct. 29.

MP Promotions, led by eight-division world champion and International Boxing Hall of Famer Manny Pacquiao, and Irene Jose, COO of Uniprom, the entertainment arm of Araneta City, unveiled an exhibit featuring memorabilia from the unforgettable world title fight between Muhammad Ali and Joe Frazier at the Araneta Coliseum – then considered as one of the world’s largest indoor arenas.

The world stood still on Oct. 1, 1975 as the title fight between Ali and Frazier was watched by a live audience of more than 20,000 and over a billion on TV and pay-per-view across the globe.

On Oct. 29, the Philippines will commemorate that one-of-a-kind battle with a card including Ali’s grandson Nico Ali Walsh.

Walsh will clash against Thailand’s Patumpong Saengarun in a middleweight undercard bout while WBC minimumweight champion Melvin Jerusalem stakes his belt against No. 2 contender Siyakholwa Kuse of South Africa in the main event. Other Filipino stars like Eumir Marcial, Marlon Tapales and Carl Jammes Martin are also in the super card featuring 11 fights so far.

VIPs, including the families of Ali and Frazier and current world champions, have also been invited to grace the event.

‘We honor the moment that forever changed the Philippine sporting landscape and global culture. The world stood still in what became one of the most iconic battles in boxing history. It was more than just a fight. It was poetry in motion. Two giants of the sport stepped into the ring not as opponents but as symbols of pride, determination and will to win,’ said Jose.

President Marcos extended his condolences yesterday to the families of those who died in the magnitude 6.9 earthquake that struck Bogo City, Cebu on Tuesday night.

‘My heartfelt condolences to the families who lost their loved ones, and my prayers go out to those who were injured and all those affected by the earthquake,’ the President said.

The earthquake, which hit the city at 9:59 p.m., left more than 60 people dead and caused widespread damage across the province.

While visiting typhoon-hit Masbate, Marcos said Cabinet members had already been deployed to Cebu to fast-track relief and restore essential services.

The Department of Public Works and Highways is inspecting roads and bridges for structural damage, while the Department of Energy is working to restore electricity in affected areas.

The Department of Health has dispatched additional medical personnel to assist hospitals, while the Bureau of Fire Protection is participating in search and rescue operations. Philippine National Police personnel are also on the ground to maintain order.

The Department of Social Welfare and Development, the Office of Civil Defense and the National Disaster Risk Reduction and Management Council joined forces to ensure the quick distribution of food and relief items.

According to the Presidential Communications Office, the DSWD has P379 million in standby funds and over 2.4 million family food packs prepositioned nationwide.

The DBM, for its part, has instructed agencies to activate their quick response funds, which serve as emergency resources to finance immediate disaster relief and recovery.

Vice President Sara Duterte offered prayers for those affected.

House Speaker Faustino Dy III expressed his sympathies.

Some senators who expressed solidarity and urged immediate aid deployment were Senate President Vicente Sotto III and Senators Francis Escudero, Risa Hontiveros and Joel Villanueva.

Foreign ambassadors in the country also offered aid.

‘The US embassy community offers our deepest condolences to those affected by the earthquake in Cebu. Our thoughts and prayers are with all affected. We stand ready to support the government’s response as #FriendsPartnersAllies,’ US Ambassador MaryKay Carlson said.

‘We mourn the loss of lives and we stand with those who are grieving, injured or displaced. Canada stands ready to coordinate closely with Philippine government agencies, humanitarian partners and the international community to help meet urgent needs,’ the Canadian embassy posted on X.

Aside from Carlson and the Canadian embassy, European Union Ambassador Massimo Santoro, Japanese Ambassador Endo Kazuya, Australian Ambassador Marc Innes-Brown and the Embassy of India also extended their sympathies to the victims and their families.