Category: Philippine Star

Media giant ABS-CBN Corp. is receiving up to P6 billion in new equity from new and long-time investors, giving it fresh funds to support efforts to return to profit.

ABS-CBN yesterday announced it is raising P3.5 billion from Philippine private investment firm IandC Holdings Corp., as the investor saw potential in its turnaround initiatives.

‘ABS-CBN has built valuable brands, intellectual property, content and deep relationships with Filipino audiences in the Philippines and overseas,’ IandC Holdings said.

IandC Holdings said ABS-CBN has shown ability to keep up with changes in the media industry. The investor believes ABS-CBN could build a sustainable business and generate long-term value if it is provided with capital support.

Likewise, ABS-CBN will receive P2.2 billion from Creme Investment Corp., Mantes Corp. and Presta Holdings Co. Inc. The companies represent the three branches of the Lopez clan, and the infusion will come primarily from personal resources.

Lopez Inc. will also plug P300 million into ABS-CBN to bring the fresh equity to P6 billion.

ABS-CBN chairman Mark Lopez said the investment would be used to strengthen the company’s balance sheet, as it tries to climb out of its net loss since losing its legislative franchise.

Moreover, Lopez said the investment indicates a vote of confidence in ABS-CBN in spite of the difficulties it has faced financially since leaving free TV in 2020.

‘This substantial investment is a vote of confidence in ABS-CBN. It tells us that there are people who continue to believe in the company and the mission of being in the service of the Filipino,’ Lopez said.

ABS-CBN aims to return to profitability this year, but so far it is nowhere close to achieving that goal. As of March, ABS-CBN’s net loss has worsened by 63 percent to P813 million, as revenue declined by 21 percent to P3.33 billion.

The company suffered from the loss of election placements and slower economic growth, as revenues failed to offset expenditures.

Still, ABS-CBN is confident it could recover from the slow start, as its crown jewel BINI will be going on a world tour in the later half of the year

A policeman and a civilian were killed while another was wounded when a police officer allegedly shot them during an argument in Maragondon, Cavite before dawn yesterday.

The fatalities, S/Sgt. Junmark Sisante of the Magallanes police and Arjay Mojica, were declared dead on arrival at the San Lorenzo Hospital in Naic.

The wounded officer, Cpl. Novinidhon Climacosa of the Ternate police, was brought to the same hospital.

The incident resulted in the relief of newly designated Maragondon police chief Maj. Ian Lexter Loyola by virtue of command responsibility.

Reports said that Cpl. Rolando Periodico Jr. of the Trece Martirez police shot the victims during an argument at the Marie’s Resort in Barangay San Miguel A.

Periodico was arrested and placed under the custody of the Maragondon police.

Probers said they recovered from the crime scene four pistols including Periodico’s Glock 17.

Witnesses told probers that Periodico and his companion, who were reportedly drunk, were about to leave when they and the victims figured in an argument at the parking area of the resort, which resulted in the shooting.

Sources said a police official was celebrating his birthday at the resort with local government executives among the visitors.

Periodico and his companion were reportedly drunk when they arrived at the party, although it was not clear whether they were among the invited guests.

Senators were allocated at least P500 million each for their pet projects billed as ‘leadership fund’ under the 2025 budget of the Department of Public Works and Highways, former DPWH chief Manuel Bonoan said yesterday.

Bonoan testified that chairpersons of key Senate committees, including former senator Ramon Revilla Jr. who had chaired the panel on public works, could receive up to P1 billion.

Bonoan gave testimony before the Sandiganbayan’s Third Division, which is trying the malversation case against Revilla over an alleged flood control project in Pandi, Bulacan worth P92.8 million.

In his judicial affidavit, Bonoan said P24 billion was allocated for senators under the ‘leadership fund’ which, he explained, was created solely for members of the upper chamber of Congress. He, however, explained that the amount each senator received was subject to the discretion of then Senate president Miguel Zubiri.

‘In our discussions with Senate president Zubiri, we laid down the parameters and objectives of the fund. He would have discretion but each senator will get a minimum allocation of P500 million. Chairmen of committees can be allocated about P1 billion,’ he told the court.

Zubiri denied managing project lists for the alleged ‘leadership fund,’ shifting responsibility for budget requests to the Senate committee on finance, then chaired by current Education Secretary Sonny Angara.

Bonoan alleged that Revilla received P1 billion because he was then chairman of the Senate committee on public works.

The former DPWH chief explained that the allocations applied for senators in 2024 in preparation for the 2025 national budget.Zubiri served as the Senate president from July 2022 until May 2024.

Bonoan explained that the so-called leadership fund is an ad hoc allocation in the DPWH budget intended to accommodate senators’ pet infrastructure projects.

He explained that the fund was created in 2024 due to the ‘numerous cuts’ from the DPWH budget in the previous national expenditure, resulting in core projects being ‘reduced drastically.’

He said that the P1 billion allocated to Revilla was on top of his P7.4-billion congressional insertions.

While he claimed that all senators in 2024 availed themselves of leadership funds for the 2025 fiscal year, Bonoan added that there was nothing wrong with the practice.

Bonoan said he received a list of infrastructure projects that requested funding from Revilla through former DPWH undersecretary Roberto Bernardo.

DOJ under Remulla got P1.5 billion in CIF – Erice

The Department of Justice received P1.5 billion in confidential and intelligence funds in fiscal year 2025 when Ombudsman Jesus Crispin Remulla was the DOJ secretary, Caloocan Rep. Edgar Erice said.

‘For the first time in DOJ history, it had a total of P1.5 billion in CIF,’ Erice said, adding that the DOJ initially got P350 million, but Remulla ‘requested’ from then congressman Zaldy Co for P1 billion and P150 million more.

The DOJ has jurisdiction over the National Bureau of Investigation.

Ang’s arraignment

Meanwhile, the Sandiganbayan Fifth Division has reset the arraignment of USWAG Ilonggo party-list Rep. Jojo Ang on his graft case over alleged conflict of interest.

The arraignment of Ang, who appeared before the court yesterday, was rescheduled to Sept. 24 due to his pending motions to quash information and consolidation as he faces graft charges in other divisions of the anti-graft court.

Earlier, the Sandiganbayan’s Second Division reset Ang’s arraignment on separate graft charges as his motions have also yet to be resolved.

The ombudsman filed 14 counts of graft against Ang over his supposed beneficial ownership of a construction firm that secured government contracts.

Ang is reportedly a nephew of the owners of International Builders Corp., the biggest contractor in the Western Visayas Region. The firm was allegedly behind substandard flyover projects in Iloilo worth more than P1.7 billion.

Turned down

The Supreme Court (SC) turned down a request obliging the Senate Blue Ribbon committee to release the draft of its partial committee report on the flood control scandal, finding no basis to grant the petition.

The high tribunal dismissed the petition filed by lawyers Elridge Marvin Aceron, Sikini Labastilla and Purificacion Bartolome-Bernabe in March this year.

The Alas Girls have done what no Philippine volleyball team has ever done before.

On the strength of two massive upsets and one gritty stand that proved to be enough, the Philippines marched into the Round of 16 of the FIVB Volleyball Girls U17 World Championship in San Felipe, Chile – securing the best-ever finish by any Philippine team at a world championship.

Needing only to force a fifth set to advance, the young Filipinas did just that in dramatic fashion. Down two sets to world No. 12 Venezuela, Caera Celis and Xyz Ellen Rayco sparked a furious comeback, combining for 15 points in the third set to steal it, then taking the fourth to force a decider.

Alas eventually bowed, 19-25, 16-25, 25-22, 25-19, 11-15 on Tuesday at the Liceo Mixto San Felipe. But the job was already done.

That single point from the five-set loss proved golden. The Philippines tied world No. 8 Mexico at 2-3 in Pool B, but advanced on tiebreak points, 7-6, under FIVB rules where a five-set defeat still counts for one point against two for a win. The ticket was punched earlier by two huge victories over No. 8 Mexico and No. 20 Tunisia.

By reaching the final 16 of the tournament – now on its second edition after the inaugural staging in Lima, Peru – this U17 squad has surpassed two benchmarks: the Bryan Bagunas-led men’s team that finished 19th in the FIVB Men’s World Championship hosted by the Philippines last year, and the women’s team that placed 18th in the 1974 Women’s World Championship in Mexico.

It is a milestone still unfolding.

A lawmaker has called for the removal of unnecessary barriers to financial services, saying true digital financial inclusion should focus not only on eliminating transaction fees but also on making formal financial services accessible, understandable, and easy to use for all Filipinos.

Sen. Erwin Tulfo said financial inclusion should go beyond encouraging Filipinos to open bank accounts or use digital wallets and banking applications.

‘It is about making sure that every Filipino – regardless of income, location, age or level of digital familiarity – can actually access and use financial services safely, easily and with confidence,’ he said.

He noted that many Filipinos are still discouraged from entering the formal financial system because of requirements for opening accounts, unfamiliar digital processes, minimum maintaining balances, ATM withdrawal fees, and a lack of information on where to seek assistance.

‘Not being on the same page also means that not everyone has the disposable income to set aside a significant portion of their day-to-day budget in order to first open an account, then keep that money fully deposited so as to avoid penalties,’ Tulfo said.

He cited minimum maintaining balances, ATM withdrawal charges and dormancy fees as among the barriers that continue to keep some Filipinos on the fringes of the formal financial system.

According to Tulfo, the goal should be to make financial services ‘easy to enter, easy to understand and easy to use,’ rather than measuring financial inclusion solely through transaction costs.

He said digital banks, traditional banks, e-wallet providers, fintech firms, telecommunications companies and government regulators all have a role in creating an ecosystem where financial services can work together and consumers are not burdened by unnecessary obstacles.

Tulfo also recognized the efforts of the Bangko Sentral ng Pilipinas to promote financial inclusion through basic deposit accounts, digital payments and responsible financial innovation.

However, he said these policies must translate into tangible benefits and easier experiences for ordinary Filipinos in their daily lives.

He stressed that financial and digital literacy should also be strengthened, particularly for first-time users who may need simpler interfaces, clearer instructions and additional assistance when using digital financial services.

Ultimately, the senator said financial inclusion should give Filipinos more choices and fewer obstacles, allowing market vendors, farmers, workers, senior citizens, students and small entrepreneurs to participate in the formal financial system without feeling that it is too complicated or costly.

‘The measure of success should not only be how many accounts have been opened or how many digital transactions have been made,’ he said, adding that the bigger question is whether more Filipinos can save, receive payments, send money, borrow responsibly, obtain insurance and manage their finances because financial services have become genuinely accessible.

‘If we can create a financial ecosystem with zero unnecessary barriers – not necessarily zero fees – we can bring digital finance closer to the people who need it most.’

The Philippine government sharply cut its infrastructure program to P1.34 trillion next year on the backdrop of tightened scrutiny of public works following a multibillion-peso flood control scandal, a Department of Budget and Management (DBM) document showed.

According to the national government fiscal program in the Budget of Expenditures and Sources of Financing, the infrastructure spending program for 2027, which is equivalent to four percent of the gross domestic product, is 20.7 percent lower than the previous program of P1.69 trillion or 5.1 percent of GDP.

State infrastructure spending is projected to hit P1.27 trillion or 4.2 percent of GDP this year from the earlier reported target of P1.56 trillion (5.1 percent of GDP).

It is also lower than the infrastructure spending target of P1.3 trillion or 4.3 percent of GDP announced in January.

The government infrastructure spending program was also lowered to P1.42 trillion or four percent of GDP for 2028 and set at P1.51 trillion or 3.9 percent of GDP for 2029.

The downward revisions come amid the state’s continued tightening of oversight of infrastructure projects following last year’s flood control scandal.

Latest DBM data showed that infrastructure spending from January to May fell 28.2 percent to P401.3 billion from P558.8 billion in the same period last year, marking five straight consecutive declines annually this year alone.

The decline also reflected the sharp weakening in economic growth.

In the second quarter, the Philippine economy slowed to 2.3 percent amid a sharp decline in public construction, the Middle East crisis, heated inflation and sapped household consumption.

Public construction plunged by 32.4 percent as infrastructure agencies remained cautious.

Despite lowered targets, President Marcos is proposing a P644-billion allocation for the Department of Public Works and Highways under the P7.2-trillion National Expenditure Program.

Flood control received a proposed budget of P107.4 billion, with P19.6 billion allocated to ongoing foreign-assisted projects.

In a separate statement, the Caucus of Development Non-Government Organization Networks (CODE-NGO) vowed to remain vigilant over the proposed national budget.

‘The proposed budget identifies education, health, social protection, food security, infrastructure, jobs and disaster resilience among its priorities. These stated priorities must now be assessed against the detailed allocations, implementation safeguards and results expected for communities,’ the civil society group said.

Budget items to be criticized include flood control mitigation projects, the Local Government Support Fund (P9.74 billion proposed for Support to the Barangay Development Program under the National Task Force to End Local Communist Armed Conflict) and unprogrammed appropriations.

‘CODE-NGO will examine the clarity of allocation criteria, adequacy and implementation of safeguards, transparency of releases and expenditures, equitable distribution of public resources and measurable benefits for communities,’ the group said.

The Metropolitan Manila Development Authority (MMDA) suspended the implementation of the number coding scheme on Thursday, August 13, due to inclement weather.

In an advisory posted by the agency at 4:52 p.m., the MMDA said it suspended the number coding scheme on Thursday afternoon due to rains brought by the Southwest Monsoon.

‘Paalala ng MMDA: planuhin ang biyahe, mag-ingat sa pagmamaneho, at manatiling nakatutok sa mahahalagang impormasyon kaugnay sa lagay ng panahon,’ the MMDA said.

(Plan your trip, drive carefully, and stay tuned for important updates regarding the weather.)

According to the 4 p.m. weather advisory from state weather bureau PAGASA, Metro Manila may expect cloudy skies with scattered rains and thunderstorms due to the Southwest Monsoon.

The rest of the country may also experience partly cloudy to cloudy skies with isolated rain showers or thunderstorms caused by localized thunderstorms.

Vice President Sara Duterte has filed a motion to quash the information before a Quezon City court in connection with the grave threats charge against her.

In a press conference on Thursday, August 13, Prosecutor General Richard Fadullon said the prosecution was given five days by the court to file a comment.

‘On the matter of the details pertaining to the case itself, it will all depend on how the court will resolve the motion,’ Fadullon said.

Lawyer Paul Lawrence Lim, counsel for Duterte, confirmed the filing of the motion to quash before the Quezon City court.

However, he declined to give further details on the motion, citing the sub judice rule.

A motion to quash is filed by an accused before he or she enters a plea. Supreme Court decisions describe the said motion as a ‘cure for defective indictments.’

The complaint against Duterte was filed by prosecutors on August 11.

This stems from a complaint filed by the National Bureau of Investigation (NBI) against Duterte before the Department of Justice in February 2025.

This is in connection with press conferences held by the vice president in October and December 2024, during which she threatened President Ferdinand Marcos Jr.

In the December 2024 Zoom press conference, Duterte threatened President Ferdinand Marcos Jr., First Lady Liza Araneta-Marcos and former House Speaker Martin Romualdez.

An elderly woman died after a train of the Philippine National Railways (PNR) collided with a wooden motorized trolley in this town on Tuesday afternoon.

The fatality was a passenger of the trolley, which was traveling along a curved portion of the railroad in Barangay Pinagbayanan at around 2 p.m.

The Pagbilao police said visibility was poor in the area due to thick vegetation.

Probers said it was too late for the train operator to prevent the collision as the trolley suddenly appeared from a blind curve.

The vegetation reportedly obstructed the line of sight of the trolley operator.

The impact caused the victim to fall off the trolley and be pinned down under the train. She was declared dead on arrival at the Quezon Medical Center. The trolley operator was not harmed.

The PNR committed to extend financial assistance to the victim’s family.

Malacañang has declared special non-working days in Masbate and Pampanga to allow residents to celebrate local events.

Proclamation 1387 declared Aug. 14 a special holiday in the town of Pio V. Corpus in Masb?te for the celebration of the Limbuhan Festival.

Aug. 27 will be a holiday in Minalin, Pampanga, marking the town’s 412th founding anniversary as provided under Proclamation 1386.

‘It is but fitting and proper that the people be given full opportunity to participate in the occasion and enjoy the celebration,’ the proclamations stated.

Executive Secretary Ralph Recto signed both proclamations on Aug. 6 by the authority of President Marcos.