Category: Philippine Star

Bank officials and employees found liable for serious violations could face suspension of up to one year for a first offense and removal or disqualification for repeat offenses under the proposed rules of the Bangko Sentral ng Pilipinas.

In a draft circular, the BSP sets out procedures for administrative cases, which determine liability for violations of banking laws and central bank regulations, against BSP-supervised financial institutions and their directors, trustees, officers and employees.

Stakeholders have until Sept. 25 to submit comments on the proposal.

Under the proposed schedule of non-monetary penalties, a first serious offense will carry a suspension of six months and one day to one year, with a stern warning. Disqualification can also be recommended to the BSP’s Monetary Board if warranted by the severity of the offense.

A second or subsequent serious offense will carry removal from office and/or disqualification.

Serious offenses include fraudulent acts, unsafe or unsound practices and violations of banking laws or Monetary Board directives that have or could have a material adverse impact on a financial institution, its depositors or other stakeholders.

The proposed schedule will apply to administrative proceedings covered by the draft and where the relevant BSP regulatory manuals do not already prescribe a non-monetary penalty. Fines and other sanctions can also be imposed under applicable laws and regulations.

For minor offenses, a first violation without aggravating circumstances will merit a reprimand and a warning against further violations. These offenses include procedural lapses that can be corrected immediately and acts that do not cause material harm or risk.

Second and subsequent minor offenses will carry suspension of one to six months, with possible disqualification if warranted by the severity of the offense.

However, several acts that individually qualify as minor offenses can warrant suspension even if each was committed for the first time.

The BSP will consider factors such as deliberate misconduct, concealment, fraud, significant harm and previous administrative liability in determining penalties. Good faith, cooperation, corrective measures and voluntary admission will be considered mitigating factors.

Beyond the sanctions, the draft lays down procedures for filing complaints, submitting evidence, deciding cases and seeking reconsideration or appeal.

‘These rules shall be liberally construed to promote just, inexpensive and speedy disposition of administrative cases filed with the BSP,’ the draft stated.

Proceedings will follow a simplified process without necessarily adhering to the technical rules of procedure and evidence used in courts. They will remain confidential, subject to disclosures allowed by law.

Complaints will have to be in writing, under oath and supported by evidence. Anonymous complaints would not be entertained.

Respondents will have 30 calendar days from receipt of the order and complaint to file a sworn answer. Failure to respond will allow the hearing officer to decide the case based solely on the complainant’s evidence or conduct proceedings without the respondent’s participation if necessary.

Once a case is formally submitted for resolution, the hearing officer will have 60 calendar days to render a decision. An extension will require good cause and approval from the director of the Consumer Complaints Resolution Office.

Decisions imposing only fines of up to P100,000 for each transactional violation or P30,000 per calendar day for continuing violations will be submitted to the BSP governor for approval.

Fines above those thresholds and decisions imposing non-monetary sanctions will require Monetary Board approval.

The ramming by a China Coast Guard (CCG) ship of a Philippine civilian vessel can never be justified, according to the Department of Foreign Affairs.

‘There is no justification for the CCG vessel to undertake aggressive actions against a Philippine civilian law enforcement vessel and cause damage to the ship and endanger the safety of the civilian crew,’ the DFA said, referring to an incident on Friday off Palawan involving a CCG ship and the BRP Datu Magat Salamat, a law enforcement civilian vessel of the Bureau of Fisheries and Aquatic Resources (BFAR).

‘The Philippines emphasizes that the BFAR vessel was merely conducting routine and lawful humanitarian activities to support Filipino fisherfolk in the West Philippine Sea,’ the DFA added.

The DFA noted that the CCG vessel’s ‘illegal, coercive, aggressive and dangerous acts are inconsistent with China’s obligations under international law, including UNCLOS and the 2016 Arbitral Award, the 1972 International Regulations for Preventing Collisions at Sea (COLREGS) and the 1974 Safety of Life at Sea Convention (SOLAS).’

‘The Philippines calls on China to respect Philippine sovereign rights within its exclusive economic zone in accordance with UNCLOS as affirmed by the 2016 Arbitral Award, exercise restraint and avoid actions that could further escalate tensions in the region,’ the DFA said.

In Norway some years back, at a money-changing counter at the airport upon arrival, the teller turned down our group of all Filipinos. He refused to take our dollars and change them to the local currency.

The Philippines, he reminded us then, was still on the list of money launderers. We managed to finally exit the Paris-based Financial Action Task Force gray list last year.

That experience at the airport in Oslo was embarrassing but it was almost trivial compared to what our hard-working overseas Filipinos experienced when we were on the FATF gray list – the high cost of sending money to the Philippines and the increased scrutiny.

Now, seeing how much money was stolen through flood-control kickbacks, it’s surprising we even made it out of the gray list, which identifies countries that have deficiencies in fighting money laundering, terrorist financing and proliferation financing.

I wouldn’t be surprised if our country finds itself falling back onto the FATF list again.

This is where the government, through the Anti-Money Laundering Council, must step up the fight against this crime of cleaning dirty money.

This is one way to prevent our elected politicians from stealing public funds.

The AMLC must go after those who helped launder the billions of kickbacks in maletas upon maletas.

There are many low-key individuals but are actually very instrumental in cleaning money for the famous and the infamous, sources said.

Who is this launderer?

In the business grapevine, for instance, there’s wild talk that an Indian-Filipino businessman has been laundering money for high-profile individuals.

This individual’s business has been previously linked to some lawmakers allegedly involved in the flood-control mess, but the individual has denied such ties.

In any case, the AMLC must look into how the whole systemic kickbacks scheme happened with the help of professional launderers.

Let’s take the case against former House speaker Martin Romualdez filed by the Office of the Ombudsman before the Sandiganbayan.

According to the charges, Romualdez received cash deliveries from Zaldy Co’s personnel at least 15 times from September 2022 until 2025.

This was for the monthly P2-billion quota or collection imposed by Romualdez on Co, according to the Office of the Ombudsman’s Sept. 7 briefer.

Nearly P5 billion from the amassed funds was used by Romualdez to establish various shell or dummy companies, such as Golden Pheasant Holdings Corp., Braavos Holdings OPC and Valiant Consolidated Resources Inc. Money was purportedly exchanged into other currencies with the help of Felicito Guevarra, who owns a foreign exchange company, according to the briefer.

The various shell companies served as a channel to transfer the money around and allow Romualdez to acquire other properties, companies and assets. These include a property on Tamarind Road in Forbes Park, Makati, valued at P1.5 billion, as well as the house on Narra St. in Forbes Park purchased by Trans Middle East, a corporation owned by the Romualdez family, the Office of the Ombudsman also said.

To be fair to the AMLC, it has already frozen the assets of many lawmakers, including Romualdez.

But what is also needed is to follow the money trail and go after those helping in the whole laundering process – lawyers, money changers and lenders. They are the ones who clean dirty money for politicians.

This is what the AMLC must do with fervor. Otherwise, stealing taxpayers’ money through kickbacks will be too easy for lawmakers and politicians, easier than their real jobs.

What’s next for UP Los Baños?

From a national scandal, allow me to move to campus politics.

All eyes will be on the University of the Philippines’ Board of Regents as it selects the next UP Los Baños chancellor on Sept. 24.

The choice before them extends far beyond an administrative assignment.

I am not from UPLB but I have visited the campus many times and have seen its progress.

As most of us know, UPLB is the nation’s premier engine for agricultural research, food security and climate resilience.

It houses an unmatched concentration of scientific talent charged with solving some of the country’s most pressing systemic crises.

Given the magnitude of that mandate, the defining variable in this selection process is time.

A UP chancellor serves a three-year term and in university governance, three years can pass in a flash.

When a new leader takes office, the inevitable learning curve can take months. After all, one needs to settle down, navigate the administrative maze, establish rapport and, most importantly, understand complex projects.

Most candidates bring valid qualifications but immediate readiness is equally important.

Maintaining momentum

This is where a good incumbent is ideal.

Having led UPLB for the past six years with zeal and competence, incumbent Chancellor Prof. Jose Camacho Jr. or Chancy Dong brings an established understanding of the university’s operational terrain.

During a period marked by expanding international academic partnerships and the establishment of high-level facilities such as the KOICA genetics research center, maintaining established momentum is critical.

Ideally, capitalizing on these complex global research linkages requires leadership that is already active within those networks.

As such, the Board of Regents faces a fundamental question: should UPLB press pause to allow for an administrative transition, or should it maintain its current trajectory without losing a single day?

The question comes at a critical time for our country when it is facing a food security issue and a changing climate.

The moment I received one of those long, italicized ‘share as received’ forwarded messages from Kat, my friend of many years, it actually stopped me in my tracks instead of getting scrolled past.

Somewhere in nearly everyone’s phone is a folder of forwarded messages nobody asked for; most are forgettable, but occasionally one lands with more weight than expected.

One has circulated quietly for years, describing retirement in three unsentimental stages.

From 58 to 64, your workplace begins drifting away from you no matter how influential you once were; you become, in the world’s eyes, simply ordinary again.

From 65 to 71, society itself loosens its grip; old colleagues vanish, and people at your former office may not even recognize you.

And from 72 onward, even family begins, gently and without malice, to draw back, busy with their own lives, their visits now a genuine gift instead of an obligation.

And then the message concludes with an unflinching line: eventually, even the earth is ready to let you go!

It’s blunt, occasionally clumsy in its phrasing, and still undeniably honest, which is probably why it keeps getting forwarded instead of forgotten.

But I think it’s only telling half the story, and Ecclesiastes chapter three tells us the other half.

Solomon opens that chapter with his famous poem: a time to be born, and a time to die; a time to plant, and a time to uproot; a time to embrace, and a time to refrain from embracing.

Read against the forwarded message, that poem suddenly sounds less like poetry and more like a diagnosis.

Every stage that message describes, the fading relevance, the thinning circle, the quieter house is simply Solomon’s ancient observation playing out in a modern inbox.

Seasons change. Influence fades. People move on, not out of cruelty, but because that’s what seasons genuinely do.

Pretending otherwise, clinging to the identity of a season that has already ended, only makes the following one more painful than it needs to be.

But right in the middle of that same chapter, Solomon writes something the forwarded message never quite gets to: ‘He has made everything beautiful in its time. He has also set eternity in the human heart.’

That one line changes everything about how we should read the three stages.

Here is the real reason the fading of relevance, of recognition, of company stings as deeply as it does.

It isn’t only sentimentality. It’s evidence of something eternal lodged inside us that refuses to treat any earthly season as the final word.

If we were purely creatures of this world, with nothing eternal woven into us, we could simply adjust to each stage the way a thermostat adjusts to temperature, with no ache, no resistance, just recalibration.

But we don’t recalibrate that easily, and Solomon tells us exactly why: eternity is in the heart, and nothing under the sun was ever built large enough to hold it.

That reframes the entire arc the forwarded message describes.

The fading isn’t proof that life eventually empties out. It’s proof we were never intended to find our final significance in a workplace, a social circle, or even our own family’s daily attention, genuinely good things, all of them, but never eternal ones.

They were always going to loosen their grip, precisely because they were never designed to be the place where our deepest significance lived.

This is where the message concludes. ‘Eat your favorite food with joy, do your favorite work with zeal, stay in touch with old friends because life comes only once’ is wise as far as it goes, but incomplete without what Solomon adds a few verses later: ‘eat and drink, and find satisfaction in all your toil for this is the gift of God.’

Not a consolation prize but an actual gift, received from God’s hand, meant to be enjoyed precisely because it’s temporary and ordinary, not despite that fact.

So yes, call your old friends. Enjoy your favorite meal without guilt. Do meaningful work with real enthusiasm for as long as your body allows.

That part of the message is worth keeping.

But don’t stop at ‘life comes only once, so make the most of it.’

Solomon’s deeper counsel is that life, precisely because every season eventually fades, was never meant to be where your soul finally rests.

Eternity was placed in your heart for a reason, and it was never satisfied by any stage of life to begin with, no matter how full, how influential, or how surrounded by people you once were.

The world will indeed loosen its grip on you, stage by stage, exactly as that message describes.

But Someone with an eternal grip has already made sure that goodbye was never the final word.

Every season under the sun eventually ends.

The One who placed eternity in your heart does not.

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Four suspected terrorists were killed in an encounter in Tugunan, Cotabato yesterday morning, according to the military.

The fatalities were reportedly connected to a local terror group, Dawlah Islamiya.

Reports said the fatalities and their companions opened fire at policemen and soldiers who were responding to a complaint regarding the presence of armed men in Barangay Manaulanan.

The lawmen retaliated, triggering a firefight that resulted in the death of the four suspects.

A Philippine Air Force helicopter provided aerial support to police officers and soldiers who pursued the fleeing terrorists.

Village officials said the slain suspects had been regularly collecting ‘protection money’ and rice from the residents.

The remains of the suspects were recovered at the scene of the encounter.

The Information Technology and Business Process Association of the Philippines (IBPAP) expects to attain its $42-billion revenue target this year, driven by growing interest among companies in establishing global capability centers (GCCs) in the country.

‘I’m confident that we will meet our $42 billion target this year,’ IBPAP president and CEO Jack Madrid told reporters.

Last year, the country’s information technology-business process management (IT-BPM) industry generated $40.3 billion in revenue.

Madrid said that revenue growth for this year would be driven by GCCs. ‘Every week, every month, we get inquiries and expressions of interest from GCCs,’ he said.

GCCs are units set up by multinational companies in another country to provide business services including finance, human resources and information technology support. Unlike traditional outsourcing, where a company hires an outside vendor to do tasks, a GCC is under the ownership and control of the parent company.

At present, Madrid said the Philippines has over 200 GCCs, placing it a distant second to India, which has around 2,200.

‘We’re number two…but we should accelerate our growth rate,’ he said.

To achieve growth, he said the country’s IT-BPM industry needs to focus on developing an artificial intelligence (AI)-enabled workforce.

‘I think the growth will come when that happens because there’s no shortage of demand. It will be the availability of employable talent. That will be very important,’ he said.

Apart from AI fluency, he said the workforce should have deep domain knowledge, critical thinking, problem-solving, communication and leadership skills.

As the industry prepares for the holiday season, he said that firms are expected to ramp up hiring in the fourth quarter for Thanksgiving, Black Friday and Christmas when demand for outsourced services typically picks up. This is expected to benefit business process outsourcing firms.

IBPAP also expects the lifting of the moratorium on IT ecozone applications in Metro Manila to support the industry.

Last July, the Office of the President lifted the ban on applications for IT centers and IT parks in Metro Manila to strengthen the area’s position as a hub for information and communications technology investments.

Philippine Economic Zone Authority director general Tereso Panga said that the agency has received about three to five IT park applications in Metro Manila.

Madrid said that the Luzon Economic Corridor (LEC) initiative is also expected to benefit the industry.

The LEC aims to accelerate infrastructure investments and strengthen connectivity and supply chains across Luzon’s growth centers such as Subic, Clark, Manila and Batangas.

‘Anything that improves the infrastructure of the country, whether it’s digital infrastructure or physical infrastructure, is very important. And I include human capital. I think Luzon’s economic health is very important for the industry because if it improves the quality of available talent and makes specific regions hubs, then that is good for IT-BPM,’ Madrid said.

Kenyan runners stamped their class in the Singlife One Clark International Marathon on Sunday at Clark Parade Grounds in Pampanga.

Victor Kipkemei Chepkwony ruled the men’s 42K race in 2:24:28, putting together a strong performance to claim the top spot. He was followed by fellow Kenyan Glady Kiptoo in 2:26:21 and Eric Chepsiror in 2:31:52 for the podium.

Ziporah Wanjiru Kingori also crossed the finish line first in the women’s division, timing in at 2:49:20 to secure the championship in front of second placer Purity Serem (3:04:50) in this race which had Singlife Philippines Inc. as title sponsor, organized by RUNRIO, and had SM Supermalls and SM Clark as official race day partner.

Local runners also shone in the marathon, with Allan Arbois Jr. and Christine Hallasgo being the first Filipinos ro run through the tape.

Arbois led the locals in 2:32:16, followed by Dickyias Mendioro (2:32:32) and Bernard Caluza (2:37:05), while Hallasgo paced the women in 3:08:47, narrowly edging Jessa Mae Roda (3:09:08) and Maricar Camacho (3:19:20).

The Singlife One Clark International Marathon also featured 21K, 10K and 5K categories, giving runners of different levels an opportunity to compete on the Clark course.

In the international 21K, Daniel Boiwo topped the men’s division in 1:12:46, while Pamela Chepkoech Bundotich won the women’s race in 1:27:02.

The local 21K men’s title went to Ricky Organiza in 1:12:59, followed by Fritz Angelo Operio (1:16:17) and Jevie Rebutazo (1:16:53), as Edna Magtubo led the local women in 1:28:37, ahead of Arlyn Joyce Akangan (1:32:57) and Nicole Diloy (1:33:00).

A BYD Seagull was also raffled from the thousands of participants in the race adding to the excitement of race day which also had Gatorade as official sports drink, Cristalino as official hydration partner, BYD as official vehicle partner, Nyxsys as official media partner and is supported by the Department of Tourism: Love The Philippines.

The Singlife One Clark International Marathon also had San Mig Light, Ponds, Clear Shampoo, Gardenia, Mega Tuna, Jimm’s Coffee, Chooey, Great Taste, Salonpas, Birch Tree and Quaker as sponsors

Asialink Finance Corp. is aiming to release P28 billion in loans under a new financing program by the end of 2026 as it expands lending to medium enterprises with larger funding needs.

The company’s GrowBiz Loan offers qualified businesses up to P100 million each, payable over as long as seven years, to finance expansion, equipment purchases and day-to-day operations.

Asialink is also targeting P2 billion in net income this year as it broadens its business-lending operations.

The new program increases the maximum financing available to borrowers fivefold from the P20-million ceiling under the company’s existing real estate mortgage loan, which uses property as collateral. It also extends the maximum repayment period from five years to seven years.

Asialink said the offering targets established businesses whose capital requirements have outgrown its existing loan products, including those with expansion plans that encounter strict requirements and lengthy credit processes when seeking bank financing.

‘Medium enterprises are at a pivotal stage in their growth journey. They have the ambition, track record and opportunities to scale, but realizing that potential often requires financing that can move at the pace of their business,’ Asialink president and CEO Anna Katrina Bañez said.

The expansion comes as Asialink’s total loan portfolio, or outstanding loans to borrowers, reached approximately P26 billion as of July, up 23 percent from the same period last year.

Business loans and loans to micro, small and medium enterprises accounted for 54 percent of the portfolio, equivalent to about P14 billion.

GrowBiz financing is exclusively for business purposes. Borrowers may use the funds to open branches, acquire additional vehicles or equipment, increase inventory and strengthen working capital, or the funds needed to cover daily operating expenses.

Loans can be secured by real estate or a fleet of cars and trucks, allowing borrowers to use available assets as collateral.

Final loan amounts, interest rates and repayment terms will depend on the borrower’s funding requirements, business capacity and credit profile. Applications will undergo a comprehensive credit evaluation and approval process, the company said.

Asialink said it would work with business owners to assess their operations, capital needs and longer-term plans as it takes on larger financing requirements.

‘We see tremendous potential in the next generation of Philippine businesses. As companies look toward expansion and new opportunities, AFC wants to make sure that access to financing does not stand in the way of their ambitions,’ Bañez said.

For the second consecutive year, Mactan-Cebu International Airport (MCIA) has been recognized among the Best Airports in Asia-Pacific in the 5-15 million passengers category under the Airports Council International (ACI) Airport Service Quality (ASQ) program.

The recognition comes as the airport operator, Aboitiz InfraCapital Cebu Airport Corporation (ACAC), continues to invest in infrastructure, technology, connectivity, sustainability, and customer experience since taking over operations in 2024.

The ACI ASQ recognition is based on standardized passenger feedback covering more than 50 airport touchpoints, providing an independent measure of travelers’ experiences at the airport.

MCIA also advanced from Level 2 to Level 3 of ACI’s Airport Customer Experience Accreditation, reflecting its shift from customer experience planning to active implementation across airport operations and service delivery.

Level 3 recognizes an advanced customer experience strategy involving passengers, airport team members, and customer experience professionals.

‘Our focus has been on making investments and improvements that create a better airport experience-from infrastructure and technology to operations and connectivity,’ said Rafael M. Aboitiz, Aboitiz InfraCapital vice president and head of Airports in a statement.

‘The goal is to translate these efforts into a safer, more efficient, and more connected journey for every passenger who passes through MCIA,’ he added.

ACAC General Manager Ricia Montejo said the recognitions show that the improvements made at the airport are being experienced by passengers and measured against global standards.

‘These recognitions affirm that the improvements ACAC has made are being felt by our passengers and recognized against global standards. They also reinforce our responsibility to keep improving,’ Montejo said.

She credited the continued support of the Mactan-Cebu International Airport Authority (MCIAA), Department of Transportation (DOTr), Civil Aviation Authority of the Philippines (CAAP), and the airport community in the continuing development of MCIA.

Among the major improvements at MCIA is CEB Connects, which began operations in April 2025 to streamline air-to-air transfers and improve passenger flow.

The initiative introduced dedicated transfer facilities and streamlined processes, reducing the minimum connection time for domestic-to-domestic transfers from 60 minutes to 35 minutes.

Domestic-to-international, international-to-domestic, and international-to-international connections were reduced to 60 minutes.

MCIA was subsequently named Airport of the Year – Asia at the 2025 TDM Travel Trade Excellence Awards, with the recognition highlighting its transfer improvements.

Since its launch, CEB Connects has facilitated more than 500,000 passenger transfers.

MCIA was also ranked the seventh Most Improved Airport in the World by Skytrax in 2025, based on improvements in passenger services and airport experience.

In 2026, MCIA became the first Philippine airport to join ACI’s Regional Operational Safety Committee, expanding its participation in regional discussions on aviation safety and operational standards.

The airport also achieved Level 2 Airport Carbon Accreditation in August 2026, recognizing its established carbon management approach and efforts to reduce emissions.

These include a 1.64-megawatt-peak rooftop solar installation, energy-efficiency measures, smart sensors, LED lighting, and improved monitoring of heating, ventilation, and air-conditioning systems and vehicle fuel consumption.

The airport’s development is being pursued through the public-private partnership between MCIAA and ACAC, with the support and oversight of DOTr, CAAP, and other government and industry stakeholders.

The partnership combines government stewardship with private-sector investment and operational expertise to develop MCIA as a safe, efficient, competitive, and passenger-focused gateway for Cebu and the Philippines.

Philippine banks’ total assets expanded by 10.7 percent to P30.72 trillion in July from a year earlier, supported by sustained lending and deposit growth, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

Total assets, which include banks’ loans, investments, cash and other holdings, increased from P27.74 trillion in July last year. The annual expansion reflected a larger stock of loans and investments held by banks, alongside growth in the deposits that help fund their operations.

Banks’ total loan portfolio, including lending to other banks and short-term placements backed by securities, grew by 10.8 percent to P16.91 trillion in July from P15.26 trillion a year earlier.

RCBC chief economist Michael Ricafort said the annual asset expansion was consistent with bank loan growth of around 10 percent, with consumer borrowing rising faster as some buyers brought purchases forward.

He attributed this partly to efforts to buy goods ‘before prices and interest rates go up further’ amid the war involving Iran and the broader Middle East conflict.

Ricafort said higher inflation linked to the conflict had also reduced purchasing power and the income available for spending, increasing demand for loans.

Meanwhile, banks’ investments stood at P8.91 trillion in July, up by eight percent from P8.24 trillion a year earlier. On the funding side, deposits grew by 7.9 percent to P22.06 trillion from P20.44 trillion a year earlier.

Ricafort linked recent deposit growth partly to greater public confidence after the Philippine Deposit Insurance Corp. doubled insurance coverage to P1 million per depositor per bank.

He said reductions in banks’ reserve requirement ratio since the latter part of 2024 had also increased funds available for lending. The ratio determines the share of deposits banks must keep in reserve.

Banks’ total capital reached P3.65 trillion, up by 3.8 percent from P3.52 trillion a year earlier. Ricafort said continued profitability had helped build banks’ capital and assets.

Looking ahead, he said higher global and domestic interest rates associated with geopolitical tensions could weigh on banks’ earnings and asset growth.

Ricafort also flagged higher nonperforming loans, or loans borrowers are failing to repay as agreed, as another potential drag.