Category: Philippines Daily Inquirer

GCash operator Mynt Inc. has fixed its initial public offering (IPO) price at P6.60 per share, valuing the transaction at as much as P60.93 billion if its overallotment option were fully exercised.

On Friday, the Philippine Stocks Exchange (PSE) disclosed that Mynt will offer 8.03 billion common shares – about P53 billion at the final price.

The deal also includes an overallotment option of up to 1.2 billion secondary common shares valued at P7.95 billion.

The IPO remains subject to the conditions imposed by the Securities and Exchange Commission (SEC) and PSE. These include the SEC’s issuance of a permit to sell.

‘We believe the final price and allocation provide a strong foundation for Mynt’s next chapter and for creating long-term value for all our shareholders, while continuing to advance our mission of Finance for All.’ said Evelyn Ng, chief financial officer of Mynt.

Room for gains

Analysts said the lower price could leave room for gains while allowing Mynt to proceed with its fundraising.

China Bank Capital Corp. managing director Juan Paolo Colet described P6.60 as a good price point for the IPO.

‘New investors get the benefit of future upside, selling shareholders get a fair exit valuation and the company itself raises fresh funds to fuel the next phase of its growth,’ Colet told the Inquirer.

Ron Acoba, chief investment strategist at Trading Edge, estimated that Mynt would trade at 20.4 times its projected 2026 earnings at the final offer price.

Acoba said this valuation was relatively cheap compared with the company’s annualized earnings-per-share growth rate of about 25 percent this year.

Assuming a similar growth pace in 2026, he estimated a target price of around P8 per share.

April Lynn Tan , chief equity strategist at COL Financial, earlier said investors should not automatically interpret a lower offer price as a warning sign about the company.

‘The market is really so weak, and if you want to raise capital, then you have to make the stock more attractive, so you price it at a cheaper price,’ Tan said.

Toby Allan Arce, head of sales trading at Globalinks Securities and Stocks Inc., called P6.60 a more balanced entry valuation rather than merely a discounted price.

Manila and Muscat have concluded negotiations on an investment promotion and protection agreement that could help lift the still-meager investment activity between the Philippines and Oman and eventually pave the way for a trade pact.

In January alone, Oman ranked as the Philippines’ fifth-largest source of foreign direct investments, with $800,000, a significant increase from the aggregate $140,000 recorded from 2021 to 2025.

Despite that growth, the Board of Investments (BOI) said there remains significant room for expansion that the country now wants to tap through the Philippines-Oman Investment Promotion and Protection Agreement, which is slated to be signed before yearend.

Under the framework, the Philippines and Oman agreed on provisions ‘where investors are treated fairly, protected from discriminatory measures, and provided with greater certainty and transparency in doing business,’ the BOI said.

The deal could also pave the way for a potential preferential trade arrangement that would provide greater market access for goods from both countries, according to the agency.

Currently, the Philippines has only one trade deal with a Middle Eastern economy: the comprehensive economic partnership agreement signed with the United Arab Emirates in January.

BOI said the country wants to attract Omani investments into agribusiness, renewable energy, energy efficiency technologies, infrastructure and public-private partnership projects, as well as innovation projects.

It is also pitching opportunities in information technology and business process management, oil and gas, processed and specialty food, including Halal products and tourism.

Motorists may see mixed oil price movements next week, with gasoline prices expected to inch up by P1.50 to P1.80 per liter on Oct. 6, according to an advisory by Jetti Petroleum president Leo Bellas.

Diesel, on the other hand, may dip by 50 centavos to 80 centavos. Bellas’ estimates were based on the first four days of trading at the Mean of Platts Singapore (MOPS) and foreign exchange movements.

MOPS is the basis for the pricing of refined petroleum products in Southeast Asia.

‘Lingering supply stability concerns have resulted in oil’s volatile movement this week, with prices pressured as supply from the Middle East rebounded, while stalled US-Iran peace talks and fresh attacks in the Strait of Hormuz caused prices to rise due to disruption worries,’ he said.

China’s decision to suspend exports of oil products to markets beyond Hong Kong and Macau likewise fueled ‘fears of worsening global products shortages,’ Bellas said.

For the third time, the barangay and Sangguniang Kabataan elections (BSKE) have been deferred.

?Early this week, President Marcos signed into law Republic Act No. 12326 that postponed the BSKE, which are scheduled on Nov. 2, 2026, to November 2028, or six months after the presidential and general elections in 2028.

?In addition, the terms of office of barangay and SK officials have been extended to five years, which is two years longer than those of elective congressional and local government officials.

?The reasons cited, among others, to justify the rescheduling of the polls include the Middle East conflicts, the oil crisis, and potential funding shortages.

?(Incidentally, despite those lingering issues, the parliamentary elections in Bangsamoro Autonomous Region in Muslim Mindanao were held as scheduled on Sept. 14 without any serious incidents.)

?With the latest law, the terms of office of incumbent officials of the two community-based organizations have been automatically extended. The additional term has been aptly described by lawyer Romulo Macalintal as a ‘legislative appointment.’

?In recent years, the schedule of the BSKE has become a political football that has been kicked around for various reasons.

?On Oct. 10 2022, a law reset the BSKE from Dec. 5, 2022 to Oct. 30, 2023. The Supreme Court declared that rescheduling as unconstitutional in June 2023, so the polls were reset to Dec. 1, 2025.

?On Aug. 13, 2025, a new law was passed canceling that schedule and it set the polls to Nov. 2, 2026, which the latest law has now canceled.

?Acting on the latter schedule, the Commission on Elections had made the necessary preparations for its conduct which, to date, has reportedly cost P8 billion for the purchase of equipment and other preparations.

?Unless the high court declares the third elections postponement as unconstitutional, which several parties have urgently petitioned it to do so, all the money, time, and efforts spent for this year’s BSKE will go down the drain.

?That’s money the government can ill afford to waste considering its present tight money situation.

?Conceived as effective instruments for grassroots participation in local governance in the barangay, and participation in civic activities by the youth in the case of the SK, the operation of these two entities seems dependent now on the mood of the national leadership.

?The BSKE are meant to be nonpolitical, meaning, their voters should be encouraged to vote for their officials based on their platform or merit, regardless of their political affiliation or leanings, if any.

?The idea is, nonpartisan officials would be able to responsibly perform their duties without, or minimal, external political influence.

?However, on account of those officials’ close relationship with their respective constituencies, congressional and senatorial candidates have treated them as invaluable parts of their campaign and, as a result, the BSKE have been anything but nonpolitical.

?In fact, many BSKEs have become so politicized that they are marked by the excessive spending and violence that often characterize congressional and local government elections.

?The repeated postponement of the BSKE goes against the principle that governs the conduct of fixed or regular national and local elections, i.e., to give a fresh mandate to elected officials.

?Their right to remain in office rests solely on their constituents’ consent that is given in a free and honest election.

?But by legislative fiat, barangay and SK officials have been able to hold office beyond their prescribed terms without the benefit of periodic accountability, through elections, from their constituencies.

?The people whose interests they are supposed to serve are stuck with them and have no choice but bear with their governance until such time that the national leadership decides on the right time for them to test their acceptability to the public.

?The wishy-washy treatment of the BSKE is reflective of the low regard for the worth of the constituencies of barangays and SKs, and their right to choose the men and women who will represent them in those entities.

?With the three election postponements, the national leadership is sending the subliminal message to those constituencies that their right to choose their officials is subject to the ‘sound judgment’ of the national government and that they have no choice but follow it without any complaints.

?There goes free choice in elections and the principle of accountability in public office.

?Although the latest law provides that the BSKE will be held in November 2028, that date is not etched in stone.

?There is no assurance that the new administration and members of Congress would keep to that date and not decide to postpone the BSKE again for another one or two years depending on their political mood.

The Senate moved closer to passing a bill that restricts those under 18 years old from using social media after approving it on second reading on Wednesday night.

Sponsored by Sen. Robinhood Padilla, Senate Bill (SB) No. 2424, or the Child Online Safety and Protection Act, seeks to protect children from physical, mental, and social harms posed by social media platforms.

It defines age-restricted social media platforms as any electronic service that primarily facilitates online social interactions and permits users to publish content accessible to other users.

Under SB 2424, these platforms will be required to ensure that no person under 18 can access or create an account. They must also establish systems that can accurately verify users’ ages and provide parental safety tools for age-restricted users.

In addition, social media platforms operating internationally will be required to comply with the bill once it becomes a law, designate a representative in the Philippines, and work with local authorities to implement it.

SB 2424 does not cover emailing platforms, private messaging services, and online gaming that are not primarily used for social networking, educational platforms, news services, and professional collaboration tools.

DICT functions

Should the bill be signed into law, implementation will be subject to the oversight of the Department of Information and Communications Technology (DICT).

Its functions shall include assessment of compliance, reporting mechanisms, investigations, imposition of fines, and updating of age assurance standards.

The bill also gives the DICT authority to seek to restrict access to digital services that do not apply the minimum age requirement and age verification mechanisms, and fail to respond to harmful content.

Higher fines are applied to digital services and the DICT. Errant digital services may face a fine ranging from P5 million to P20 million per violation, on top of another fine of P100,000 for each day of failing to comply with the law.

On the other hand, the DICT may face administrative penalties of less than P5 million to as high as P20 million for each violation.

The Sandiganbayan has found a former Department of Social Welfare and Development (DSWD) official guilty of graft and malversation over the misuse of P5 million in pork barrel funds intended for low-income Pasay City residents in 2007.

In a decision promulgated on Oct. 1, the court’s Fifth Division found Honorita Bayudan guilty beyond reasonable doubt of violating Section 3(e) of Republic Act No. 3019, or the Anti-Graft and Corrupt Practices Act, and of malversation of public funds.

The former director of the DSWD-National Capital Region (NCR) was sentenced to a maximum of 10 years’ imprisonment for graft and a maximum of 18 years for malversation. She was also ordered to pay a fine of P5 million, representing the amount malversed.

The court noted that the case stemmed from the misuse of the Priority Development Assistance Fund (PDAF) allocated to former Pasay Rep. Consuelo Dy.

According to the decision, Dy had a PDAF allocation worth P8 million for the first tranche of fiscal year 2007. The amount was released to the DSWD-NCR to be used for the implementation of its Comprehensive Integrated Delivery of Social Services (CIDSS) project.

The court said that Dy and the DSWD-NCR, represented by Bayudan, entered into a memorandum of agreement (MOA) with Unlad Pinoy Organization Inc. (UPOI) for the implementation of the project in Pasay City.

The project sought to provide various skills training and livelihood assistance to indigent residents from January to March 2007, with a P5 million funding.

The budget was supposed to be released in two tranches: 30 percent upon approval and signing of the MOA, and 70 percent upon submission of an accomplishment report or inspection by the DSWD-NCR.

However, the court said the DSWD-NCR released the total amount of P5 million to UPOI all on the same day, with Bayudan’s approval.

‘Glaring irregularities’

The field investigation office of the Office of the Ombudsman and the Commission on Audit (COA) then conducted validation and verification of the transactions involving the fund, and found that its transfer to UPOI violated the MOA as well as the rules on the transfer of funds to nongovernment organizations (NGO).

The Ombudsman and COA also found that the ‘legal and physical existence of UPOI as well as its suppliers,’ and the ‘reported distribution of financial assistance and conduct of trainings’ were questionable.

Following these findings, the Ombudsman filed a complaint for graft and malversation against Bayudan.

In its ruling, the court said Bayudan ‘committed glaring irregularities that reflect manifest partiality and evident bad faith on her part, or at the very least, gross inexcusable negligence’ during her involvement in the execution of the MOA, transfer of funds, and implementation and monitoring of the CIDDS project.

The court questioned why UPOI was chosen to conduct the project when it was not an accredited NGO based on the guidelines under Section 3.3 of COA Circular No. 96-003. In addition, it was registered with the Securities and Exchange Commission only a few days before the MOA’s execution.

The court added that such execution was ‘procedurally infirm’ as only Bayudan’s name and signature appeared on the agreement and it was not signed by the PDAF focal person and the officer in charge of the DSWD-NCR’s Standards Unit.

Moreover, the court said the transfer of funds to UPOI was ‘not in accordance with COA Circular 96-2003 and the MOA.’

Five individuals formerly linked to the communist insurgency surrendered to police authorities in the Samar provinces within the week, turning over firearms, ammunition, and an explosive device, the Police Regional Office 8 (PRO-8) said.

PRO-8 said the surrenderers were identified as former members or supporters of the New People’s Army(NPA), with four surrendering in Northern Samar and one in Eastern Samar.

On Sept. 28, personnel of the 804th Maneuver Company of the Regional Mobile Force Battalion 8, together with the Victoria municipal police station, PNP Intelligence Group, and 83rd Military Intelligence Battalion, facilitated the surrender of alias ‘Emar,’ a 32-year-old farmer from Victoria town, Northern Samar.

Police identified Emar as a former rebel member under the Sub-Regional Committee (SRC) Emporium of the Eastern Visayas Regional Party Committee. He turned over a .38-caliber revolver with a defaced serial number and a hand grenade.

On the same day, personnel of the 1st Samar Provincial Mobile Force Company facilitated the surrender of alias ‘Jaguar,’ a 55-year-old farmer from Bobon, Northern Samar, and a former NPA member listed in the National Peace and Security Registry (NPSR).

Jaguar turned over a .45-caliber pistol, one magazine, and five rounds of live ammunition.

On Sept. 29, the same police unit facilitated the surrender of alias ‘Kisha,’ a 54-year-old farmer from Bobon, identified as a rebel member under SRC Emporium.

Also on Sept. 29, alias ‘Totoy,’ a 63-year-old farmer from Laoang, Northern Samar, surrendered to personnel of the 803rd Maneuver Company of the Regional Mobile Force Battalion 8, together with other police and military units.

Totoy was identified as a former member of a militia unit under SRC Emporium.

In Eastern Samar, alias ‘Dado,’ a 64-year-old farmer and NPSR-listed member of an underground mass organization under SRC Sesame, surrendered on Sept. 30 following negotiations conducted by personnel of the 2nd Eastern Samar Provincial Mobile Force Company and the Provincial Intelligence Unit of the Eastern Samar Police Provincial Office.

The five surrenderers were placed in the custody of the concerned operating units for documentation, disposition, and assessment for possible enrollment in the government’s Enhanced Comprehensive Local Integration Program (E-CLIP).

Brig. Gen. Romano Cardiño, PRO-8 director, commended the police units involved for their continuing efforts to encourage individuals linked to the communist insurgency to return to their communities and pursue peaceful lives.

Another female Philippine Eagle (Pithecophaga jeferyi) was rescued on Sept. 27 in Barangay Manobo, Magpet in Cotabato province, the Philippine Eagle Foundation (PEF) announced on Thursday.

The young eagle named ‘Magpet’ was found weak and injured by airgun pellets on Sept. 27 by local residents in the area. It was later turned over to the Department of Natural Resources Office and later endorsed to the Philippine Eagle Foundation for examination and care.

A team from PEF led by Senior Animal Keeper Dominc Tadena, Senior Biologist Ron Taraya and Veterinarian Danielle Pasion was sent to Magpet to conduct thorough physical examination of the eagle and assess its condition.

PEF said during its initial examination, the eagle is presumed to be female, weighs 5.15 kilograms, was bright, alert and responsive despite her injuries.

X-ray revealed Eagle Magpet sustained three airgun pellets lodged inside her body-one near the right wing, one near her right leg and another near the base of her tail.

‘We have seen this happen too many times. Philippine Eagles continue to be shot with air guns and improvised firearms. Our Population Viability Analysis warns that the population could collapse if these human-caused deaths do not stop,’ Dennis Salvador, PEF Executive Director, said.

‘Protecting our national bird requires a whole-of-nation effort from government, communities, Indigenous Peoples, law enforcement, the private sector and every Filipino,’ he added.

In 2013, PEF said a juvenile Philippine Eagle was also rescued in nearby Barangay Amabel, also in Magpet, North Cotabato but it later died from a .22-caliber gunshot wound.

The place both eagles rescued is an ancient eagle territory.

‘It is part of an old Philippine Eagle nesting territory, with nesting records going back as early as 1983,’ PEF in a statement said.

According to them, the last nesting record in the area was in 1990. An eaglet was seen at the nest.

The rescue area also lies within the Mt. Apo Key Biodiversity Area, which covers around 100,000 hectares of forest.

The country’s national bird is critically endangered, largely due to loss of habitat and human persecution like hunting, with experts estimating that only 392 pairs of the raptors remain in the wild.

Romblon Gov. Trina Firmalo-Fabic on Friday urged the national government to expand the social pension program’s coverage to include senior citizens receiving low monthly pensions from the Social Security System (SSS) and Government Service Insurance System (GSIS).

Firmalo-Fabic made the call during the province’s observance of Elderly Filipino Week 2026 in Looc town, according to the Philippine Information Agency (PIA) in Romblon.

She said senior citizens receiving less than P5,000 a month from the SSS or GSIS should qualify for social pension assistance.

The governor said elderly people should not be excluded from additional government support simply because they receive pensions earned from their previous employment.

Firmalo-Fabic also said that although a law providing for universal social pension already exists, there are no formal guidelines and funds from the national government for its implementation, limiting the number of beneficiaries in the municipalities.

She asked the Sangguniang Panlalawigan to pass a resolution to be submitted to the Office of the President and the National Commission of Senior Citizens, seeking consideration for elderly Filipinos receiving low pensions.

Firmalo-Fabic also outlined provincial programs aimed at addressing the health, welfare and livelihood needs of senior citizens.

Among these is the Romblon Health Access Program (R-HAP), which provides qualified beneficiaries with a free R-HAP card worth P5,000 for maintenance medicines and other medical needs.

She encouraged senior citizens who have difficulty buying their medicines to secure an R-HAP card through their respective municipal governments.

The provincial government has also established Governor’s Health Desks in every municipality and public hospital to facilitate requests for medical assistance, burial assistance, and free ward confinement.

For bedridden senior citizens, the province is implementing the DEPARA Program in partnership with the Provincial Social Welfare and Development Office. The program provides home visits, personal care, and assistance such as free milk and rice.

The governor also cited the Cash-for-Work and Food-for-Work programs implemented with the Department of Social Welfare and Development and municipal social welfare offices. These include activities such as vegetable gardening intended to provide senior citizens with additional livelihood opportunities.

The Department of Environment and Natural Resources (DENR) has released its long-awaited communication related to the US$100-million settlement between the Marinduque provincial government and Canadian-firm Barrick Gold Corporation over the 1995 Marcopper mine disaster that has polluted Marinduque waterways for decades, according to the Marinduque Council for Environmental Concerns (MACEC).

In a Facebook post on Friday (Oct. 2), MACEC said a hard copy of the official DENR communication was released through lawyer Amelthon Sampayo, legal counsel of the original plaintiffs, and Rev. Fr. Arvin Anthony J. Madla, representing the environmental group.

‘Matapos ang mahabang panahon ng paghihintay, opisyal nang inilabas ng DENR ang Communication kaugnay ng $100 Million Settlement Agreement,’ MACEC said

(Following a long period of waiting, DENR has finally released the communication associated with the $100 million settlement agreement).

Details about its contents have not been made public, although it is expected that the ‘DENR communication’ would officially clear and adopt the agreement and pave the way for its execution.

The DENR communication had been among the remaining conditions for the implementation of the settlement between the province and Barrick, which signed the agreement in April 2025 but without a legal admission of liability.

he Court of Appeals approved the settlement in October 2025.

In 2006, Barrick acquired Placer Dome, a major stakeholder of Marcopper Mining Corporation, and has been at the forefront of settling the tailings leaks that flooded water ways like the Boac River thirty years ago.

Under the agreement, Barrick would pay the province US$100 million over three years once the conditions are fulfilled.

Barrick had earlier placed US$50 million in escrow, with the remaining amount to be paid in tranches.

The DENR communication became the focus of renewed calls from Marinduque environmental advocates and faith groups in recent weeks, particularly as the Oct. 4 deadline for the settlement approached.

On Sept. 28, the Diocese of Boac, MACEC and other groups held a prayer rally at the provincial capitol calling for the release of the DENR communication.

Marinduque Gov. Melecio Go had earlier asked DENR for technical guidance as to whether the settlement money would be sufficient to address the province’s rehabilitation and remediation needs.