Category: Philippines Daily Inquirer

Apart from naked greed and selfish political agendas, a faulty understanding of national budgeting principles may have led our legislators to feel little guilt or shame over their unprecedented self-serving national budget realignments. Massive amounts reallocated in the 2025 budget to spurious flood control projects came prominently from the defunding of nearly P300 billion in official development assistance (ODA) or foreign loan-funded projects and from relegating them to the unprogrammed budget. This part of the budget, which has ballooned after 2022, is, in effect, a ‘waiting list’ of expenditure items that can only push through if unexpected additional funds become available. By implication, these are lower-priority expenditures that the country can afford to set aside in favor of those in the main or programmed budget.

The problem is, ODA projects are nothing like that. They are by nature priority projects, having passed rigid scrutiny by the interagency Investment Coordination Committee and rigorous technical analysis by the Department of Economy, Planning, and Development (formerly National Economic and Development Authority). They form part of the Public Investment Program accompanying the Philippine Development Plan and are essential to the fulfillment of our PDP goals and targets. For our ODA partners, PIP projects are the ‘shopping list’ of priority projects from which they can choose what to fund with their soft loans (loans with lower interest rates and longer grace periods and repayment terms) to be truly responsive to our development goals. These are most certainly not low-priority projects we can set aside in favor of budget insertions by legislators, many of which have turned out to be ‘ghost’ projects that put fabulous sums in the pockets of conniving lawmakers, government officials, and contractors-as is now being exposed in full view.

Why the seeming lack of hesitation to shove aside ‘counterpart funding’ for ODA projects despite these having high priority? Most lawmakers don’t seem to understand what these ‘counterpart funds’ really are, a misunderstanding I’ve found to be common since my days in the government in the 1990s. The term ‘counterpart’ misleads many, including lawmakers, to think of it simply as the government’s equity share in the funding for ODA projects, and that the foreign lender’s ‘counterpart’ will still be there to spend even without the government’s share. But that is not the case.

‘Appropriations cover’ is the better term rather than ‘counterpart funds’ for the budget allocation needed to release ODA loan proceeds. Every peso of ODA loan proceeds needs to be appropriated in the budget to be spent. In the national fiscal accounts, ODA loan proceeds are treated as ‘deficit financing,’ not additional funds to the government’s budgetary resources from taxes, fees, and other revenues. That is, ODA project loans, which must be paid back, count as part of the total government borrowing to finance the deficit, or the gap between its revenues and expenditures, which now cumulatively totals P17 trillion. (On the other hand, foreign grants that need no repayment are automatically appropriated, hence need no budget line. Here, the term ‘counterpart’ is correctly used as it’s widely understood and is indeed the government’s equity shares to supplement the donor’s grant.)

This is why shifting some P300 billion of ODA ‘counterpart funds’ to the unprogrammed budget is such a serious matter. It means none of the shifted ODA project’s loan funds will get released at all, unless the government manages to raise more revenues than were projected for the year. It’s an outright breach of loan agreements signed with our foreign partners, who have been scratching their heads over our seemingly irrational repudiation of assistance they have so kindly offered us, as this is what defunding the ODA programs amounts to. And because these soft loans are dispensed through financial institutions, customary commitment fees apply, meaning, if we don’t spend the funds, we pay the lender a penalty for keeping the money idle.

But the bigger cost our irresponsible lawmakers have brought upon our country is the chilling signal it has sent to the financial markets and investment community that our government is not to be trusted. The signs are already evident. The peso has been depreciating much faster than it should, even as the United States Federal Reserve’s recent interest rate easing should have moved it in the opposite direction (like our neighbors’ currencies have in fact done). While our peso declines in value, our neighbors’ currencies are moving the other way. The Bangko Sentral ng Pilipinas won’t say it publicly, but they see the problem.

The insatiable greed in high places, now being exposed to all, is pulling the entire economy and country down. This time, we shouldn’t let them get away with it.

Oxford-Everything, everywhere, all at once. That’s how I felt shortly before heading out of the country again for yet another academic engagement. Barely a week after returning to the country following my visiting scholar stint in Canada, where I met senior policymakers, academics, and community members from across the country, I headed out to the United Kingdom to further hone my public policy analysis under a Jardine scholarship at the University of Oxford. Thanks to the generous (and highly competitive) scholarship and the impeccable academic environment at Oxford, I looked forward to finally carving out some time to fully focus on research, deep writing, and, overall, to embracing a measure of scholarly solitude.

Truth be told, my mind was tethered to developments back home, especially after an intense week that started with covering the historic ‘Trillion Peso March’ and, over the following days, holding long conversations with leading experts and citizens of the country. In fact, just before I flew out of the country, I hosted a quadrilateral episode for my ‘Deep Dive’ podcast with former Supreme Court Associate Justice Antonio Carpio, a titan of our West Philippine Sea struggle; former Associate Justice Adolf Azcuna, a leading jurist who helped frame both the 1973 and 1987 Constitutions; and former Political Affairs Secretary Ronald Llamas, a rockstar pundit and a beating heart of social democracy in the Philippines. At the core of our discussions was a singular question: Are we peering into the abyss?

Just as I warned earlier this month (see ‘Fighting corruption: Brazil’s hard lessons,’ 9/16/25), comparative politics in developing democracies shows that anticorruption investigations tend to become polarizing, politicized, and ultimately destabilizing. This is especially the case if institutions are weak, clowns and crooks dominate elected offices, and the public is fed up with continuous cycles of corruption and misgovernance. As dramatic as it has been, the revamp in the government-starting from the change of leadership in both the Senate and the House of Representatives, as well as the comprehensive purge of top leaders in the Department of Public Works and Highways-is far from sufficient. People are asking for blood, and heads have to roll. To begin with, the people’s outrage is palpable. From journalist Kara David to celebrities, such as Vice Ganda, prominent personalities are openly calling for the literal demise of corrupt officials or the reinstatement of the death penalty: ‘Sana mamatay sila!’ ‘Bring back the death penalty for corrupt officials. Jail even their families.’

Moreover, there seems to be no center of gravity, nor a clear road map. It’s far from certain where and how far President Marcos is willing to take his newly found anticorruption crusade when corruption is so endemic and could reach the highest echelons of power.

To put things into perspective, Sen. Panfilo Lacson has claimed that almost all senators, with the notable exception of principled progressives such as Sen. Risa Hontiveros, made shady insertions in the previous fiscal year. ‘It was humongous . I have never seen such amounts,’ the current chair of the Senate blue ribbon committee claimed, referring to at least P100 billion in de facto pork barrel funds.

Just like Brazil in the mid-2010s amid the ‘Operation Carwash’ corruption scandal, we might end up with the collapse of the entire political center. And this brings us to the third factor, namely the vultures circling and ready to destabilize and dismantle our democracy altogether.

The riots in Mendiola by unidentified elements are just the tip of the iceberg. ‘If only Sara Duterte were not the Vice President, you guys would have taken over,’ an administration ally shared in a closed-door meeting. He was referring to rumors of a possible coup. No less than Pulitzer Prize-winning journalist Manny Mogato referred to an ‘attempt to unseat’ the President, with ‘a large Christian-denomination sect [meeting] with a top Army commander days before the protest’ to trigger an en masse defection in the barracks on the back of the massive anticorruption protest on Sept. 21. In fairness, the Armed Forces of the Philippines has vehemently rejected the rumors, which are yet to be substantiated.

What is clear, however, is that the next ‘Trillion Peso March’ may turn less peaceful if the chief perpetrators continue to enjoy impunity and the notorious Discayas are given de facto immunity under a witness protection program. Criminal liability is what people are demanding beyond the seeming theatrics of hearings and investigations.

Justin Arana knows that he and Converge can’t take their tuneup victory over San Miguel Beer over the weekend at face value, saying that the real measure will be known once real games are played in the season-opening of the PBA Philippine Cup.

‘We do take this as a win, but we’re not satisfied,’ Arana told the Inquirer in Filipino after the 114-99 mangling of the powerhouse Beermen at Gatorade Hoops Center in Mandaluyong City.

Preseason games are used primarily as a dress rehearsal, with coaches spreading the minutes while also tinkering with things to be executed before the season tips off this Sunday. That was exactly the case in this anticipated exhibition between both teams.

Converge is seen as a potential spoiler to the dominance of the usual contenders in San Miguel, TNT and Barangay Ginebra, especially after the selection of Juan Gomez de Liaño created a talented five-man combo with Arana, Justine Baltazar, Alec Stockton and Schonny Winston.

The FiberXers showed their quality against the Beermen, breaking away from a 51-all tie at halftime behind that core, along with rugged big man Pao Javillonar, to pull off another win, the fourth straight since Gomez de Liaño began to suit up in the preseason.

But then, San Miguel didn’t go into the contest like the usual San Miguel, as June Mar Fajardo played sparring minutes, CJ Perez and Chris Ross opted to be spectators and coach Leo Austria opted to give his 34-year-old PBA rookie Chris Miller much exposure as he could.

And those are things that Arana and the FiberXers acknowledged.

‘June Mar didn’t play like the June Mar that we know and CJ didn’t play,’ said Arana. ‘Tuneup games are more about scouting and adjustments. Like I said, we won, but we’re not satisfied because the goal is to get wins during the season.’

San Miguel, meanwhile, is going into the Philippine Cup as defending champion after denying TNT’s quest for a historic Grand Slam last July.

Fajardo is expected to be in his best form once the conference starts, while Jericho Cruz could take some of the confidence from his Finals Most Valuable Player award and role in Guam’s entry to the qualification for the quarterfinals game of the Fiba Asia Cup in Saudi Arabia.

Perez, however, could be doubtful for the start of the conference due to an ankle injury sustained with Gilas Pilipinas in the same continental competition.

But there might be some optimism toward Miller, picked ninth in the Draft, as he showed some promise on offense during the tuneup contest. While he’s a PBA greenhorn, Miller has been playing overseas for the past decade, most notably in Europe. INQ

The local bourse extended its losing streak to the seventh consecutive session on Tuesday. Domestic politics and the weak currency continued to weigh on market sentiment, leading to more investors taking cover amid the uncertainty.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) had lost 0.74 percent or 44.14 points to end at 5,953.46.

Likewise, the broader All Shares Index shed 0.43 percent or 15.55 points to close at 3,620.79.

A total of 1.57 billion shares worth P9.09 billion changed hands, stock exchange data showed.

The index remained in the red territory as investors remained cautious about domestic uncertainties, said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

Flood control scandal

On Monday, the Senate blue ribbon committee confirmed that resigned Ako Bicol Rep. Elizaldy Co and former House Speaker Martin Romualdez would be invited to the next hearing on the billion-peso flood control scandal.

This is the latest development in the corruption behind the projects. Twenty-one politicians and officials of the Department of Public Works and Highways are possibly facing charges.

At the same time, Limlingan said traders were closely watching the weakening peso.

International Container Terminal Services Inc. was the most actively traded stock as it lost 1.95 percent to P471.60 each. It was followed by BDO Unibank Inc., down 1.56 percent to P132.90; Ayala Land Inc., down 3.56 percent to P24.35; RL Commercial REIT Inc., down 3.84 percent to P7.26; and SM Investments Corp., down 0.68 percent to P735 per share.

Others were Ayala Corp., down 1.95 percent to P482.80; Bank of the Philippine Islands, up 3.6 percent to P115; SM Prime Holdings Inc., down 1.32 percent to P22.45; DigiPlus Interactive Corp., up 2.23 percent to P25.25; and Manila Electric Co., down 0.19 percent to P530 each.

Losers outnumbered gainers, 129 to 79, while 45 companies closed flat, stock exchange data also showed.

Young Filipinos know what it takes to stay healthy, but far fewer follow through, highlighting ‘significant’ gaps between awareness and action.

This is based on a new Manulife Philippines study that surveyed 500 respondents nationwide, 40 percent of whom are in Metro Manila.

The survey found that while 83 percent described themselves as knowledgeable about health and wellness, only 76 percent were taking sufficient action.

Millennials and Gen Zs, the study noted, often fell short of their own standards.

On nearly every health measure, the insurer said, practice lagged behind awareness.

About 78 percent of respondents agreed that monitoring sleep quality was essential, but only 63 percent actually did so. The same pattern held true for nutrition, blood pressure, body weight and cholesterol.

The gap was even starker when it came to behavior. While nearly three-quarters of respondents said maintaining a balanced diet was crucial, just 58 percent said they followed one.

Fewer still reported practicing good sleep habits, exercising regularly, balancing work and life, or avoiding smoking.

‘Filipino Millennials and Gen Zs face notable health and wellness gaps,’ the study concluded.

Without a stronger shift from awareness to action, it warned, younger Filipinos could face mounting risks to their long-term well-being and quality of life.

‘While wellness may be a recognized priority, many young Filipinos struggle to consistently practice key health behaviors-especially women, who report a larger gap in achieving work-life balance,’ it added.

Key challenges

The study also found that stress was the most frequently cited obstacle to healthier living, with 64 percent of respondents blaming it for keeping them from their desired level of well-being.

Other barriers included excessive screen time (48 percent), sleep deprivation (45 percent), lack of exercise (42 percent) and poor diet (39 percent).

Millennials reported feeling the strain the most: 69 percent said they struggled with stress, compared with 58 percent of Gen Z respondents.

The two generations also differed in their approach to health and longevity. Millennials placed greater emphasis on physical health and family relationships, while Gen Zs said they were more focused on finding a sense of purpose.

For both, however, maximizing lifespan was not the goal. Just 13 percent of respondents said living as long as possible was a priority.

Security Bank Corp. has appointed Victor Lee Meng Teck, a Singaporean veteran banker, as its new president and CEO effective early January 2026.

Lee, the former CEO of CIMB Singapore, will replace Sanjiv Vohra after more than six years.

Vohra will remain as senior advisor to the board once he steps down next year, Security Bank said in a stock exchange disclosure on Tuesday.

‘We’re grateful to Sanjiv for his steady leadership during one of the most challenging periods in recent history,’ Security Bank chair Cirilo Noel said. Vohra was appointed months before the onset of the COVID-19 pandemic, which paralyzed economies across the globe.

Seamless transition

‘His vision and dedication have left the bank stronger, more resilient and well-prepared for the future,’ Noel added.

For his part, Lee is recognized for spearheading the growth of CIMB Singapore, doubling the bank’s revenue and raising return on equity to nearly 20 percent, according to Security Bank.

‘As we welcome Victor, we’re confident this seamless transition will allow us to sustain momentum and capture new opportunities,’ Noel noted.

Lee’s appointment comes two months after Security Bank announced the early retirement of Eduardo Olbes, its chief financial officer. Olbes, who first joined Security Bank 15 years ago, became senior advisor to the president and CEO on Aug. 11.

Contractor couple Cezarah ‘Sarah’ and Pacifico ‘Curlee’ Discaya arrived at the Independent Commission for Infrastructure (ICI) office in Taguig City to serve as resource persons in the commission’s hearing on Tuesday, September 30.

The media tried to get Sarah’s and Curlee’s statements regarding their cases, but they declined to comment.

The Discayas are currently under investigation for alleged involvement in anomalies in flood control projects. /cb/abc

The Management Association of the Philippines (MAP) has urged Congress to reallocate funds for the completion of the long-delayed Edsa busway system in the 2026 national budget.

‘The government’s commitment to ease the plight of bus commuters must be met,’ MAP president Alfredo Panlilio and MAP Transportation and Infrastructure Committee Eduardo Yap said in a letter dated Sept. 24.

In their letter addressed to acting Transportation Secretary Giovanni Lopez, Senate Committee on Public Affairs chair Raffy Tulfo and House committee on transportation Chair Franz Pumaren, MAP said Congress now had the opportunity to reallocate funds to complete this project within a year.

‘Since the government is not inclined to appropriate funds for flood control projects, funds there can be more ideally reallocated to the Busway System,’ Panlilio said.

Panlilio said ‘no meaningful budget allocation’ had been provided for this project, except for a few hundred million pesos.

Almost 100,000 bus commuters depend on the busway for their daily commute, causing severe congestion in Manila Metro Rail Transit Line 3 (MRT 3) used as makeshift points for five years now, the group said.

‘While this interim arrangement has been acceptable during the initial test period, severe congestion has been a daily grind for both MRT-3 and Busway commuters in the already over-crowded MRT-3 stations,’ the letter added.

Slow progress

MAP said only four out of more than 20 busway-dedicated stations have been completed: Guadalupe, Buendia, Taft Avenue and Roxas Boulevard stations. Two others, North Edsa and Ortigas stations, are being built through private sector donations.

It said the busway stations could be ‘easily completed’ next year if the projects would be auctioned off in batches to large and reputable contractors.

These are Kamuning, Cubao/Araneta, Santolan, Camp Aguinaldo, Corinthian Gardens, Highway Hills, Estrella St. (Rockwell), Ayala/Edsa, Magallanes, Malibay, F.B. Harrison, MOA/J. Diokno, Aseana/Macapagal and Parañaque Integrated Terminal Exchange.

‘In addition to other ancillary facilities, this system must be equipped with overhead bridgeway to the station platforms along the road median beside the MRT3 trackway, and provided with convenient access for the physically-challenged commuters,’ the letter read.

The group proposed finalizing a schematic busway system plan to connect, at least, Commonwealth Avenue in Quezon City and other major routes.

It also recommended developing a comprehensive Metro Manila Busway System to complement rail systems that are existing or under construction.

President Ferdinand R. Marcos Jr. stood by his decision to appoint retired Philippine National Police chief General Rodolfo Azurin Jr. to the Independent Commission for Infrastructure (ICI), despite being linked to previous controversies.

In a briefing on Tuesday, Palace press officer Claire Castro said the President handpicked Azurin to be the new special adviser and investigator of the ICI because of his ‘experience and expertise as an investigator.’

His appointment also has ‘no complications, because he is not a politician,’ she added.

According to Malacañang, Marcos had also taken into consideration Azurin’s involvement in the alleged coverup in the investigation of the PNP into a controversial drug haul in 2022.

‘He was just accused. It is easy to just drop names and to pin the blame on others,’ Castro explained.

‘It would be a different story if there were cases filed against him and he was convicted,’ she said.

Azurin fills in for Baguio City Mayor Benjamin Magalong, who resigned on Friday after Malacañang raised concerns that his dual role in the government, among other issues, might compromise the independence of the ICI.

Stakeholders earlier raised concerns of Magalong being unfit to be at the ICI, citing the constitutional ban on any elective official from being designated to another public office during his tenure.

As special adviser and investigator, Azurin may directly submit reports and information to the ICI to aid in its fact-finding mandate.

He may also conduct a probe ‘on his own,’ but he does not hold power over the government’s law enforcement, intelligence and investigative bodies, including the PNP and National Bureau of Investigation.

In January 2023, then-Interior Secretary Benhur Abalos called for the courtesy resignation of all the more than 900 colonels and generals of the PNP as part of the government’s internal cleansing of the police force.

Azurin was among the first who submitted his courtesy resignation, but Marcos immediately rejected it, allowing him to complete his tenure and effectively clearing him of any involvement with illegal drugs.

Abalos, who also chairs the National Police Commission (Napolcom) then, ordered the PNP to create a special investigation task group to probe the involvement of police officials, including generals, in the seizure of 990 kilos of shabu worth P6.7 billion in a warehouse owned by a police intelligence officer in Tondo, Manila in October 2022.

Later inquiries found that police officers and officials attempted to pilfer the confiscated shabu either to be resold or to be used as ‘accomplishment’ in future anti-drug operations.

By April 2023, before Azurin retired from the police service, Abalos alleged that there was a ‘massive cover-up attempt’ in the investigation of the PNP. He ordered the Napolcom to conduct its own oversight inquiry.

Azurin denied Abalos’ claim and came to the defense of the two generals implicated in the investigation.

After a joint inquiry by the Napolcom and PNP, criminal complaints were filed against 50 police personnel, including two generals, before the Office of the Ombudsman for their suspected coverup and involvement in the operation.

In July 2023, Marcos accepted the resignation of 18 PNP officials, including three generals, for their drug involvement.

Amid her battle with several autoimmune diseases, Kris Aquino looked well and radiant during her and her children Josh and Bimby’s recent visit to a friend who celebrated his birthday.

The Queen of All Media, albeit wearing a face mask, appeared smiling while bonding over a meal with hair and makeup artist Jonathan Velasco at the latter’s intimate birthday celebration.

Aside from the Aquinos and Velasco, a few other companions, including those who appeared to be Kris’ medical staff, were present at the gathering, as seen in the photos shared by the makeup artist on his Instagram page.

‘A huge thank you to the Aquino family for making my birthday so special,’ Velasco captioned his post. ‘Love you po, Madam Kris, Josh and Bimb.’

Velasco’s comments section was then flooded with messages from Kris’ supporters who thanked the makeup artist for sharing his recent moment with the actress-TV host.

Just earlier this month, Kris underwent two surgical procedures. She also previously had surgical procedures last August as she began a ‘more aggressive treatment’ for her 11 autoimmune diseases