Category: Philippines Daily Inquirer

The Philippine Navy’ Naval Command Western Mindanao (NCWM) seized suspected smuggled cigarettes and diesel fuel worth at least P147 million in the Zamboanga Peninsula in two separate operations the past few days.

Rear Admiral Constancio Arturo Reyes Jr., NCWM commander, confirmed Thursday they intercepted an unmarked motorboat off Barangay Labuan, Zamboanga City last Saturday, Aug. 22.

The vessel was found carrying undocumented diesel fuel, with the contraband and boat valued at P52.27 million, he said.

Two days later, on August 24, NCWM operatives intercepted M/B Jiboy off Pangasinan Island, Sulu.

Authorities discovered 611 master cases and 37 reams of foreign-brand cigarettes, with the vessel and cargo estimated at P95.01 million.

The combined seizures amounted to P147.29 million worth of alleged illicit fuel, cigarettes, and vessels.

All confiscated items were turned over to the Bureau of Customs-Port of Zamboanga for legal disposition.

Reyes said NCWM will sustain maritime security operations to disrupt smuggling networks and prevent Western Mindanao waters from being used for illicit trade.

The successive interceptions highlight NCWM’s intensified campaign against contraband, underscoring its resolve to protect legitimate commerce and enforce maritime laws across Western Mindanao, he added. INQ

A doctor has recommended surgery to repair a meniscus tear in Sen. Jinggoy Estrada’s left knee.

‘We saw that it was a complete tear. It’s pretty bad,’ Dr. Fernando Syquia, an orthopedic surgeon, said in an interview at Cardinal Santos Medical Center in San Juan City on Wednesday.

‘I explained to the senator that these types of tears usually end up with surgery, because if you have a complete tear at the root of the meniscus, it’s as if the meniscus is not functioning at all,’ he added.

Snapping sound

Estrada, who is detained on a plunder charge at the New Quezon City Jail in Payatas, underwent a knee X-ray at the hospital earlier in the day, after getting permission from the Sandiganbayan on Monday.

The senator was preparing to leave for the hospital when, according to his camp, something snapped in his knee.

Estrada, who has grown a beard in detention, was escorted by several jail personnel when he arrived at the hospital. He appeared to be in pain when he alighted from the ambulance.

‘From what I understand, he was just supposed to come here just for the check-up for arthritis [in the right] knee,’ Syquia said.

‘It just so happened that as he was going to stand up, he twisted the knee that’s why the meniscus from the opposite knee tore,’ the doctor told reporters.

In his motion for leave filed before the Sandiganbayan’s Fifth Division, Estrada said he has been suffering from joint effusion even before he was detained starting on June 1. He told the court he was previously diagnosed with osteoarthritis.

Part of his motion read that ‘accused Estrada has of late been experiencing a flare-up of persistent pain in both knees, making it acutely difficult for him to walk.’

The senator has been accused of receiving up to P573 million in kickbacks from allocations and budget insertions for government infrastructure projects in the 2025 national budget.

Estrada, however, has denied the allegation

Light to moderate with occasional heavy rains are expected over Bataan and other parts of Central Luzon on Thursday morning due to the southwest monsoon or habagat, according to the state weather bureau.

In its rainfall warning issued at 8 a.m., the Philippine Atmospheric, Geophysical, and Astronomical Services Administration (Pagasa) said that the following areas will experience the said weather conditions:

Bataan

Pampanga

Porac

Lubao

Floridablanca

Macabebe

Sasmuan

Masantol

Bulacan

Hagonoy

Paombong

Malolos

Bulakan

Obando

Meycauayan

Marilao

Bocaue

Balagtas

Guiguinto

Calumpit

Tarlac

Bamban

Mayantoc

San Clemente

Santa Ignacia

Camiling

Concepcion

Tarlac City

Gerona

Paniqui

Moncada

Pagasa also said that the same weather conditions are now affecting Zambales and San Jose and Capas in Tarlac.

‘The public and the Disaster Risk Reduction and Management Offices concerned are advised to MONITOR the weather condition and watch for the next warning to be issued at 11:00 AM today,’ it advised.

In a separate 5 a.m. weather forecast, the weather bureau said that a low pressure area entered the Philippine area of responsibility around 2 a.m. on Thursday. It has a medium chance of developing into a tropical depression.

It is expected to enhance the habagat starting Friday until Tuesday next week

Bacolod City College (BCC) shifted to online classes on Thursday as a security precaution after a threatening note was discovered inside the school comfort room, Mayor Greg Gasataya announced Wednesday night.

School officials reported the incident to authorities immediately after finding the note around 2:05 p.m.

The message written on a brown piece of paper warned teachers and students to be careful on Thursday and threatened that bullies would be ‘finished off,’ though it provided no specific details.

‘Especially sa mga bullies ubuson ta kamo tanan (Especially for the bullies, I will finish you all off)’, the writer said.

In response, the Bacolod City Police Office (BCPO) deployed personnel to secure the campus, initiate an investigation, and confer with school administrators.

‘Educational institutions must remain inviolable safe havens for our youth. We stand resolute in our duty to protect our educational institutions, ensuring they remain secure environments for learning,’ Gasataya said.

The city government is coordinating directly with Col. Eugene Rebadomia, the city police director, to identify the person responsible for the note.

The temporary transition to virtual learning will allow the police and the Disaster Risk Reduction and Management Office time to conduct comprehensive security briefings and an emergency protocol symposium for all BCC faculty and staff.

‘We will ensure that all necessary measures are in place to keep the BCC community safe,’ the mayor assured.

The sub judice rule adopted by the Senate impeachment court applies not only to the senator-judges and the lawyers of both sides but to the accused herself, Vice President Sara Duterte.

Sen. Francis Escudero, as presiding officer of the Senate impeachment court, made this clear in a ruling he read out in full during Wednesday’s hearing, and which he ordered conveyed by the defense lawyers to their client.

According to Escudero, Duterte is also covered by Rule 18 of the Rules of Impeachment, which governs public statements concerning the merits of a pending impeachment case.

Escudero issued the ruling on the same day Duterte, in a media statement, called out the prosecutors for resorting to ‘insults, speculation, or political theatrics’ in questioning her aides at the witness stand, saying such tactics only mask the weakness of the case against her.

‘A strong case does not need the adornment of theatrics. A Senator calling a witness ‘stupid,’ a lawyer calling me the ‘mastermind of a scam’ or another witness referring to me as a ‘brat,’ does not prove a case, nor does it produce evidence,’ the vice president said.

According to the prosecution team, Duterte’s statement came out ‘almost simultaneously’ with Escudero reading out his ruling on impartiality and decorum.

Noting this, Escudero said ‘prospectivity would apply’ or that the ruling would no longer cover what happened that day but future infractions.

‘However, the presiding officer would like to remind, through the lead counsel for the respondent, her client to kindly observe the ruling of the presiding officer as well as the rules of the impeachment court, specifically Rule 18, on the subject matter in regard to making comments on the merits of the case,’ Escudero said.

‘Because henceforth, again given the prospectivity of the ruling, the necessary actions will be taken against her not only by the court, but also given that she is a lawyer,’ he added.

‘With respect to prior statements or conduct covered by Rule 18, the court shall extend grace, exercise liberality and wipe the slate clean. Tabula rasa, so to speak. From this point forward, however, Rule 18 shall be strictly enforced,’ he added.

While Rule 18 applies only to prosecutors, defense counsels, witnesses, and the impeached official, Escudero served notice to the spokespersons of both panels that they are covered by Rule 71, which invokes the code of conduct for public officials and the rule on indirect contempt.

He reiterated his earlier suggestion that the parties appoint spokespersons that are not members of the legal teams.

Two-strike rule

He also reminded all parties, including senator-judges, not to discuss the merits of the case in the press – or engage in ‘trial by publicity’ – so as not ‘threaten the court’s integrity, degrade (it’s) dignity, and weaponize the media to substitute public outrage for actual evidence.’

A two-strike rule would be followed, he said, with the first violation earning a severe reprimand from the court, and the second and subsequent offenses penalized with a fine of P30,000 each.

The Integrated Bar of the Philippines and the Supreme Court will also be notified of the violations for possible disciplinary action on the erring lawyer, which may take his or her license to practice into consideration.

Senator-judges should maintain restraint and political neutrality, Escudero said, citing their oath ‘to do impartial justice’ in the vice president’s trial.

While senator-judges can directly ask witnesses for clarification, he cautioned them against using their questions for partisan ends.

What ‘merits’ mean

As the prosecution team, Escude said its duty is not to convict but to ensure justice is done. The duty of the defense, on the other hand, is not to secure an acquittal at all costs but ‘to provide competent, efficient, conscientious, and diligent representation.’

He said defense lawyers must ‘faithfully protect their client’s constitutional and procedural rights, rigorously test the prosecution’s evidence, and hold the prosecution to the burden of proof,’ while remaining within the bounds of law and ethics.

For purposes of this trial, a statement pertains to the merits when, viewed in its full context, it evaluates a disputed fact; the credibility of a witness; or the relevance, probative value, weight, or sufficiency of particular evidence; assesses the legal viability of an Article of Impeachment or a substantive defense; advocates a particular disposition of the charges; or announces or forecasts the ultimate vote,’ he said.

Yet behind that progress is a less visible challenge: while paying digitally has become increasingly seamless for consumers, the processes businesses rely on to manage those transactions have not necessarily kept pace.

This emerging disconnect will take center stage on September 8, 2026, at ‘Your payments went digital. Your back office is paying for it,’ an upcoming webinar on Zoom hosted by SwiftPay for CFOs, finance heads, treasury leaders, and other enterprise decision-makers.

The gap behind the digital payments boom

The scale of the country’s payments transformation is significant. Combined InstaPay and PESONet transfers reached Php24.7 trillion in 2025, equivalent to nearly 90 percent of nominal GDP.

But the growth is not happening evenly.

BSP data shows that payments made by individuals reached 74.91 percent digital by volume in 2025, while payments made by businesses stood at only 18.75 percent, down from 19.8 percent the previous year.

The gap between consumer and business payment digitalization consequently widened from 52 to 56 percentage points in the same year the country reached its national adoption target. The implication is operational: as payment acceptance digitizes faster than business payment processing, the burden shifts downstream to reconciliation, exception handling, and accounting integration.

The numbers point to a new question for enterprises: What happens after a customer completes a digital payment?

A business may now receive money through QR Ph, e-wallets, cards, bank transfers, over-the-counter channels, and other methods. But behind that convenience, finance teams may still need to consolidate information from different providers, settlement schedules, reports, and systems before a transaction is fully accounted for.

When payment confirmation is only the beginning

SwiftPay’s Beyond Payment Acceptance insights report describes this as the ‘reconciliation gap’, the distance between a payment being confirmed and the cash becoming properly recorded, visible, and actionable within an enterprise’s core systems.

For finance teams, that gap can carry costs in three areas: labor, liquidity, and error exposure.

Manual reconciliation can consume time that could otherwise be spent on higher-value financial work. Delays between payment confirmation and ledger visibility can affect how quickly businesses act on available cash. And as transaction volumes grow, manual matching can increase the likelihood of exceptions, disputes, and errors.

At the same time, developments around fraud monitoring, consumer redress, transaction traceability, and ISO 20022 are placing greater importance on accurate and accessible transaction information across the payments ecosystem.

For enterprises, the next stage of digital payments may therefore be less about adding another payment method and more about ensuring that transactions can move efficiently from payment to reconciliation to the ledger.

What finance leaders need to consider next

The webinar will unpack this changing landscape and explore what the widening divide between payment acceptance and back-office operations means for Philippine enterprises.

Hosted by Mike Valera, the session will feature Aya Montebon, Chief Marketing Officer of SwiftPay, and Genella Malang, Sales Director of SwiftPay, discussing the operational pressures created by fragmented post-payment processes and how enterprises can think about modernization without necessarily replacing their existing financial stack.

As digital payment volumes continue to grow, the question is no longer simply whether businesses can accept digital payments. It is whether their operations can keep up with what happens next.

For CFOs, finance heads, treasury leaders, and enterprise decision-makers looking to understand what this shift means for their businesses, register for SwiftPay’s upcoming webinar:

The mammoth Tampakan copper-gold project is moving closer to becoming part of a publicly listed company after the Philippine Stock Exchange (PSE) formally classified its planned merger with Dominion Holdings Inc. as a backdoor listing.

The PSE said on Wednesday Dominion’s planned merger with Indophil Resources Phils. Inc. and Sonar Holdings Inc. falls under its revised rules on backdoor listing. This is primarily because the transaction would result in a ‘substantial change’ in the business of the Sy- and Consunji-backed Dominion.

Once the proposed merger has been completed, Dominion will survive as the listed entity.

Avenue for unlisted firms

Backdoor listing is when a listed company, directly or indirectly, acquires the shares of assets of an unlisted company or person or group of persons, or vice versa. This process allows an unlisted firm to become publicly listed without going through the initial public offering process.

It can also happen when there is a significant change in control, composition of the board and business.

In this case, Indophil and Sonar together hold 100 percent of the voting rights in Sagittarius Mines Inc. The latter holds the financial and technical assistance agreement that covers the Tampakan copper-gold project in South Cotabato.

Southeast Asia’s biggest

Tampakan is touted as the largest underdeveloped copper-gold mining project in Southeast Asia.

After determining that the transaction is tantamount to backdoor listing, the PSE suspended trading of Dominion shares on Wednesday morning pending the company’s compliance with requirements under the revised backdoor listing rules. It did not provide a timetable for when trading will resume.

Recently, Dominion has been repositioning itself as an investment holding company focused primarily on mining.

The company earlier acquired subscription rights equivalent to a 20.43-percent stake in listed Atlas Consolidated Mining and Development Corp. It is also considering acquiring SM Investments Corp.’s roughly 34-percent stake in Atlas.

Also to support the Tampakan merger and future expansion, Dominion is seeking to raise its authorized capital stock nearly ninefold to P30 billion from P3.42 billion.

The Bangko Sentral ng Pilipinas (BSP) is among a small group of Asian central banks still maintaining some interest rate differential with the US Federal Reserve (Fed) , as policymakers move to contain inflation and support a weakening currency, Bank of America (BofA) said.

The Philippines, Indonesia and India are the only major Asian economies that have maintained a positive policy-rate differential with the United States, even as the Federal Reserve has narrowed its gap with central banks across the region, BofA said in a note to clients on Wednesday.

The shift marks a reversal from much of the past 15 years, when Asian emerging-market central banks generally maintained higher policy rates than the Fed. That changed during the Fed’s aggressive rate-hiking cycle in 2022 and 2023, when central banks across Asia largely followed suit to limit pressure on their currencies.

The United States has retained a yield advantage over much of Asia even after the Fed began cutting rates, as inflation has remained stubbornly above its target. That advantage continues to weigh on Asian currencies, BofA said.

The Philippines, however, is among the countries moving ahead of the Fed as policymakers seek to shore up their currencies against pressure from higher oil prices and current-account deficits, the bank said.

The peso has since recovered since nearly falling to the 62-per-dollar level last week.

‘India, Indonesia and Philippines managed to hike their rates enough to stay above Fed’s, suppressing capital outflows and depreciation pressure on their currencies,’ BofA said.

‘Notably, only these three countries in our universe, currently enjoy a policy rate advantage over US. On the other hand, Thailand and China have widest negative spreads with the US relative to narrower differentials of Malaysia and Korea,’ it added.

Since April, the BSP has raised its policy rate by a total of 50 basis points to 4.75 percent as it seeks to tame an inflation flare-up tied to the Middle East conflict.

Data showed consumer prices rose 6.2 percent year-on-year in July, easing from the prior month’s pace of 6.4 percent but still above the official target of 3 percent.

An Inquirer poll of 15 economists showed 11 expect the Monetary Board to deliver a quarter-point rate hike at its meeting today. The remaining four forecast the benchmark rate to be unchanged.

In its note, BofA said the BSP may hike the key rate by another 25 basis points today, which could mark the central bank’s last tightening move under its current anti-inflation campaign after economic growth moderated to a new postpandemic low in the second quarter.

‘Markets are pricing higher for longer Fed policy path or high real rates rather than a major resurgence in long-term inflation in the US,’ BofA said

‘This demands Asian central banks to be selective in hiking or be in a wait-and-watch mode as they continue to be exposed to risks from oil price swings, El-Niño related shocks, hawkish Fed and a likely broad-based US dollar strength,’ it added.

It entered from a substantial base: data from the Philippine Statistics Authority (PSA) show that Davao grew by 5.1 percent in 2025, bringing its gross regional domestic product (GRDP) to approximately PHP 1.14 trillion at constant 2018 prices. Services accounted for 62.1 percent of output, while transportation and storage grew by 8.2 percent. Wholesale and retail trade was the largest contributor to overall growth, followed by financial and insurance activities and public administration.

The composition of the local economy is essential to real estate development: transport, services, healthcare, and personal activities expand enterprise, create employment, and increase demand for residences linked to tourism destinations, growth centers, infralink projects, and retail parks. Davao Region also represents a sizable property market: the 2024 Census of Population placed it at 5.39 million, equivalent to about 4.8 percent of the national total. Household population reached 5.37 million, increasing by nearly half a million people between 2015 and 2024.

Enterprise drives residential demand

Davao City’s expanding urban landscape reflects the region’s sustained economic growth, strengthening its role as a key center for commerce, tourism, and residential development.

Robust business activity across the Davao Region is directly strengthening its real estate market. As of March 2025, the region’s 19 operating economic zones hosted 55 companies, employing over 50,000 people and generating more than USD 275 million in export revenue during the first half of the year.

Total regional employment reached 2.48 million individuals, with the services sector comprising 56.4 percent of the workforce. This consistent enterprise and job growth broadens the property market, fueling strong demand for residential developments situated near core workplaces, commercial centers, and emerging business hubs.

Tourism transforms the regional economy

Davao City welcomed over two million visitors in 2025, according to the City Tourism Operations Office. Kadayawan Festival alone attracted more than 206,000 guests in August, demonstrating how major celebrations generate activity for hotels, restaurants, retailers, transport providers, and local enterprises.

Across Davao Region, nearly 2.9 million overnight travelers were recorded during the first three quarters of 2025, representing an 11-percent increase from the comparable period a year earlier. Improved air connectivity, stronger domestic travel, private-sector investment, and a range of tourism products were among the factors supporting the increase.

The region offers a diverse portfolio, home to attractions such as the Philippine Eagle Center, Malagos Garden Resort, Eden Nature Park, cultural destinations, museums, and major celebrations. Nearby Samal Island adds beaches, resorts, marine recreation, and island experiences.

For the property sector, tourism contributes more than visitor spending. A larger hospitality and leisure economy sustains job creation, stimulates surrounding businesses, strengthens the movement of goods and services, and raises the residential relevance of well-connected, well-planned locations.

Connectivity creates new corridors

This economic and demographic base is supported by a transport network undergoing considerable modernization.

Established arteries such as Daang Maharlika, Davao-Bukidnon Road, and Davao-Cotabato Road link regional cities and growth centers across Mindanao. Road rehabilitation, widening, bridges, bypasses, and complementary infrastructure are further improving momentum.

Among the most significant is the 45.5-kilometer Davao City Bypass Construction Project, designed to connect Toril in southern Davao City with Panabo City in Davao del Norte. The four-lane corridor includes the first twin-tube mountain road tunnel in the country. Upon completion, the Department of Public Works and Highways (DPWH) estimates that travel time between Toril and Panabo could decrease from one hour and 44 minutes to approximately 49 minutes.

Closer to the coast, the Davao River Bucana Bridge and adjacent roads forming Segment B of the Davao City Coastal Bypass Road opened to vehicles in December 2025, providing another route between areas traditionally dependent on inland thoroughfares.

Across Davao Gulf, construction also continues on the nearly five-kilometer Samal Island-Davao City Connector Bridge. The project is expected to modernize movement between the two locations, strengthening linkages between the metropolitan center and one of the premier regional leisure destinations.

Such infrastructure carries implications beyond shorter journeys. Better roads and bridges can expand catchments, improve logistics, and allow residential demand to extend beyond established epicenters.

A broader employment base, active visitor economy, and expanding transport network are widening the range of locations that can support residential demand across Davao. These conditions provide the context for Camella, which has built alongside the region as its cities, markets, and communities have evolved.

More than three decades of building homes in Davao Region

Camella, the Philippines’ most trusted and preferred housing brand, has grown with Davao Region for more than 30 years, leaving a footprint alongside its demographic, commercial, and physical progress.

Camella, the flagship housing brand of Vista Land, the country’s leading integrated property, has created communities across Davao City, including Toril, and Tagum, bringing lifelong homeownership closer to Overseas kababayans and established Filipinos. This geographic reach reflects a long-term approach, serving urbanizing districts while extending into emerging locations as the region expands.

Shifting residential priorities reinforce this direction: for homebuyers and investors, location is measured not simply by distance from the metropolitan center, but by proximity to employment, education, and everyday essentials. These considerations gain importance as public works improve mobility between municipalities, businesses build beyond city limits, and tourism stimulates local enterprise.

Camella continues to move with this progression: its communities are supported by an inclusive economy, stronger connections, urbanizing livelihoods and lifestyles, and ongoing investment by public and private institutions. As Davao develops into a more integrated regional network, residential opportunities are rising with it -as prosperity produces possibilities, mobility multiplies markets, and communities contribute to sustained growth.

The Philippines’ largest homebuilder

For nearly five decades, Camella has delivered over 600,000 homes in more than 1,250 communities across 49 provinces and 147 key cities and municipalities in the country. Crafted for the upper- to middle-income segment, it places family and community life at the center-creating a legacy of value for generations of Filipinos.

Learn more about Camella communities nationwide. Visit www.camella.com.ph and follow @CamellaOfficial for news and offerings. Make your dream home a reality today!

Philippine banks reduced their exposure to the property sector to the lowest level in more than seven years, as higher borrowing costs and economic uncertainty weighed on demand for real estate.

Real estate loans accounted for 18.72 percent of banks’ total lending portfolio as of June, the latest data from the Bangko Sentral ng Pilipinas (BSP) showed. That was the lowest share since December 2018, when property loans made up 18.65 percent of the industry’s loan book.

In peso terms, banks and their trust units lent P3.2 trillion to the property sector, nearly 7 percent more than a year earlier.

Residential loans rose 3 percent to P1.2 trillion, while commercial real estate loans grew 5 percent to nearly P2 trillion.

The latest figure remained well below the BSP’s 25-percent limit on real estate exposure. The central bank raised the ceiling from 20 percent in 2020 to give financial institutions more room to support economic activity during the pandemic.

At the same time, regulators have imposed safeguards, requiring banks to demonstrate that they could maintain adequate capital even if a quarter of their property loans turned sour.

The decline in property lending as a share of total loans comes as the sector contends with the economic fallout from the prolonged conflict in the Middle East. Higher oil prices have squeezed household budgets, while developers have focused on strengthening balance sheets and supporting share prices rather than taking on new debt to finance projects.

The war has also prompted the central bank to tighten monetary policy. Since April, the BSP has raised its benchmark interest rate by half a percentage point to 4.75 percent, increasing the cost of borrowing for households and businesses.

Signs of stress have emerged in some parts of the property loan book. Nonperforming residential mortgages accounted for 6.2 percent of banks’ home loans as of June, the highest since September 2025, when the ratio was 6.39 percent.

The share of nonperforming commercial real estate loans, meanwhile, eased to 2.07 percent, the lowest since the 1.95 percent ratio in December 2025.

Cid Terosa, an associate professor at the University of Asia and the Pacific, said elevated borrowing costs and uncertainty over the economy had prompted banks to become more cautious in extending credit to the property sector.

‘Economic uncertainties forced banks to set up higher credit standards and created strong disincentives to withhold purchase, weakening demand. Also, property prices went up, tightening demand for condominium units,’ Terosa said.

Overall, it was the combination of higher prices, higher interest rates, economic pessimism and consumer aversion to risk that negatively affected real estate loans,’ he added