Category: Philippines Daily Inquirer

A 31-year-old man tagged by authorities as a high-value individual (HVI) in the illegal drug trade was arrested in a joint buy-bust operation in Barangay Sto. Niño here on Monday (Aug. 24).

The suspect was arrested after an undercover policeman purchased a heat-sealed transparent plastic sachet containing a white crystalline substance believed to be shabu (crystal meth) .

A subsequent search yielded three more sachets containing suspected shabu, bringing the total estimated weight of the seized substance to about 2 grams, with an estimated street value of P13,600.

Authorities also recovered the P1,000 buy-bust money used in the operation.

The drug evidence was turned over to the Philippine Drug Enforcement Agency (PDEA) Regional Office in MIMAROPA for laboratory examination.

The suspect remains in police custody and is expected to face charges for alleged violations of Sections 5 (sale of dangerous drugs) and 11 (possession of dangerous drugs), Article II of Republic Act No. 9165, or the Comprehensive Dangerous Drugs Act of 2002.

The operation was conducted by personnel of the Regional Drug Enforcement Unit-Drug Enforcement Group (RDEU-DEG), led by PLt. Col. Francis Aldrich D. Garcia, chief of the Regional Police Drug Enforcement Unit, in coordination with the Calapan City Police Station

Prosecutors have recommended the filing of criminal charges against a police officer in Tacloban City, the aunt of the 14-year-old boy who, along with another student, is accused of opening fire at a school in the city in June.

Department of Justice (DOJ) spokesperson Polo Martinez on Tuesday confirmed that the Office of the City Prosecutor of Tacloban City is keen to pursue complaints for reckless imprudence resulting in multiple homicide and physical injuries against Police Staff Sergeant Arla Ray Paciencia in connection with the school shooting on June 22.

The recommendation for the charge, which is a bailable offense, was issued on Aug. 20. The complaint will be filed before the family court of the Tacloban City Regional Trial Court, said Martinez.

‘The recommendation follows the preliminary investigation conducted on the complaint filed by parents and students of San Jose National High School, in connection with the shooting incident involving a child in conflict with the law,’ Martinez said in a statement to reporters.

Paciencia, a native of Tacloban City, is identified as the aunt who owned the government-issued 9mm Glock 17 firearm that alias ‘Nash,’ a Grade 9 student, used in the shooting that left three people dead and at least 20 others injured.

The police officer, who has since been relieved from duty, said last month in a Senate inquiry into the incident that Nash broke into her home and stole her gun, which was supposedly stored in a ‘plastic locker.’

A Grade 10 student with the alias ‘Rod’ is accused of being the other shooter. Rod allegedly used a .38-caliber revolver registered to a Cebu-based security agency.

Not strong enough

Following another school shooting, this time in Zamboanga City, Department of the Interior and Local Government (DILG) Secretary Jonvic Remulla is pushing for tougher gun laws by making illegal possession of loose firearms a nonbailable offense punishable by up to 20 years in prison.

In a statement on Tuesday, Remulla said the current law is not a strong enough deterrent because suspects caught with loose firearms can still post bail while their cases are being heard.

Remulla last week urged Congress to ‘repeal [the law] and make [possession of] loose firearms a nonbailable charge again,’ stressing that tougher penalties could help address a wider range of crimes involving firearms.

At the same time, Remulla called on licensed gun owners to exercise greater responsibility in securing their weapons, noting that the firearm used by the Ateneo de Zamboanga shooter was government-issued and belonged to the suspect’s father, a Bureau of Customs employee.

Planted firearms

However, human rights group Karapatan criticized last week the DILG chief’s proposal to make illegal possession of firearms a nonbailable offense, warning that it could be used to prolong the detention of activists and other dissenters.

‘Many activists and other political opponents targeted for persecution have been slapped with trumped-up cases of illegal possession of firearms and explosives based on evidence planted by the arresting teams,’ said Karapatan secretary general Cristina Palabay.

Palabay said that as of February 2025, at least 228 of the 697 political prisoners at the time were facing allegedly fabricated charges involving illegal possession of firearms and explosives.

‘Why should the answer to failures of law enforcement be more power to detain? The DILG proposal is especially concerning given the routine planting of firearms and explosives to build cases to indefinitely jail activists,’ Kapatid spokesperson Fides Lim told the Inquirer.

‘The DILG chief should be reminded that the Zamboanga shooting did not involve ‘loose firearms’ but were reportedly owned by the student’s father, a customs officer,’ she added.

According to Republic Act No. 10591, known as the Comprehensive Firearms and Ammunition Regulation Act, unlawfully possessing or acquiring one small arm is punishable by prision mayor.

Under the Philippines’ Revised Penal Code, prision mayor carries a prison sentence of 6 years and 1 day to 12 years for serious offenses.

The Bureau of Fisheries and Aquatic Resources (BFAR) has issued a local red tide advisory for the coastal waters of Leyte, Leyte, after shellfish samples collected from the area tested positive for paralytic shellfish toxin, prompting authorities to warn the public against gathering, selling, or eating shellfish from the affected waters.

In an advisory issued Tuesday, Aug. 25, BFAR said the samples tested positive for paralytic shellfish toxin, specifically saxitoxin.

The agency said it issued the advisory as a precaution while awaiting confirmatory test results from the BFAR National Fisheries Laboratory Division.

The warning covers all types of shellfish and Acetes species, locally known as alamang, gathered from the affected coastal waters.

BFAR said the precautionary measure is intended to protect public health and minimize the impact of the red tide episode on the local shellfish industry.

The agency also reminded the public that two other areas in Eastern Visayas remain under a shellfish ban because samples previously collected from their waters tested positive for red tide toxins.

These areas are Matarinao Bay in Eastern Samar, covering the coastal waters of General MacArthur, Quinapondan, Hernani and Salcedo, and the coastal waters of Biliran Island.

All shellfish and Acetes or alamang harvested from these areas are considered unsafe for human consumption while the shellfish bans remain in effect.

BFAR clarified, however, that fish, squid, shrimp, and crabs from affected waters may still be consumed provided they are fresh and properly prepared. It said that internal organs, including the intestines and gills, should be removed and the seafood thoroughly washed before cooking.

Red tide refers to the proliferation or accumulation of certain algae that can produce toxins harmful to humans and marine organisms.

Paralytic shellfish poisoning can occur when people eat shellfish that have accumulated these toxins. Cooking does not reliably eliminate the toxins, making compliance with shellfish bans important.

BFAR advised consumers to buy shellfish only from safe and approved sources and to avoid harvesting shellfish from areas covered by red tide advisories or shellfish bans.

The agency said it will issue further updates once confirmatory laboratory results for the Leyte, Leyte samples become available

The Department of Finance (DOF) and Bangko Sentral ng Pilipinas (BSP) welcomed Moody’s Ratings’ decision to affirm the Philippines’ investment-grade ‘Baa2’ rating with a stable outlook, saying the assessment reflects the country’s steady credit standing despite economic headwinds.

In a statement, Finance Secretary Frederick Go said the affirmation shows the resilience of the Philippine economy amid the global energy shock and slowdown in public infrastructure spending.

‘We welcome the stable outlook credit-rating affirmation, even as the world deals with real headwinds. Moody’s assessment confirms our strong macroeconomic fundamentals, and that the reforms we’ve put in place are working.’ Go said.

Moody’s is now the only one of the three major credit rating agencies to maintain a stable outlook on the Philippines.

In April, Fitch Ratings revised its outlook to negative from stable, while SandP Global Ratings lowered its outlook to stable from positive.

Separately, the BSP said the latest development recognized the country’s ability to withstand headwinds.

‘On the part of the BSP, we will continue working to bring inflation back close to target, safeguard the soundness of the country’s banking system, promote a safe and efficient payments and settlements system, and prudently manage the country’s international reserves,’ the central bank said.

‘These efforts help preserve macroeconomic and financial stability, which supports sustainable and inclusive growth,’ it added.

Moody’s affirmed the Philippines’ Baa2 rating on Monday, leaving it two notches below the coveted A-level rating. The Philippines first attained a Baa2 rating in December 2014.

Despite affirming the rating, Moody’s has still become more cautious about the Philippines’ near-term economic and fiscal outlook.

The credit rater cut its 2026 growth forecast for the Philippines to 3.6 percent from its previous 5.5-percent projection, while trimming its 2027 forecast to 5.3 percent from 5.6 percent. Both forecasts, however, remain within the Marcos administration’s targets of 3.5 to 4.5 percent for 2026 and 5 to 6 percent for 2027.

Moody’s also raised its forecast for the country’s current account deficit in 2026 to around 4 percent of GDP from 3.4 percent previously.

Its projection for the general government debt burden was likewise raised to around 58 percent of GDP in 2026 from 54 percent previously, while interest payments are now expected to absorb more than 14 percent of government revenue over the next two to three years, up from its previous estimate of 12.3 percent.

Still, Moody’s kept its general government deficit forecast unchanged at around 3.9 percent of GDP for 2026.

‘The stable outlook reflects our expectation that the government’s fiscal consolidation path and debt stabilization remain broadly on track despite the current cyclical slowdown. This view is supported by the government’s track record of navigating successive external shocks while maintaining broadly prudent macroeconomic policies,’ Moody’s said.

These expectations are balanced against risks that weaker confidence, political developments ahead of the 2028 elections, or delays to planned revenue measures weigh on investment, growth and fiscal consolidation,’ it added

That is the question asked us often when it comes to personal finance. Whether it is a stock, real estate, cryptocurrency, mutual fund, unit investment trust fund (UITF), single pay variable unit-linked insurance, gold or even Pag-ibig MP2, many Filipinos are constantly searching for the investment that delivers the highest return.

Many times, however, this is the road to financial perdition.

Behavioral economics, a field that studies how emotions and psychological biases affect financial decisions, teaches us that people are not always rational investors. We are influenced by stories, headlines, social media and what everyone around us is doing.

One of the most dangerous behavioral traps is recency bias or the tendency to place too much importance on recent events while ignoring long-term realities. Investors assume that what performed well recently will continue performing well in the future. This explains why instead of buying low and selling high, uninformed investors buy high and sell low, thus being blinded by the fact that when prices are hot, such prices are most likely close to their peak levels.

Behavioral economists also describe another phenomenon known as herd mentality, which can also be loosely called heard mentality. Instead of making independent decisions, people simply follow the crowd. If relatives, friends, office mates, influencers or online groups are making money from a particular investment, many assume it must be a good idea.

These tendencies are not unique to Filipinos. They are present worldwide.

Research in behavioral finance consistently shows that investors who frequently jump from one hot investment to another often earn lower returns. Consider what happened during various investment booms.

During the global technology stock boom, many investors bought internet-related stocks only after hearing success stories from others. During property booms, buyers convinced themselves that real estate prices could only go up. More recently, countless investors entered cryptocurrencies after reading about overnight millionaires. But in many cases, early participants profited handsomely while latecomers suffered losses.

That is why sellers of financial products often include in their marketing collaterals the warning that past performance is not a guarantee of future return. A basketball player who scored 40 points last night is not guaranteed to score 40 points tomorrow. Similarly, a mutual fund, stock or cryptocurrency that gained 50 percent last year is not guaranteed to gain another 50 percent this year.

Even the ranking of best performing Philippine-equity invested mutual funds and UITFs that the Personal Finance Advisers Philippines Corporation tracks changes year to year.

Markets move in cycles. Economic conditions change. Interest rates rise and fall. Government policies evolve. What worked yesterday may not work tomorrow.

Another behavioral bias called overconfidence makes matters worse. After a few successful investments, people begin believing they can consistently identify the next winner. They become convinced they possess special insight. As a result, they concentrate their money in a handful of investments instead of diversifying.

Yet research shows that overconfidence is one of the most common behavioral biases among investors and often contributes to poor decision-making. Many times, the overconfidence morphs into greed.

As a greater number of Filipinos begin investing, it becomes even more important to avoid behavioral mistakes that have hurt investors in other countries for decades.

Unfortunately, successful investing is usually boring. Most financially successful investors did not become wealthy by constantly chasing the year’s best-performing asset. Instead, they focused on proven principles: regular investing, diversification, patience, discipline and alignment with long-term goals.

The objective of investing is not to own the investment that generated the highest return last year but to achieve your financial goals. If your goal is retirement, your strategy should support retirement. If your goal is funding a child’s education, your investments should support that objective. If your goal is financial independence, your portfolio should be designed to get you there.

The better question is not ‘which earned the highest return?’ but ‘which gives me the highest probability of reaching my goals?’

So, the next time someone tells you about an investment that has doubled or tripled in value, resist the urge to immediately jump in. Pause. Ask whether the investment fits your goals, risk tolerance and financial plan. Because in investing, the people who win are rarely those who chase returns. They are the ones who stay focused on their destination. INQ

Responders rescued a pygmy sperm whale found stranded and struggling to stay afloat in Pagudpud, Ilocos Norte, stabilized it, and returned it to the open sea on Aug. 18.

The whale was found alive at around 10 a.m. at Sitio Namnama in Barangay Burayoc, according to a Tuesday report by the Bureau of Fisheries and Aquatic Resources (BFAR) in Ilocos.

Responders assessed the whale and carefully moved it to a suitable area for monitoring. They observed its breathing, buoyancy, behavior, and overall condition, and made efforts to stabilize it.

At 3 p.m., the whale showed signs of recovery, and it was able to swim back into open waters.

Responders and partner agencies then conducted 24-hour monitoring of the area. No subsequent stranding of the whale was reported in Ilocos Norte or nearby provinces during the monitoring period.

In caring for the whale, local fisherfolk and the Pagudpud local government collaborated with BFAR’s Provincial Fisheries Office-Ilocos Norte, the Provincial Government of Ilocos Norte, and the Philippine Marine Mammal Stranding Network

The Supreme Court has affirmed the Commission on Audit’s (COA) disapproval of more than P300,000 in flying risk pay for nine Civil Aviation Authority of the Philippines (Caap) officers and staff whose tasks were managerial or administrative in nature and not related to actual aircraft operations.

The high tribunal’s ruling upheld the COA’s issuance in 2021 of a notice of disallowance covering P323,580 in flying risk pay for the Caap officials and personnel, including its head at the time, Director General Ramon Gutierrez.

The Supreme Court cited Section 30 of Republic Act No. 776, or the Caap law, and said that the COA was correct in disallowing the ‘excessive and unlawful payment’ of the benefit.

No basis

‘The disallowance itself is proper, as the payments lacked statutory basis and were granted to individuals who were not legally entitled thereto,’ read part of the 22-page decision promulgated on Jan. 21 this year and released publicly only recently.

At the same time, the high court ordered the nine to return the amounts they received.

The case stemmed from a petition for certiorari filed by Caap employees against the various COA issuances in 2022 and 2023 that affirmed a 2013 notice of disallowance covering the payment.

The COA found that the amount identified as flying risk pay was tagged as ‘irregular expenditures.’ Among those who received the benefit was Gutierrez, who had also approved and certified the payment as valid.

Under the Caap law, licensed air staff and other authorized agency personnel whose job requires work-related flights are entitled to additional compensation equivalent to 50 percent of their base pay as long as they accumulate a total of at least four flying hours per month.

But the high tribunal stressed that the covered Caap officers and staff could not be classified as ‘airmen’ whose duties are ‘inherent in the operation of the aircraft while in flight’ under the Government Accounting and Auditing Manual.

Purely incidental

‘While it is true that their duties occasionally require travel, these are purely incidental to the discharge of their administrative responsibilities. Records show their travels consisted of attending international conferences and meetings, inspecting airports and facilities, verifying legal cases, and overseeing projects and ceremonies in various domestic and foreign locations,’ it noted.

It added they boarded the flights merely as passengers to reach their work-related destinations.

However, the Supreme Court absolved Gutierrez and other Caap officers of liability over the approval of the hazard pay as this was done ‘in good faith.’

The Energy Regulatory Commission (ERC) has extended the completion targets for two transmission projects worth P8.24 billion following delays due to issues with land takeover and bureaucratic red tape.

In separate decisions dated Aug. 24, the commission granted the National Grid Corp. of the Philippines’ wish to extend the timeline of the P6.34-billion Porac 230-kilovolt substation project and the P1.9-billion Amlan-Dumaguete 138-kilovolt transmission line project.

The Porac asset is meant to address the anticipated load growth in Pampanga. It was initially set for completion on or before Nov. 18, but the grid operator faced right-of-way woes coupled with regulatory approval delays. Its new deadline is June 30, 2027.

The Amlan-Dumaguete project in Negros Oriental was set for completion by September 2024. But it suffered delays due to issues in the local government and the lengthy process of securing permits and clearances. The ERC extended the deadline to the end of March 2027.

It added that ‘the timely and expeditious completion of the (projects) shall address the increasing demand and ensure the reliability and adequacy of power supply within the affected areas.’

Lawyer Kristine Ferrer serves as one of defense counsel of Vice President Sara Duterte as she faces the Senate impeachment court on allegations of misusing confidential funds, unexplained wealth, bribery and grave threats.

Ferrer, like several other members of the defense such as lead counsel Sheila Sison, is a partner lawyer of the Fortun, Narvasa and Salazar (FNS) Law Firm.

Since the trial began, Ferrer has so far led the defense’s cross-examination on two of the prosecution’s witnesses, particularly state auditor Xylene Mae del Campo and Office of the Vice President assistant chief-of-staff Lemuel Ortonio, as the court tackles Article I or Duterte’s alleged misuse of confidential funds..

She is so far most known in the context of the trial for taking on private prosecutor Lorna Kapunan, known as a giant in the field of law, in one of its proceedings.

According to the FNS website, Ferrer earned her degree in Bachelor in Accountancy at the Ateneo de Davao University and was admitted to the Bar in 2011.

In 2009, her team during her law school years emerged as champion in the First National Debate on International Humanitarian Law, where she was awarded Best Debater of the Tournament. She was also a finalist in the first season of the ANC’s CVC (Villaraza Cruz Marcelo and Angangco firm) Law Debates in 2008.

She is also certified negotiator, as she has obtained her Certification in Negotiation Mastery from Harvard Business School Online.

Ferrer now has around 15 years of legal practice as a Certified Public Accountant (CPA) Lawyer, first beginning her career as a tax lawyer at Sycip Gorres Velayo and Co., before joining the firm.

Her practice areas revolve mostly around arbitration corporate and commercial practice and corporate rehabilitation, litigation and dispute resolution, as well as taxation.

The FNS also said that the lawyer possesses ‘extensive experience’ in handling matters before the Bureau of Internal Revenue BIR) and the Court of Tax Appeals.

Listed as one of her notable achievements was leading the team that facilitated what was widely regarded as the largest tax compromise settlement in the country, the P25 billion tax compromise settlement between Mighty Corporation and the BIR.

The FNS also regards Ferrer as an ‘outstanding litigator who has successfully represented clients in civil, criminal, commercial, and intra-corporate disputes, including those regarded as high-profile cases.’

Apart from being a lawyer, Ferrer serves as a lecturer in Taxation Law and Special Proceedings at the Ateneo de Davao University College of Law.

Homegrown fast-food giant Jollibee Foods Corp. (JFC) is getting a taste of global recognition as its aggressive overseas push continues to pay off.

The Jollibee Group was named Global Growth Champion at the inaugural Globie Awards of the Global Restaurant Leadership Conference, beating 11 other brand nominees. It secured more than 74 percent of votes from the awards’ advisory panel.

The recognition comes as Jollibee grows well beyond its Philippine roots. The group now operates more than 10,700 stores and cafés across 33 countries, with a portfolio spanning 20 brands across owned, franchised and invested businesses.

That roster includes homegrown names Jollibee, Chowking, Greenwich, Red Ribbon and Mang Inasal, alongside overseas bets such as Smashburger and Tim Ho Wan. JFC also holds stakes in The Coffee Bean and Tea Leaf, Compose Coffee, Shabu All Day and Milksha, among others.

‘Growing across markets requires more than opening stores,’ said David Beal, Jollibee Group’s global chief marketing officer and head of digital marketing, citing the importance of locally relevant brands, operating teams and partners.

With 33 countries already on its menu, the Filipino fast-food giant clearly still has room for another serving of global growth.