Category: Philippines Daily Inquirer

The Bangko Sentral ng Pilipinas (BSP) has allowed qualified banks to offer time deposits as investment products under the Personal Equity and Retirement Account (Pera), expanding the list of options available to Filipinos saving for retirement.

Under Memorandum No. M-2026-044, Pera time deposits must have a minimum maturity of 30 days. Upon maturity, the proceeds are kept in Pera assets and are not counted as a withdrawal.

Consumers can roll over, transfer, or reinvest the proceeds in another accredited Pera investment product, based on your instructions or existing investment arrangement.

‘Retirement planning should be simple, accessible, and within reach of every Filipino. By introducing PERA time deposits, we are providing another practical option for individuals who want to build their retirement savings through a product they already understand and trust,’ BSP Deputy Governor Lyn I. Javier said in a statement.

A Pera time deposit functions similarly to a regular bank time deposit, as it holds funds within a contributor’s Pera and may qualify for tax incentives under the retirement savings program. The deposits will also remain subject to rules governing Pera.

According to the BSP, banks that wish to offer Pera time deposits must meet applicable BSP prudential requirements and notify the central bank of their plans.

They must secure Bureau of Internal Revenue (BIR) accreditation before offering placements and partnering with a Pera administrator.

The new product joins other investment options available under Pera, including unit investment trust funds, stocks, real estate investment trusts and government securities.

Pera, created under Republic Act No. 9505, is a voluntary retirement savings program, which supplements state-based pension plans and/or employer-sponsored retirement plans.

Individual contributors may place up to P200,000 annually, while overseas Filipinos may contribute up to P400,000 a year.

Latest BSP data showed Pera contributions surged 45 percent to P757.55 million in the first half of the year from P521.36 million a year earlier. Employee contributions accounted for the largest share at P449.45 million, followed by those from self-employed Filipinos at P207.9 million and overseas Filipino workers at P100.2 million.

The increase in contributions came alongside a nearly fivefold rise in the number of Pera contributors to 30,055 from 6,193 during the same period.

The Sandiganbayan Sixth Division junked the attempt of Uswag Ilonggo party-list Rep. James ‘Jojo’ Ang to dismiss one of his graft cases.

The anti-graft court also dismissed his plea to consolidate all of its 14 counts to a single division.

These decisions are the result of two resolutions penned by Associate Justice Sarah Jane Fernandez promulgated on Aug. 24 denying Ang’s motion to quash information and motion to consolidate.

In its case information, subject of the motion to quash, prosecutors alleged that Ang held prohibited financial interest in a government contract worth P8.1 million between the Department of Public Works and Highways (DPWH) and Allencon Development Corporation.

Ang purportedly owned 500 shares in the corporation.

Prosecutors said this violates Article VI, Section 14 of the 1987 Constitution which prohibits legislators from intervening in government matters for their pecuniary benefit.

Ang questioned Sandiganbayan’s jurisdiction as one of the grounds for his motion to quash, saying Republic Act No. 10660 provides that the Regional Trial Court should have jurisdiction where the information does not allege any damage to the government or any bribery.

The resolution noted that the information filed by prosecutors did not allege any pecuniary damage to the government and neither did it allege that the damage is not quantifiable.

However, the resolution noted that the lawmakers’ deliberations for the Republic Act No. 10660, or the law which reorganized the Sandiganbayan, intends to retain the jurisdiction of the anti-graft court in cases where the information alleges unquantifiable damage to the government.

‘Such non-mention of any amount of damage to the government, coupled with the accusation that the alleged prohibited act was done in violation of the Constitution and in contravention of public policy, would indicate that the resultant damage alleged in the Information is unquantifiable,’ the 13-page resolution stated.

‘The crime charged in the present case is, thus, one which the Congress intended to remain under the exclusive original jurisdiction of the Sandiganbayan,’ it added.

As for his motion to consolidate the case, Fernandez also penned a separate resolution denying this.

The lawmaker, citing the 2018 Revised Internal Rules of the Sandiganbayan, wanted to consolidate the cases to the Second Division which got the lowest docket case number.

Ang argued that the cases involve common questions of fact and law that should be jointly tried before the division where the case bearing the lowest docket number is pending.

He added that there is a strong possibility that different court divisions might arrive at different and conflicting resolutions on the cases pending before them.

The resolution noted that all 14 counts of graft arose from the same Resolution of the Office of the Ombudsman, each involving a project awarded by the DPWH to Allencon where accused Ang was allegedly a stockholder.

‘Although the said cases appear to be similar in nature, it is undeniable that each case involves a project separate and distinct from the others,’ the five-page resolution said.

‘Thus, it is improbable that there will be conflicting rulings on factual matters,’ it added, further noting that ‘consolidation will merely cause delay.’

The Commission on Audit (COA) told lawmakers on Tuesday that it has a shortage of field auditors, admitting that this can be characterized as a ’cause for concern.’

COA assistant commissioner Lorna Cabochan said this during the House of Representatives’ Committee on Appropriations’ 2027 budget hearing for the commission on Tuesday, after Akbayan Rep. Percival Cendeña asked if the commission’s manpower gap had already been addressed from 2025 to this year.

Cendeña raised the question when he mentioned COA’s report last year that it had only two auditors assigned to the Department of Public Works and Highways (DPWH)’s First District Engineering Office of Bulacan, which has been at the center of the flood control corruption scandal.

According to Cabochan, out of COA’s 716 recently deducted plantilla positions, 332 personnel have been restored by the Department of Budget and Management (DBM) in July.

When asked how many positions the COA still needs, she said, ‘It’s still almost 400.’

Meanwhile, when Cendeña furthered his interpellation and asked if it was a ’cause for concern,’ the COA official answered in the affirmative.

‘Because the agencies po are adding and as present po medyo kulang na rin po ang mga auditors natin in the field,’ Cabochan explained.

(Because the agencies are adding and as of now, we are also somewhat lacking in auditors in the field.)

Cabochan also said that some of their former auditors decided to leave COA for higher-paying jobs or flexible working positions.

Some of the other auditors, she said, are even considering retiring ‘as soon as they reach 60.

‘Though we are continually recruiting po, meron din po kasing separation through transfer po sa ibang government agencies and resignation,’ the COA assistant commissioner likewise pointed out.

(Although we are continuously recruiting, there is also separation through transfer to other government agencies and resignation.)

After hearing this, Cendeña emphasized that the current state of manpower in the commission is ‘alarming,’ pointing out that ‘it’s still lacking to this day.’

‘Ngayong 2027 po, may proposed P107 billion pesos para sa flood control under DPWH. Kapag palpak uli ang audit or kapag kulang, mabagal ang audit, repeat performance tayo sa 2025,’ Cendeña emphasized.

(This 2027, there is a proposed P107 billion pesos for flood control under DPWH. If the audit is sloppy again or if the audit is insufficient or slow, we will repeat the performance in 2025.)

‘At alam na po natin kung ano yung dahilan. Ito nga pong nabanggit natin na kakulangan,’ the lawmaker added.

(And we already know the reason. This is the deficiency we mentioned

The lawmaker then said that the government must allot additional resources to COA, noting that the commission is ‘the first line of defense’ against corruption.

President Ferdinand Marcos Jr. is open to recommendations to ban Facebook and other social media platforms that could influence young people to engage in harmful behavior, Palace Press Officer Claire Castro said on Tuesday.

The remarks came after the Cybercrime Investigation and Coordinating Center said it was considering recommending a ban on Facebook in the country following a deadly shooting at Ateneo de Zamboanga University.

‘Among all gaming apps, the president is open to removing anything that could be considered harmful to the youth and to our country,’ Castro said at a briefing when asked whether Malacañang supports the idea.

Castro noted that some social media platforms not only expose young people and the general public to violence but are also being used to spread fake news.

‘It also needs to be studied whether the lack of accountability for social media platforms contributes to the spread of fake news in our country,’ she added. ‘If the response is slow, it would be worth considering and studying whether they should remain part of our system.’

However, Castro said support for banning harmful social media platforms does not mean restricting freedom of expression.

‘Fake news is different from simply expressing your opinion or being a critic,’ she said.

‘That is not prohibited. No one is being prohibited from being a critic, especially now, under President Ferdinand Marcos Jr.’s administration,’ she added.

On Monday, Interior Secretary Jonvic Remulla said the perpetrator of the fatal Ateneo de Zamboanga University shooting had an online search history of websites supposedly containing hate speech.

‘His search pattern went to evil people, nihilism, anti-Semitism, anti-LGBT (lesbian, gay, bisexual and transgender), and a lot of hate sites,’ he explained in an interview on ANC’s Headstart.

Remulla attributed this to the shooter being supposedly influenced by a ‘deep dark web of people fomenting hate and discord and violence in order to resolve your problems’ inside chat groups on the game Roblox.

On Day 18 of the Vice President Sara Duterte’s impeachment trial, Office of the Vice President Assistant Chief of Staff Lemuel Ortonio takes the witness stand on Tuesday to testify on the alleged misuse of P500 million in confidential funds.

Ortonio allegedly accompanied former OVP special disbursing officer Gina Acosta, the previous witness presented to the court, when she encashed P500 million in confidential funds from LandBank Shaw Blvd., in increments of P125 million every quarter from the last quarter of 2022 until the third quarter of 2023

Motorists face higher fuel costs starting Tuesday, Aug. 25, as diesel prices rise by P2.31 per liter, according to the Department of Energy. The increase comes despite the DOE’s assurance that double-digit price hikes are not expected in the coming weeks.

Gasoline and kerosene prices will also go up, by as much as P1.08 and P0.95 per liter, respectively.Below are the oil prices monitored and gathered by Inquirer team as of Tuesday, Aug. 25, 2026

The Department of the Interior and Local Government (DILG) posthumously honored Chris Lorenz Fabian, the 15-year-old scout who died in the Tacloban City school shooting last June, for blocking the perpetrators from entering a classroom.

In a statement on Tuesday, the DILG said Secretary Jonvic Remulla, through Eastern Visayas regional office director Arnel Agabe, conferred the Youth Heroism Award on Fabian through his parents and grandfather in a ceremony.

The department said at least 30 of Fabian’s fellow students were saved by his act.

‘The grief felt by Tacloban City and the nation over the untimely passing of Fabian and the other victims of the school shooting must also strengthen the resolve of [the] government and communities to improve policies and measures that protect children in schools,’ Remulla said in the statement.

‘To help ensure that no other family endures the same heartbreak… the DILG is actively overseeing LGUs in institutionalizing strict campus safety protocols, enhancing police visibility around academic zones, and empowering communities to recognize and intercept threats early,’ he added.

The DILG noted that the award was also issued by its attached agency, the National Youth Commission (NYC).

Fabian and two other students were killed during the Tacloban shooting.

The Tacloban shooting, as well as a similar case in which two students died at Ateneo de Zamboanga University this August, prompted Remulla and the Philippine National Police to amp up security measures around schools and coordination with the Department of Education

Korean actors Jang Dong-yoon and Kim Seung-yoon delighted fans after the couple revealed their upcoming wedding in October.

The couple’s wedding plans were confirmed by Jang through a handwritten statement he shared on his Instagram page on Tuesday, Aug. 25.

‘I’m writing this because I have some news that I wanted to share with you personally today. This coming October, I will be marrying someone I have been with for a long time,’ he said in Korean, as per an English translation by Korean media outlet Soompi.

The actor said he and Kim will hold a ‘quiet wedding ceremony in the form of a worship service’ along with their families.

‘There were many thoughts and considerations that went into making the decision to get married. As we spent a long time together and came to know each other in many different ways, we came to understand and cherish each other even more,’ he continued.

‘Now, we have decided to be there for each other as our closest confidants and to build a fun and happy life together,’ he added.

Jang addressed fans and thanked them for their support throughout his career.

‘I know this news may come as a surprise, but I would be grateful if you could look upon us with warm hearts and continue to support us,’ he said. ‘I will continue to do my best to impress as an actor while also striving to live more maturely as a person.’

The pair’s wedding was also confirmed by Jang’s talent agency BH Entertainment.

‘Jang Dong-yoon and Kim Seung-yoon will get married in October,’ it said.

Jang and Kim first worked together in the 2019 South Korean series ‘The Tale of Nokdu,’ which marked the latter’s acting debut. The two reportedly began dating privately after the series ended

Price pressures remain widespread enough to warrant another quarter-point rate hike from the Bangko Sentral ng Pilipinas (BSP) this week, according to Deutsche Bank.

In its latest note to clients, the bank said another rate hike to 5 percent was ‘necessary to further dampen the impact of price pressures on consumers and stabilize real incomes.’

The forecast is in line with the prediction of economists surveyed by the Inquirer, with 11 of 15 expecting the Monetary Board to deliver a quarter-point rate hike at its Aug. 27 meeting.

If realized, the move would extend the tightening cycle that began in April and bring cumulative rate increases to 75 basis points (bp).

Deutsche Bank’s call came as its price diffusion index showed that around 80 percent of items in the country’s consumer basket by weight were still experiencing above-trend inflation, despite the easing in headline inflation in recent months.

‘This suggests that inflationary pressure in the Philippines is still broad-based and that spillover effects are likely still working their way through the economy, in our view,’ Deutsche Bank said.

Headline inflation decelerated for the third straight month to 6.2 percent in July, from a peak of 7.2 percent in April.

Despite the slowdown, inflation remained well above the BSP’s 3-percent target range.

The elevated pace of price increases has also continued to erode consumers’ purchasing power.

As of July, the peso’s purchasing power had fallen to 74 centavos compared with P1 in 2018.

Deutsche Bank earlier said it expects Philippine inflation to average 5.4 percent by the end of the year, which is still beyond the tolerable target of the government.

Weakening economy

As it is, the BSP is also weighing the persistence of above-target inflation against a weakening economy, with Governor Eli Remolona Jr. signaling last week that the central bank would take a less aggressive approach to monetary tightening.

The economy grew by just 2.3 percent in the second quarter, its weakest expansion outside the pandemic period since late 2009.

Separately, Capital Economics also expects the BSP to raise its policy rate by a quarter point to 5 percent, but said the move could mark the end of the current tightening cycle amid weakening growth.

‘All told, we think policymakers will opt for a further 25bp hike next week to add to the 50bp of tightening delivered so far in this cycle,’ Capital Economics said.

‘But, so long as oil prices drop back as we expect, that is likely to mark the end of the tightening cycle as the BSP shifts its attention to supporting the economy,’ it added.

Higher borrowing costs are intended to curb spending by households and businesses, helping ease inflationary pressures but also weighing on economic activity.

Malacañang on Tuesday said the prosecution team in the impeachment trial of Vice President Sara Duterte has already presented sufficient evidence to merit her conviction over the alleged misuse of confidential funds.

This comes after former Office of the Vice President (OVP) special disbursing officer Gina Acosta, during Monday’s hearing, pointed to what appeared to be a continuing practice of entrusting confidential funds to a security officer under Duterte, from her years as Davao City mayor to her tenure at the OVP.

‘Ayon sa Palasyo, in a way, in a way, yes. Pagdating sa pagturo kay Bise Presidente, kay Col. [Raymund Dante] Lachica na sila ang nag-control ng pondo para sa confidential funds,’ said Palace Press Officer Claire Castro when asked whether she believed the prosecution had presented enough evidence to warrant Duterte’s conviction over the alleged misuse of confidential funds.

(According to the Palace, in a way, yes. When it comes to pointing to the Vice President and Col. Lachica as the ones who controlled the funds for the confidential funds.)

But Castro noted that the decision remains in the hands of senator-judges: ‘Depende po iyan sa magiging desisyon ng mga judges. Lagi naman nilang sinasabi na ito ay pulitika at mukhang hindi sila pupunta sa ebidensiya.’

(It depends on the decision of the judges. They always say that this is political and that it seems they will not look at the evidence.)

‘Pero ang mga kababayan natin, mas marami ang gusto na ebidensiya ang gamitin kaysa sa isyu ng pulitika. Kasi kapag ebidensiya ang ginamit natin, mas matutugunan natin, unang-una, ang due process, justice, at kung ano ang nararapat at magiging benepisyo nito sa ating bansa at sa taumbayan,’ she continued.

(But our fellow Filipinos, the majority of them, want the evidence to be considered rather than the political issue. Because if we base our decision on the evidence, we can better uphold due process and justice, determine what is appropriate, and ensure what will ultimately benefit our country and the Filipino people.)

What Acosta said

During the 17th day of Duterte’s impeachment trial, Acosta said it was standard operating procedure (SOP) in both offices to turn over confidential funds to Col. Lachica, despite knowing that he was not a bonded officer.

When prosecution counsel Amando Ligutan asked whether she remembered the amounts disbursed in Davao City from 2019 to 2022, Acosta repeatedly said she could not recall the amounts, citing the passage of time and her age.

In the same cross-examination, however, Acosta was able to answer questions on whether the Commission on Audit had issued audit observation memoranda or notices of disallowance involving Davao City’s confidential funds during her tenure. She said none had been issued.

This prompted Ligutan to point out the contrast, saying Acosta appeared able to recall certain events when questioned by the defense despite repeatedly saying during direct examination that she could not recall them.

Acosta clarified that she could recount events but not specific amounts.

Castro, during today’s briefing, flagged the supposed ‘pattern’ in Acosta’s testimony, describing her responses as evasive and repetitive.

‘Dito ay makikita ng sambayanang Pilipino kung paano naging dekahon ang sagot ng witness [Acosta]. Paulit-ulit kahit sa ang daling tanong, doon pa rin at doon at doon ang iikot ang sagot niya,’ Castro said.

(Here, the Filipino people can see how evasive the witness [Acosta] was in answering the questions. She kept repeating the same response, even when asked simple questions. No matter what was asked, she kept circling back to the same answer.)

”Pag hindi na niya alam, sasabihin niya hindi naiintindihan or hindi niya alam. Pero lumalabas pa rin ang totoo, dahil itinuro niya pa rin si VP Sara at saka si Colonel Lachica,’ she continued.

(When she no longer knew the answer, she would say that she did not understand or that she did not know. But the truth still came out because she still pointed to VP Sara and Colonel Lachica.)

The Palace official said that if the confidential funds were not properly accounted for, it would constitute prima facie evidence that the funds were used for personal purposes.

‘Paano magkakaroon ng magandang liderato kung ang mga pondong ito, sa ganito pa lang na halaga ay mahihirapan na silang i-account. Tandaan natin, this is a public fund and this confidential fund is part of public fund,’ Castro continued.

(How can there be good leadership if they are already having difficulty accounting for funds of this amount? Let us remember that this is public money, and these confidential funds are part of the public funds.)