Category: Philippines Daily Inquirer

Securities and Exchange Commission (SEC) chair Francis Lim’s stricter implementation of existing rules on independent directors has drawn first blood-and it was shed by no less than the local stock exchange that he once headed.

Investment veteran and former banker Andrew Jerome Gan stepped down as independent director of the Philippine Stock Exchange (PSE) effective Nov.5, the bourse disclosed, without citing any reason.

From what we gather, the PSE leaders still very much wanted Gan to keep his seat. Gan knows the lay of the land, having been the director of the Capital Markets Integrity Corp. from 2014 to 2023.

Over the decades, Gan invested in various businesses, including Fifi L’Amour, a sparkling wine business; Nuovo Moda, the Philippine franchisee of the Italian fashion group Stefanel (in partnership with SM) and Globo Land Development (in partnership with the Madrigal-Vazquez family). He likewise dabbled in private equity work in Cambodia.

Several sources said that the PSE, however, could not keep Gan as the self-regulatory organization had failed to get further exemption from the SEC.

But wait, didn’t he join the PSE board as an independent director only in 2023? It means that he hasn’t even reached the three-year term limit prescribed by the SEC. And he’s far from the nine-year ultimate term limit.

As it turned out, it had nothing to do with the term limit. The SEC cited a provision in the Securities Regulation Code that Gan could not remain as an independent director because he is related by affinity to a stockbroker.

Lim himself confirmed this. ‘[It is] expressly prohibited because his sister is the wife of a broker,’ Lim told Biz Buzz, when asked about the matter.

‘The PSE must be a model of good governance. It will be a powerful message from the top to our publicly listed companies if PSE makes it to the Top 50 PLCs (publicly listed companies) in the Asean (Association of Southeast Asian Nations),’ Lim explained.

Recall that in 2010, something similar happened at the bourse. The SEC flagged that then PSE chief operating officer Val Suarez’s wife was an employee of a brokerage house. Suarez resigned and the PSE was penalized.

This time around, the PSE had been able to secure exemptions for Gan in 2023 and 2024, our sources said.

But starting this year, the SEC is stricter, not just in counting the number of years. It will also probe into a person’s relations, whether by blood or marriage, to determine whether one could qualify as an independent director. -Doris Dumlao-Abadilla

CREC locks in more ‘green energy’ deals

Out of 10.19 gigawatts (GW) of awarded renewable capacity, Citicore Renewable Energy Corp. (CREC) has secured more than 1.2 GW under the latest round of the government’s green power auction program.

The renewable energy producer backed by tycoon Edgar Saavedra placed bids for multiple ground-mounted solar and integrated renewable energy and energy storage system projects.

Its projects are located in Isabela, Batangas, Quezon and Negros Occidental.

The facilities are committed for delivery from 2026 to 2029.

Aside from hitting its expansion goals, CREC president and chief executive officer Oliver Tan said participating in the bidding would help the Philippines reach its target of having 50- percent clean electricity by 2050.

‘This is no easy task for any energy player, but we accept this challenge as part of our full support to the government’s clean energy goals,’ Tan said.

Just two years ago, CREC also scored big at the second wave of the green energy auction program, clinching about 916 megawatts of solar and onshore wind capacities.-Lisbet K. Esmael

Alas Pilipinas girls are determined to save the best for last when they go for a top-five finish in the 2nd AVC Asian Women’s U16 Volleyball Championship, facing Thailand anew on Saturday at Prince Hamzah Sports Hall here.

The youngest Philippine national volleyball team hopes to end its impressive journey as a fifth-placer out of the 14 nations in their final game in Amman against Thailand at 5:30 p.m. (Philippine time).

Alas had a short turnaround to recover from a five-set meltdown to Thailand in the Final Eight round, but it didn’t stop the young Filipino Spikers from dominating Hong Kong, 25-20, 25-19, 25-10, and advance to the Battle for 5th on Friday.

Alas U16 coach Edwin Leyva says a fifth-place finish would mean everything for a program that only had a two-week preparation, with players coming from different provinces.

‘We’re looking forward to playing them again so we can bounce back, especially since that match went all the way to a fifth set,’ said Leyva in Filipino.

‘During that game, we could’ve won the fourth set. We were already leading 2-1. But the players relaxed a bit. Hopefully, this time, we already know how they play, so we can prepare better.’

Alas couldn’t close out down the stretch against Thailand, but now with a bigger stakes, the Alas girls, composed of first-time international campaigners, look to culminate their run with one last win.

‘We’ll give our best and make up for the past few games where we didn’t play our usual level. We’ll make sure to bring out everything we’ve got and apply everything we’ve learned,’ said setter Resty Jane Olaguir, who scored six points against Hong Kong while pacing her team’s offense.

For Nadeth Herbon, it’s time to leave everything on the floor.

‘We’ll give our all and put everything we practiced into tomorrow’s game because we really need to win and bounce back from our loss,’ Herbon said.

DigiPlus Interactive Corp. kept its earnings growth in the first nine months, though it began feeling the pinch of stricter rules on online gambling during the third quarter.

The company on Thursday said its consolidated net income reached P10.11 billion, a 16 percent expansion driven by its retail games segment. New product offerings and operational efficiencies provided an added boost.

Revenues in the January to September period also increased by 30 percent to P66.83 billion from P51.56 billion.

However, the group saw weaker performance in the third quarter, with its profit plunging 59 percent to P1.71 billion, after e-wallet giants cut ties with online gambling sites.

The firm’s top line in the July to September period also dropped 23 percent to P19.05 billion.

Last August, the Bangko Sentral ng Pilipinas ordered GCash and Maya to unlink from online gambling platforms.

The proliferation of online gambling had triggered a series of criticisms from the Catholic Church and some lawmakers, as they warned about addiction and possible financial ruin.

Disrupted players

The new rule, the firm noted, disrupted player activity and transaction volumes across the industry.

‘This period demonstrates DigiPlus’ resilience amid temporary setbacks. Throughout this period, we continue to focus on digital innovation, player protection and good governance,’ company chair Eusebio Tanco said.

To soften the blow on its operations, DigiPlus had teamed up with Philippine First Insurance Co., Inc. to provide financial protection of up to P1 million per verified player wallet.

The firm also partnered with CIS Bayad Center Inc. to further expand its users’ access to over-the-counter payment options.

‘As we grow our business and expand responsibly into new markets, we remain focused on upholding global corporate governance and responsible gaming standards, while creating a positive impact on the Filipino nation,’ Tanco said

In the arts, there’s often a lot of pressure to measure success through events: the big exhibit, the concert, the festival, the opening night. These moments are exciting and they can bring people together, but they can also trick us into thinking that art only matters when there’s a stage, a spotlight, or a crowd. When artists put too much weight on events, they risk losing sight of what really keeps art alive: process, continuity, and connection.

The problem with events is that they’re fleeting. A show might draw attention for a weekend, but once the lights go out, the energy fades. If the goal of art is to touch people, shift perspectives, or create bonds in communities, then something more lasting is needed. Impact does not grow in the short burst of an opening night; it grows in the steady, everyday practice that surrounds and sustains it.

There’s also the toll it takes on artists themselves. Preparing for events often means long stretches of stress, endless logistics, and scrambling for resources. Afterward, what’s left is exhaustion and, too often, a stretch of silence. This boom-and-bust rhythm is not only unsustainable, it can also burn artists out. A healthier path lies in practices that unfold over time, such as collaborations, workshops, and ongoing projects that provide stability and a sense of growth rather than constant pressure to perform.

Another risk is that events tend to privilege spectacle. They highlight the finished piece, the polished performance, while pushing the slow, messy, and deeply human process of making art into the background. But it is in the process, with its mistakes, revisions, and conversations, that real transformation often happens. When everything is built around events, art gets reduced to something to be consumed instead of something to be lived.

Communities, too, benefit more from continuity than from occasional fanfare. A single performance may impress, but it’s the regular conversations, the hands-on workshops, and the long-term relationships that build trust and meaning. Art is at its strongest when it becomes part of people’s everyday lives, not just an interruption once or twice a year.

This is not to say events have no value. A yearly gathering, like a photowalk or a community mural, can be powerful. It gives people a sense of tradition, a reason to come together, and something to look forward to. But it only reaches its full potential when it is tied to the work that happens in between-the meetups, the photo sharing, the mentoring, the slow weaving of community. Events should be milestones, not the whole journey.

In the end, artists need to be careful not to confuse the event with the art itself. Events can celebrate, showcase, and amplify, but they should not be the heart of the practice. The heart lies in the day-to-day work, the connections built over time, and the commitment to keep making even when no one is watching.

Art is bigger than any single event, and when artists remember this, both the art and the community around it become stronger.

Geri Matthew ‘Choi’ Carretero, cofounder, Kurit-Lagting Art Collective

Converge ICT Solutions Inc. ended the nine months to September of 2025 with an 8.4-percent rise in profit, sustaining its sturdy performance in its residential and enterprise arms.

In a disclosure on Thursday, Converge said its bottom line reached P8.9 billion from P8.2 billion the same period last year.

For the nine months, consolidated revenues grew by 10.1 percent to P33 billion from P29.9 billion.

Convege’s residential business grew by 9.1-percent year-on-year to P27.7 billion.

The telco ended September with a total of 2,926,593 residential subscribers. This comprises 2,416,561 postpaid subscribers and 510,032 prepaid subscribers.

‘Our techco transition has driven us to accelerate improvements in our infrastructure and to bring more advanced digital solutions,’ said Dennis Anthony Uy, CEO and co-founder of Converge.

‘Moving towards the end of 2025 and on to 2026, we will continue expanding our portfolio of digital and value-added services for both residential and enterprise customers,’ Uy said.

Also, Converge will very soon provide direct access to one of the most advanced international subsea cable systems.

This is thanks to strategically owning and operating the Davao International Cable Landing Station where the Philippine branch of the trans-Pacific cable system Bifrost will be terminated.

The Bifrost Cable System is the first trans-pacific system in over two decades that traverses a new route between the United States (California and Oregon), Guam and Southeast Asia via Indonesia, Singapore and the Philippines

The Civil Aviation Authority of the Philippines (Caap) has placed all airport operations on heightened alert ahead of Severe Tropical Storm Fung-wong, which is expected to further intensify and enter the Philippine area of responsibility (PAR) by early Saturday.

In a Friday advisory, Caap Director General Raul del Rosario directed all airport managers ‘to activate their respective emergency preparedness and response plans to ensure the safety of passengers, aircraft, and airport facilities.’

Meanwhile, Caap said no flight cancellation was reported at any airport as of posting time.

Severe Tropical Storm Fung-wong is expected to enter PAR by midnight or early morning on Saturday, the Philippine Atmospheric, Geophysical and Astronomical Services Administration said in its 5 a.m. bulletin.

Once the cyclone enters PAR, Pagasa will name it Uwan.

The severe tropical storm is forecast to continue to intensify into a typhoon within the next 24 hours and possibly reach super typhoon status by Saturday evening or Sunday morning. It may make landfall Monday in northern or Central Luzon, with 25 provinces across Luzon and the Visayas expected to receive heavy rain on Sunday.

The aviation alert follows President Ferdinand R. Marcos Jr.’s declaration of a state of national calamity in response to Typhoon Tino’s (Kalmaegi) devastation and the anticipated impact of the approaching super typhoon.

Cebuana Lhuillier, through its corporate social responsibility arm, Cebuana Lhuillier Foundation, Inc. (CLFI), continues to uphold its enduring commitment to help Filipinos in times of crisis through its TulongsaPagbangon program. The initiative, which has long provided immediate relief to disaster-stricken communities across the country, is once again being mobilized to assist those affected by the recent earthquakes in Cebu and Davao Oriental, as well as Typhoon Tino, which devastated parts of Visayas. Under this latest effort, the company has allocated ?1.5 million to aid both communities and Cebuana Lhuillier employees impacted by these calamities. The contribution will help fund relief and recovery operations, reflecting the company’s deep sense of malasakit and solidarity with those affected.

‘Our employees and the communities we serve are at the heart of everything we do. In times like this, what matters most is extending a helping hand to those who need it the most,’ said Jean Henri Lhuillier, President and CEO of Cebuana Lhuillier. ‘We stand with our kababayans as they begin the road to recovery.’

Through TulongsaPagbangon, CLFI continues to partner with local organizations to provide much-needed assistance such as food packs, hygiene kits, and essential supplies to families who lost their homes and livelihoods. The program has consistently served as the company’s front line of compassion during natural disasters, embodying its core values of unity, empathy, and service to others.

‘This initiative is part of our continuous commitment to respond swiftly and effectively whenever disaster strikes,’ shared Jonathan Batangan, Executive Director of CLFI. ‘Through TulongsaPagbangon, we are able to bring comfort, hope, and tangible aid to communities when they need it most.’

‘At Cebuana Lhuillier, empathy and unity go beyond words-they are values we live every day,’ said Jo-Ann Tacorda, First Vice President and Group Head for Corporate Services. ‘This initiative is a reminder that we’re one family, always ready to lift each other up.’

The ?1.5 million donation builds upon Cebuana Lhuillier’s long history of humanitarian work. Over the years, the company has repeatedly set aside corporate resources and manpower for meaningful causes-embodying its belief that true success lies not only in business growth, but in the collective strength of Filipinos helping one another rise again.

Poised to deliver reliable and affordably priced luminaires, the EcoLink Professional Lighting is the Ilaw na Pangmalakasan that directly addresses the key challenges faced by the construction and industrial sectors. Budgeting is crucial for construction projects, and builders often face the challenge of balancing cost and the caliber of the products they use. With the new EcoLink Professional Lighting, pocket-friendly lighting solutions are now within reach to illuminate any commercial and professional spaces. The product range showcased during the expo includes outdoor solutions, from LED Streetlights, LED Floodlights, and Waterproof Bare Battens, as well as indoor luminaires such as LED Panel Lights, LED Highbays, and various Batten options. The cornerstone of the EcoLink professional Lighting is the VoltSafe Technology. This industry-leading feature provides 2.5kV surge protection, offering a robust defense against voltage spikes and surges for a more consistent lighting performance with reduced maintenance costs, providing peace of mind for project owners. The EcoLink Professional Lighting also meets stringent safety and International Electrotechnical Commission (IEC) standards, and comes with up to a 2-year warranty.

EcoLink’s design philosophy centers on practical innovation, providing lighting solutions that are simple to install, highly durable in tough Philippine conditions, and cost-effective for commercial applications. Whether lighting up streets, warehouses, or compact office spaces, EcoLink Professional Lighting delivers reliable brightness that supports productivity and safety; truly the Ilaw na Pangmalakasan that the market needs. ‘The EcoLink Professional Lighting was designed to address the realities of budgeting construction projects and help contractors maximize their resources,’ shared Raghuraman Chandrasekhar, Commercial Leader for Professional, Signify Philippines. ‘We believe that they do not have to compromise, especially with EcoLink as the ingenious solution that will provide reliable lighting that won’t break the bank. This product offering is our way of helping contractors to finish strong and on top of their projects.’

Apart from the new product line, Signify also unveiled its PRO Resellers Network, demonstrating its strong support for its lighting resellers. This exclusive program offers up to Php 30,000 worth of e-gift vouchers, exclusive reseller discounts, marketing support, and other perks, while Signify VIP Contractors Club members can also enjoy premium rewards such as travel and staycation trips.

The launch of the EcoLink Professional Lighting reinforces Signify’s dedication to supporting the construction and industrial sectors in the Philippines through sustainable and affordable lighting. As the global leader in lighting, Signify continues to align its expertise with local industry needs, ensuring that every project is built on a foundation of light that’s reliable, efficient, and ready for the future.

President Ferdinand Marcos Jr. on Friday visited the wake of the fallen airmen of the Super Huey helicopter that crashed in Agusan del Sur to personally convey his condolences to their bereaved families.

Marcos arrived at the PAF Mortuary at Colonel Jesus Villamor Air Base in Pasay City, where he was received by Major General Pablo E. Rustria, Acting Vice Commander of the Philippine Air Force (PAF), along with other senior PAF officers, the agency said in a press release.

‘He personally extended his condolences to the bereaved families of Captain Paulie B Dumagan PAF and Second Lieutenant Royce Louis G Camigla PAF, whose remains lie in repose at the PAF Mortuary,’ it noted. In a social media post, Marcos praised the ‘brave men’ of the PAF who gave their lives in the line of duty.

‘We mourn the loss of our brave men of the Philippine Air Force who gave their lives in the line of duty, serving our people and our nation until their final moments. Their courage and selfless service in bringing aid to those in need will never be forgotten,’ he said.

‘On behalf of a grateful nation, we honor their sacrifice and pray for the comfort of their families and loved ones,’ Marcos added.

In a press briefing on Wednesday, Palace Press Officer Claire Castro said the president promised the bereaved families that all necessary assistance would be provided.

Meanwhile, the remains of Sergeant John Christopher C. Golfo, PAF, and Airman First Class Ericson R. Merico, PAF, were earlier transported to their hometowns.

The PAF pilot and crew were conducting a relief mission in areas affected by Typhoon Tino (international name: Kalmaegi) on November 4 when the helicopter crashed.

The adverse effects of a tropical cyclone expected to become a super typhoon are widespread – spanning from Batanes to Bohol – Rafael Alejandro IV, Office of Civil Defense (OCD) assistant secretary, said on Friday.

As of 11 a.m., tropical storm Fung-wong was last located 1,315 kilometers east of Eastern Visayas and may enter the Philippine area of responsibility either late Friday evening or early Saturday morning, according to the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa).

‘Its 1,400-kilometer diameter – that is very big – could have an effect from Batanes to Bohol,’ Alejandro said in a press briefing.

‘This severe weather will have a widespread impact,’ he added.

A total of 8,164 villages are identified as susceptible to floods and landslides, according to the Department of Environment and Natural Resources’ Mines and Geosciences Bureau.

Once it enters the PAR, Pagasa will name it Uwan, the 21st tropical cyclone in the country this year.

Uwan comes just as Typhoon Tino left a trail of destruction in parts of Visayas and Mindanao, reportedly killing 188 people in its wake.

The Philippines is typhoon-prone as it lies within the western Pacific Typhoon Belt, a region where warm ocean waters and moist tropical air create ideal conditions for tropical cyclones to form.