Category: Philippines Daily Inquirer

The Securities and Exchange Commission (SEC) extension office here warned the public against the operation of investment venture ‘Infin8 Success Global’ in Soccsksargen region (South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos City).

According to the SEC Koronadal, an entity named ‘INFIN8 Success Global, INFIN8 Success-Global Health and Beauty Products Trading,’ operated by a certain Jerson Saballa, has been enticing the public to invest their money in its scheme with the promise of high monetary rewards or profits.

The SEC said the company maintained a physical office and conducted operations online through the webpage i8sucess.com and other digital platforms, where it enticed the public to be part of its business through what appeared to be a binary-like marketing scheme or recruitment-driven model, a structure commonly associated with illegal or unauthorized investment schemes that are inherently unsustainable and detrimental to the public.

‘[Based on] our records, INFIN8 Success Global/INFIN8 Success-Global Health and Beauty Products Trading is not a registered as a corporation and has no secondary license or authority to solicit investment from the public,’ the SEC Koronadal said in a public statement.

The SEC Koronadal explained that the mere registration of a corporation did not grant it the authority to solicit investments from the public.

Stop

It issued the advisory to urge the public to exercise extreme caution in dealing with entities that offer or promise earnings that appeared ‘too good to be true.’

The SEC advised the public not to invest in these schemes; and for those who have already done so, to stop.

It warned that any entity found soliciting investments without such a license, along with all individuals involved in its promotions, shall be subject to corresponding administrative, civil and criminal penalties under the law.

In 2016, a huge number of ‘investors,’ including those from Koronadal and South Cotabato, fell victims to the infamous ‘Kapa’ (Kabus Padatuon/Enrich the Poor) investment scheme, losing millions of pesos. The Kapa-Community Ministry International, founded by Pastor Joel Apolinario became one of the biggest investment fraud scandals in Philippine history.

President Ferdinand Marcos Jr. on Tuesday urged government officials to strengthen integrity and credibility in public service.

Speaking to newly elected and appointed officials of the League of Vice Governors of the Philippines in a ceremony in Malacañan Palace, Marcos stressed that ‘unscrupulous abuse of power and greed must come to an end.’

‘Many Filipinos are frustrated by the layer upon layer of issues that plague them every day,’ Marcos said in Filipino.

‘Our people are exhausted, they are disappointed, and they are angry. And as I have said before, their rage is valid. It is born from years of frustration at a government characterized by systemic dysfunction and unfulfilled promises,’ he added.

The President also called on leaders to ‘confront’ the anger of the public and be humbled enough to provide concrete solutions to the nation’s problems.

‘Let us not dismiss their anger. Let us confront it. Let us be humbled and provide concrete solutions. Alam naman natin ang mga mali, kaya dapat nating itama,’ President Marcos said.

Marcos also underscored his administration’s commitment to eradicating entrenched corruption, implementing useful reforms, and delivering an honest and accountable government.

The Anti-Money Laundering Council secured a third freeze order against individuals tied to flood control controversy, building on two earlier directives and collectively paralyzing 1,563 bank accounts, 54 insurance policies, 154 vehicles, 30 properties and 12 e-wallets.

The third order, granted by the Court of Appeals on Sept. 30, covered 836 bank accounts, 12 e-wallets, 24 insurance policies, 81 motor vehicles and 12 real estate properties, marking the most extensive asset freeze since the probe began.

‘By freezing a wide range of assets-such as bank accounts, e-wallets, vehicles, and properties-the AMLC is disrupting the financial channels used in corrupt activities,’ said AMLC Executive Director Matthew M. David.

‘Our goal is straightforward: prevent stolen public funds from being dissipated and misused, recover them for the National Government, and ensure that those involved in money laundering are held accountable,’ David added.

Former Speaker and Leyte Rep. Martin Romualdez was also receiving kickbacks from illegal gambling apart from flood control projects, Vice President Sara Duterte claimed on Monday.

‘It’s not only flood control. Martin Romualdez is also receiving money from illegal gambling,’ she told reporters after she faced the Senate finance subcommittee, which deliberated on the proposed 2026 budget of the Office of the Vice President. The panel swiftly approved the P902.895-million budget in less than an hour.

At the Senate blue ribbon committee hearing on Sept. 25, Orly Regala Guteza, who said he used to be one of the security personnel for Ako Bicol Rep. Elizaldy Co, testified that he delivered suitcases full of cash to the homes of his boss and Romualdez. The money was supposedly their cut from flood control projects.

According to Duterte, she was not surprised by the talks of cash deliveries to Romualdez.

‘It’s not odd for Martin Romualdez because he was already involved in heavy luggages [sic] regarding the Okada case. If you remember it correctly, there is a case in the state of Delaware in the US in which he was named [.] as allegedly receiving cash stashed in luggage,’ Duterte further said.

She was referring to claims that the former House speaker was allegedly bribed by the management of Okada Manila to influence local courts amid a courtroom battle.

Reacting to the allegations, Romualdez maintained that he never accepted anything from illegal gambling.

Pure fiction

‘I heard the accusations. I will directly say this: it is not true that I received anything from illegal gambling. These stories about ‘suitcases of cash’ are pure fiction. A figment of their imagination. It’s easy to point fingers-but the truth is that they cannot prove it. Until today, there is no evidence shown-only hearsay evidence being repeated by people,’ he said in a statement.

‘With the Okada/Delaware issue, it is clear: I am not part of it, I was not investigated, and I am not an accused in the case. I have no involvement in that case, which is a fight between two businesses. It is being resurrected to destroy my reputation,’ Romualdez said.

According to him, it is saddening that the Vice President herself, who has been accused of the improper use of hundreds of millions of pesos worth of confidential funds, is now spreading lies.

‘There is no turning back here.’

This was what the lawyer of Pacifico ‘Curlee’ and Cezarah ‘Sarah’ Discaya said after the contractor couple attended the hearing of the Independent Commission for Infrastructure (ICI) in connection with the flood control anomalies on Tuesday, September 30.

The Discaya couple separately arrived at the ICI office in Taguig City on Tuesday morning at around 9 a.m. to attend the investigation, which lasted until around 2:30 p.m.

The contractor couple refused to give any statement to the media. Instead, their lawyer, Atty. Cornelio Samaniego III, was the one who answered questions in an ambush interview.

According to Samaniego, just like before the Department of Justice, the Discayas also told everything to the commission during its proceeding on Tuesday.

‘About money, about the particular persons mentioned in the affidavit, what the transaction is, what the history is.. we were ‘tell-all’ [during the probe],’ the counsel said.

‘There is no turning back here,’ he emphasized.

When asked for the names that the Discayas mentioned at the ICI hearing, Samaniego refused to answer, saying instead that ‘it’s already in the affidavit.’

He said the Discaya couple decided to reveal everything they know on the flood control anomalies after flood survivors and environmental groups threw mud and rocks, and wrote ‘magnanakaw’ (thief) and ‘ikulong’ (jail them), on the gates of their residence in Pasig City earlier in September.

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

Philippine National Bank’s (PNB) move to let go of its Bahrain operations and dissolve two of its units would allow it to cut costs and focus on expanding its core business, according to an analyst.

Ron Acoba, chief investment strategist at Trading Edge Consultancy, told the Inquirer that PNB could still serve its Middle East market. This is mainly overseas Filipino workers sending money home through a correspondent bank.

This, he said, would be more cost effective for the banking arm of the Lucio Tan Group.

PNB on Monday said in a regulatory filing its board of directors had approved plans to shutter its PNB Bahrain Representative Office, although this is still subject to regulatory approval.

PNB currently operates across 17 countries in North America, Europe, the Middle East and Asia. However, it recently noted that it was facing stiff competition from banks and nonbanks in these locations.

‘To maintain its market position in the industry, the bank offers diverse products and services, invests in technology, leverages on the synergies with the Lucio Tan Group of Companies and builds on relationships with the bank’s other key customers,’ PNB said in its annual report.

Consumer lending

At the same time, PNB’s board has decided to dissolve the bank’s consumer finance and enterprise services sectors.

‘[This] will allow [PNB] to focus on expanding its consumer lending business,’ Acoba said in a text message.

In the first semester, PNB benefited from higher demand for loans, resulting in a 22-percent surge in earnings to P12.5 billion.

Its net interest income had climbed by 7 percent to P25.8 billion.

Loans and investment securities grew by 5 percent and 11 percent, respectively.

To stand out among their competitors, PNB president and CEO Edwin Bautista earlier said they were looking to ‘unlock new revenue streams’ to boost the bank’s net income through exploring the use of technology, such as data science and artificial intelligence, in its businesses.

The Senate on Tuesday blasted the Department of Public Works and Highways (DPWH) for undertaking road projects before settling right-of-way (ROW) issues, which could waste billions of pesos in taxpayers’ money.

Sen. Erwin Tulfo, during the organizational meeting of the DPWH and other government agencies, also said that right-of-way issues are the usual cause for the delay in carrying on the country’s infrastructure projects.

‘Why do we start projects even if the ROW issues have not yet been resolved. when there are properties that may be affected by the project because of ROW issues? These issues should have already been addressed since we have the funds to settle this. But how come this is becoming the reason for projects to stop because of the fact that there are complainants? Shouldn’t we talk to the affected people or pay whoever the owners of these properties first?’ asked Tulfo.

DPWH Assistant Secretary Constante Llanes Jr. explained that among the implementation challenges in addressing ROW issues include the delays arising from limited ROW budget allocation, opposition from affected lot owners, and absentee and corporate land-ownership issues.

He said there were also deficiencies in claimant documentation, pending permits, expropriation proceedings, utility line obstructions and the resettlement of informal settlers.

Llanes said he strongly agrees with Tulfo that the ROW issues should be addressed first to prevent delays in infrastructure projects.

‘We strongly agree with what you mentioned, Mr. Chair, particularly for foreign-assisted projects, that is actually the principle. In fact, these are the requirements of the foreign funding institutions, Mr. Chair, that you have to come up with a resettlement action plan,’ he said.

‘For example, you have to compute everything and identify the payables before you proceed with the project and that’s a requirement, a matter of requirement. So all of this has to be taken care of and cleared first. But if we lack enough funds to pay these affected people, the properties, even the structures.that could be a reason for delay,’ he explained. /das

The mission is clear for Juan Gomez de Liaño in his rookie year with Converge.

The goal is to show the league what the FiberXers’ young core can do and he’s more than excited to get the ball rolling when Season 50 opens this Sunday at Araneta Coliseum.

‘I’m super excited. I feel like we really have a tough squad,’ he said during a launch party at BGC in Taguig on Monday night.

‘We’re a young group with a few vets. I can’t wait to get going with the boys and show the PBA what we’re capable of doing.’

So far in the preseason, Gomez de Liaño and company have shown promise.

Most recently, they beat the reigning champions of the Philippine Cup, San Miguel Beermen, 114-99, at Gatorade Hoops Center in Mandaluyong.

After taking down the Beermen, though, the State U product still thinks the team has a long way to go before reaching top form.

For one, the FiberXers are still in the process of getting accustomed to their new roster that also included changes in their coaching staff.

‘We’re just trying to get familiarized with each other and, pretty much, build chemistry before approaching the season but it’s been good so far.’

Philippines Airlines (PAL) keeps soaring higher, as it has just bagged a prestigious 4-Star Major Airline 2026 rating.

The flag carrier earned the award from the Airline Passenger Experience Association (Apex), a US-based air travel organization.

Airlines securing this status mean that they ‘consistently deliver excellence across critical touch points-cabin comfort, cleanliness, food and beverage, inflight entertainment, connectivity and customer service.’

Taking home the recognition is seen to boost PAL’s global credibility as well as cement its position against rivals.

‘Being recognized by APEX, the world’s leading airline industry association, is a significant milestone for Philippine Airlines,’ said Carlos Luis Fernandez, PAL executive vice president and chief operating officer.

‘We remain steadfast in sustaining the highest standards of service for the welfare of the passengers we serve across our global network,’ Fernandez added.

PAL also earlier clinched the 2025 Flyers’ Choice Award as the second most preferred airline in Southeast Asia.

The group flies to 31 destinations in the Philippines and 38 routes in Asia, North America, Australia and the Middle East. -Lisbet K. Esmael

DTI chief to lead Asean Ministers meeting

It’s official: the Philippines will host the Association of Southeast Asian Nations Economic (Asean) Ministers in 2026.

Trade Secretary Ma. Cristina Roque will assume the post of Asean Economic Ministers (AEM) meeting chair, succeeding Malaysia’s Minister of Investment, Trade and Industry Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz.

In her speech, Roque emphasized the Philippines’ commitment to elevating the region’s economic growth and cooperation through AEM, which is responsible for advancing the region’s economic agenda.

‘Let me assure you that the Philippines will uphold the true spirit of Asean-fostering development, strengthening bonds and deepening friendship among its member countries,’ the trade chief said.

She added that the Philippines ‘is ready to take on the gavel with unwavering commitment and purpose,’ building on Malaysia’s momentum to lead the region.

Let’s hope that Roque can muster more energy to transform the newly issued Asean Community Vision 2045 into concrete opportunities to generate jobs, stimulate innovation and promote inclusive growth for businesses and people across the region.

Even without the AEM chairmanship, Roque already has a lot on her plate-from selling the Philippines as an investment destination to ironing out issues on contractor accreditation and licensing. -Jordeene B. Lagare

Salceda leads climate talks

As the government scrambles to address public rage over corruption among high-ranking officials, climate-related talks will be brewing elsewhere.

We’re talking about the Leaders in the Asia-Pacific for Building Ambitious Climate Momentum Toward COP30 that will be held on Wednesday in Bangkok, Thailand.

Former Albay Rep. Joey Salceda will lead the talks for the Philippines in his capacity as the former cochair of the United Nations Green Climate Fund and chair of the Institute for Risk and Strategic Studies Inc., or Salceda Research.

He is expected to stress the ‘right of developing countries to development, the need for expanded climate financing and the recognition of loss and damage as central to climate justice.’

This is a crucial development, especially since the Bangkok event is the first major regional platform in Southeast Asia to bring together lawmakers, experts and communities to specifically discuss climate solutions ahead of the 30th United Nations Climate Change Conference of the Parties.

Let’s hope that this creates a ripple effect-and not another flood. -MEG J. ADONIS INQ

Gani Stevens and Rey Remogat couldn’t have exploded at a better time for the University of the Philippines in the UAAP Season 88 men’s basketball tournament.

The Fighting Maroons finally got over the hump after a 0-2 start after trouncing University of the East, 92-75, at Araneta Coliseum on Sunday.

Interestingly, Stevens and Remogat throttled to a different gear against their former team.

The two said they didn’t have an ax to grind against UE.

‘He (Remogat) talked to me before the game but nothing like, ‘let’s go out there and show UE what we got.’ It was more of him telling us to play our game and execute. We know about the chemistry we have,’ Stevens told the Inquirer.

‘I have a lot of love for that school and community. They treated me so well in my first season with the UAAP. Moving on, it was a great team win and we knew we had to get a win today.’

Stevens, after struggling in the first two games, gave the defending champions a shot in the arm with a double-double of 14 points and 10 rebounds.

Remogat also regained his shooting touch, finishing with 21 points on top of seven rebounds and 11 assists after averaging just 2.5 points per game in the team’s first two outings.

Much like Stevens, though, Remogat also downplayed his duel with his former team.

‘There’s no added ‘gigil.’ We came from two straight losses. ‘Gigil,’ can bring good or bad things so I just focused on what I should do as a point guard,’ he said.

‘I didn’t use UE as a basis for me to play well because we believe that, as a champion team, everything starts in practice. We already have all the basis we need in practice.’ he added.