Category: Philippines Daily Inquirer

The local stock barometer broke the 6,000 barrier on Monday while the peso slipped further into the 58 level against the US dollar as alleged corruption in government flood control projects unsettled investors.

The benchmark Philippine Stock Exchange Index (PSEi) slipped to a six-month low of 5,997.60, down by 0.49 percent, extending its losing streak to the sixth consecutive session.

This is its lowest closing value since April 7, when global markets were reacting to US President Donald Trump’s ‘Liberation Day’ tariffs.

Likewise, the broader All Shares Index lost 0.23 percent, or 8.46 points, to close at 3,636.34. A total of 1.37 billion shares worth P4.72 billion changed hands, stock exchange data showed.

Investor confidence further dampened as they priced in the impact of corruption in anomalous flood control projects, said Japhet Tantiangco, research head at Philstocks Financial Inc.

Tantiangco pointed out that traders were considering the country’s economic growth prospects, ‘including inefficient public spending.’

‘Clouding the outlook’

Jonathan Ravelas, senior adviser at Reyes Tacandong and Co., said growth was ‘slowing, confidence is shaky, and corruption is clouding the outlook’ for the PSEi.

‘The fundamentals are there, but we’re not firing on all cylinders,’ Ravelas said.

Foreigners were net sellers, with outflows totaling P405.93 million. ­

‘The steep discount to our peers reflects doubt. If growth downgrades continue, the index could deteriorate further towards the 5,500 levels. The 5,800 support might not hold,’ Ravelas said.

Minutes after the market had closed, Sec. Francis Escudero delivered a privilege speech, during which he accused Leyte Rep. Martin Romualdez of orchestrating a ‘zarzuela’ to redirect attention from Congressmen supposedly behind the anomalous flood control projects.

He likewise accused the former House Speaker of pushing for the ‘unconstitutional’ impeachment of Vice President Sara Duterte.

The services subsector saw the steepest loss as index heavyweight International Container Terminal Services Inc. lost 2.63 percent to close at P481 each.

BDO Unibank Inc. was the most actively traded stock as it shed 2.6 percent to P135 each. Others were RL Commercial REIT Inc., down 0.13 percent to P7.55; Bloomberry Resorts Corp., up 2.93 percent to P4.22; Philex Mining Corp., up 5.64 percent to P8.24; and Apex Mining Co. Inc., up 9.7 percent to P10.52 each.

Losers outnumbered gainers, 106 to 100, while 58 companies closed unchanged.

Bearish peso

The weakening peso added to the negative sentiment, said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.

The peso closed at 58.145 against the dollar, down by half a centavo from Friday’s 58.10 finish, Bankers Association of the Philippines data showed.

The local currency briefly strengthened to 57.945 before paring gains. The dollar itself eased on worries about a potential government shutdown in the United States.

Traders said the flood control scandal continued to weigh heavily on sentiment.

‘A further deterioration of the currency above the 58.50 levels will accelerate the market’s fall. The close above the 58 levels marks [that] the market is already pricing the political noise,’ Ravelas said.

The peso ‘opened lower because of fewer dovish Fed expectations after US PCE (personal consumption expenditure) data came in as expected, but downside was still limited due to [local] corruption issues,’ one trader said. INQ

House of Representatives Speaker Faustino ‘Bojie’ Dy III has asked for the inclusion of eight bills into the list of priority measures, including a proposal to bar contractors related or linked to government officials from participating in bidding for projects.

Dy, in a statement on Tuesday, said he mentioned the bills during the Legislative Executive Development Advisory Council (Ledac) meeting earlier, adding that the House is willing to work hand-in-hand with the Senate and the executive in passing these proposals.

The eight measures are the following:

proposed Disaster Risk Financing and Insurance Framework to ensure swift and transparent calamity response

proposals to strengthen the Bases Conversion and Development Authority (BCDA) by extending its corporate life and opening select lands for development

proposed Presidential Merit Scholarship Program to reward outstanding graduates from low- and middle-income families

proposal disqualifying relatives of officials up to the fourth degree from government contracts to strengthen integrity in public service

proposal regulating digital campaigning through a Fair Use of Social Media, AI, and Internet Technology in Elections

proposal modernizing the Bureau of Immigration by professionalizing its ranks, adding visa categories, and upgrading border security

proposed Rice Industry and Consumer Empowerment (RICE) Act to stabilize prices and empower the National Food Authority

proposed Magna Carta for Barangays will institutionalize long-overdue benefits and ensure resources for local officials and communities

‘We meet today in a spirit of collaborative governance to align our legislative agenda with the administration’s Philippine Development Plan and its 8-point Socioeconomic Agenda,’ Dy said.

‘With the President’s leadership and the collective will of this Council, we are confident that we can achieve these legislative goals,’ he added.

The bill barring contractors related to government officials came after revelations of an expansive corruption scheme in infrastructure projects, particularly flood control.

In his fourth State of the Nation Address, President Ferdinand R. Marcos Jr. condemned government officials and firms who allegedly earned kickbacks at the expense of people suffering from heavy floods.

Eventually, the President released a list of contractors, along with flood control projects that were either faulty or non-existent.

Observers and netizens were quick to establish links between contractors and lawmakers and other politicians like former Ako Bicol Rep. Elizaldy Co, Senate President Francis Escudero, and former Pasig mayoral candidate Sarah Discaya.

Escudero is not related to any contractor but he admitted to receiving campaign donations from an individual who owns a company doing infrastructure projects with the government.

The Senator last August 4 filed a bill that seeks to disqualify public officials and their relatives up to fourth civil degree from entering into government contracts, saying that he believes Senate Bill No. 783 would sharpen the country’s procurement safeguards as part of the continuing efforts to fight graft and corruption.

Co meanwhile founded Sunwest Corporation – another company doing flood control projects. Co, who resigned as congressman on Monday, however insisted in the past that he has divested his interests in Sunwest.

Aside from Dy, other House leaders were present during the meeting, including Majority Leader Sandro Marcos.

The Senate contingent meanwhile, was headed by Senate President Vicente Sotto III.

According to Dy, of the 33 measures identified by the executive, 32 are bills already filed in the House. This, the speaker said, ‘sets a positive tone for our productive collaboration with all branches of government.’

Dy also said that the House legislative agenda for the 20th Congress is ‘anchored on economic growth, stronger social protection, and governance reforms,’ which means the chamber will focus on bills that would provide ‘affordable food, generate sustainable jobs, expand digital connectivity and raise the quality of public services for all Filipinos.’

Last May 29, former House Speaker and Leyte 1st District Rep. Ferdinand Martin Romualdez told the Ledac that the House of the 19th Congress was able to approve 27 out of the administration’s 28 priority legislation.

Among the bills that have been approved by the House and has been transmitted to the Senate for further action:

National Water Resources Act

amendments to the Right-of-Way Act

National Citizens Service Training Program Act

Military and Uniformed Personnel Pension System Act

Water Treatment Technology Act

Single-use Plastic Bags Tax Act

Revised Government Auditing Act

Immigration Modernization Act

President Ferdinand R. Marcos Jr. and Congress leaders identified 44 priority legislative measures they wanted to be passed in the next three years.

The President convened on Tuesday the first full meeting of the Legislative-Executive Development Advisory Council (Ledac) for the 20th Congress at Malacañang.

According to a news release from the Presidential Communications Office (PCO), the executive and legislative branches decided to make good governance and transparency to be among Common Legislative Agenda for the current Congress.

Among the key measures are the Progressive Budgeting Act, the Right to Information Act or the Freedom of Information (FOI) Act, amendments to the Anti-Money Laundering Act, and a comprehensive review of the Local Government Code.

‘These, together with the proposed tax amnesties, reforms on civil service accountability such as requiring bank secrecy waivers, and the Magna Carta for Barangays, are intended to modernize institutions, strengthen fiscal responsibility, and promote accountability,’ the PCO said.

Malacañang earlier called on lawmakers to pass the FOI bill amid the clamor for transparency and accountability in the flood-control projects.

‘In a nation like ours, where natural disasters are an ever-present threat, access to environmental data is not just a matter of governance-it is a matter of survival,’ PCO Secretary Dave Gomez said during the opening of the Global Conference of the International Day for Universal Access to Information (IDUAI) on Tuesday.

‘Through technology, we must ensure that communities, especially the most vulnerable, have the information they need to stay safe, plan, and thrive,’ he added.

According to PCO, President Marcos emphasized that amendments to the Local Government Code and the Rice Tariffication Law should be prioritized and crafted comprehensively, ‘ensuring that governance efficiency and agricultural competitiveness remain central to the nation’s progress.’

A total of 44 measures were listed under the Ledac Common Legislative Agenda for the 20th Congress (2025 to 2028):

1. Amendments to the Coconut Farmers and Industry Trust Fund Act 2. Amendments to the Pantawid Pamilyang Pilipino Program (4Ps) Act 3. Department of Water Resources (DWR) Bill 4. Waste-to-Energy Bill 5. EPIRA Amendments: Energy Regulatory Commission (ERC) Strengthening Bill 6. National Land Use Act 7. Excise Tax on Single-Use Plastics 8. Blue Economy Act 9. Amendments to the Bank Deposits Secrecy Law 10. Progressive Budgeting for Better and Modernized Governance Act 11. Right to Information Act 12. Amendments to the Anti-Money Laundering Act 13. Philippine Civil Registration and Vital Statistics Act 14. Amendments to the Universal Health Care (UHC) Act 15. National Center for Geriatric Health 16. Assistance to Individuals in Crisis Situations (AICS) Act 17. Amendments to the Masustansyang Pagkain Para sa Batang Pilipino Act 18. Amendments to the Government Assistance to Students and Teachers in Private Education Act 19. Amendments to the Universal Access to Quality Tertiary Education Act 20. Amendments to the Teachers Professionalization Act 21. Amendments to the Local Government Code (Comprehensive) 22. General Tax Amnesty 23. Extension of Estate Tax Amnesty 24. Amendments to the Fisheries Code 25. Amendments to the Rice Tariffication Law or Rice Industry and Consumer Empowerment (RICE) Act, including AAES Act minor amendments (Comprehensive) 26. Amendments to the Downstream Oil Industry Deregulation Law 27. Amendments to the Biofuels Act 28. Cybersecurity Act 29. Amendments to the National Building Code 30. Amendments to the Magna Carta for MSMEs 31. National Reintegration Bill 32. Reprogramming of Seal of Good Local Governance 33. Digital Payments Act 34. Masterplan for Infrastructure and National Development 35. Classroom-Building Acceleration Program Act 36. Requiring Civil Servants to Waive Bank Secrecy 37. Law on Online Gambling 38. Disaster Risk Financing Insurance 39. Strengthening the Bases Conversion and Development Authority 40. Presidential Merit Scholarship Program 41. Disqualifying Relatives of Officials (4th degree) in Government Contracts 42. Fair Use of Social Media, AI and Internet Technology in Elections 43. Modernizing the Bureau of Immigration 44. Magna Carta for Barangays

Of these, 11 were carried over from the 19th Congress (2022 to 2025):

Department of Water Resources (DWR) Bill

Waste-to-Energy Bill

EPIRA Amendments: Energy Regulatory Commission (ERC) Strengthening Bill

National Land Use Act

Excise Tax on Single-Use Plastics

Blue Economy Act

Amendments to the Bank Deposits Secrecy Law

Amendments to the Universal Health Care (UHC) Act

Amendments to the Fisheries Code

Masterplan for Infrastructure and National Development

Progressive Budgeting for Better and Modernized Governance Act

From a total of 64 Ledac measures since the opening of the 19th Congress, 40 have been enacted into laws as of Sept. 25, 2025.

Created through Republic Act No. 7640, Ledac serves as a consultative body to the President.

During Ledac meetings, lawmakers and Cabinet members are expected to discuss priority policies and government programs that would improve the country’s socioeconomic conditions. Under the law, the Ledac is composed of the President as chair; the Vice President; the Senate President, and Speaker of the House of Representatives (HoR); seven members of the Cabinet as determined by the President; three members of the HoR to be designated by the Speaker; a representative from the minority, as well as other government and nongovernment representatives as assigned by the President, including those from the local government units, youth, business, cooperatives, agriculture, or labor sectors.

Ledac should meet at least once every quarter, but special meetings can be convened as necessary.

Relief assistance in Western Visayas has reached more than P41.2 million as government agencies and local units mobilized to aid thousands of families displaced by Typhoon ‘Opong’ (international name: Bualoi) and the enhanced southwest monsoon that battered the region recently.

As of 5 a.m. Tuesday, Sept. 30, the Department of Social Welfare and Development in Western Visayas (DSWD-6) reported that 51,834 families – or 42 percent of the 122,368 households affected – have received food packs and non-food items.

Iloilo topped the list, with P13.3 million in aid reaching 5,428 of 17,924 affected families. Aklan followed with P9.4 million for 11,860 of 28,043 families; Antique received more than P7 million for 9,197 of 38,364 affected families; and Guimaras, also with over P7 million, assisted 6,549 of 8,326 affected families. Capiz, meanwhile, received P4.1 million for 5,428 of 17,924 affected families.

The DSWD said its teams have also started psychosocial interventions, focusing on children and families shaken by the storm’s devastation.

Western Visayas bore the brunt of both Opong and the intensified monsoon rains, which triggered floods and landslides in several provinces.

As of press time, more than half a million individuals across the region have been affected. At least 1,281 people remain in 13 evacuation centers, while 297 families – or 1,297 individuals – are being assisted outside designated shelters./coa

Pia Wurtzbach graced the runway of the show of a French beauty brand at the Paris Fashion Week, joining the likes of Kendall Jenner, Eva Longoria, Helen Mirren and Simone Ashley, among others.

The Miss Universe 2015 titleholder looked radiant in a shiny red off-shoulder, high-slit gown while on the fashion stage, as seen in the video she shared on her Instagram page on Tuesday, Sept. 30.

‘Back on the Le Défilé runway with [L’Oreal] and it feels so empowering!’ she said.

Wurtzbach first graced the brand’s Paris runway in 2024 and became the first Filipina to do so.

‘To walk alongside women from all over the world and carry the [Philippines] with me? That’s the real honor,’ she said. ‘The theme ‘Liberty, Equality, Sisterhood’ says it best. When we walk together, we walk stronger.’

‘Always proud to remind every Filipina: we are seen, we are celebrated, and yes.we are ALWAYS worth it,’ she underscored.

Praises for the beauty queen filled the comments section, with fellow celebrities Megan Young, Gabbi Garcia, Isabelle Daza and Saab Magalona admiring Wurtzbach.

Prior to the Paris Fashion Week, Wurtzbach was also in attendance at some shows at the Milan Fashion Week, as per her earlier Instagram posts

Davao City 1st District Rep. Paolo Duterte has asked why it seems the government is only enthusiastic in its flood control investigations when the matter involves his home city, reiterating the absence of ghost projects under their watch.

Duterte on Tuesday asked why the National Bureau of Investigation (NBI), the Criminal Investigation and Detection Group (CIDG) of the Philippine National Police, the Office of the Ombudsman, and the National Economic and Development Authority (Neda) why they seem to lack funds for accommodation and transportation when probing other areas.

‘NBI, CIDG, Ombudsman, NEDA – why are you only enthusiastic when probing Davao? But when it involves different areas, you lack the transportation budget and accommodation expenses. If you are really anti-corruption, find ways. There are planes, you have the budget, you have the mandate – use it,’ Duterte said in Filipino in a statement.

‘In Davao City, you scrutinized every area – papers, projects, audit until the last nail. The result? There are no ghost and substandard projects. You just grew tired of grandstanding. But when it comes to other areas, you have selective amnesia. What’s that, are you allergic to powerful surnames?’ he asked in Filipino.

Duterte, son of long-time Davao mayor and former president Rodrigo Duterte, said that the investigations of flood control projects should not be used as ‘props’ for publicity.

‘If the government and the independent agencies are really serious in terms of clearing flood control projects, they should stop using the investigation as props for publicity,’ he said in Filipino.

‘Do not use Davao as props just to show that you are ‘brave.’ If you will stand against the improper use of funds, do it for all regions – including areas that are hard to address,’ he added.

This is not the first time that the Dutertes have criticized the administration’s flood control project. Last August, Duterte’s brother and acting Davao City Mayor Sebastian Duterte said in an interview with former presidential spokesperson Harry Roque that President Ferdinand Marcos Jr. is turning calls for an investigation into a public relations stunt.

Instead of publicizing the investigations, Mayor Duterte said that the Chief Executive should file cases if he is serious.

In response, Manila 6th District Rep. Bienvenido Abante Jr. urged acting Mayor Duterte to ask his brother – Rep. Duterte – as to where the flood control funds for the city went and how it was used.

Abante said Rep. Duterte should know how flood control funds were used, noting that the city still experiences flooding despite huge allocations in the past.

Hours after Abante made this statement, Rep. Duterte maintained that projects allocated to his district were ‘properly implemented and completed.’

In response to Abante’s challenge, Duterte said that he is directing the Department of Public Works and Highways (DPWH) district and regional offices to release the records.

‘On Benny Abante’s challenge to Mayor Baste Duterte regarding the flood control projects in Davao City, let me be clear, all projects allocated to my district are properly implemented and completed. If he really wants to know the exact figures, I am directing DPWH District and Regional Offices to provide him with the official data and amounts,’ Rep. Duterte said.

Furthermore, the Davao lawmaker said that the lawmakers should not mind floods in Davao as they subside – unlike in other areas which allegedly seem like swimming pools.

This is not the first time that floods in Davao City were highlighted by lawmakers. In August 2024, House members from the 19th Congress called out the Dutertes’ sister, Vice President Sara Duterte, for her criticism of the current administration’s flood response.

Government troops, acting on community tip-offs, unearthed a cache of firearms and explosives believed to belong to remnants of the New People’s Army (NPA) in Barangay Cogon, Carigara, Leyte, on Sunday.

Soldiers from the 93rd Infantry Battalion of the Philippine Army, in coordination with the Philippine National Police’s Scene of the Crime Operatives (SOCO), discovered the hidden stockpile at Sitio Eraya, Zone 3.

According to Lt. Col. Celeste Frank Sayson, commander of the 93IB, the recovery was made possible through the ‘active vigilance’ of residents who relayed information to authorities.

The arms cache was traced to the dismantled Platoon 2, IC-LEVOX of the Communist Party of the Philippines-New People’s Army (CPP-NPA) under the Eastern Visayas Regional Party Committee.

Items recovered included an M16 rifle, a hand grenade, 118 live rounds of 5.56mm ammunition, three short magazines, an empty shell, two improvised blasting caps, subversive documents, a Lenovo tablet, five kilograms of rice, assorted clothing, medical supplies, and a backpack.

Brig. Gen. Noel Vestuir, commander of the 802nd Infantry Brigade, lauded the cooperation of Carigara residents in the government’s anti-insurgency campaign.

‘We commend the troops of the 93IB and the PNP for their swift action on the information provided by the community. The cooperation of the people is vital in putting an end to the crimes being perpetrated by the remaining NPA members in Carigara,’ Vestuir said in a statement.

He also renewed his call for the remaining NPA members in Leyte to lay down their arms and avail themselves of government programs designed to help former rebels reintegrate into society.

The latest discovery follows a clash in the same barangay in June 2025 that left three IC-LEVOX members dead, including Juanito Sellesa, alias ‘Tibor,’ a ranking member of the Eastern Visayas Regional Party Committee

Some senators are now reluctant or a bit ‘allergic’ to the term ‘insertion’ in the budget, which has become associated with questionable flood control projects.

Sen. JV Ejercito reiterated during Monday’s hearing of the subcommittee on finance that there was nothing improper with lawmakers proposing amendments after deliberating on the proposed budget of a government agency.

‘Maybe it’s just not being understood because of the issues. Now, some people have become afraid-whenever they hear ‘amendment’ or ‘insertion,’ they think it’s something bad. But not all amendments or insertions are bad, because if they improve, enhance, or supplement effective programs, then they are very important. And that’s part of our job-to make sure we function better,’ he said during the hearing.

‘We’ve become somewhat allergic to the word ‘insertion,” Ejercito later added, noting that it is through legislative interventions or amendments that legislators could help improve an agency’s programs.

Meanwhile, Sen. Loren Legarda rued how the Senate ‘has been unfairly brutalized’ because of amendments in the budget, also referred to as ‘insertions.’

But she noted government agencies are the ones seeking additional funding whenever they present their budget proposal to Congress.

Take the case of the Department of Transportation (DOTr), which asked the Senate during Monday’s hearing to realign some items in its budget to other locally funded projects.

At the start of the hearing, Acting DOTr Secretary Giovanni Lopez appealed to senators to reconsider their budget, as the ‘bulk’ of the agency’s capital outlay for infrastructure is for railway projects.

Lopez then said that, as ‘part of a department initiative,’ the DOTr was requesting some ‘reallocation or realignment’ that it deems important and necessary to fund other locally funded projects.

‘I’m glad that Secretary Lopez mentioned that because in the past days, including today, the Senate has been unfairly brutalized regarding proposed amendments, which were called insertions,’ Legarda said.

However, she said, she has yet to see an agency that does not request additional allocations during budget season.

‘When the Senate adds (funding), we’re judged, and people will say we are already amending, which is our constitutional duty. But for those who perhaps do not understand or are unaware of the process, they call it an ‘insertion.’ So we’re caught in a bind,’ Legarda said. ‘That’s not an insertion-that is a carefully studied amendment by the Senate, and that is part of the Senate’s duty,’ she further said. /das/abc

Pageant fandom went abuzz with reports that global music icon Ricky Martin has followed recently-proclaimed Mister International Kirk Bondad on Instagram. But the winner from the Philippines revealed that it was him who followed the star just recently.

Responding to INQUIRER Entertainment’s question about Martin, the German-Filipino model and content creator said the Puerto Rican superstar has been following him way before the fans took note.

‘I just started following him back. Actually I was at the airport and I realized I don’t follow him,’ Bondad said at his homecoming press conference at the Holiday Inn Express at the Newport Complex in Pasay City on Monday evening, Sept. 29.

‘I know he started following me a little bit over a year ago, and we chatted a little bit. So it’s only now that people happen to get notice of that. And honestly I’m very surprised about that,’ he said.

Internet sleuths uncovered Bondad’s social media credentials after he topped the 17th Mister International contest in Bangkok, Thailand, on Sept. 25, revealing Martin’s connection to the pageant king.

‘I checked him out, and he’s super into fitness, so who knows maybe one day we will hang out and workout, or something. It’s funny, definitely something that I did not expect to get viral after this competition,’ he shared.

INQUIRER Entertainment also asked Bondad about his chemistry with second runner-up Choi Seung Ho from Korea, something many pageant fans noticed, leading to many shipping them, branding them #KirkSeung.

‘Alphabetically speaking, we have been always near each other at the placing of rehearsals or whatever, because ‘P’ and ‘K’ are close to each other in alphabetical order. So it was just naturally inclined that we will spend more time together,’ Bondad explained.

He also shared that the Korean delegate was only one of the few delegates who frequented the gym like he did, so it came out naturally for the two of them to bond further during workouts.

Bondad’s Indonesian roommate Oliver Prasetyo also formed the 2025 Mister International ‘F4’ with the two of them plus Choi and Thailand’s Kanapol Treesongkiat. ‘At that time I didn’t know what it means. But it meant a lot, and it also got viral. So automatically we were also doing content. So we were just naturally, organically building chemistry more,’ he said.

The new king also said he is open to doing a BL (boys’ love) project with Choi, after the Korean actor responded positively to fans’ clamor for a collaboration between the two hunks.

But Bondad said he is also pushing for Choi to fly to the Philippines and work with him. ‘Because Bench is the official sponsor for Mister Korea International, so I want them to bring Seung Ho here and do some shooting with me, because I know there is a lot of demand, and we wanna please them,’ he said.

Bondad is the second delegate fielded by the Mister Pilipinas Worldwide organization to bring home an international title. Last year, Dom Corilla posted the Philippines’ first-ever Mister Global victory. /edv

Maynard Ngu, the billionaire behind Cherry Mobile now linked to the anomalous flood control projects, has resigned from his post as independent director at Altus Property Ventures Inc.

In a regulatory filing on Tuesday, Altus said its board of directors had accepted Ngu’s resignation effective Monday, Sept. 29.

The company noted Ngu had resigned ‘due to personal reasons.’

His departure comes just days after former Public Works Undersecretary Roberto Bernardo linked Ngu to the billion-peso flood control scandal.

According to Bernardo, he had allegedly funneled through Ngu P160 million of kickbacks supposedly meant for Sen. Francis Escudero.

Ngu, who is currently Malacañang’s special envoy to China for trade and investment, served as Altus’ independent director since 2019.