Category: Philippines Daily Inquirer

Credit-led fintech Salmon Group Ltd. has raised $50 million from its latest Nordic bond issuance, a deal seen to accelerate its aspiration to build ‘Southeast Asia’s next-generation consumer banking.’

This latest debt offering follows the $60-million inaugural bond issue in April 2025. This brings Salmon’s total bond financing to $110 million under its $150-million Nordic bond framework.

Strong demand from global fixed income investors made the issue oversubscribed by two times the original offer, the fintech said.

Salmon cofounder Raffy Montemayor said: ‘We are opening a new chapter for Philippine financial services built on innovation, inclusion and trust. As the Philippines stands at the heart of Southeast Asia’s growth story, with its young consumer base, strong regulators and digital-first mindset, we see tremendous opportunity to reshape the industry.’ Out to scale faster

‘Through Salmon Bank and Sunprime Finance, we are proud to lead this transformation by offering products that meet the everyday needs of Filipinos, including credit lines, cards, consumer and moto loans, and now high-yield deposits,’ Montemayor said.

The group operates through its financing company and Bangko Sentral ng Pilipinas-regulated Salmon Bank (Rural Bank) Inc., formerly known as Rural Bank of Sta. Rosa (Laguna) Inc.

Montemayor said the successful bond issuance validated international investors’ confidence in both the Philippines and Salmon’s long-term vision.

‘With this new funding, we are poised to scale faster, bring world-class financial services closer to millions of Filipino families, and redefine what banking can mean in our region,’ added Montemayor.

Pareto Securities acted as the sole bookrunner and underwriter on the transaction. Explainer: Nordic bond?

According to a leveraged finance publication issued by Baker McKenzie’s Stockholm office, Nordic bond offering is an efficient and low-cost debt financing option. It benefits issuers by giving them an alternative form of financing while also rewarding investors who are chasing attractive yields in instruments that offer some level of liquidity.

However, Nordic bonds require no credit rating and limited disclosure, which also means that less information is made available to investors and no meaningful vetting of the issuer and its business is conducted, the publication said.

Vice President Sara Duterte is in Cebu until October 2 to visit communities affected by the magnitude 6.9 earthquake that hit the province, her office announced Wednesday night. ‘Vice President Sara Z. Duterte is currently in Cebu province to extend her sympathies to those affected by the earthquake,’ the Office of the Vice President (OVP) said in an advisory.

The OVP said Duterte will remain in Cebu until Thursday to visit the areas affected by the tremor.

In a separate video statement, Duterte offered her condolences to the families affected by the quake, urging them not to lose faith despite the hardship they experienced.

‘I know that the pain you feel and the hardships you now face are beyond measure. Yet, in the midst of the destruction left by this tragedy in your families and communities, may you never lose faith and hope,’ Duterte said in Bisaya.

‘May you become sources of strength, kindness, and inspiration to all,’ she added.

She then extended her prayers to the communities in Cebu and nearby provinces, hoping for their safety and enduring resilience amid the continued aftershocks being experienced in the area.

‘May you find strength in one another, and may the legendary Visayan warmth and resilience shine through amidst this deep sorrow,’ she said.

Duterte went to Cebu after she ordered the OVP’s satellite offices to provide assistance to those affected by the earthquake.

Her trip also coincides with the House of Representatives’ plenary debates for the OVP’s proposed budget for 2026, which was postponed for the second time until Thursday after she – or an official of the appropriate level – failed to appear before the plenary. House Deputy Majority Leader Arnan Panaligan earlier said that tomorrow is the last chance for the OVP to defend its proposed budget as Thursday is the House’s last day for its plenary debates.

The provincial government of Bohol is extending assistance to Cebu following the deadly 6.9-magnitude earthquake that struck the province Tuesday night.

Governor Aris Aumentado announced that the province is sending P5 million in financial aid, along with a team of 16 medical and rescue personnel, two ambulances, and a rescue vehicle to help quake-hit areas in Cebu. The team is scheduled to leave Bohol at 1:30 p.m. today.

‘This is our help for Cebu. Our team will be heading there this afternoon,’ Aumentado said after presiding over an emergency meeting on Wednesday morning with local agencies to assess the situation. While Cebu bore the brunt of the earthquake, Bohol sustained minimal damage. Some school buildings in Sevilla, Balilihan, Ubay, Bien Unido, and Guindulman reported minor cracks that were deemed non-hazardous.

Hospitals across the province remain fully operational.

At the Gov. Celestino Gallares Medical Center in Tagbilaran City, 87 patients were briefly evacuated Tuesday night as a precaution, but they were later returned indoors after engineers cleared the hospital building as safe. Road networks remain passable, except for two bridges in Dauis town. The Castel Bridge is open only to light vehicles, while the Borja Bridge is operating on a single-lane basis due to structural concerns. The tremor, which struck at 9:59 p.m., caused a temporary power outage across Bohol and sent residents rushing to the streets in panic.

Classes and government work in the province were suspended on Wednesday to allow safety inspections of public infrastructure./coa

The Philippine government’s debt burden eased in August after it settled its largest local bond of the year. This gives policymakers some breathing room in managing public finances.

Data from the Bureau of the Treasury showed total obligations stood at P17.47 trillion. This was a decrease of 0.5 percent or P95 billion from July’s level.

Still, borrowings have surged 8.8 percent or P1.42 trillion since the start of the year.

The Treasury said it fully repaid P516.34 billion in maturing peso bonds last month, reducing the debt pile. A stronger local currency also helped, reducing the peso value of foreign-denominated obligations.

Broken down, domestic debt edged down 0.2 percent to P12.09 trillion in August.

Local creditors

The government repaid billions owed to local creditors during the month. But it also raised P425 billion through retail Treasury bonds maturing in 2030. These were made available on the e-wallet platform GCash.

The mammoth fundraising activity nudged the share of domestic debt to total obligations to 69.2 percent from 68.9 percent. This indicates a ‘generally more favorable debt position, given that domestic debt is less vulnerable to shifts in foreign exchange movements,’ the Treasury said.

‘In addition, domestic borrowing is largely owed to Filipinos themselves, providing a safe and secure investment vehicle for wealth growth while also ensuring that the money circulates back into the local economy,’ it added.

External debts, meanwhile, edged down by 1.4 percent, or P73.68 billion, to P5.38 trillion.

The government had to continue borrowing money from lenders to plug a projected budget deficit of P1.6 trillion. This is equivalent to 5.5 percent of gross domestic product. The drive was expected to push the debt stock to P17.36 trillion by year’s end.

Exposure

Fiscal planners say they will continue to favor onshore borrowing to limit exposure to foreign exchange risks.

The Marcos administration has also made clear it is seeking an upgrade to an A-level credit rating. This is a distinction it hopes to achieve by keeping debt metrics in check while sustaining economic growth.

‘The Bureau reaffirmed its commitment to prudent debt management and responsible borrowing, ensuring that financing activities remain aligned with the country’s high and inclusive growth agenda, while safeguarding the welfare of future generations of Filipinos,’ the Treasury said. INQ

Jared Bahay is well aware of the many big shoes that he has to fill as far as crack guards ever to have come out of Ateneo under the revered Tab Baldwin go.

From the likes of Tyler Tio, Gian Mamuyac, SJ Belangel and Thirdy Ravena, Baldwin has given his Midas Touch on them that they not only led the Blue Eagles to glorious UAAP paths but have become established professional players here or elsewhere.

All four were in the undefeated Season 82 team that won the championship. And Bahay remembers seeing clips of that squad while he was still in high school.

‘It gives me motivation,’ Bahay told the Inquirer recently. ‘I believe in our saying that ‘in Tab we trust.’ I feel motivated that I’m under him. He can not only make me a great basketball player, but a good person in general.’

Jared has happy home

Fast forward to six years and Bahay has found a home in Katipunan.

‘I love coach Tab. He has a history and reputation of winning,’ Bahay said. ‘I remember watching them go 16-0 and I got so inspired. I worked so hard and told myself I want to be a part of [a] team [like that].

‘Dreams do come true,’ he said. ‘I’m here now and I’m so happy.’

Baldwin, meanwhile, knows that he has another rough talent he can whip into a gem along with Kymani Ladi, a dynamic 6-foot-8 forward who is also a big reason why the Blue Eagles are leading the pack with a 3-0 record.

‘He has a lot of information that he’s willing to share and we’re willing to take them,’ Ladi said. ‘He has a lot of knowledge that we definitely use.

Baldwin has so far won 101 games in his UAAP career, fourth on the all-time list where only La Salle’s Franz Pumaren, late Santo Tomas mentor Aric del Rosario and ex-Ateneo tactician Norman Black have more victories.

He is on track to unseat Black at No. 3 if his streak continues for the rest of the year.

But knowing Baldwin, he doesn’t really give a care on personal accomplishments. He is a team-first guy and rarely takes the credit. And the biggest thing about him is he wants his charges to become better men after being under him. INQ

Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. was himself taken aback by the magnitude of corruption involving flood control projects, which have further blackened the already tarnished reputation of the Department of Public Works and Highways (DPWH).

‘The sight of piles of cash on a table, that’s kind of shocking,’ Remolona said in a One News interview last week, ‘I didn’t know this was all done in cash, in such amounts. That is shocking.’

What is more alarming, however, is that government financial institutions may have become conduits for the staggering amounts of kickbacks that have found their way into the pockets of a network of public officials and contractors who have allegedly made milking cows out of flood control projects.

Valid concerns have thus been raised that banking and finance regulators have been sleeping on their crucial jobs, enabling these questionable transactions to push through, not just once but several times this year alone, as revealed by Senate President Pro Tempore Panfilo Lacson.

Lacson revealed last week that, based on ledgers acquired from the implicated flood control project contractor SYMS Construction Trading, contractor Sally Santos was able to withdraw P457 million in cash from the Malolos Highway branch of Land Bank of the Philippines over two days, with the money allegedly delivered as kickbacks to the office of former Bulacan district engineer Brice Hernandez.

‘There are many here, including withdrawals of P180 million, P141 million, P299 million, and P65 million-all made in a single day,’ added Lacson.

This begs the question: How was this allowed to happen?

Red flags

As Sen. Francis Pangilinan asked Landbank Malolos Highway branch manager Ma. Lilibeth Lim, ‘Is it normal practice for a bank to release P457 million in cash? Isn’t that a red flag, and shouldn’t it be reported?’ Because as it stands, there are fears that the banking system has been ‘complicit in this type of corruption.’

But apparently, for Landbank, there was no reason to suspect any wrongdoing. The legitimacy of the source as well as the purpose of the funds were ‘fully established and documented,’ and that as a matter of policy, all funds above P500,000 are automatically reported as covered transactions to the Anti-Money Laundering Council (AMLC) for its review and assessment.

That said, in light of the revelations that the money allegedly went to anomalous flood control projects, Landbank said that policies and measures will be updated ‘to ensure we remain robust and responsive to issues and the call of the times.’

Cash withdrawal limit

The BSP has also issued a circular limiting daily over-the-counter cash withdrawals to P500,000 so that transactions above this threshold are carried out through checks, fund transfers, or other digital channels to create an audit trail.

Sanctions will be imposed on banks and financial institutions found complicit in the web of corruption that has ensnared the DPWH.

BSP Deputy Governor Lyn Havier, who heads the BSP unit overseeing banks, added that the central bank was ‘closely scrutinizing’ possible weaknesses in banks’ antimoney laundering systems, particularly in transaction monitoring, customer due diligence, and compliance with reporting obligations and that ‘any deficiencies will be addressed decisively.’

The BSP has also already kicked off an inquiry into the bank accounts of individuals linked to corruption in government-funded flood control projects, at the request of DPWH Secretary Vince Dizon.

This is the first test of the newly enacted Anti-Financial Account Scamming Act, which is meant to crack down on money muling activities or the use of financial accounts to move or hide criminal proceeds.

Questionable accounts

Under this law, bank secrecy and data privacy protections can be set aside to allow regulators to scrutinize questionable accounts and use any findings in criminal prosecutions.

The AMLC also assured the public that it remains ‘committed to upholding the integrity of the financial system and ensuring that all covered entities adhere to their legal obligations in the fight against money laundering.’

The AMLC has so far issued more than 700 freeze orders covering bank accounts, insurance policies, and other assets of individuals linked to the alleged scheme, and it is just getting started.

That the regulatory bodies are just now stepping up their actions seems too little, too late, as billions have already exchanged hands, the extent of which is still yet to be fully uncovered. But they can make up for lost time and work double time on their investigations that should end with people being brought to justice. At the same time, given the extent of the ‘shocking’ corruption, regulators should pursue their mandate with renewed vigor to finally cure the Philippines of this festering disease.

The low-pressure area (LPA) inside the Philippine Area of Responsibility (PAR) now has a high chance of developing into a tropical depression within the next 24 hours, said the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) on Wednesday, Oct. 1.

According to Pagasa, the LPA was estimated at 1,080 kilometers east of Southeastern Luzon as of 2 a.m.

While it does not yet have a direct effect on land, Pagasa said that it is likely to develop into a severe tropical depression within the next 24 to 48 hours.

‘And if this develops into a tropical cyclone, we will name it Typhoon Paulo,’ said Pagasa’s Weather Specialist Loriedin de la Cruz in a video weather report.

The LPA entered PAR at 8:00 p.m. on Tuesday, September 30.

Meanwhile, the easterlies will continue to bring cloudy skies with scattered rain and thunderstorms across the country. It will affect the Bicol Region, Eastern and Central Visayas, Caraga, Northern Mindanao, Aurora, and Quezon.

The rest of the country will experience partly cloudy to cloudy skies with isolated rain showers and thunderstorms.

Residents in these areas are advised to remain vigilant for potential flash floods and landslides due to moderate to heavy rainfall.

Light to moderate winds will prevail across Luzon, Visayas, and Mindanao.

Six communal irrigation systems managed by the National Irrigation Administration (NIA) Bicol sustained heavy damage in the island province of Masbate following the onslaught of Typhoon Opong (international name: Bualoi), with initial estimates placing the total cost at P70 million.

According to a damage assessment report, irrigation infrastructure in four municipalities, particularly in Baleno, Milagros, Dimasalang, and Cataingan, was either destroyed or severely compromised, affecting key agricultural zones that rely on these systems for water supply.

Engr. Gaudencio De Vera, NIA regional manager, said in a Viber message to the Inquirer on Tuesday that approximately 350 meters of lined canals across the province, along with essential irrigation components such as dam aprons, sluice gates, siphons, and intake structures, suffered extensive damage from Opong.

He said NIA personnel have begun coordinating with local government units and the Department of Agriculture to conduct site inspections and draft immediate rehabilitation plans.

‘This level of destruction poses a threat, as it may disrupt the flow of water to farms during the upcoming cropping season. We are moving quickly to secure funding and deploy repair teams to minimize the impact on local farmers,’ he added./coa

Debris from Typhoon ‘Opong’ (international name: Bualoi) damaged the lifting mechanism and slide steel gate of a dam in Milagros town, Masbate, potentially affecting water distribution in the area. (Contributed photo/NIA Bicol)

The BCDA signed three memoranda of understanding with Japanese institutions to open up collaboration opportunities in waste management, renewable energy, telecommunications and sustainable development.

Signed during an official mission to Tokyo, the first MOU is with Japanese industrial and engineering firm Kanadevia Corp. It involves a feasibility study on building a waste-to-energy (WTE) facility in New Clark City in Capas, Tarlac.

‘This project aligns with the BCDA’s goal of transforming New Clark City into a green and resilient metropolis by introducing sustainable solutions and fostering a circular economy,’ the BCDA said in a statement on Wednesday. Connectivity

The second MOU, this time with Japanese telecommunications firms IPS Inc. and InfiniVAN Inc., explores potential collaborative projects to optimize use of BCDA’s information and communications technology assets in the Poro Point Freeport Zone in La Union and other administered zones. This aims to boost the Luzon Bypass Infrastructure Program by ensuring high-speed internet connectivity in local communities.

The last MOU was signed with the Japan Bank for International Corp. (JBIC). It involves projects that support energy transition as well as environmental and social sustainability.

Aside from encouraging Japanese companies to invest in green and sustainable initiatives, JBIC will consider strategic funding options to support such projects.

Green initiatives

‘With our Japanese partners, we are advancing projects that tackle waste management through renewable energy, strengthen digital connectivity for communities, and promote sustainable development in our economic zones,’ BCDA president and CEO Joshua Bingcang said. ‘These agreements are more than just documents; they represent a shared commitment to collaboration, innovation and sustainable growth,’ Philippine Ambassador to Japan Mylene de Joya Garcia-Albano said.

The BCDA delegation to Tokyo is also scheduled to meet with the Japan Overseas Infrastructure Investment Corporation for Transport and Urban Development to align strategies for developing New Clark City.

A kilogram of suspected shabu (crystal meth) was confiscated and four suspects were arrested in separate operations in Manila and Quezon City, the Philippine Drug Enforcement Agency (PDEA) said.

The Manila drug bust took place on Tuesday afternoon along Moret Street in Barangay 458, according to the PDEA in a statement on Wednesday.

‘Arrested during the operation were alias ‘JP,’ 19, male; and alias ‘Esmayti,’ 27-year-old male suspect, both residents of Manila,’ the agency detailed.

The two suspects were caught allegedly in possession of five knot-tied plastic bags of suspected shabu weighing 500 grams.

Meanwhile, in another statement on Wednesday, PDEA said the Quezon City drug bust took place on Tuesday night along Annapolis Street in Barangay E. Rodriguez.

‘Arrested during the operation were alias ‘Leo,’ 57, male, a painter, and his live-in partner, alias ‘Aila,’ 38, female,’ the agency noted.

‘Confiscated from the suspects [was] one green eco-bag containing a plastic sachet of suspected shabu weighing approximately 500 grams,’ it added.

Based on the Dangerous Drug Board’s standard drug price for shabu, the combined confiscated shabu is valued at P6.8 million.

PDEA further said the drugs were turned over to the agency’s Laboratory Service for examination.

It added that the four arrested suspects were taken into custody by their respective city police offices, awaiting charges for violating Republic Act No. 9165 or the Dangerous Drugs Act.