IFC, ADB poised to pour $245M into Maynilad IPO

Two of the world’s major multilateral institutions may come in as cornerstone investors for the initial public offering (IPO) of Maynilad Water Services Inc. next month, chipping in as much as $245 million combined.

In its latest preliminary prospectus, Maynilad said International Finance Corp. (IFC), the private sector arm of the World Bank Group, had agreed to participate as a cornerstone investor for its IPO. IFC will inject up to $100 million at a subscription price of up to P15 per share.

Asian Development Bank (ADB) is also considering investing up to $145 million, although it clarified that this was still subject to the approval of its board of directors.

‘There is no assurance that such approval will be obtained for ADB to sign legally binding documentation for this transaction and participate as cornerstone investor,’ Maynilad noted.

These deals, first reported by Manila Standard, come after the concessionaire delayed its stock market debut twice, this time opting to list no later than Nov. 7.

In adjusting its IPO schedule, Maynilad told the Philippine Dealing and Exchange Corp. it sought to accommodate cornerstone investors.

Investor education

It likewise wanted to ‘allow more time for investor education, ensuring that investors gain a deeper understanding of the corporation and its business model for more informed investment decisions.’

Maynilad, jointly owned by Manuel Pangilinan-led Metro Pacific Investments Corp., Consunji-led DMCI Holdings Inc. and Japan’s Marubeni Corp., plans to raise up to P45.8 billion from its IPO. The offer period will run from Oct. 23 to Oct. 29.

The local bourse has so far only seen one IPO this year-Top Line Business Development Corp. in April-as market volatility continues to discourage other companies from braving the stock market.

Casino developer Hann Holdings Inc. was supposed to raise P13 billion from its IPO this month, but it has indefinitely suspended this to wait for better market conditions.

As a result of Hann’s postponement, the Philippine Stock Exchange lowered its capital-raising target for the year to as low as P170 billion.

The bourse has also seen two delistings this year: Keppel Philippines Holdings Inc. on July 8 and Philab Holdings Corp. on July 11. Mass housing developer 8990 Holdings Inc. will go private again on Oct. 29. INQ

US gov’t enters shutdown as Congress fails to reach funding deal

The US government began shutting down after midnight Wednesday as lawmakers and President Donald Trump failed to break a budget impasse during acrimonious talks that hinged on Democratic demands for health care funding.

It is the first shutdown since the longest in history – lasting 35 days – almost seven years ago, and will stop work at multiple federal departments and agencies, affecting hundreds of thousands of government workers.

Trump blamed Democrats over the stalled talks and threatened to punish the party and its voters during the stoppage by targeting progressive priorities and forcing mass public sector job cuts.

‘So we’d be laying off a lot of people that are going to be very affected. And they’re Democrats, they’re going to be Democrats,’ Trump told reporters in the Oval Office.

He said a ‘lot of good can come down from shutdowns,’ and suggested he would use the pause to ‘get rid of a lot of things we didn’t want, and they’d be Democrat things.’

Government operations began grinding to a halt at 12:01 am (0401 GMT), after a frenetic but ultimately failed bid in the Senate to rubber-stamp a short-term funding resolution already approved by the House of Representatives. No breakthrough

Hopes of a compromise had been hanging by a thread since Monday, when a last-gasp meeting at the White House yielded no progress.

The gridlocked Congress regularly runs into deadlines to agree on spending plans, and the negotiations are invariably fraught. But Congress usually avoids them ending in shutdowns.

Democrats, in the minority in both chambers of Congress, have been seeking to flex their rare leverage over the federal government eight months into Trump’s barnstorming second presidency that has seen entire government agencies dismantled.

Trump’s threat of new job cuts added to anxieties in the federal workforce sparked by large-scale firings orchestrated by tycoon Elon Musk’s Department of Government Efficiency earlier this year. Health care under threat

The 100-member Senate requires government funding bills to receive 60 votes – seven more than the Republicans control.

Republicans had proposed to extend current funding until late November, pending negotiations on a longer-term spending plan.

But Democrats wanted to see hundreds of billions of dollars in health care spending restored, particularly in the Obamacare health insurance program for low-income households, which the Trump administration is likely to eliminate.

Almost all Senate Democrats voted against a House-passed, seven-week stop-gap funding measure hours ahead of the midnight deadline.

It remains unclear how long the shutdown will last. Past shutdowns

The federal government has shuttered 21 times since 1976, when Congress enacted the modern-day budget process.

Some stoppages have lasted only a few hours – not long enough to affect government operations.

The longest began on December 22, 2018 when Democrats and Trump found themselves at an impasse over $5.7 billion the president was demanding for a border wall during his first term.

Around 380,000 federal employees were furloughed and another 420,000 worked without pay.

Senators can move quickly when inclined by waiving the normal procedures that tend to hold up legislation.

Recess

The upper chamber was due back in session on Wednesday, but a House recess lasting all week means it will not be able to rubber stamp any quick deal agreed by the Senate.

The Senate will be out on Thursday for the Jewish holiday Yom Kippur, but will be back on Friday and possibly in session through the weekend.

The shutdown will not affect vital functions like the Postal Service, the military and welfare programs like Social Security and food stamps.

Marcos to visit Cebu quake victims on Thursday – PCO chief

President Ferdinand Marcos Jr. is expected to visit on Thursday, the victims of the magnitude 6.9 earthquake that struck waters northeast of Cebu province, Presidential Communications Secretary Dave Gomez said on Wednesday.

In an ambush interview on the sidelines of the House of Representatives’ plenary debates on the proposed 2026 national budget, Gomez was asked if Marcos would visit areas affected by the strong quake on Tuesday night.

In response, Gomez said cabinet officials went ahead to Cebu because Marcos visited victims of Typhoon Opong earlier.

‘Yes, the cabinet secretaries just went ahead of him to ground zero because this morning, the President visited the victims of the typhoon that hit Masbate.’ ‘But it’s highly likely, almost sure, that tomorrow, first thing tomorrow, the President will go to ground zero,’ he added.

According to Gomez, different government agencies like the Office of Civil Defense (OCD) and the Philippine National Police (PNP) have been moving to assist victims of the earthquake.

‘Well, first of all our President sends his sympathies, condolences to those whose relatives died after the strong earthquake in Cebu early this morning, actually the President immediately directed the entire cabinet, especially the frontline cabinet secretaries, to visit Cebu, or send their personnel to Cebu so that they can conduct damage assessment and determine the needs of the people there,’ he said.

‘Our cabinet secretaries quickly responded and they have their own recommendations and directives that our President acted upon, first of all of course is for OCD and our Bureau of Fire Protection to visit the area and help in conducting rescue and relief operations, our PNP is also there to ensure the peace and order situation,’ he added.

Gomez said health workers from the Department of Health were also sent to the affected areas, while both the Department of Energy and the Department of Trade and Industry have enforced a price freeze on fuel and electricity and on food and basic products, respectively, to avoid price manipulation.

Late Tuesday night, a magnitude 6.9 earthquake struck waters northeast of Bogo, Cebu, damaging heritage churches and other structures, and knocking out power in parts of the central Philippines.

In Bogo, at least 27 people have been confirmed dead according to the Provincial Disaster Risk Reduction and Management Office (PDRRMO).

As of posting time, the OCD said the death toll may be as high as at least 60 individuals. Initially, the Philippine Institute of Volcanology and Seismology (Phivolcs) measured the quake at magnitude 6.7 before upgrading it to a 6.9. The movement was tectonic in nature, and was recorded at a shallow depth of five kilometers below the ground.

Phivolcs then warned of a possible ‘minor sea-level disturbance’ and urged residents of Leyte, Cebu and Biliran to stay away from the coast. The warning was eventually lifted.

Earlier, House Speaker Faustino ‘Bojie’ Dy III said the House leadership is also discussing with district representatives how assistance can be provided for residents in quake-stricken areas.

Storm surge warning up over parts of Aurora, Isabela, Cagayan

The state weather bureau on Wednesday issued a storm surge warning in parts of Aurora, Cagayan and Isabela as Tropical Cyclone Paolo approaches.

In its 2 p.m. advisory, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) said that a minimal to moderate risk of storm surge is expected in the next 48 hours in the following coastal areas:

Aurora

Baler

Casiguran

Dilasag

Dinalungan

Dipaculao

Isabela

Dinapigue

Divilacan

Maconacon

Palanan

Cagayan

Baggao

Gattaran

Gonzaga

Lal-lo

Peñablanca

Santa Ana

Surge heights may reach 1 to 2 meters, said Pagasa.

Residents in coastal municipalities were advised to stay away from the shore, cancel maritime activities, and remain alert to further bulletins.

Alessandra De Rossi to direct upcoming film ‘Everyone Knows Every Juan’

Alessandra De Rossi was revealed as the director of ‘Everyone Knows Every Juan,’ a dark comedy film in which she will take on multiple hats as actress and producer.

The De Rossi-helmed ‘Everyone Knows Every Juan’ was revealed by Viva Films in a media con on Tuesday, Sept. 30, where an ensemble cast will join her.

Joining the actress-director are Jaime Fabregas, Kelvin Miranda, Ronnie Lazaro, Angeli Bayani, Ruby Ruiz, Empoy Marquez, JM de Guzman, Gina Alajar, Joel Torre, Liza Lorena and Edu Manzano.

The film tells the story of siblings – portrayed by De Rossi, Manzano, Ruiz, Alajar and Torre – who reunited on the first death anniversary of their mother Juaning Sevilla (Lorena). De Rossi said she considers the film a deep dive into ‘adulting,’ showing events that happened in a single night. She also shared that she and her co-stars underwent a series of rehearsals since filming happened all at once.

‘Adulting kami, kasi senior yung mga stars ko. Kami yung adult version. Parang gan’un yun, one night lang kasi nangyari [‘yung kwento]. Wala kasing preview. Yung ‘My Amanda’ kasi, after every take, preview ka,’ she said.

(It’s adulting in a way because I’m working with senior actors. We’re the adult version, something like that. The story tells the story of events happening in one night. There is no preview. When I did ‘My Amanda,’ I would do a preview after every take.)

De Rossi marked her directorial debut with the 2021 film ‘My Amanda,’ which also starred Piolo Pascual.

Senate adopts resolution on Rodrigo Duterte’s house arrest

Voting 15 affirmative, 3 negative, and two abstentions, the Senate adopted on Wednesday a resolution requesting the International Criminal Court (ICC) to place former President Rodrigo Duterte under house arrest for humanitarian reasons.

Proposed Senate Resolution No. 144, signed by Senate Majority Leader Juan Miguel Zubiri and Senate Minority Leader Alan Peter Cayetano, emphasized that in view of the advanced age and deteriorating health of Duterte, the ICC should designate a physician or medical doctor to examine the former President and ascertain that he is fit to withstand regular detention – and should the medical findings prove that his detention will further worsen his medical condition, allow the former president to be detained under house arrest.

‘Such house arrest, or a similar appropriate arrangement, will be subject to conditions restricting liberty to be imposed by the ICC, presenting no risk to the integrity of the ongoing trial,’ the resolution reads.

In the same measure, the senators argued that the International Covenant on Civil and Political Rights provided that all persons deprived of their liberty shall be treated with humanity and with respect for the inherent dignity o fthe human person.

‘The Rules of Procedure and Evidence of the ICC allows persons being tried there in interim release, subject to conditions restricting liberty, including staying at a particular address, not contacting directly or indirectly victims or witnesses, and responding when summoned b y an authority o r qualified person designated b y the ICC,’ it adds.

Meanwhile, in his sponsorship speech, Cayetano said the wheels of justice are already moving at present – may it be in the country or the ICC.

‘It is not against the tenet of human rights to allow any person, especially a former president, to be under house arrest or to be under a country supervised under ICI, especially in the condition of president Duterte who is 80 years old,’ said Cayetano.

Zubiri, for his part, said his personal stand on the issue does not have anything to do with politics. He said it is only based on his point of view as a son to a father who is now 85 years old and ailing.

Aside from Zubiri and Cayetano, the other senators who voted in favor of the resolution were Imee Marcos, Robinhood Padilla, Rodante Marcoleta, Ronald ‘Bato’ dela Rosa, Jinggoy Estrada, Christopher ‘Bong’ Go, Francis ‘Chiz’ Escudero, Sherwin Gatchalian, Loren Legarda, Erwin Tulfo, JV Ejercito, Panfilo Lacson and Mark Villar.

Those who opposed the resolution were Senators Risa Hontiveros, Bam Aquino and Francis Pangilinan.

Senate President Vicente ‘Tito’ Sotto III and Sen. Raffy Tulfo abstained.

‘I am faced with two equally important issues affecting life and liberty,’ Sotto said.

‘To afford PRRD with the optimal condition of his detention that will be beneficial for his physical and mental health, while taking into consideration the plight of the families who are seeking justice for the alleged crimes against humanity. I am supportive of any efforts to bring home PRRD and to uplift his well-being during this crucial time,’ the Senate president said.

‘However, my choice or decision, in conscience, in my conscience, might even help in further dividing the nation. Therefore, I register an abstention,’ Sotto explained.

In explaining his vote, Sotto said he faced two equally important issues affecting life and liberty.

‘To afford [former president Duterte] with the optimal condition of his detention that will be beneficial for his physical and mental health, while taking into consideration the plight of the families who are seeking justice for the alleged crimes against humanity,’ said Sotto.

The Senate president said he is supportive of any efforts to bring home the ex-chief executive and ‘uplift his well-being during this crucial time.’

He, however, noted that his choice ‘in [his] conscience might even help in further dividing the nation.’

This, according to Sotto, is why he abstained.

Meanwhile, Hontiveros – who was among the three senators who voted against the measure – emphasized that there are no indications that the ICC is neglecting the health and well-being of the people in their custody.

She then proceeded to emphasize that the drug war’s atrocities are not mere hallucinations.

PCG rescues 10 Chinese crew members from tugboat off Palawan

The Philippine Coast Guard (PCG) said on Tuesday it rescued 10 Chinese after their tugboat lost engine power off Palawan.

The vessel identified as M/Tug Virgo was reported adrift about 43 nautical miles off Coron on Monday.

Coast Guard District Palawan dispatched BRP Malapascua (MRRV-4403), which located the tugboat the following day near Linapacan town. According to the PCG, all 10 crew members were declared to be in good condition after undergoing medical checks.

The vessel’s master told authorities they had departed Malaysia and were bound for China when the engine failed.

To prevent further risk, the Coast Guard vessel began towing the tugboat on Monday toward El Nido, Palawan, where it is awaiting assistance from its shipping company, which has arranged repairs and a rescue tug.

‘This successful operation highlights the Coast Guard’s unwavering commitment to safeguard lives and vessels at sea, whether foreign or domestic, within the Philippine maritime jurisdiction,’ the PCG said in a statement.

The incident adds to a series of maritime emergencies in Philippine waters this year, with the Coast Guard noting it routinely responds to vessels in distress regardless of flag or nationality.

LPA in PAR becomes Tropical Depression Paolo

The low-pressure area (LPA) inside the Philippine area of responsibility (PAR) intensified into Tropical Depression Paolo at 8 a.m. on Wednesday, the state weather bureau said.

Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) announced it will begin issuing bulletins on the tropical cyclone at 11 a.m.

In its 5 a.m. forecast, it said the then-LPA (designated as 09g) was last spotted 1,080 kilometers east of southeastern Luzon.

The LPA entered the PAR on Tuesday night.

House coordinating with LGUs affected by Cebu quake – Dy

The House of Representatives is coordinating with local government units and authorities from areas affected by the magnitude 6.9 earthquake in Cebu, Speaker Faustino ‘Bojie’ Dy III said on Wednesday.

Dy, in a statement, said the House leadership is also asking district representatives about how best to assist residents in quake-stricken areas.

‘We are currently conducting coordination talks with agencies and local government units to ensure that the assistance needed would be immediately provided, particularly quick medical service and basic needs for areas hard hit by the earthquake,’ Dy said in Filipino.

‘We are currently coordinating with the representatives of affected districts to support their goal of bringing help to their constituent[s],’ he added.

Dy said the House extends its sympathies to the families of those who died.

As of posting time, the Office of Civil Defense said the death toll could reach at least 60, while the Provincial Disaster Risk Reduction and Management Office (PDRRMO) said that the death toll has risen to 61.

‘Congress sends its heartfelt sympathies to the families who lost their loved ones and to all those affected by the earthquake in Cebu and nearby provinces,’ Dy said, speaking in Filipino.

‘Your Congress is ready to be a partner in crafting the needed programs to respond to those affected by this calamity, and to ensure that the country is ready for similar incidents in the future,’ he added.

Late Tuesday night, a magnitude 6.9 earthquake struck off the waters northeast of Bogo, Cebu, damaging heritage churches and other structures and knocking out power in parts of the central Philippines.

In Bogo alone, at least 27 people were confirmed dead, according to the PDRRMO.

Initially, the Philippine Institute of Volcanology and Seismology (Phivolcs) measured the quake at magnitude 6.7 before upgrading it to 6.9. The tectonic tremor was recorded at a shallow depth of five kilometers.

Phivolcs warned of a possible ‘minor sea-level disturbance’ and urged residents of Leyte, Cebu, and Biliran to avoid coastal areas. The Pacific Tsunami Warning Center said there was no tsunami threat.

‘Our people are not alone in this tragedy. The people and the entire House of Representatives are with you in helping you recover,’ Dy noted.

PBA: Ginebra vs Magnolia clash banners 50th season opener

Barangay Ginebra and Magnolia will officially square off in the PBA’s 50th season opener on Sunday at Smart Araneta Coliseum.

The league released the full schedule of the Philippine Cup eliminations on Wednesday during a press conference held at Shangri-La The Fort in Bonifacio Global City in Taguig.

But the faceoff between Ginebra and Magnolia had long been an open secret, with both teams actually made aware of the anticipated faceoff.

LA Tenorio is set for his Magnolia coaching debut against his former team, but there’s also the possibility of seeing action for the Hotshots after being placed on the injured/reserve list.

Ginebra will start the season reeling from the departure of Jamie Malonzo to Japan but will also parade new players in rookie Sonny Estil and veteran Norbert Torres.

The game is set at 7:30 p.m. after the Leo Awards at 3 p.m. at nearby Novotel Manila and the opening ceremonies at 5 p.m.

The opener is one of four playdates at the Big Dome, with the majority of the eliminations to be held at the two Ynares Centers in Antipolo and Montalban.

Also part of the schedule are the games in Dubai in late-October and Bahrain in mid-December.

Action will take a break from Nov. 17 until Dec. 4 due to Gilas Pilipinas’ campaign in the first window of the Fiba World Cup Qualifiers. The eliminations conclude on Dec. 19.