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