Category: Philippines Daily Inquirer

The government’s debt service burden more than tripled in August, driven by higher amortization payments following a mammoth settlement of maturing bonds.

Debt payments surged by 257 percent year-on-year to P664.7 billion, according to the latest cash operation report of the Bureau of the Treasury.

This brought the eight-month tally to P1.54 trillion, nearly flat from the comparable period last year. The amount accounted for 73 percent of the P2.1 trillion that the Marcos administration targeted to spend this year on debt servicing.

Amortization costs accounted for the surge. Payments ballooned 350 percent to P601.6 billion in August, though the year-to-date figure slipped 8 percent to P956.7 billion.

The Treasury said the state settled P597 billion in principal payments it owed to domestic creditors, nearly five times more than last year. This included the full settlement of P516.34 billion in maturing peso bonds, the largest repayment this year.

From January through August, principal payments to local lenders totaled P768.5 billion, down 13 percent.

Interest up, too

Payments to foreign creditors plunged 67 percent in August to P3.7 billion, though the year-to-date amount rose 17 percent to P188.2 billion.

Interest expenses also climbed. The government spent P63 billion in August, up 20 percent from a year earlier.

That was part of the state’s total expenditures during the month, which edged down by 0.74 percent to P437.3 billion. Under current rules, only interest payments are booked as part of expenditures, while principal repayments are treated as off-budget items recorded in financial accounts.

Since the beginning of the year, interest expense has reached P584 billion, 15 percent bigger year-on-year.

The Treasury reported that domestic creditors received P46 billion in August, 18 percent higher than last year, bringing the eight-month tally to P429 billion. Interest on foreign borrowings grew 25 percent to P16.7 billion, putting the total so far at P155 billion, up 6 percent.

This year, the government plans to borrow P2.6 trillion from lenders to plug a projected budget deficit of P1.6 trillion, equivalent to 5.5 percent of gross domestic product. The drive is expected to push the debt stock to P17.36 trillion by year’s end.

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, a distinction it hopes to achieve by keeping debt metrics in check while sustaining economic growth. -Ian Nicolas P. Cigaral INQ

Senate Minority Leader Alan Peter Cayetano’s call for the mass resignation of elected officials is a ‘typical’ example of ‘obfuscating’ the issue of corruption, according to lawmakers from the Makabayan bloc.

The lawmakers issued a joint statement on Monday after Cayetano suggested holding snap elections for officials in the executive and legislative branches, saying Filipinos ‘have lost trust in the government and government officials’ amid the flood control controversies.

‘This is typical obfuscation of the issue of corruption. Cateyano is trying to divert the focus from corruption accountability to snap elections, giving the illusion that corruption can be addressed simply through the electoral process that is still dominated by political dynasties and corrupt politicians,’ the Makabayan bloc lawmaker said.

‘How will holding snap elections address the issue of accountability? The proposal is a distraction and a way to douse cold water on the people’s protests. A snap election and just a change of personalities without changing the system will not address the roots of corruption,’ they added.

In a Facebook post Sunday, Cayetano stressed that public officials should not be afraid to step down, saying that ‘real change starts with radical honesty – and the courage to admit when it’s time to step aside.’

‘National government has its bureaucracy and will continue to run. Governors, mayors, and barangay chairpersons are generally trusted and will be in place,’ Cayetano wrote.

‘No drama, no excuses, no recycling. Just a clean slate for the Filipino people. A turning point leading to renewal and revival, instead of People Power. Sacrifice from People’s Servants!’ he said.

The senator made his call following allegations of massive corruption in flood control projects involving government officials.

In response, Cayetano’s brother, former Taguig City Mayor Lino Cayetano, challenged him to lead by example and resign from his post.

‘I support this proposal. I agree with my brother Alan and ask that we start with ourselves,’ Cayetano said in a Facebook post on Sunday. ‘Give up power.’

‘If you truly believe what you say, then trust and have faith that if some of the old guard step down now, it will inspire others to follow,’ he added.

Among the public officials who stepped down from their posts so far were former House Speaker Martin Romualdez and former Ako Bicol party-list Rep. Elizaldy ‘Zaldy’ Co.

Romualdez resigned as House Speaker after being linked to the flood-control controversies, saying he did not want to tarnish the President’s name. He was shortly replaced by Isabela 6th District Rep. Faustino ‘Bojie’ De Guzman Dy III.

Co also resigned from Congress after being tagged as the alleged ‘mastermind’ behind the substandard or ‘ghost’ flood-control projects.

The Bureau of Customs (BOC) on Monday turned over forfeited tents, mobile power supplies, and other goods to the Office of Civil Defense (OCD) as part of relief efforts for earthquake-hit Cebu, BOC Commissioner Ariel Nepomuceno said.

According to the BOC, the forfeited items include 1,087 assorted tents, 56 Rapid Emergency Tents, 50 mobile power supplies, and one bio-toilet unit.

BOC officials also donated over 100 sacks of rice.

During the turnover ceremony at Villamor Airbase in Pasay City, Nepomuceno said the donations are expected to arrive in Cebu around 11:30 a.m. on Monday.

‘What we did was share what we could with our fellow Filipinos from the BOC, as instructed by President Ferdinand ‘Bongbong’ Marcos Jr. to do everything possible to help and provide assistance to our countrymen who are still trying to recover from the earthquake,’ Nepomuceno said in a media interview.

Nepomuceno also said the BOC had originally planned to auction the forfeited goods but chose to coordinate with the OCD to deliver the relief aid to affected residents.

The BOC said the items mostly came from the Manila International Container Port and underwent customs procedures and clearance before being turned over to the OCD.

Nepomuceno said OCD Region 7 will manage the donations and ensure their delivery to the provincial government of Cebu.

‘This is our direct donation through the Office of Civil Defense because I used to work at the OCD, and I know they have the capability to deliver this to our fellow Filipinos,’ he added.

He also said the BOC will release a second batch of donations, consisting of forfeited construction materials, to help rebuild the homes of thousands of affected residents.

According to the latest report from the National Disaster Risk Reduction and Management Council (NDRRMC), a total of 155,094 families, or 547,394 individuals, were affected by the earthquake.

The NDRRMC also reported that 35,925 houses were damaged in Central Visayas.

Recovery efforts

OCD Administrator Harold Cabreros said recovery efforts are ongoing in the province, with tents being set up as temporary shelters.

He added that private sector groups willing to help may donate tents, food, and water.

‘Their specific needs, first and foremost, are tents because many houses were damaged. Also, due to the trauma from the earthquake, people are still afraid, especially with the ongoing aftershocks,’ Cabreros said.

‘There are houses, but people are reluctant to sleep in them, so at night they go outside. That’s why they also need tents, aside from those whose houses were destroyed,’ he added.

He also said that international organizations wishing to donate may coordinate with the OCD, which will facilitate the turnover to the provincial government of Cebu./mcm

Manchester City striker Erling Haaland believes he is in the best form of his career – and the statistics show he might be right.

The scoring phenom from Norway made it 18 goals from his opening 11 games of the season by netting City’s winner against Brentford in the Premier League.

That prompted a question: Is he in the form of his life?

‘You can say so,’ Haaland said. ‘I’ve never felt better than I do now.’

Here’s a deeper look at his scoring run – and how it currently compares to other top strikers:

Is this Haaland’s best goal streak?

In a senior career spent at Molde in Norway, Salzburg in Austria, Borussia Dortmund in Germany and now City, Haaland has never scored more than 18 goals in an 11-game stretch in a single season.

He has achieved that exact same tally, though, on three previous occasions. And they came in the same season.

In the 2022-23 campaign – his first at City – Haaland had 11-game stretches from Aug. 21-Oct. 5 and Aug. 27-Oct. 8 where he scored 18 goals for club and country. Those runs included hat tricks in three consecutive home league games.

Later that season, he again netted 18 goals in an 11-game run from March 11-May 3 – a streak that included five goals in a Champions League match against Leipzig.

In his current run, Haaland also has a five-goal match – for Norway against Moldova – as well as four doubles. He has nine Premier League goals so far, which is more than nine teams in the division.

What about Haaland’s run of consecutive scoring games?

This is where Haaland has broken his personal record.

His goal against Brentford meant he has now scored in nine straight matches for club and country, and he’s never done that before.

His previous best streak was eight games in a row – from August to October in 2021 when he played for Dortmund, and from August to September in 2022 soon after joining City.

What’s the Premier League record for scoring in consecutive games?

The only game in which Haaland failed to score this season was at home to Tottenham in the Premier League on Aug. 23, when City lost 2-0.

He has netted in all five of City’s league games since, but has a way to go to break the record for scoring in consecutive games.

That is held by Jamie Vardy, who scored in 11 straight matches in the Premier League from August to November en route to Leicester winning the title in fairytale fashion.

How does Haaland compare to the world’s other top strikers this season?

It hasn’t just been a strong start to the season for Haaland.

Harry Kane has begun even better, scoring 19 goals in his first 11 games for Bayern Munich and England combined – starting with one in the German Super Cup. The England captain has failed to score in just one of those matches.

As for Kylian Mbappé, he has 16 goals in his opening 12 games for Real Madrid and France combined. He has also failed to score in only one of those matches.

Ayala-backed Globe Telecom called for stronger ties with foreign partners to fight online scams, as fraud losses in the Philippines have already reached a staggering $8.1 billion.

The telco said it made this appeal at the Global Anti-Scam Summit Asia 2025 held last month in Singapore. It urged more than 1,000 participants to treat cybercrime as ‘one of the most pressing global threats.’

Derick Adil, head of artificial intelligence (AI) and privacy governance at Globe, said that cyber criminals now exploit new technologies, such as AI, to trick people ‘at digital speed.’

Adil said Globe has been aggressive in fending off text scams. So far, Globe has blocked over 9 billion scam messages even before these reached its subscribers.

Also, the company has partnered with local banks for data sharing. It is also working with Philippine authorities to crack down on fraud operations.

Prime target

Apart from individual consumers, Globe said businesses have also been a prime target for cyber criminals.

Data from American cybersecurity firm Fortinet and the International Data Corp. showed that about 78 percent of organizations in the Philippines have encountered AI-powered threats over the past year.

Given the gravity of the situation, Globe said deepening its cooperation with the Philippine government is a must.

On the sidelines of the event, Globe officials touched base with the Cybercrime Investigation and Coordinating Center to firm up plans about cross-border cybercrime efforts. The agency is supervised by the Department of Information and Communication Technology.

‘These efforts must go beyond one country or one telco. Scams don’t stop at borders, and neither should our defenses,’ said Adil. He is also a cochair of the Global Anti-Scam Alliance Philippines Chapter.

‘To turn every scam attempt into a dead end, we must build a united front of governments, industry, and communities,’ he added.

Based on a regional overview, cyber incidents in Southeast Asia climbed by 29 percent last year as ransomware and phishing activities continued to spread. INQ

Senate President Vicente ‘Tito’ Sotto III expressed confidence in the majority bloc’s support for his leadership.

In a text message to reporters on Monday, Sotto said he is ‘very confident’ of his colleagues’ backing amid murmurs of another coup d’état attempt.

However, he did not say whether loyalty checks are being conducted among senators.

Sotto’s leadership is backed by 15 senators, but Senate President Pro Tempore Panfilo Lacson has warned that the majority’s slim lead over nine minority members could potentially trigger another coup attempt.

‘That’s what I told the Senate president. I said, ‘We are 15, they are nine, don’t underestimate the nine,’ Lacson said in Filipino at a Kapihan sa Senado then.

Meanwhile, in a separate text message also on Monday, Senate Deputy Majority Leader JV Ejercito-who earlier admitted that the idea of leaving the majority bloc had crossed his mind-dismissed rumors of a renewed attempt to change the Senate leadership.

‘No change in leadership,’ he said.

Sotto assumed the Senate presidency in September after a minority-led ouster against Sen. Francis Escudero succeeded./mcm

House Speaker Faustino ‘Bojie’ Dy III has admitted that trust in the chamber has been very low and urged lawmakers and staffers to work diligently to restore the people’s confidence.

Dy made the remarks during the flag-raising program at the Batasang Pambansa on Monday, noting that he has heard accounts of House staffers not wearing their uniforms while commuting out of fear of being publicly shamed amid widespread outrage over corruption schemes in government infrastructure projects.

Instead of taking offense, Dy said the House should use this as a reminder to redouble its efforts.

‘I know that the situation in Congress now is not easy during these times. There is a huge challenge for our institution and even for each one of us,’ he said.

‘I have even heard stories of our colleagues who are forced to wear different clothes or remove their uniforms due to fear that they might be picked on while commuting towards Congress,’ he told the audience.

‘It may be hard to accept, but the people’s trust towards our institution really went down. But this is also a reminder to improve our work and regain that lost trust through honest service,’ he added.

Dy reminded lawmakers and House staffers that they can always rely on hope.

‘Let us all remember: For every storm, the sun will rise again. For every dark night, light will emerge. There will always be light at the end of each tunnel,’ he told the employees.

‘I am here to give my thanks because, despite everything, you continue to serve with care and honesty. Each document addressed, each door guarded, and every area you ensure cleanliness of-all of these have an important role in our everyday duty,’ the speaker said.

In his fourth State of the Nation Address last July 2025, President Ferdinand Marcos Jr. condemned government officials and contractors who allegedly benefited from flood control projects at the expense of the people.

This came after Senator Panfilo Lacson’s warning that half of the country’s almost P2 trillion funds since 2011 for flood control may have been lost to corruption.

Marcos later inspected several projects, many of which were found to be either substandard or completely non-existent.

Multiple investigations-including Congress-were launched, but several lawmakers were implicated for either having interests in the companies that do flood control projects or being accused of diverting funds for such purposes.

The flood control scandal eventually reached Congress’ leadership.

Last September 8, former Senate President Francis Escudero was replaced by Senate President Vicente Sotto III, after Escudero was criticized for receiving a P30 million campaign donation in 2022 from a contractor whose firm secured several government infrastructure projects.

In the House, former House Speaker Ferdinand Martin Romualdez relinquished his post last September 17 to allow an independent commission to probe his alleged involvement in flood control issues.

Romualdez has not been connected to any of the top companies involved in flood control projects, but he was one of the lawmakers named by contractor couple Pacifico ‘Curlee’ Discaya and Cezarah ‘Sarah’ Discaya as allegedly receiving kickbacks from the projects.

During a previous Senate blue ribbon committee hearing, Curlee Discaya said that several House members have asked for a percentage of public funds allocated to infrastructure projects after his companies bagged government contracts.

Discaya added that on top of lawmakers’ request for a kickback was a 25 percent cut that would allegedly be given to Romualdez and Co.

Romualdez dismissed the Discaya couple’s allegations, calling it ‘false, malicious, and nothing more than name-dropping.’/abc

Senate President Pro Tempore Panfilo Lacson has resigned from his post as the chairperson of the blue ribbon committee, emphasizing that there are no political considerations in any of his actions related to handling committee hearings and other related activities.

In a resignation letter dated October 7 addressed to Senate President Vicente Sotto III, Lacson explained how a number of his colleagues have expressed disappointment with the ‘direction’ of the blue ribbon committee hearings regarding the anomalous flood control projects.

‘Some senators publicly and secretly pursue the narrative that I am zeroing in on several of my colleagues while purportedly protecting those members of the Lower House perceived to be the principal actors in the budget anomalies related to the substandard and ghost flood control projects,’ said Lacson.

But according to him, nothing could be farther from the truth.

‘This narrative is categorically false. These misrepresentations are being floated mostly by critics opposed to our efforts to get to the bottom of the flood control anomalies,’ he said.

Lacson underscored that his committee went where the evidence lead them, and not by the noise coming from highly partisan political persuasions.

‘To all my colleagues, let me reiterate: there are no political considerations in any and all my actions related to my handling of the committee hearings and other related activities,’ said Lacson.

‘Truth is, I do not need to amass political capital much less at the expense of anybody because I entertain no further political plans after my term ends in 2031,’ he added.

With these, Lacson tendered his resignation as the chairperson of the Senate blue ribbon panel.

Looks like it’s the Insurance Commission’s (IC) turn to weed out or sanction bad actors within its sphere of influence.

This, after the ever-widening investigation into the extent of the corruption in flood control projects revealed that even nonlife insurance companies are involved.

As the Senate hearings have revealed, only a handful of closely related non-life firms wrote the insurance policies that were supposed to cover the risk of infrastructure projects not being completed on time and according to the agreed specifications.

Over the past several years, these firms were able to earn piles of money as these policies had never been activated since the projects themselves were certified as completed, even if they weren’t.

That assurance that the policies would not be used supposedly allowed these insurance companies to give ‘massive’ kickbacks-to the tune of 70 percent of the premiums-to those who went for their companies rather than competing nonlife insurance companies who could not penetrate the market for the construction bonds covering projects of the Department of Public Works and Highways (DPWH), including flood control projects.

It should come as no surprise then, that not one of the largest nonlife insurance companies in the country are involved in the questionable projects.

Biz Buzz sources said the IC is now poring over the records of the involved companies to determine liability.

And in the meantime, since the policies have actually been written, perhaps local government units or even the DPWH itself under the new leadership may consider making a claim, if only to recover something from these questionable projects. -Tina Arceo-Dumlao

BCDA turns to rugby to help youth

The Bases Conversion and Development Authority (BCDA) has joined forces with the Philippine Rugby Football Union (PRFU) and the country’s rugby team, the Philippine Volcanoes, to promote youth empowerment through rugby.

A recently held rugby clinic gathered about 30 youths from Bamban and Capas towns in Tarlac to introduce the basic of the sport and instill the importance of teamwork, discipline and resilience.

BCDA also took the opportunity to introduce its community development initiatives, particularly the Ayta Ethno Botanical Center (AEBC) in New Clark City.

‘The collaboration between PRFU and BCDA underscores their shared vision to foster sports development and community empowerment, while celebrating the rich heritage of the indigenous peoples of Tarlac,’ the state-run firm said.

The timing of this collaboration could not have been better, as the Philippine Volcanoes are gearing up for the Asia Rugby Emirates Sevens Series, an annual series of regional rugby sevens tournaments in the region.

Who knows? The next rugby superstar might come from this part of the country. -Jordeene B. Lagare INQ

Ejae – a Korean-American singer-songwriter best known for taking on the singing voice of Rumi in ‘KPop Demon Hunters’ – announced that she will release her new single ‘In Another World’ on Oct. 24.

The singer-songwriter took to her Instagram account on Saturday, Oct. 4, to announce her new single, saying it will ‘give life’ to all of the songs she had written since then.

‘I’ve decided I want my artist project to give life to those songs, so people can laugh, dance, or cry with me and the amazing collaborators who helped create them. There’s one song that feels like the perfect place to start,’ she said.

‘Writing this song helped me through a hard time, and I hope that sharing it can help others too. It’s called ‘In Another World’ and is releasing on 10/24/25,’ she continued.

Ejae also opened up about how the past few months have been a ‘crazy ride’ since ‘KPop Demon Hunters’ was propelled into the limelight, while thanking those who sent love along her way.

‘The past few months have been a crazy ride. I mean, I was just on SNL!!! I’m so humbled and grateful for the love I’ve received as a songwriter and the singing voice of Rumi from ‘KPop Demon Hunters,” she said. ‘Getting so much exposure so quickly has been strange, exciting, and truthfully a little scary.’

Ejae added that while she is grateful to be acknowledged as an artist, she ‘became comfortable behind the scenes’ through the years. Along the way, she eventually realized that she didn’t want to define herself with the ‘traditional view of an artist.’

‘People keep referring to me as an ‘artist’ or a ‘star’ – which is everything 11-year-old EJAE dreamed of, but over the years, I became comfortable behind the scenes, and I didn’t think I was meant to be an artist. Recently, though, I realized I don’t need to box myself into being the traditional view of an artist,’ she said.

‘To me, an artist is someone who uses their art to express themselves, and songwriting is my art. For years, writing has been my therapy, my way of coping, celebrating, making sense of the noise in my head. Along the way, I wrote some songs that never found the right home. Thank you to everyone who has supported me so far. I know my journey is still being written, and I am so grateful to anyone willing to tune in,’ she further explained.

Born Kim Eun-jae, Ejae was a former SM Entertainment trainee for almost 10 years before leaving the agency sometime in 2011. She then moved to the US and transitioned to songwriting.

Before ‘KPop Demon Hunters,’ she had written several hit K-pop songs including Red Velvet’s ‘Psycho’ and ‘Birthday,’ aespa’s ‘Drama’ and ‘Armageddon,’ and Twice’s ‘Last Waltz,’ to name a few. She also wrote the majority of the soundtrack of ‘KPop Demon Hunters.’