Banks pile record cash with CBN as lending stutters

Nigerian Deposit Money Banks are parking record amounts of excess cash at the Central Bank of Nigeria (CBN) deposit window while lending to the economy continues to stutter, even after the recent cut in interest rates.

Data from the CBN shows that banks’ Standing Deposit Facility (SDF) rose to an all-time high of N5.38 trillion on Monday, driven by excess liquidity from Federation Account Allocation Committee (FAAC) disbursements and Open Market Operation (OMO) repayments.

The SDF is a monetary policy tool that allows banks and other deposit-taking institutions to lodge their excess liquidity with the CBN overnight and earn interest – without needing to provide collateral.

The amount deposited by banks surged by 52.6 percent, rising from N3.5 trillion as of September 24, 2025, to N5.38 trillion on Monday, September 29, 2025.

Banks shun lending

On the borrowing side, through the Standing Lending Facility (SLF), commercial banks have shunned the CBN’s lending window for the past nine business days. Borrowing from the apex bank’s window dropped to a one-month low of N22 million on September 16, 2025, the last time such levels were recorded being August 8, 2025, when banks borrowed N25 million.

Over the same period, the CBN carried out OMO repayments worth N459.8 billion in one month, including N254.9 billion on September 23, 2025, and N204.9 billion on September 16, 2025.

The banking system opening balance stood at N338.9 billion as of Monday, September 29, 2025, reflecting a 22.86 percent increase from N275.88 billion at the beginning of the month. Meanwhile, the CBN has not conducted any OMO auction since September 4, 2025, after selling N620.7 billion in an auction on September 3, 2025.

Analysts’ view

Adebowale Funmi, head of Research at Parthian Securities, explained that banks are drawn to the SDF because it remains more attractive than investing in treasury bills. She noted that with the current MPR at 27 percent and an asymmetric corridor of -250/+250 basis points, the SDF rate stands at 24.5 percent. By comparison, the discounted yield on a 364-day treasury bill is about 16.78 percent, with effective yields slightly below 20 percent – making the SDF a more appealing option for banks.

Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise (CPPE), said the surge in bank deposits with the CBN reflects the absence of sufficient credit opportunities to absorb the available resources.

‘Even though the rate has come down, the opportunities are not there. If the risk environment is high, banks will prefer to keep their money with the CBN,’ he said.

Yusuf stressed that the elevated risk perception, particularly among small and medium enterprises (SMEs), discourages banks from lending and suggested that the CBN may need to implement further rate cuts to stimulate credit creation.

At its 302nd meeting last week, the Monetary Policy Committee (MPC) unanimously voted to reduce the Monetary Policy Rate (MPR) by 50 basis points to 27 percent, adjust the symmetric corridor to +250/-250 basis points around the MPR, set the Cash Reserve Ratio (CRR) at 45 percent for commercial banks and 16 percent for merchant banks, and introduce a 75 percent CRR on non-Treasury Single Account (TSA) public sector deposits, while maintaining the Liquidity Ratio (LR) at 30 percent. The move marked the first policy rate cut in five years.

Ayodeji Ebo, managing director/chief business officer at Optimus by Afrinvest, explained that with the MPR corridor fixed at +250/-250 basis points, the SLF rate declines to 29.5 percent from 30 percent, while the SDF rate drops to 24.5 percent from 25 percent.

According to him, this adjustment means banks will now pay slightly less when borrowing short-term liquidity from the CBN and earn marginally less when depositing excess funds overnight. The effect is to keep interbank market rates aligned with the new MPR, thereby ensuring smoother monetary policy transmission.

Ebo added that the imposition of a 75 percent CRR on non-TSA public-sector deposits significantly restricts the portion of such funds banks can deploy for lending, leaving only N250 out of every N1,000 available. He explained that while this measure curtails banks’ dependence on public-sector liquidity, reduces speculative use of government deposits, and strengthens monetary control, it also tightens liquidity further, potentially slowing the pace at which the rate cut translates into actual credit expansion in the economy.

Credit position

Analysts at FBNQuest anticipate a gradual recovery in credit expansion to the real economy, supported by the narrowing of the corridor around the MPR and the reduction in commercial banks’ CRR.

Credit to the private sector declined by 2.2 percent to N76.14 trillion in June 2025, compared to N77.8 trillion as of May 2025, data from the CBN indicated.

‘The rise in deposits to the CBN is an excess liquidity issue,’ said Tilewa Adebajo, chief executive officer of The CFG Advisory. He explained that banks currently hold more funds than they can deploy under acceptable risk-return conditions. According to him, this reflects a cautious stance by banks, given the weak credit appetite arising from high lending rates and elevated risks in the economy. ‘How many people can borrow at 40 percent?’ Adebajo asked.

Umahi says 50-year-old refuse dump stalled Lagos-Calabar coastal highway

Dave Umahi, minister of works, says a refuse dump more than 50 years old and over 10 metres deep delayed work on the Lagos-Calabar coastal highway for four months.

Umahi spoke in Lagos on Monday during an inspection of the project.

‘We also encountered a refuse dump that had been over 50 years old and had over 10 metres depth and spanned two kilometres,’ Umahi said.

‘When we encountered it, we had to stop the work for more than four months.’

Landmark Beach spared after route redesign

The minister said the project initially faced hurdles at kilometre zero, where Landmark Beach and other properties stood in the highway’s path.

‘We decided as a responsible ministry to vary the design of the project,’ Umahi said, explaining that the road alignment was altered to avoid demolishing the beach infrastructure.

He stressed that, contrary to public perception, Landmark Beach was not demolished-only the surrounding shanties were cleared. The six-lane highway was instead split into three lanes on each side to protect the beach.

N15 billion spent on ‘unexpected challenges’

Umahi disclosed that the federal government spent about N15 billion to tackle the unforeseen obstacles.

‘I have directed that all the videos and drawings must be exposed because additional works are involved, and I want those documentaries to be intact,’ he added.

Dany Abboud, managing director of Hitech Construction Company Ltd., the contractor, said the eastbound and westbound lanes were split at kilometre 2.7 to avoid demolitions and later rejoined at kilometre 5.

He added that extensive waste deposits were found between kilometres 3 and 9, with the largest dumpsites at kilometres 4 and 9.

‘We had to excavate to a very big depth and replace it with sand,’ Abboud said.

Putin signs law to denounce EU anti-torture treaty

Russian President Vladimir Putin signed a law on Monday to denounce the European Convention for the Prevention of Torture and Inhuman or Degrading Treatment or Punishment from 1987, after submitting a bill to withdraw Russia from the treaty three weeks ago, Azernews reports.

The denunciation follows the Council of Europe’s decision to withdraw Russia’s membership in March 2022 as a consequence of Russia’s “aggression” against Ukraine.

Russia’s State Duma Chairman Vyacheslav Volodin previously condemned the decision and claimed that Moscow’s requests for representation were being ignored, despite the European Convention’s principle of cooperation.

The Aspiration Trap Fuelling Thailand’s Debt-Spend Dilemma

Thai consumers present a paradox: low confidence in the economy yet resilient discretionary spending. This paradox mirrors dynamics seen in developed countries and regional peers like Indonesia, Malaysia and the Philippines, and it presents a complex consumer behaviour landscape that modern businesses must navigate.

Despite a tight wallet, consumers across the financial spectrum are making adjustments and compromises to satisfy their wants. A young professional worker in Bangkok buys the latest smartphone through staggered instalments, while a construction worker takes his family out for dinner but waits for the month-end sale to restock the monthly groceries. Some groups borrow to maintain their lifestyles – a troubling cycle of debt and spending that warrants attention from both consumers and businesses

The inherently similar yet contrasting behaviours across different financial strata reflect the changes in how consumers across Thailand are managing their finances and making trade-offs based on personal circumstances.

Boston Consulting Group’s (BCG) latest consumer research surveyed 3,000 respondents across Thailand to assess the complex and dynamic consumer landscape. The study explored household finances, attitudes toward income, debt, spending and saving, and the decision-making drivers behind consumption.

Overall sentiment and impact on spending

Overall confidence in the economy is low, with more than 60% of Thai consumers rating the current economic situation as ‘poor’ or ‘very poor’. The mass affluent consumer (MAC) – spanning households with monthly income of 15,000 baht or more – remains the most optimistic (feeling ‘good’ or ‘very good’ about the economy), but sentiment in lower income groups is deeply subdued both nationally and compared to regional peers. For reference, optimism around personal financial stability among Thais (39%) is comparable to the Philippines (35%) or Indonesia (47%), but significantly lower than the bigger economies of the region, namely China (59%) and India (61%).

This subdued sentiment mirrors broader national conditions. Political and economic uncertainty, a weak job market, limited income mobility among lower-income households, and some of the highest consumer debt levels in emerging markets have all dampened confidence and constrained spending.

When it comes to spending, necessities continue to take the most substantial bite out of already stretched wallets. The contrast between MAC and lower-income consumers is stark. MAC households still manage to funnel surplus funds into lifestyle upgrades and investments, while lower-income families remain anchored to basic necessities and small-ticket wants, often by drawing down on their savings. This disparity highlights the widening divide between the ‘haves’ and the ‘have-nots’.

Navigating the balance of want and need

Despite the backdrop of pessimistic consumer sentiment, Thai consumers stand out for how they juggle wants and needs in their spending decisions.

Contrary to conventional wisdom – and indeed their own claims – Thai consumers’ share of spending on discretionary categories continues to hold steady or grow. As cited in BCG’s Global Consumer Radar surveys, consumers typically don’t predict broad economic trends realistically; consequently, their predicted responses to those trends are not realistic. Similarly, for Thai consumers, broader economic outlook doesn’t impact their discretionary spending commitment. Even in a scenario where there is an income dip, discretionary spending takes around a quarter (22% to 25%) of total consumer spend.

This provides a glimpse into a consumer’s underlying desire for affluence and aspirational lifestyle goals – Instagram-worthy vacations, expensive goods, dining out, and similar hallmarks of status.

These aspirations show up in everyday choices, as consumers trim routine expenses to make room for the experiences and products they value most. Everyday staples are the first items of ‘need’ that we see pruned. This adjustment doesn’t manifest only as buying less volume, but in a variety of other different ways – buying items with discounts or buying more affordable brands.

This sacrifice of everyday needs to fulfil aspirations provides two clear takeaways for marketers seeking to appeal to the modern consumer.

The first opportunity lies in capturing a greater share of discretionary spending – not always on luxury products, but on items that give consumers the sense of a lifestyle upgrade. Sephora shows how this can work in practice – offering its own private-label products as affordable luxuries, while stocking prestige brands alongside them in the same stores. This offers consumers a unique mix of experiencing luxury while keeping spends on ‘wants’ in check.

The second opportunity is in value-tier offerings for essential goods such as groceries and household products, which many consumers view as a practical way to save costs. Muji exemplifies this approach by spanning the spectrum – from affordable essentials like cotton fabrics and basic storage solutions at the entry level, and scaling upward through premium offerings such as specialty textiles, compact modular furniture and other curated lifestyle products – thus enabling consumers to exercise choice and control over how much they spend, even on essential items.

Understanding the credit landscape

Spending and credit go hand-in-hand, meaning a full picture of Thai consumers must also take into account the current debt environment. Roughly one-third of Thai households carry 80% of personal debt, excluding mortgage and educational loans. This underscores a heavy debt mountain for a significant minority of the population.

Interestingly, these ‘top-debtors’ are notably skewed towards specific income segments. Almost 2 in 3 of these top-debtors are from the middle-class segment with a monthly household income of between 15,000 and 49,000 baht and hold about 3 times more debt than an average Thai consumer.

Understanding the complexities of this top-debtor landscape has important implications for consumers and businesses.

Top debtor danger zone

The delicate balance of ambition and means is creating pitfalls for top-debtors in Thailand. The spiral to borrow more to spend more begins by embracing a borrowing lifestyle, giving in to aspirations beyond the realities of household finances.

This borrow-to-spend mindset is pushing top debtors deeper into an expanding debt hole with loan values for this group rising six times faster than the average consumer’s over the past year. They also have a debt-to-service ratio that’s double the average. Compounding the problem, three out of four top debtors have not increased their repayments in the past year. Together, these dynamics signal growing momentum toward a debt spiral for this segment.

These debt dynamics tell an important story for Thailand’s economy. On one hand, they signal a growing willingness to borrow – especially among middle-class households, who are now the top borrowers. On the other, they expose the vulnerability of lower-income families, many of whom carry non-productive debt.

A sharper focus on risk assessment in debt financing is critical to curbing defaults. The Bank of Thailand introduced updated ‘Responsible Lending’ regulations effective January 31, 2025, to strengthen fair treatment and management across the entire loan lifecycle – from product design to debt transfers – aimed at more effectively resolving household debt issues.

Ultimately, Thailand’s paradox of subdued confidence and resilient spending underscores both risk and opportunity. Consumers continue to reach for lifestyle upgrades even as debt mounts, creating growth potential for businesses and responsibilities for lenders. Broadly speaking, while long-term structural growth in MAC is still robust for a middle-income market like Thailand (MAC population is expected to grow by 14% over the next 10 years), there is a need to navigate the short-to-mid-term effectively. The path forward lies in reconciling ambition with financial discipline – fostering sustainable consumption without fuelling unsustainable debt.

Special thanks:

The authors would like to thank Aditi Bathia (Expert Project Lead, Center for Customer Insight [CCI], Boston Consulting Group) for contributing her insights to this article.

Governorship aspirant felicitates party chair on birthday

All Progressives Congress (APC) governorship aspirant in Oyo State, Dr. Adewale Kareem, has congratulated state party chairman, Alhaji Olayide Moshood Abas, on his birthday.

In a message, Kareem (AKK), said Abas is ‘a pillar of progressive ideologies and a rallying point for members.’

He lauded the chairman’s leadership style, noting it has strengthened party unity and expanded APC’s reach in Oyo.

‘Under your guidance, APC in Oyo State has witnessed a huge drive toward attainment and growth, marked by acceptance and influx of dedicated individuals,’ Kareem said.

The governorship hopeful recalled that Abas’ open-door leadership approach facilitated the admission of more members, including his structure, Aseyori Support Group.

Kareem also hailed the chairman’s ability to balance his political responsibilities with his national assignment as chairman of Federal Neuropsychiatric Hospital, Kaduna. He said Abas has demonstrated professionalism and discipline in harmonising both roles.

‘Your ability to harmonise these roles has advanced public health and fortified our party’s strength in Oyo State,’ Kareem added.

He prayed for long life, good health and greater wisdom for the celebrator, wishing him success in his endeavours.

‘Your well-being is a blessing to us, and I look forward to years of your inspiring leadership,’ the statement read.

Lions unveils first autism community club

Lions Clubs International has inaugurated Lagos Autism Community Lions Club, the first in Nigeria.

The event, which doubled as Charter Presentation and Fundraising, took place at Civic Centre, Victoria Island, Lagos.

Petrolina Amos was installed charter president. Amos said her leadership would focus on building a supportive environment for autistic children and their families.

‘I will create a community where children with autism are loved, valued, and empowered,’ she said. ‘I want them to know their worth, unlock potential, and thrive despite the challenges.’

She paid tribute to her family for their sacrifices and thanked the Montreal Autism Community Lions Club in Canada for standing by the vision of establishing a similar platform in Nigeria.

Chair of the Charter Presentation and Fundraising Committee, Emeka Obi, said: ‘Today is a milestone not just for Lagos or Nigeria, but for Africa. This club signals an era of inclusion, awareness, and support for individuals living with autism.’ He urged members and guests to sustain the club’s programmes.

Governor of District 404B4, Adebowale Afolayan, congratulated Amos and urged her to serve with compassion.

‘The club is born from vision and resilience. Your installation is a call to champion the cause of the autistic community and amplify the strength of the neurodiverse,’ he said, promsing support.

Experts estimate that at least 600,000 children live with autism spectrum disorder in Nigeria, though the figure could be higher due to under-reporting and poor diagnosis.

Tough times as accommodation seekers groan under rent hikes

Accommodation seekers and tenants are lamenting shocking rent hikes in Nigerian cities.

Some of the complaints are coming from accommodation seekers in Lagos, Abuja, Port Harcourt and other cities, where rental values have gone up by 100 per cent in less than one year.

As home seekers are struggling to raised the required rents, most landlords are blaming the situation on harsh economy couple with high building materials’ costs.

It was gathered that many tenants that couldn’t meet up their rental’s obligation have been relocating to the outskirts, while defaults in rental payments have assumed a new dimension.

As people are complaining about shortage of affordable accommodation in Nigerian urban centres, governments in some states are demolishing lot of houses on the basis that owners failed to obtain the necessary approvals or failed to observe the appropriate building setbacks.

Nigerian Tribune’s survey showed that rent for studio apartments in Lekki has jumped to an average N2.5 million per annum, depending on the location and features, from N1.2 million and N1.5 million in 2024.

In Surulere, an average rental value for one bedroom mini-flat costs between N2.5million and 3.5million per annum, from between N1.5 million and N2million last year.

In location such as Yaba, Maryland, Ikeja, Ilupeju, Palm Grove in Lagos, average rental prices for one – bedroom mini-flat range between N1.5 million to N4 million per annum, depending on location and house’s features.

In suburbs’ locations like Ogba, Egbeda, Abule Egba, Ipaja and Ojodu- Berger, rental prices for one bedroom mini-flat cost between N1million and N1.8 million.

As it is in Lagos, so it is in Abuja, Port Harcourt, Benin, Ibadan and Jos, among others as most residents have not stopped lamenting the rental burden

One of the accommodation seekers in Lagos, Mr. Abraham Aina, who relocated to Ipaja from Ketu, Lagos, said that rent in Ipaja was also outrageous.

Aina, who was paying N800,000 for a mini two-bedroom flat in Ketu as a sitting tenant, said that the rent for a new accommodation in Ipaja cost him the same amount, instead of the initial N400,000 budget for the new accommodation in January.

He alleged that the landlord in Ketu increased his rent to N1.5milliom from N800,000, hence his decision for new accommodation in Ipaja.

He said he noticed that there are more accommodation seekers scampering for the limited houses, hence the astronomical rent’s increase by the landlords.

Another accommodation seekers, Mrs Ella Mathew, said that rental values in suburbs locations like Abule Egba, Ayobo, Agbado, Ikotun, Ikorodu in Lagos State and areas such as Opic, Warewa, Arepo, Magboro and Sango-Ota have also doubled.

She claimed she paid N1.2 million for a two bedroom apartment in Arepo, Ogun State.

Narrating his brother experience in Port Harcourt, Mrs Mathew said the rent for one-bedroom apartment in Okporo area of the city has been jacked up to N600,000 per annum from N250,000.

According to her, the two-bedroom accommodation the brother secured recently in another location cost N800,000, stressing that he had to pay two years advanced rent to allow the landlord carry out the required renovation.

‘It wasn’t easy for my brother, who’s working with one of the shopping malls in Port Harcourt. He had to raised loans from friends and micro finance bank to be able to secure the accommodation,’ she said.

Responding, a landlord in Ketu, Lagos, who identified himself simply as Saidi Sonaike, defended his colleagues, attributing high rental values to harsh government’s policies, which have affected the costs of building materials sector negatively.

One of the affordable housing advocates, who identified herself simply as ‘Mimi’, wanted to know what is behind the ‘shocking rent hikes’ in many cities in Nigeria, particularly Lagos and Abuja.

Mimi noted that as food and fuel prices soared, landlords in Lagos and Abuja have been increasingly passing the heat onto tenants, demanding rent increase as high as 150 per cent.

She said that a two-bedroom apartment in Lekki that once cost N1.5 million now cost N2.2 million.

Lamenting the situation, she said:’The housing vulnerability in Nigeria has reached alarming proportions, and situation is not only a challenge for the economy but also a source of immense stress for ordinary Nigerians, many of whom struggle to keep up with rising rent prices and the declining quality of available housing.

‘What was once considered a modest expense back then is now a significant portion of one’s salary, and the dream of owning a home seems increasingly out of reach for the majority in recent time.’

Another advocate, Adu Olubunmi said the housing situation in Lagos is better than Abuja, pointing out that: ‘Lekki is for the high and mighty in the society compared to ordinary Jabi and Durimi in Abuja where two bedroom now goes as high as N4 million to N5million.’

She blamed the situation on overpopulation and huge demand for accommodation which has outweighed supply, resulting in skyrocketed rents.

According to her, many young professionals are finding themselves in a difficult position.

‘The reality for a graduate in a mid-level job in Lekki or Ikeja means finding a one-bedroom apartment for anywhere between N950,000 to N1.5 million annually.

‘The situation in Abuja, the nation’s capital, is equally dire. While the city is still relatively newer in terms of development, rapid urbanization has led to significant price hikes in the rental market. The upper-middle class and young families are particularly affected.

‘Those who were once able to afford relatively comfortable housing in areas like Wuse, Garki, and Maitama are now struggling to find suitable living spaces within their budgets.

‘The absence of affordable housing options forces many to seek accommodations in the more remote and developing districts, which lack necessary infrastructure, further exacerbating the gap between affordable and livable housing.

‘Even smaller cities across Nigeria are not exempt from the housing vulnerability. For instance, in cities like Benin, Enugu, and Ibadan, the rent situation is equally worrying. In these places, working-class families find themselves squeezed between the high cost of living and the insufficient housing infrastructure that doesn’t cater to the masses.

‘Those who cannot afford the skyrocketing rents often resort to living in overcrowded conditions, with extended families or in single-room apartments that barely meet basic living standards,’ she said.

Why the Lagos State government, through the House of Assembly, is expediting action on the passage of a new Tenancy Bill, a bill to regulate rent in the state, real estate developers have blamed high accommodation costs on high cost of building materials and general inflation.

Worried at the increasing cost of house rent, especially in Jos metropolis, the Plateau State House of Assembly has also declared war in real estate sector, by banning illegal house agents.

The lawmakers also moved to regulate unauthorized house agents while repealing the state’s outdated rent edict.

Former President of the Nigerian Institute of Building, Mr. Kunle Awobodu, said that high rental payments have become a burden to renters and tenants

He pointed out that the N70,000 minimum wage being received by the government’s workers is not enough to cater for rents.

Another affordable housing advocates , Arc. Adewunmi Okupe, said that the solution to the high rent’s menace should go beyond the cosmetic actions like banning estate agents.

According to him, the cost of building affordable homes must be addressed.

‘From my observation the cost of renting homes by workers is already more than the salary. Except this is addressed the nation will be in turmoil very soon,’ he said.

Olubunmi said: ‘As urban populations continue to swell, he urged the government and society to work together to create a housing system that ensures everyone, regardless of income, has access to decent living conditions.

‘The housing crisis in Nigeria is not an insurmountable problem. With the right policies, community involvement, and investment in sustainable development, Nigeria can create a future where affordable, decent housing is within reach for all its citizens.’

‘While the journey will be long and challenging, the collective effort of the government, the private sector, and citizens can pave the way for a more inclusive and affordable housing market in Nigeria’s cities,’ she said.

Firm restates commitment to greenhouse gas reduction

Rite Foods Limited, Nigeria’s leading food and beverage company, has restated its commitment to environmental stewardship by driving innovations that continue to minimize greenhouse gas emissions in its manufacturing operations.

The company made the commitment while conducting news men round its energy Centre at its factory at Ososa, Ogun State as part of activities to commemorate the World Ozone Day.

General Manager, Operations Olufemi Ajileye, said the company would continue to raise the bar in sustainable manufacturing with world-class processes that conserve energy, protect the environment, and reduce carbon emissions.

At its state-of-the-art factory, the company has deployed fully automated systems, energy-efficient technology, renewable energy and advanced carbon-free infrastructure designed to safeguard the ozone layer. This reflects Rite Foods’ unwavering commitment to eco-friendly operations.

Head of Corporate Affairs and Sustainability, Ekuma Eze, said the company built sustainability into the design of its world class production facility, starting from an energy strategy with a unique energy mix: 92 per cent gas, 6.5 per cent diesel, and 1.5 per cent solar.

According to him, the company’s use of low emission technologies and infrastructure has ensured that its carbon intensity is way below 800gCO2/lpb, well below the industry average of 1300-2500 gCO2/lpb, giving Rite Foods one of the lowest emission levels in the sector.

‘This demonstrates our commitment to cleaner energy sources, cutting greenhouse gas emissions, and protecting the ozone layer,’ said EZE.

Ajileye further noted that the company’s cooling plant is equipped with advanced safety systems that ensures zero ammonia leaks, thus zero harmful emissions.

According to him, this would protect the environment and guarantee the highest standards of product quality and safety for people and the planet.

The company’s environmental stewardship goes beyond factory operations.

Through its Community Social Responsibility (CSR) pillars-Education, Youth Empowerment, Environmental Stewardship, and Community Development (EYEC), the company has continued to invest in sustainable programmes that touch lives.

‘Its flagship initiative, RiteOnTheBeach, has made significant strides in ecological conservation, especially along Lagos’ coastline communities. The programme promotes plastic waste recovery, recycling, and community-led clean-ups that create jobs and fund school supplies for children in underserved coastal communities.

‘These efforts underscore Rite Foods’ commitment to circular economy practices that reduce waste, empower communities, and protect future generations,’ Eze said.

PhilHealth subsidy hinges on case rate hike, House says

The House of Representatives has given the Philippine Health Insurance Corp. (PhilHealth) until Friday to submit a proposed schedule of new, higher case rates for 2026, warning that state subsidies for next year would depend on the agency’s compliance.

During plenary deliberations on the Department of Health’s proposed ?253-billion budget, House appropriations committee chair and Nueva Ecija Rep. Mikaela Suansing reminded the state insurer that since the chamber was proposing to realign ?60 billion that was slashed from the Department of Public Works and Highways’ (DPWH) proposed 2026 budget toward subsidies for the National Health Insurance Program, PhilHealth must commit to raising case rates.

Case rates refer to fixed reimbursement amounts given to hospitals and doctors per illness or procedure.

‘I hope that the PhilHealth will give us the updated case rates by Friday and that should already be the closest estimates to what would eventually be the increase in case rates,’ Suansing stressed. ‘We should not just see ballpark figures.’

‘We are doubling PhilHealth’s budget. Just looking off of that, [our] expectation is at least a 50 percent increase in case rates,’ she added.

Suansing’s deadline – announced past midnight of Sept. 30 – will determine whether the House would eventually approve the additional subsidy.

‘I think everyone is in agreement that the ?60 billion is a huge ask on the part of PhilHealth and we would need more information as to whether or not to ultimately approve it in the final version of the House general appropriations bill,’ she said.

The ?60 billion represents excess PhilHealth funds reverted to the national treasury in 2024 and ordered returned by President Marcos Jr. on Sept. 20.

This is on top of the ?53 billion already earmarked for state subsidies in the 2026 National Expenditure Program. This means PhilHealth could receive a total of ?113 billion – if the House is satisfied with its submission by Friday.

Both Suansing and Iloilo Rep. Janette Garin, a former health secretary under the Aquino administration, pressed PhilHealth officials to detail increases in packages covering major procedures such as angiogram and angioplasty.

Initially, PhilHealth officials were reluctant to commit to figures, saying that increases must undergo actuarial studies to ensure sustainability.

But later, through sponsoring lawmaker Bataan Rep. Albert Garcia, they estimated that coverage for an angiogram could rise to ?100,000, while angioplasty could increase to about ?200,000.

Suansing argued that PhilHealth could afford an ambitious increase in case rates as its massive reserve funds could cover the deficit.

Beyond case rates, the appropriations chair previously warned PhilHealth that it must not use the additional subsidies for investments.

PhilHealth’s case rate system was intended to simplify payments and curb fraudulent claims. However, it has long been criticized for failing to keep pace with rising medical costs.

Sara Duterte, Martin Romualdez trade barbs over kickback allegations

Former Speaker and Leyte Rep. Martin Romualdez was also receiving kickbacks from illegal gambling apart from flood control projects, Vice President Sara Duterte claimed on Monday.

‘It’s not only flood control. Martin Romualdez is also receiving money from illegal gambling,’ she told reporters after she faced the Senate finance subcommittee, which deliberated on the proposed 2026 budget of the Office of the Vice President. The panel swiftly approved the P902.895-million budget in less than an hour.

At the Senate blue ribbon committee hearing on Sept. 25, Orly Regala Guteza, who said he used to be one of the security personnel for Ako Bicol Rep. Elizaldy Co, testified that he delivered suitcases full of cash to the homes of his boss and Romualdez. The money was supposedly their cut from flood control projects.

According to Duterte, she was not surprised by the talks of cash deliveries to Romualdez.

‘It’s not odd for Martin Romualdez because he was already involved in heavy luggages [sic] regarding the Okada case. If you remember it correctly, there is a case in the state of Delaware in the US in which he was named [.] as allegedly receiving cash stashed in luggage,’ Duterte further said.

She was referring to claims that the former House speaker was allegedly bribed by the management of Okada Manila to influence local courts amid a courtroom battle.

Reacting to the allegations, Romualdez maintained that he never accepted anything from illegal gambling.

Pure fiction

‘I heard the accusations. I will directly say this: it is not true that I received anything from illegal gambling. These stories about ‘suitcases of cash’ are pure fiction. A figment of their imagination. It’s easy to point fingers-but the truth is that they cannot prove it. Until today, there is no evidence shown-only hearsay evidence being repeated by people,’ he said in a statement.

‘With the Okada/Delaware issue, it is clear: I am not part of it, I was not investigated, and I am not an accused in the case. I have no involvement in that case, which is a fight between two businesses. It is being resurrected to destroy my reputation,’ Romualdez said.

According to him, it is saddening that the Vice President herself, who has been accused of the improper use of hundreds of millions of pesos worth of confidential funds, is now spreading lies.