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Members of the Home Mutual Development Fund or Pag-IBIG Fund, who were affected by the recent disaster in the Cebu region may now borrow a calamity loan worth up to 90 percent of their total savings, including employer contributions and dividends.

Pag-IBIG vice president of the public and member relations group, Jack Jacinto Jr., said they are also assessing the condition of houses owned by members with existing housing loans, noting that those damaged homes may receive assistance through the lending insurance tied to their housing credit.

‘There are two things here, which are our Pag-IBIG calamity loan, that is in cash and applied for by the members. And the insurance for housing loan borrowers to cover the damage, especially those affected by the earthquakes,’ he said.

Repayment for the Pag-IBIG calamity loan will commence three months after its release and be fully repaid over a period of up to three years, a measure designed to provide members with sufficient time to recover from disaster-related losses, according to Jacinto.

Calamity loan applications can be filed online, providing members with convenient access to financial assistance without the need for in-person transactions.

Jacinto said that members with existing loans may still borrow under the program, although the loanable amount will be adjusted based on their outstanding balance.

‘Members may still apply for a loan, but the amount will be deducted based on what their savings can cover. Whatever their savings can still accommodate will be the amount that can be lent,’ he said.

A magnitude 6.9 earthquake jolted Cebu at 9:59 p.m. on Tuesday. According to the Philippine Institute of Volcanology and Seismology, the epicenter is east of Bogo City at a 10-kilometer depth.

Paolo (international name: Matmo) intensified into a typhoon on Friday morning, October 3, with PAGASA set to raise Signal No. 4 over portions of northern Luzon and Aurora.

As of 8 a.m., Paolo was spotted over the coastal waters of Dilasag, Aurora.

The storm packed maximum sustained winds of 130 kilometers per hour near the center, with gusts of up to 180 kph.

Paolo is moving west-northwestward at 25 kph.

Wind signals

In its 8 a.m. weather bulletin, the state weather bureau said the following areas are under tropical cyclone wind signals:

Signal No. 3

northern portion of Aurora (Dilasag, Casiguran, Dinalungan)

central and southern portions of Isabela (Dinapigue, San Mariano, San Guillermo, Echague, Jones, San Agustin, Cordon, City of Santiago, Ramon, San Isidro, Alicia, Angadanan, City of Cauayan, Benito Soliven, Naguilian, Luna, Reina Mercedes, Cabatuan, San Mateo, Aurora, San Manuel, Burgos, Gamu, Roxas, Palanan)

northern portion of Quirino (Maddela, Cabarroguis, Aglipay, Saguday, Diffun), the northern portion of Nueva Vizcaya (Diadi, Bagabag, Villaverde, Ambaguio, Quezon, Solano, Bayombong)

Mountain Province

Ifugao

southeastern portion of Abra (Tubo)

northern portion of Benguet (Mankayan, Buguias, Kabayan, Bakun, Kibungan, Atok, Kapangan),

central and southern portions of Ilocos Sur (Sugpon, Alilem, Cervantes, Suyo, Tagudin, Santa Cruz, Sigay, Quirino, Gregorio del Pilar, Salcedo, Santa Lucia, City of Candon, San Emilio, Galimuyod, Lidlidda, Banayoyo, Santiago, San Esteban, Burgos)

northern portion of La Union (Sudipen, Santol, Balaoan, Luna, Bangar, San Gabriel, Bacnotan, San Juan)

Winds of 118 to 184 kph are expected within 12 hours in these areas, with typhoon-force winds likely once Paolo makes landfall or passes close by.

Signal No. 2

central and southern portions of mainland Cagayan (Peñablanca, Tuguegarao City, Enrile, Solana, Iguig, Tuao, Piat, Rizal, Santo Niño, Alcala, Amulung)

rest of Isabela

rest of Quirino

rest of Nueva Vizcaya

central portion of Aurora (Dipaculao, Baler, Maria Aurora, San Luis)

northern portion of Nueva Ecija (Carranglan, Bongabon, San Jose City, Pantabangan, Rizal, Lupao)

central and southern portions of Apayao (Conner, Kabugao)

Kalinga

rest of Abra

rest of Benguet

central and southern portions of Ilocos Norte (Nueva Era, Badoc, Pinili, City of Batac, Paoay, Currimao, Banna, Laoag City, San Nicolas, Sarrat, Dingras, Solsona, Marcos, Bacarra, Piddig)

rest of Ilocos Sur

rest of La Union

northern portion of Pangasinan (San Fabian, Sison, Pozorrubio, Umingan, San Jacinto, Laoac, Binalonan, San Nicolas, Natividad, Tayug, San Manuel, Asingan, Santa Maria, San Quintin, Dagupan City, Mangaldan, Manaoag, Bolinao, Anda, Bani, City of Alaminos, Sual, Labrador, Lingayen, Binmaley, Calasiao, Mapandan, Santa Barbara, City of Urdaneta)

Residents under Signal No. 2 may experience minor to moderate impacts from winds of 62 to 88 kph within 24 hours.

Signal No. 1

rest of mainland Cagayan including Babuyan Islands

rest of Aurora

northern portion of Quezon (General Nakar, Infanta) including Polillo Islands

Camarines Norte

northern portion of Camarines Sur (Siruma, Tinambac, Lagonoy, Garchitorena, Caramoan, Goa, San Jose, Presentacion)

Catanduanes

rest of Apayao

rest of Ilocos Norte

rest of Pangasinan

rest of Nueva Ecija

northern portion of Bulacan (Doña Remedios Trinidad, San Miguel, San Ildefonso, Norzagaray, San Rafael, Angat)

Tarlac

northeastern portion of Pampanga (Magalang, Arayat, Candaba, Mabalacat City)

northern portion of Zambales (Palauig, Masinloc, Candelaria, Santa Cruz)

Areas under Signal No. 1 could experience minimal to minor impacts from winds of 39 to 61 kph within 36 hours.

Severe winds

Typhoon-force winds may reach over 185 kph in areas under Signal No. 4. PAGASA warned of widespread damage to structures, power interruptions and uprooted trees in affected localities.

The state weather bureau also warned that the periphery of Paolo will bring strong to gale-force gusts over the following areas not currently under wind signals:

Friday, October 3: Batanes, Central Luzon, Metro Manila, CALABARZON, Bicol Region, Panay Island, Occidental and Oriental Mindoro, Northern Samar and Eastern Samar

Saturday, October 4: Batanes, Cagayan including Babuyan Islands, Ilocos Region, Zambales and Bataan

Sea conditions

Gale warnings remain in effect over the seaboards of Northern Luzon and the eastern seaboard of Central Luzon.

Very rough to very high seas: Up to 11 meters over the seaboards of Isabela and northern Aurora, extremely hazardous even for large vessels.

High seas: Up to 6 meters along the eastern seaboard of mainland Cagayan, western seaboard of Ilocos Norte, and seaboards of Ilocos Sur and La Union.

Moderately high seas: Up to 5 meters across remaining seaboards of mainland Cagayan, Ilocos Norte, and Babuyan Islands.

Rough seas: Up to 4 meters off Batanes, seaboards of Aurora, and northern and eastern coasts of the Polillo Islands.

Moderate seas: Up to 3.5 meters in northern Quezon, Camarines Norte, Pangasinan, Catanduanes, and Camarines Sur.

Slightly rough to moderate seas: Up to 2.5 meters in exposed waters of Quezon, Bicol, Northern Samar, and western Zambales and Bataan.

PAGASA strongly advised against sea travel in these areas as waves and swell heights may worsen with Paolo’s approach.

Track and intensity

Paolo is forecast to move west-northwestward and may make landfall over northern Aurora or southern Isabela on Friday morning or around noon.

After crossing Northern Luzon, it is expected to emerge over the West Philippine Sea by late Friday and exit the Philippine area of responsibility on Saturday morning, October 4.

The Department of Information and Communications Technology (DICT) is putting in place extra screws to tighten the cybersecurity requirements of the Konektadong Pinoy Act ahead of the entry of new players.

The draft implementing rules and regulations (IRR) of the Konektadong Pinoy Act showed that new data transmission industry participants (DTIPs) would have to undergo more scrutiny upon entry.

For one, the DICT will come up with guidelines detailing the risk profile per DTIP segment, with considerations for factors like market share, network coverage, among others.

Once a DTIP enters the market, it will be asked to comply with the cybersecurity requirements of the DICT to prevent unauthorized access and protect national security. They have to conform to principles of National Cybersecurity Plan 2023-2028 and its future iterations.

In particular, the DICT will mandate DTIPs to set up a computer emergency response team. They will also be tasked to adopt a secure software development life cycle and zero-trust framework.

DTIPs also have to subscribe to global standards, particularly the International Organization for Standardization, National Institute of Standards and Technology and Center for Internet Security.

On top of this, DTIPs will be mandated to develop and roll out a risk management plan covering business continuity, data classification and supply security.

Likewise, they will be required to submit to the DICT a vulnerability assessment and penetration testing and a material report for every cybersecurity incident encountered.

Afterward, DTIPs have to secure a cybersecurity certification from a third-party organization in two years from registration. They also have to obtain a certificate of compliance from the DICT to proceed with their operations in the Philippines.

Failure to comply with these certifications will lead to the suspension of their operations. If they fail to be certified in six months, the DICT will revoke all of their licenses, and they will forever be prohibited from setting up data transmission in the country.

Prior to its enactment into law, the Konektadong Pinoy Act was flagged by telco providers for its alleged neglect of cybersecurity protocols by giving new DTIPs two years to get certified.

Information Secretary Henry Aguda, in response, said the IRR would reinforce the cybersecurity aspect of the law that seeks to entice more telcos to offer connectivity to Filipinos.

Mindanao-based real estate and agro-industrial developer Damosa Land has become the first securities issuer to successfully register under the streamlined guidelines for selling or offering investment contracts through rental pool agreements.

The Securities and Exchange Commission (SEC) announced that it has approved Damosa Land’s rental pool program, making it the first securities issuer to successfully register under the streamlined guidelines for Securing and Expanding Capital in Real Estate Non-Traditional Securities (SEC RENT).

Rental pool agreements are defined by the SEC as investment contracts, where a property developer sells or offers units in real estate projects, such as condominiums, hotels, or resorts, to the public.

Under these arrangements, buyers contribute their units to a rental pool, which is managed and operated by the company or a third-party operator.

The buyers, in turn, are entitled to receive a share in profits earned by renting out the units to third parties.

The SEC RENT was implemented through SEC Memorandum Circular 12, Series of 2024. It streamlines the registration process for securities of real estate firms involved in selling or offering investment contracts through rental pool agreements.

The SEC en banc, in a meeting on Sept. 26, resolved to render effective Damosa Land’s registration statement covering 100 certificates of participation in the condotel project of TRYP by Wyndham Samal, subject to its compliance with remaining requirements.

The certificates, which are valid for 20 years starting from the date of the operation, cover 94 standard class condotel units with an offer price of P50,000 each, four deluxe class units worth P75,000 each and two suite class units with an offer price of P100,000 each.

All units in TRYP by Wyndham Samal will be enrolled under a mandatory condotel rental pool program.

The SEC said that each unit will automatically be included in the rental pool upon purchase, allowing it to be marketed, rented and managed as hotel accommodation for hotel guests without transferring ownership.

There will be a new feature in announcing the decision on a coach’s challenge in the PBA’s Golden Anniversary season that reels off at the Smart Araneta Coliseum on Sunday. The previous practice was the public address barker would simply announce the verdict without explaining why. This time, the calling referee will take to the microphone, announce the decision and explain why. While the announcement is being made, the large-screen video monitor in the venue will replay the contested action to show why the decision was made. The audio-visual connection may not be perfect at first but both PBA and broadcast coverer TV5/CignalTV will work closely to deliver the best possible synch for fans to appreciate the justification of the decision.

PBA commissioner Willie Marcial said it’ll be a challenge for referees to polish their communication skills. They’re not trained to be public speakers but with this innovation, they’ll get used to not just explaining a decision to the crowd but also communicating it to be understood. PBA head of operations Eric Castro said 23 referees are on the roster this season, one less from the starting lineup previously. Of the 23, three are rookies.

Marcial noted that another change is players on the court will now be allowed to huddle with their coach ‘on the bench area’ but will remain standing during a challenge review. The challengeable calls are act of shooting or sideline throw-in, traveling, flopping, eight-second violation, backcourt violation, 24-second shot clock remaining, blocking or charging, blocking or flopping and charging or flopping.

Still another innovation related to a challenge is in the course of a review, a violation is spotted and will be called ‘provided it took place in the same play phase.’ The situations where this will apply are third party contact, blocking or charging, foul on out-of-bounds or last touch call or all kinds of fouls, including charging and blocking. This follows the NBA practice. As an example, if a challenge is made on a last touch call and the review will spot a foul on the play, it will be called even without a challenge on the contact.

Marcial said in the last two minutes of the game, the referees may review a conversion, whether a two, three or four-pointer or free throw, on the immediate deadball. If the shot isn’t reviewed at that point, it may no longer be reviewed. This eliminates the controversy that happened during Game 1 of the Philippine Cup Finals last season where Mo Tautuaa’s shot with 56 seconds left was nullified on a table officials’ review with 6.2 ticks to go, creating confusion as it impacted the outcome.

Philippine billiards icon Django Bustamante will be the captain of Team Asia for the secon edition of the Reyes Cup set later this month.

Bustamante, a former world champion who was also a rival of Efren ‘Bata’ Reyes, will be the non-playing captain of Team Asia, opposite ‘Double J’ Jeremy Jones, who will take the helm for Team Rest of the World.

In the inaugural season of the Reyes Cup, Team Asia, made up of Johann Chua, Carlo Biado, Ko Pin-yi, Duong Quoc Hoang and Aloysius Yapp, brought home the championship against Team Europe, composed Jayson Shaw, Mickey Krause, Eklent Kaçi, David Alcaide and Francisco Sánchez Ruíz.

Now, there will be a much greater challenge for Team Asia, as they battle some of the best pool players from outside the continent.

‘It is such an honor to be named captain of Team Asia, especially here in the Philippines. The Reyes Cup means so much to our fans, and I will do everything I can to lead our team to defend the title Efren claimed,’ Bustamante said.

‘Last year was special, but this year we know the challenge will be even greater. Jeremy is a great champion and competitor, but I am ready to keep the Cup in Asia,’ he added.

For his part, Jones said that his long playing experience ‘is a real privilege.’

‘Team Asia will be tough, especially with Django at the helm, but we’re coming to Manila with one mission: to make history and take that trophy back with us,’ he said.

With captains confirmed, attention now turns to the final player qualification spots, to be decided at the Hanoi Open Pool Championship from October 7-12.

Wildcard selections will follow shortly thereafter.

Loan growth in the Philippines eased to its slowest pace in nine months as lending to businesses moderated in August despite resilient consumer demand, according to the Bangko Sentral ng Pilipinas (BSP).

Preliminary figures showed that loans disbursed by universal and commercial banks, net of their reverse repurchase placements with the BSP, expanded by 11.2 percent year-on-year in August, slower than the 11.8 percent increase in July.

The August reading marked the weakest growth in nine months or since the 11.1 percent pace in November 2024. On a seasonally adjusted month-on-month basis, outstanding loans rose by just 0.4 percent.

Bank loans reached P13.62 trillion in August, higher by P1.37 trillion compared to the P12.25 trillion recorded in the same month last year.

The BSP monitors bank loans because these are a key transmission channel of monetary policy.

Bank loans to residents expanded by 11.6 percent, also slower than the 12.4 percent increase recorded in July. Meanwhile, loans to non-residents posted a smaller contraction of 5.9 percent from the 8.1 percent decline a month earlier.

Borrowings intended to finance production activities grew by 9.9 percent, decelerating from 10.8 percent in July.

The rise in disbursements to the volatile real estate sector quickened to 11 percent in August from 10.7 percent a month ago with P2.77 trillion, followed by the electricity, gas, steam and air-conditioning supply sector with a slower increase of 28.1 percent to P1.7 trillion.

The growth in loans extended to the wholesale and retail trade sector slowed to 8.1 percent with P1.51 trillion. Lending also increased for financial and insurance activities (6.9 percent) and information and communication (7.5 percent).

On the other hand, loans to the manufacturing sector fell by 5.5 percent to P1.21 trillion, although this was better than the 6.3 percent decline a month ago.

Consumer loans remained a bright spot, sustaining strong growth of 23.9 percent in August from 23.6 percent in July. The BSP noted that credit card, motor vehicle and salary-based loans continued to drive this segment.

Credit card loans soared by 29.7 percent to P1.07 trillion from P827.43 billion. Auto loans went up by 19.4 percent to P513.06 billion, while salary-based general-purpose consumption loans inched up by 6.4 percent to P164.5 billion.

‘Looking ahead, the BSP will ensure that domestic liquidity and bank lending conditions remain consistent with its price and financial stability mandates,’ the central bank said.

Separate BSP data showed that the growth in domestic liquidity stood at 6.6 percent in August, higher than the 6.2-percent increase in July. Money supply stood at around P18.6 trillion.

The local stock market advanced for the second straight session as investors continued to take advantage of affordable share prices following a recent seven-day slump.

The benchmark Philippine Stock Exchange index closed yesterday’s session at 6,039.76, higher by 0.23 percent or 13.73 points.

The broader All Shares index also improved by 0.13 percent or 4.67 points, finishing at 3,659.29.

Philstocks Financial research manager Japhet Tantiangco said the local market extended its gains as investors continued with their bargain hunting.

‘The positive cues from Wall Street driven by Fed rate cut hopes help in Thursday’s session,’ he said.

All sectors were in the green, except for property which declined by 1.2 percent.

Total value turnover thinned to P5.56 billion from the previous day’s P6.8 billion.

Foreigners were net sellers with net outflows at P762.05 million.

Market breadth was negative as decliners edged out advancers, 95 to 89, while 65 issues were unchanged.

ICTSI remained as the session’s most actively traded stock, ending flat at P486 percent, followed by BDO Unibank and Ayala Land which dropped by 0.22 percent and 1.64 percent, respectively, to P138 and P24.

Among index members, SM Investments recorded the highest jump with a 2.03-percent increase, while SM Prime lost the most, declining by 2.18 percent.

Baguio City Mayor Benjamin Magalong cried foul over a plot to ease him out of the Independent Commission for Infrastructure or ICI as he lamented a ‘deep seated’ corruption in government.

Discussing his brief stint in the ICI, Magalong did not mince words in calling out ‘corrupt politicians, bureaucrats, Department of Public Works and Highways officials and contractors who made a cottage industry or a livelihood program’ out of ghost DPWH projects or substandard works.

Magalong also described as ‘shameless, callous and hypocritical’ the claim of former Ako Bicol congressman Zaldy Co that his resignation from the House of Representatives is the ‘ultimate sacrifice.’

‘There’s no transparency whatsoever. They’re just so comfortable doing it that they’re not afraid. Lately, a congressman involved, Zaldy Co, said he did not abandon it, that it was a sacrifice. My God! You stole from national coffers and you will say it was a sacrifice on your part and not an abandonment?’ Magalong said, referring to Co’s fellow Ako Bicol Rep. Alfredo Garbin’s statement that ‘Co’s act of resignation is not an abandonment, but a sacrifice.’

‘Is that how low our standards in Congress are already? Is that how shameless we are? How insensitive, callous and hypocritical. It is insulting to the Filipino mentality,’ he added.

Magalong said corruption is so ‘deeply rooted,’ noting a padded national budget following the ‘insertions’ of the lawmakers’ pet projects in the General Appropriations Act, even when these are not found in the executive spending plan in the National Expenditure Program.

For him, this has resulted in thousands of ghost projects, including a province that has up to 9,000 anomalous projects.

‘I had found out that it was so widespread and the magnitude so overwhelming, one cannot dispose of the thousands of cases in just a year. The Filipino people are not stupid, but they make us look stupid that we would not catch them out. It is insulting,’ Magalong said.

Hitting too close to home

Magalong, during a Senate science and technology committee hearing to discuss Baguio’s best anti-corruption practices and give inputs on Sen. Bam Aquino’s proposal to legislate ‘blockchain’ technology yesterday, said he was quietly pushed out of the ICI because his investigations upset powerful people.

‘I think I struck a nerve,’ he said, suggesting that his work ‘may have hit too close to home’ for some involved in alleged irregularities.

Magalong also expressed his ill feelings following a Malacañang press conference that cast doubt on his dual role as ICI special adviser and mayor as well as questioned his independence.

‘I was really surprised when suddenly I was asked in a press conference without even consulting me, and it was hastily arranged, to say I am not an investigator, but a special adviser,’ he said, referring to a Sept. 26 briefing of Palace press officer Claire Castro.

Castro had said that Magalong was appointed adviser, ‘not an investigator’ and that his role in the Discaya couple’s Baguio project could undermine the ICI’s independence. She was referring to a P110-million tennis court contracted by Curlee and Sarah Discaya, which was allegedly found to be substandard.

‘They called out conflict of interest, but it is them who made a workaround for me to be legal adviser. Suddenly, here comes a below the belt accusation that the Discayas have an anomalous tennis court project. That was too much. It’s like you are making me appear corrupt, which I will not take sitting down,’ Magalong said, citing his record of fighting corruption in government.

In a chance interview after the hearing, Magalong said he would rather not name anyone, but called out Malacañang’s ‘anomalous press conference’ and the ‘below the belt’ accusations against him.

The Philippine Deposit Insurance Corp. (PDIC) is set to auction off a wide range of assets, including farmland, residential and commercial properties as well as equipment, through its electronic public bidding platform on Oct. 29 to 30.

The bidding portal will accept offers starting 9 a.m. on Oct. 29 until 1 p.m. the following day. All submitted bids will be opened at 2 p.m. on Oct. 30, the state-run deposit insurer announced.

Up for sale on an as-is-where-is basis are 34 vacant agricultural lots, 15 vacant residential lots, eight residential lots with improvements, three agricultural lots with improvements and several mixed-use properties. The inventory also includes two commercial lots, two vehicles and a generator set.

The properties, which range in size to as much as 8.2 hectares, are scattered across 19 provinces, including Aklan, Batangas, Cebu, Ilocos Norte, Isabela, Laguna, Leyte, Negros Oriental, Pangasinan, Sultan Kudarat and Zamboanga del Norte. The vehicles and generator, meanwhile, are located in Oriental Mindoro.

Interested buyers may register once via the PDIC’s e-bidding portal or by accessing the ‘Assets for Sale’ icon on the PDIC website. A catalog with detailed descriptions, requirements and bidding conditions is also available online.

The agency reminded bidders to conduct due diligence on the assets, such as verifying ownership, status and physical condition, before making an offer.

Winners of agricultural properties will need to submit within 15 days a Certification from the Department of Agrarian Reform stating that the land is not covered by the Comprehensive Agrarian Reform Program and that no Emancipation Patent or Certificate of Land Ownership Award has been issued.

They must also file an Affidavit of Aggregate Landholdings confirming that their total landholdings do not exceed the five-hectare legal limit.

As receiver of closed banks, the PDIC sells remaining assets to help settle claims of uninsured depositors and other creditors.

Proceeds from closed bank asset sales go to funds managed by PDIC for creditors’ claims, while revenues from corporate asset sales are added to the Deposit Insurance Fund.