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Philippine National Bank (PNB) is set to shut down its offshore branch in Bahrain and dissolve two domestic subsidiaries as part of a continuing effort to rationalize operations and focus on core businesses.

In a disclosure, the Lucio Tan-led lender said its board approved the closure of its Bahrain branch and the dissolution of its consumer finance and enterprise services sectors.

PNB has over 70 overseas branches, representative offices and remittance centers across Asia, Europe, the Middle East and North America. It maintains correspondent relationships with more than 300 banks and financial institutions and over 90 overseas agents and tie-up partners worldwide.

PNB assured clients that the closure of the Bahrain office will follow regulatory procedures of both Philippine and Bahraini authorities to ensure smooth settlement of accounts.

‘On the closure of PNB Bahrain Representative Office, board approval is required before Notice of Closure is sent to the Bangko Sentral ng Pilipinas and before Letter of Intent is submitted to the Central Bank of Bahrain and Bahrain Ministry of Commerce,’ the bank said.

The filing also reported a slight reduction in PNB’s capital stock after the buyback of 47,402 common shares. The company’s authorized capital stock remains at 1.75 billion shares with a par value of P40 each.

PNB president and CEO Edwin Bautista earlier said the bank could sustain its earnings momentum in the second half, citing strong fundamentals, aggressive lending plans and ongoing digital transformation.

PNB earlier reported a 22-percent jump in net income in the first half to P12.5 billion. In the second quarter alone, the bank posted a 29-percent year-on-year increase to P6.4 billion.

Following allegations linking him to a kickback scheme involving Sen. Francis Escudero, tech executive Maynard Ngu has resigned from his position at a property firm.

In testimony from retired Department of Public Works and Highways (DPWH) undersecretary Roberto Bernardo, Ngu was alleged to have received P160 million in kickback funds on behalf of Escudero.

Ngu is the Chief Executive Officer of Cosmic Technologies, the company behind the Cherry Mobile brand.

In a disclosure to the Philippine Stock Exchange, Altus Property Ventures, Inc. announced a change in its board of directors.

Ngu, aside from being a businessman, also serves as President Ferdinand Marcos Jr.’s Special Envoy to China for Trade, Investment, and Tourism.

‘Please be informed that the Board of Directors of Altus Property Ventures, Inc. (APVI) has duly accepted the resignation of Mr. Maynard S. Ngu as independent member of the Board of Directors of APVI effective September 29, 2025,’ the disclosure statement read.

Ngu cited ‘personal reasons’ for his resignation.

Based in Ilocos Norte, APVI is a stock corporation incorporated as a property firm. The board that Ngu stepped down from is chaired business mogul Faraday Go, the brother of Marcos’ economic and investment special assistant, Frederick Go.

Bernardo claimed he was friends with Ngu and alleged that Ngu received kickbacks on behalf of Escudero. Bernardo also claimed that Ngu was present when Escudero personally thanked him for the money.

Escudero has denied all allegations, calling them part of a scripted narrative being used against him. The former Senate president has since vowed to prove himself innocent.

The flood control issue has drawn national attention, as billions of pesos are suspected to have been lost through flood control kickback schemes allegedly involving lawmakers and officials from the DPWH.

The local stock market fell deeper in the red, opening the week below the 6,000 mark and extending its decline to a sixth consecutive day.

The benchmark Philippine Stock Exchange index (PSEi) slipped by 0.49 percent or 29.52 points to end at 5,997.60.

The broader All Shares index also inched down by 0.23 percent or 8.46 points, settling at 3,636.34.

‘The PSEi fell below the 6,000 mark as prices continued to decline despite last week’s all-red performance,’ Luis Limlingan of Regina Capital.

‘Selling pressure remains strong, with the market still lacking any positive catalyst,’ Limlingan said.

Limlingan said that adding to the bearish sentiment are the ongoing uncertainties in the country and the continued depreciation of the peso against the dollar, which is dampening confidence among both local and foreign investors.

Trading was anemic as total value turnover stood at P4.72 billion.

Sectors were dominated by those in positive territory, led by mining and oil with a 5.32-percent jump.

Services and financials, meanwhile, fell by 1.58 percent and 1.23 percent, respectively.

Decliners edged out advancers, 106 to 100, while 58 issues were unchanged.

BDO Unibank was yesterday’s top traded stock, plunging by 2.6 percent to P135 per share, followed by ICTSI with a 2.63-percent drop to P481.

MREIT Inc. is considering the infusion of mall and retail assets from its sponsor, Megaworld, to diversify its portfolio, which is targeted to reach one million square meters of gross leasable area (GLA) by 2027.

The infusion of mall assets seeks to capture the continued growth in consumer spending and the strong momentum in mall leasing, complementing MREIT’s established base of high-occupancy office assets.

‘Our goal is to diversify our portfolio and expand our revenue base. So while the country is experiencing an impressive growth in consumer activities, we want to tap into these opportunities. This will enable us to deliver both growth and diversification, keeping our portfolio resilient and relevant for the years ahead,’ MREIT chairman Kevin Tan said.

MREIT said that property giant Megaworld continues to hold a substantial portfolio of income-generating assets, including around one million square meters of office GLA and 500,000 square meters of retail GLA that may still be infused over time.

The company said that this deep pipeline provides flexibility and underscores the long-term growth runway as MREIT accelerates toward its one million square meter target.

In terms of Megaworld Lifestyle Malls, foot traffic and sales across the country have already surpassed pre-pandemic levels, with strong leasing activities from both global and homegrown brands.

Mall occupancy has also reached a record 93 percent as of end-June.

‘This favorable environment underpins MREIT’s strategy to bring in more retail assets in the future, ensuring that its portfolio captures both the growth of business process outsourcing and the resurgence of Philippine consumer spending,’ the company said.

MREIT’s current portfolio spans across Megaworld’s key townships, particularly in Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park and Davao Park District, with occupancy consistently among the highest in the industry.

The company remains focused on expanding its portfolio through accretive acquisitions, while maintaining strong dividend payouts to investors.

Spotlight back on local volley.

The Premier Volleyball League is kicking off its Reinforced Conference on Oct. 7 with the country still buzzing from the just concluded FIVB Men’s World Championship where the Philippines showcased its growing volleyball prowess on the global stage.

Eight of the 12 PVL teams including ‘On Tour’ and Invitational champion PLDT have acquired imports in preparation for the tourney.

The High Speed Hitters have enlisted 33-year-old Russian Anastasia Bavykina as early as two weeks ago. Bavykina has been blending well with the team that should be spearheaded by Savi Davison.

‘She fits well into the team and should provide stability and experience,’ said PLDT manager Bajjie del Rosario of the outside hitter who last suited up for Yenisey Krasnoyarsk back home in Russia.

League powerhouse Creamline was actually the first to tab an import in American spiker Courtney Schwan, who came in a week ahead of Bavykina.

The 29-year-old Schwan was from Auburn, Washington and came off a triumphant stint with the Orlando Valkyries in the Major League Volleyball championship in the United States and should play a pivotal role in the Cool Smashers’ quest for an 11th crown.

For Cignal, Greek outside hitter Eva Chantava is the reinforcement whom the team hopes to help them earn a shot at a breakthrough title.

Other reinforcements who have flown in are Cuban Yunieska Batista for Chery Tiggo, Belgian Helene Rousseaux for Farm Fresh, American Anna DeBeer for ZUS Coffee, Spaniard Paola Martinez Vela for Nxled and returnee Jelena Cvijovic of Montenegro for Galeries Tower.

A former Philippine National Police chief has been appointed investigator and special adviser to the Independent Commission for Infrastructure (ICI), replacing Baguio City Mayor Benjamin Magalong – also a retired PNP official – who resigned just two weeks after his appointment to the post.

Malacañang announced yesterday the appointment of retired Gen. Rodolfo Azurin Jr., who served as PNP chief from August 2022 to April 2023.

‘The administration is confident that General Azurin’s experience and leadership will further strengthen the commission’s mandate to uphold accountability and transparency in the use of public funds,’ the Office of the President (OP) said in a statement.

Sought for reaction to his appointment, Azurin, who is abroad, told The STAR via Messenger, ‘I will be honored to help the administration in its ongoing investigation and to support the call of the President for better governance for a better Philippines.’

Azurin will assume his duties after concluding his personal and administrative arrangements, according to the OP statement.

A graduate of the Philippine Military Academy’s Makatao’ Class of 1989, Azurin served as commander of the Northern Luzon Police Area, which covers the Ilocos, Cagayan Valley, Central Luzon and Cordillera regions.

Azurin was embroiled in the alleged cover-up of the P6.7-billion shabu haul involving high-ranking PNP officers, which the Senate had investigated.

He was later cleared in the Senate committee on public order and dangerous drugs’ investigation on the controversy.

President Marcos, meanwhile, expressed his gratitude to Magalong for his service and contributions to the administration’s anti-corruption efforts.

‘His efforts in safeguarding the integrity and credibility of the commission have been vital to the government’s campaign against corruption in infrastructure projects,’ the OP said.

In a letter to the President which circulated on Friday, Magalong said he resigned as special adviser to the ICI to spare it from doubts related to his appointment. ‘This was not an easy choice,’ Magalong said in a statement, ‘but one I believe is necessary.’

Pasig Mayor Vico Sotto meanwhile clarified that he had never been offered the job of IC advisor and investigator, contrary to a report on a news channel.

In a Facebook post, Sotto said he was misquoted by Bilyonaryo News Channel when asked if he would accept the ICI post following the resignation of Magalong, who is a co-convenor in the Mayors for Good Governance (M4GG).

Aside from Sotto and Magalong, the other convenors are Quezon City Mayor Joy Belmonte and Isabela City Mayor Sitti Hataman.

‘I was quoted wrong. If you listen carefully, what I said was, ‘Nag-release na po kami ng statement.’ What I was referring to was our statement from M4GG in support of Mayor Benjie Magalong,’ he said.

After being called out for its decision not to livestream its proceedings, the ICI said it would make sure its probe on corruption in flood control projects would be insulated from political interference.

‘It’s important that we maintain the integrity of the commission,’ ICI executive director Brian Keith Hosaka said yesterday. ‘We don’t want the commission to be used for any political agenda.’

He maintained that the ICI’s investigation is a process that involves careful assessment of every piece of evidence laid out before the three-member body.

‘It’s hard to simply believe the statement of one witness, especially if his or her background is unknown,’ Hosaka said.

‘The commission needs to be prudent so that the cases filed would be supported by correct evidence and hold judicial scrutiny,’ he added.

Hosaka reiterated that the committee would not be beholden to any political party.

‘We will be independent,’ he said, adding, ‘We will not allow any group to use us for any political agenda or leverage because we want to seek the truth. We want to know who was really responsible for this mess. We owe that to the Filipino people.’

‘Currently, the ICI hearings are not livestreamed. This is the present policy of the commission. The initial hearings, so far, are for purposes of case build-up for criminal, civil and administrative action,’ He said in a statement.

Sen. Francis Pangilinan urged the fact-finding body to reevaluate its decision in the name of transparency. ‘Do not test the people’s desire to know the truth,’ he warned in a post on X.

Officials and members of the Minority Bloc in the House of Representatives have also expressed objection to limiting public access to ICI investigation.

‘ICI was created to seek for truth, justice and accountability. And transparency is an essential ingredient thereof, since its purpose would be defeated if its hearings are not accessible to the public,’ complained House Deputy Minority Leader Leila de Lima.

‘It also serves as a venue for those accused or implicated to clear their names. For the policy to come from ICI itself about the possibility of a trial by publicity, does it then mean that it cannot trust itself that it can handle such types of investigation?’ she asked.

‘This is very disappointing and frustrating – a body with limited powers to investigate anomalous flood control projects and which is merely a recommendatory board, is not fully accessible to the public,’ the former senator and justice secretary said.

Minority House members Marcelino Libanan (4Ps party-list) and Perci Cendaña of Akbayan party-list also voiced objection to ICI’s decision.

‘There’s no real accountability without transparency. Let the people in. The people have all the right to watch the ICI proceedings precisely because the funds that were stolen were the taxes that they have paid religiously,’ Libanan said.

‘To begin with, the corruption took place because the process was not transparent in the first place – from the bicameral conference committee up to the project implementation stage. And now, even the investigation itself does not have any transparency at all?’ Cendaña pointed out.

The three-time defending champions University of the Visayas (UV) Green Lancers stretched their unbeaten streak to five games while the Cebu Institute of Technology-University (CIT-U) Wildcats scored a breakthrough win in the Cebu Schools Athletic Foundation, Inc. (CESAFI) Season 25 basketball tournament at the Cebu Coliseum over the weekend.

Paul John Taliman bagged 19 points on top of five rebounds, one assist and two steals while the league’s 2023 MVP Kent Ivo Salarda nearly delivered a triple-double with 18 points, 13 rebounds, seven assists and four steals as the Lancers pummeled the University of the Philippines (UP)-Cebu Fighting Maroons, 92-74, to pull away further in the leaderboard with a perfect 5-0 record.

Not to be outdone, Rovello Robles cashed in 16 points, four rebounds and two steals while Zylle Cabellon added 10 points, two rebounds, seven assists and four steals for the Lancers, who used a fierce second-half attack to thrash the Fighting Maroons.

Ahead by just six at halftime, 43-37, the Lancers staged a sizzling rally bridging the third and fourth quarters to lead by as much as 21 points, 83-62, that sent the Fighting Maroons reeling the rest of the way.

Andrew Padilla topped UP with a game-high 20 points laced with six rebounds and three assists.

AJ de los Reyes, Wenraye Sarol, and Kent Joshua Cabanlit combined for 33 points, 12 rebounds, and four assists but fell short in the end as the Fighting Maroons stayed listless in three starts.

In the other collegiate duel, the Wildcats outfoxed the University of Southern Philippines Foundation (USPF) Panthers, 72-65, to give their new head coach Felix ‘Donbel’ Belano, Jr. his first victory.

Jerian Marc Abello was the man of the hour for the Wildcats with 23 points, four rebounds, two assists and three steals as they snapped a three-game jinx.

Regie Ayon, Bruce Angelo Pinuela, and John Rey Guinita connived for 27 points, 22 rebounds, six assists, and two steals while Christ Mark Codillo also made his presence felt with 12 rebounds to go with his seven points, two assists and a steal for the Wildcats, who never looked back after establishing a 13-point advantage, 59-46, early in the final period.

Keaton Clyde Taburnal finished with 16 points, four rebounds, and two steals, Janjan Peteros scored 12 with one rebound, two assists, and three steals, while John Howard Taala had 11 points, three rebounds, four assists, and three steals but to no avail as the Panthers dropped to 1-2.

In high school play, the University of Cebu (UC) Baby Webmasters and the Benedicto College (BC) Baby Cheetahs both improved their records to 2-1 after trouncing their respective rivals.

Jape Mamza fired 22 points with eight rebounds, one assist and three steals while John Day Jorquia posted a double-double of 10 points and 11 rebounds to power the Baby Webmasters to a 77-57 rout of the USPF Baby Panthers.

In the other result, Kyle Nalisa produced an all-around performance of 16 points, 12 rebounds, four assists, three steals, and four blocks while Lance Andrei Villarin and Hans Alcantara tallied 22 points, eight rebounds, five steals, and three blocks in between them as the Baby Cheetahs sent the San Carlos School of Cebu (SCSC) Baby Warriors crashing to their third straight loss, 62-48.

Catholic schools were not among those the government recently flagged for claiming funds for non-existent voucher beneficiaries, or those called “ghost students,” according to the Catholic Educational Association of the Philippines (CEAP).

Fr. Karel San Juan, SJ, CEAP president, clarified this at a press conference on Tuesday, September 30, where he was asked whether Catholic schools were involved in the anomalies in the Department of Education (DepEd)’s multi-million senior high school voucher program.

“They do not come from the Catholic schools,” San Juan said.

The “ghost students” were uncovered by the Private Education Assistance Committee (PEAC), a government mechanism that certifies the schools receiving funds in the voucher program and monitors their compliance with rules, San Juan said.

PEAC verifies that schools part of the voucher program actually exist and have proper systems to handle government subsidies.

“When they do their very systematic certification and monitoring work, that’s where they discovered the ghost students. And in the past, we have released statements on that,” the CEAP president said.

Earlier this month, DepEd Secretary Sonny Angara said that they have filed criminal cases against private schools that were caught defrauding the voucher system, which pays schools directly for the subsidized tuition of qualified Grade 11 and 12 students.

Angara told the House appropriations committee that DepEd had filed cases against seven unnamed private schools accused of claiming subsidies for ghost beneficiaries. The total amount involved is P61.9 million, Angara said.

In July, DepEd said it could recover over P100 million in fraudulent claims, in addition to the P65 million already ordered refunded by 54 schools that were removed from the program for listing students who were either ineligible or fictitious.

‘Bad name’ for private schools

CEAP treasurer Br. Edmundo Fernandez said the discovery of these “ghost students” is hurting the private school sector.

“There are many schools that have ghost students. These schools exploit these subsidies and it’s a serious concern for CEAP,” said Fernandez, who is also president of De La Salle-College of St. Benilde.

“In fact, it gives a bad name to Catholic and private schools,” Fernandez said.

CEAP, which represents around 1,500 Catholic schools, said it is cooperating with DepEd on the issue by strengthening its own monitoring.

“We have a self-monitoring mechanism to monitor that we are complying with the standards of government to be given government funding,” the CEAP president said. “Pero may mga nakakatakas pa rin (But there are still some that escape monitoring). The good thing is we can monitor and flag them.”

The voucher system currently covers students at the junior and senior high school levels, with subsidy amounts ranging from P9,000 to P13,000 per student.

CEAP is pushing for its expansion to include elementary school students amid its declining enrollment and rising operational costs, which it said are worsened by competition with tuition-free government-run schools.

For many Filipinos, the dream of earning a global education often comes at a cost-literally and figuratively.

It’s a dream that often feels out of reach. The idea of studying abroad entails high tuition fees, long distance and being far from home and loved ones. But what if you could earn an international degree without ever leaving the country?

The collaboration between Mapúa University’s E.T. Yuchengco School of Business, School of Medicine, School of Health Sciences and School of Nursing, and Arizona State University® (ASU) is making the dream of earning a global degree at home possible. Students in the Philippines can now access innovative, world-class, and internationally recognized education without the hefty price tag or the need to move overseas.

‘Through the collaboration, we are able to strengthen our efforts to providing future-ready and globally competitive learning that responds to changing demands of the evolving market. We are preparing our students to be global citizens and this collaboration allows them to work with international peers, adopt global perspectives, and understand how to thrive in diverse environments,’ said Dr. Dodjie Maestrecampo, president and CEO of Mapúa University.

The modern path to global learning

The collaboration delivers transnational education, a modern approach to learning that involves cross-border ties between two educational institutions. It allows students to take programs and degrees from another university without relocating. By bridging higher education institutions across different countries, transnational education makes global education more accessible to students worldwide. It brings the world’s top universities and their expertise into local campuses and translates their learnings into the context of a student’s home country.

In the Philippines, global education is gaining traction with the government passing the Transnational Higher Education Law in 2019 to expand ‘access to educational services.’ It aims to ‘modernize the Philippine higher education sector and bring international quality standards and expertise into the country.’ This is now redefining what it means to earn a global degree in the Philippines.

The collaboration between Mapúa University E.T. Yuchengco School of Business, School of Medicine, School of Health Sciences and School of Nursing, and ASU® provides students with access to ASU®’s world-class programs and curriculum in the country. Also, the faculty has access to ASU®’s content repository to enhance their teaching materials and practices. This has eliminated economic, geographic and cultural constraints, making global learning accessible to students in the Philippines.

For students aspiring to study abroad, this model presents a compelling alternative: the prestige and intellectual challenge of an international degree, at a fraction of the price. It helps Filipino families achieve global ambitions without uprooting their lives. Beyond cost savings, it also promotes cross-border engagement, improves cultural competence, and prepares students for work in multicultural environments.

Innovation-driven learning

In addition to the integration of global curricula, what makes the collaboration stand out and innovative is the cultural and knowledge exchange between two recognized educational institutions. Mapúa University, and its subsidiaries Mapúa Malayan Colleges Laguna and Mapúa Malayan Colleges Mindanao, were all equipped and designed with respective Global Classrooms, enabling students to attend cross-boundary classes in real-time virtually.

Through the Global Classroom, Mapúa students engage with faculty from ASU® and the ASU®-Cintana Alliance network and peers, helping broaden their international perspective and culturally immerse themselves in an international learning environment. This prepares them to tackle real-world challenges while developing cross-border skills that are highly sought by multinational and international employers.

The collaboration also uses cutting-edge technology to enrich learning experiences. Mapúa’s virtual learning environment, augmented by ASU®’s new and relevant practices, allows for highly interactive and immersive learning.

As technology evolves, with remote working and global mobility changing the face of industries across the board, innovative transnational education becomes necessary for graduates to thrive in the workplace of tomorrow. The collaboration positions students at the forefront, imparting the technical and adaptive skills they need.

A global future that starts at home

Students today increasingly seek advanced programs that offer flexibility, local and international relevance, and global competence. Mapúa University addresses this head-on, inviting Filipino students and their families to invest in a future with endless global opportunities.

As Mapúa University’s transnational education continues to evolve, it sets the benchmark for how other universities around the region, and beyond, would deliver global learning. Technology is continuing to blur national borders, and transnational education is now becoming a way forward into accessible, innovative, and future-ready global education for Filipinos.

Authorities have pegged the damage caused by the recent typhoons and floods in the agriculture sector in Central Luzon and Negros Occidental at more than P87 million.

In a report, the Central Luzon Regional Disaster Risk Reduction and Management Council reported more than P30 million worth of rice crops destroyed in Nueva Ecija and nearly P21 million in Bulacan.

The council also reported P5.7 million worth of rice crops destroyed in Bataan, P16 million in Tarlac and P8.5 million in Zambales. Pampanga registered a loss of P652,863 in rice crops.

In Negros Occidental, the Office of the Provincial Agriculturist reported an initial P2,530,481 in losses to agricultural crops and fisheries due to heavy rains and flooding brought by the southwest monsoon and enhanced by Tropical Storms Mirasol, Nando and Opong.

Provincial agriculturist Dina Genzola said in her report to Gov. Eugenio Jose Lacson that 116.4 hectares of agricultural crops in 18 barangays of San Carlos City and the towns of Moises Padilla, Isabela and Don Salvador Benedicto were damaged by flooding.

Genzola said at least 159 farmers were affected, as of yesterday’s count.