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Maynilad Water Services Inc. has cut the maximum offer price for its initial public offering (IPO) to P15 per share from P20 per share after locking in cornerstone investors.

This values the prospective equity deal at P34.33 billion at the most, down from P45.8 billion previously.

It follows the commitment of International Finance Corp. and Asian Development Bank to invest up to $245 million in the concessionaire’s IPO. Maynilad president Ramoncito Fernandez confirmed there were other cornerstone investors, although he stayed mum on the details.

Offer period

Maynilad will announce its final offer price on Oct. 20.

The offer period will run from Oct. 23 to Oct. 29. The shares will be listed on the main board of the Philippine Stock Exchange on or before Nov. 7 under the ticker ‘MYNLD.’

This is the second time that Maynilad has adjusted its IPO timetable, citing the need to give investors more time to assess the company’s business model in order for them to make ‘informed investment decisions.’

The West Zone concessionaire is required to offer to the public at least 30 percent of its outstanding capital stock on or before January 2027 as part of its agreement with the government. /dda

A tech-billionaire who eventually became a government envoy, Maynard Ngu is now in the middle of a scandal regarding irregularities in flood control and other infrastructure projects.

Ngu, a businessman, has been linked to the issue last week, Sept. 25, with former Public Works Undersecretary Roberto Bernardo alleging that he is the ‘bagman’ of Sen. Francis ‘Chiz’ Escudero, who was ousted as Senate President on Sept. 8.

As Bernardo pointed out in his testimony and affidavit, Ngu had asked him to submit a list of projects, which are to be funded through insertions in the General Appropriations Act (GAA).

Bernardo also testified under oath at the Senate blue ribbon committee that he personally met with Escudero twice at Cork, a high end wine bar in BGC.

At the first meeting with Escudero, Bernardo said the senator told him in Filipino: ‘I know the goings on in your department, tell your boss (the DPWH chief) to give me projects. (Alam ko ang kalakaran sa departmento mo sabihin mo kay sec na magbaba sa akin).’

The second meeting, also in Cork, with Escudero, Bernardo testified, came after the delivery of the supposed kickback from the projects that were inserted in the GAA. ‘Thank you,’ Bernardo quoted Escudero as telling him while shaking his hands.

The former official of the Department of Public Works and Highways said he had given Ngu the list and asked how they would proceed, revealing that they eventually agreed on a 20 percent kickback.

Bernardo stated that after the inclusion of the projects in the GAA, he delivered 20 percent of an estimated P800 million, or about P160 million, to Ngu, claiming that it was meant for Escudero.

Escudero denied the allegation.

‘I vehemently deny the malicious allegations and innuendos made by former DPWH Usec. Roberto Bernardo in today’s Senate Blue Ribbon Committee. By his own admission, he never had any contact with me directly regarding this matter – and I will prove that he is lying about my alleged involvement,’ he said.

Escudero did not mention Bernardo’s testimony about meeting him in person in Cork.

Ngu had donated P30 million to Escudero’s campaign in 2022, becoming the second government contractor who made a donation for Escudero.

Based on the investigation conducted by the Philippine Center for Investigative Journalism (PCIJ), Ngu is the chief executive officer (CEO) of Cosmic Technologies Inc., a contractor of the Department of Education.

This, even when campaign donations from ‘natural and juridical persons who hold contracts or subcontracts to supply the government [.] with goods or services or to perform construction or other works’ are prohibited by law.

As the CEO of the company behind the local cellphone brand Cherry Mobile, Ngu likewise donated cellphones worth P1 million to the campaign of Sen. Robin Padilla in 2022, the PCIJ said in a report published on Sept. 18.

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He is also a co-owner of Cork Wine Bar and Shop, where Escudero and his wife, actress Heart Evangelista celebrated their marriage renewal last year.

Based on the account of Bernardo, it was at the bar where he met with Escudero in 2023, as instructed by Ngu.

‘I met with the latter (Escudero) in a private room at the said establishment. While we were drinking wine, he told me: ‘Alam ko naman ang galawan niyo diyan sa DPWH. Okay naman ako. Sabihin mo kay Sec (Manuel Bonoan) magbaba sa akin,’ he said.

Another meeting in Cork came where Escudero said ‘thank you,’ according to Bernarfo’s testimony.

It was in the same year when Ngu was appointed by President Ferdinand Marcos Jr. as special envoy to China for trade, investment and tourism.

Ngu, on Monday, Sept. 29, resigned from his post as independent director at Altus Property Ventures Inc.

President Ferdinand Marcos Jr. is expected to visit on Thursday, the victims of the magnitude 6.9 earthquake that struck waters northeast of Cebu province, Presidential Communications Secretary Dave Gomez said on Wednesday.

In an ambush interview on the sidelines of the House of Representatives’ plenary debates on the proposed 2026 national budget, Gomez was asked if Marcos would visit areas affected by the strong quake on Tuesday night.

In response, Gomez said cabinet officials went ahead to Cebu because Marcos visited victims of Typhoon Opong earlier.

‘Yes, the cabinet secretaries just went ahead of him to ground zero because this morning, the President visited the victims of the typhoon that hit Masbate.’ ‘But it’s highly likely, almost sure, that tomorrow, first thing tomorrow, the President will go to ground zero,’ he added.

According to Gomez, different government agencies like the Office of Civil Defense (OCD) and the Philippine National Police (PNP) have been moving to assist victims of the earthquake.

‘Well, first of all our President sends his sympathies, condolences to those whose relatives died after the strong earthquake in Cebu early this morning, actually the President immediately directed the entire cabinet, especially the frontline cabinet secretaries, to visit Cebu, or send their personnel to Cebu so that they can conduct damage assessment and determine the needs of the people there,’ he said.

‘Our cabinet secretaries quickly responded and they have their own recommendations and directives that our President acted upon, first of all of course is for OCD and our Bureau of Fire Protection to visit the area and help in conducting rescue and relief operations, our PNP is also there to ensure the peace and order situation,’ he added.

Gomez said health workers from the Department of Health were also sent to the affected areas, while both the Department of Energy and the Department of Trade and Industry have enforced a price freeze on fuel and electricity and on food and basic products, respectively, to avoid price manipulation.

Late Tuesday night, a magnitude 6.9 earthquake struck waters northeast of Bogo, Cebu, damaging heritage churches and other structures, and knocking out power in parts of the central Philippines.

In Bogo, at least 27 people have been confirmed dead according to the Provincial Disaster Risk Reduction and Management Office (PDRRMO).

As of posting time, the OCD said the death toll may be as high as at least 60 individuals. Initially, the Philippine Institute of Volcanology and Seismology (Phivolcs) measured the quake at magnitude 6.7 before upgrading it to a 6.9. The movement was tectonic in nature, and was recorded at a shallow depth of five kilometers below the ground.

Phivolcs then warned of a possible ‘minor sea-level disturbance’ and urged residents of Leyte, Cebu and Biliran to stay away from the coast. The warning was eventually lifted.

Earlier, House Speaker Faustino ‘Bojie’ Dy III said the House leadership is also discussing with district representatives how assistance can be provided for residents in quake-stricken areas.

Gov. Pamela Baricuatro’s proposed P10 to P11 billion budget for 2026 has raised eyebrows, especially since it slashes more than half of this year’s P25-billion allocation. Critics may view the move as a retreat from ambition, but the governor argues it is simply living within Cebu’s means. Provincial revenues average only P10 billion annually, yet past administrations approved ‘bloated’ budgets that looked impressive on paper but strained the province’s finances.

The cut is undeniably huge-around 56 to 60 percent. It breaks from a pattern of ever-increasing budgets under former Gov. Gwendolyn Garcia, during which annual appropriations ballooned from P18 billion in 2022 to P23 billion in 2024. Baricuatro calls this trend ‘wishful thinking,’ and instead pushes for realism: balancing spending with actual income.

What does this mean for Cebuanos? Large-scale infrastructure projects may slow down, but hospitals, schools, and nutrition programs stand to gain more. With P1.3 billion earmarked for health-care upgrades and significant funds for disaster readiness and malnutrition reduction, the shift reflects a bet on people rather than prestige. Paying off debts also signals fiscal responsibility-a step toward restoring investor confidence.

Of course, a leaner budget carries risks. Can essential services truly keep up with Cebu’s growing population? And will trimmed infrastructure dampen economic momentum? The answers will depend on how effectively the funds are spent and whether revenues grow in the coming years.

Baricuatro’s proposal is not just about numbers-it’s about trust. Instead of presenting an impressive but unrealistic budget, her administration is offering Cebu a reality check. The challenge now is whether less spending can truly deliver more for the people. The question is: are we ready to trade big promises for sustainable progress?

The government has deployed the ‘full force’ of its resources to northern Cebu following a magnitude 6.9 earthquake that struck on Tuesday night.

Assistant Secretary Rafaelito Alejandro, deputy administrator of the Office of Civil Defense (OCD), said national agencies have been directed to support local governments in Bogo City and nearby towns, which bore the brunt of the quake.

‘The full force of the national government has been mobilized to assist the affected communities,’ Alejandro said in a press briefing in Quezon City.

He added that this includes deployment of the Armed Forces of the Philippines, Philippine National Police, Philippine Coast Guard, Department of Health and other agencies for search, rescue, relief and clearing operations.

Nat’l deployments and relief operations

The Philippine Coast Guard deployed BRP Teresa Magbanua (MRRV-9701), one of its largest patrol vessels, to Cebu with 36 doctors, nurses, and other medical personnel carrying emergency equipment from Manila. The ship is expected to dock in Bogo City to support hospitals and evacuation centers.

‘The Coast Guard will continue to assist in recovery efforts to ensure the safety and welfare of affected families,’ Admiral Ronnie Gil Gavan, PCG commandant, said. The service also dispatched additional vessels, K9 units, and portable desalination systems to supply water in areas where systems were damaged.

The Philippine Air Force likewise mobilized assets, sending a C-130 cargo plane with rescuers from the 505th Search and Rescue Group and deploying Black Hawk helicopters for rapid assessments and relief delivery. On the ground, the 560th Air Base Group joined Army responders in conducting search, rescue, and retrieval operations.

The Philippine Army said it deployed 158 troops from the 53rd Engineer Brigade for search and rescue missions in northern Cebu and nearby provinces. Army engineers brought an ambulance and mission-essential equipment, reporting that they had rescued five people, treated five injured, and retrieved four bodies in affected areas as of Wednesday.

Meanwhile, the Police Regional Office 7 said it had mobilized 1,356 personnel across Cebu province for rescue, security, and relief missions, including units from the Cebu City Police Office, Cebu Provincial Police Office, and regional mobile forces. Police also reported 27 damaged buildings and three police stations affected as of Wednesday morning.

Casualties

At least 69 people were killed and 147 others injured after a magnitude 6.9 earthquake struck Cebu and nearby areas late Tuesday, the Office of Civil Defense (OCD) said on Wednesday. Assistant Secretary Alejandro said most of the fatalities were recorded in Bogo City with 30 deaths, followed by San Remigio with 22, Medellin with 10, Tabogon with five, Sogod with one, and Tabuelan with one.

Of the injured, 119 were from Bogo, 14 from San Francisco, five each from Tabuelan and Catmon, and four from Daanbantayan. However, Alejandro said earlier that these numbers may still change as data from the ground is verified.

‘These numbers are still fluid,’ he said. ‘The figures may change as we continue to validate reports from the field.’

The ‘Big One’

Moreover, Alejandro said the destruction in Cebu underscored the country’s vulnerability to earthquakes and should serve as a wake-up call for other high-risk areas, particularly Metro Manila.

‘In preparing for the Big One, what I can say is we are trying our best to make the agencies concerned prepared in terms of manpower, resources, and equipment,’ Alejandro said. ‘We can never be 100 percent prepared. What we can do is practice our plan, improve it, and anticipate.’

He added that disasters like the Cebu quake also provide an opportunity to assess government readiness.

‘These events, for us, are one way of practice. Can you imagine if this happened in Metro Manila last night?’ he said. Seismologists have long cautioned that the capital region could face a catastrophic ‘Big One’ earthquake should the West Valley Fault move, potentially resulting in thousands of casualties and widespread destruction.

The Department of Energy (DOE) said Tuesday that about P400 million will be needed to restore the electricity services in typhoon-hit Masbate.

Energy officials, led by their chief Sharon Garin, visited Masbate on Tuesday to assess the extent of the damage of Severe Tropical Storm Opong (international name: Bualoi) on power assets in the province.

Although there was no estimated damage cost yet, the DOE said transmission lines, distribution facilities, and generation units ‘sustained significant damage.’

Masbate, now under a state of calamity, was one of the hard-hit areas in Luzon and the Visayas during the onslaught of Opong, which made successive landfalls in the town of Palanas and Milagros early Sept. 26.

‘Moving with urgency’

A price freeze on all basic agricultural commodities has also been put in place in Masbate to ease the burden on typhoon-affected communities.

As of Tuesday, 1,394 farmers and fisherfolk in Masbate were affected by the storm, while over 1,000 hectares of farmland were devastated.

According to the initial assessment by the Department of Agriculture (DA) in Bicol, 781 ha were damaged, while 219 ha were destroyed. The combined production loss amounted to 1,236 metric tons, said DA Bicol information officer Lovella Guarin.

Most of the towns were still struggling with power outages and limited communication lines. The DOE said various electric cooperatives nationwide have been arriving in Masbate to speed up restoration efforts of Masbate Electric Cooperative Inc. (Maselco).

Among the teams of linemen helping restore power in Masbate were from Cebu, Albay, Catanduanes and Iloilo.

‘We are moving with urgency, but also with care. Safety remains our top priority for both workers on the ground and the public,’ Garin said in a statement.

She assured the residents there that they ‘will do everything they can to restore electricity as quickly and safely as possible.’

Aside from Maselco, 11 more electric cooperatives in nine provinces across four regions were still under the DOE’s monitoring after two typhoons, coupled with the southwest monsoon, battered the Philippines.

The DOE said areas covered by these cooperatives continued to suffer from partial power interruptions.

Residents of Masbate are in need of cash to purchase basic commodities and rehabilitate their communities a week after Typhoon Opong (international name: Bualoi) wiped out the province. President Ferdinand Marcos Jr. made the assessment on Wednesday during his visit to Masbate City, where he led the distribution of food packs, medicine, and cash aid, to the affected families. ‘I think we have managed to address most of the problems [in Masbate]. But the biggest issue that still needs our attention is the shortage of cash,’ the President told reporters at Nursery Elementary School, which serves as an evacuation center for Masbate City residents. ‘People cannot withdraw their own money because the banks are closed, since there is no electricity, and no internet,’ he added. The President said he had discussed the problem with Finance Secretary Ralph Recto, and the possible immediate solution was ‘to bring large amounts of cash’ to Masbate.

According to the President, he received reports that Masbate residents would withdraw money in as far as Legazpi City in Albay in mainland Bicol Region, or in nearby provinces in the Visayas. Only two branches of the Land Bank of the Philippines are open in the province, but they are in Masbate City and in Cataingan town, which is more than 70 kilometers away or a two-hour travel from the capital. ‘People are going to different places just to borrow money. But no one can loan them because of the situation,’ he said. ‘It’s a problem that we are going to have to solve very, very quickly,’ Marcos added.

‘It is very inconvenient for the people, but we will work on improving the situation as soon as possible.’ Masbate, which is under a state of calamity, was one of the hard-hit areas in Luzon and the Visayas during the onslaught of Opong, which made successive landfalls in the town of Palanas and Milagros on Sept. 26. The Department of Energy (DOE) earlier said that about P400 million will be needed to restore the electricity services in the province. Most of the towns were still struggling with power outages and limited communication lines. According to the DOE, various electric cooperatives nationwide have been arriving in Masbate to speed up restoration efforts of Masbate Electric Cooperative Inc. (Maselco), the province’s energy distributor.

‘Avatar: The Way of Water,’ the sequel to the 2009 film ‘Avatar,’ is returning to Philippine theaters for a limited theatrical release starting on Oct. 1.

The James Cameron-helmed film will be screened in the Philippines for a ‘one-week special engagement’ on Oct. 1, while it will hit international theaters two days later, according to a press statement.

‘Avatar: The Way of Water,’ which originally premiered in 2022, follows Jake Sully (Sam Worthington), Neytiri (Zoe Saldaña), and their family more than a decade after the events of the first film.

While Jake is already the chief of the Omatikaya clan, he and his family move to the Metkayina clan, the eastern side of their home planet Pandora – as it faces another colonization threat.

The film grossed over $2.3 billion and it bagged the Academy Award for Best Visual Effects. It is currently the third-highest grossing movie worldwide.

Joining Worthington and Saldaña are Sigourney Weaver, Stephen Lang, Cliff Curtis, Kate Winslet, Britain Dalton, Jamie Flatters, Trinity Jo-Li Bliss, Bailey Bass, and Jack Champion. /edv

Sofia Andres recounted being overcome by fear and panic as she was at a filming set in Cebu when the 6.9-magnitude earthquake struck the island on Tuesday, Sept. 30.

The actress narrated her experience through her Instagram Stories on Wednesday, Oct. 1.

‘Been filming in Cebu when the earthquake struck yesterday. Terrified, and the panic of being away from family hit me so hard,’ she said. Despite her frightening experience, Andres said she attended a commitment in Dumaguete, where her restaurant business with her partner Daniel Miranda is located.

‘But today I’m in Dumaguete, supporting each other, working nonstop, building dreams together,’ she added. ‘Life must go on, and I just keep praying for the best.’ In a separate post on her page, Andres further reflected on how the tragedy was an apparent reminder ‘how fragile everything can be.’

‘When the [6.9] magnitude earthquake struck, I was terrified, the panic, the rush of fear, and the thought that I was away from Manila, away from my family. That feeling of distance in moments like this is something I’ll never forget,’ she lamented.

‘Still, here I am now in Dumaguete, showing up because life doesn’t stop. Hustling, working hard, pushing myself for the dreams I’ve committed to. It’s not easy being far but I know this journey is shaping me in ways I can’t yet see,’ she added. ‘Sometimes I wish I could just pause, but life keeps moving. All I can do is pray for strength, for safety, for peace in the middle of uncertainty. And I remind myself these sacrifices, these risks, this constant hustle it’s all for something bigger than me.’

The Anti-Money Laundering Council (AMLC) has secured its third and broadest freeze order yet under the ongoing flood control corruption probe, widening a crackdown that has now immobilized 1,813 assets worth nearly P3 billion.

In a statement, the AMLC said the Court of Appeals (CA) issued the Sept. 30 directive covering 836 bank accounts, 12 e-wallets, 24 insurance policies, 81 vehicles and 12 properties.

The order built on two earlier directives and marks the most extensive asset freeze since the inquiry began.

‘Disrupting financial channels’

In all, the appeals court has frozen 1,563 bank accounts, 54 insurance policies, 154 vehicles, 30 properties and 12 e-wallets-assets with an estimated value of P2.9 billion.

The AMLC said the figure is expected to increase as the probe deepens.

‘By freezing a wide range of assets-such as bank accounts, e-wallets, vehicles, and properties-the AMLC is disrupting the financial channels used in corrupt activities,’ said Matthew David, the council’s executive director.

‘Our goal is straightforward: prevent stolen public funds from being dissipated and misused, recover them for the National Government, and ensure that those involved in money laundering are held accountable,’ he added.

Lawmakers’ assets

Last week, Justice Secretary Jesus Crispin Remulla said the AMLC was also preparing to block the assets of six individuals-including some lawmakers-being sued by the National Bureau of Investigation.

When a bank account is frozen, all activity-transfers, deposits, withdrawals and even account closures-comes to a halt. Banks are then required to comb through the accounts and review past transactions to determine whether they were used for illicit activity. Their findings are sent to the AMLC.

The freeze orders also covered insurance policies because they can serve as vehicles for concealing or moving illegal funds. For now, the AMLC is prioritizing such assets because they are easier to identify, locate and freeze.

Banks, personal properties

The directives may soon extend far beyond financial accounts, cars and real estate. David earlier said the council might also ask the CA to freeze personal properties-such as investments, jewelry and even virtual assets-if they are linked to the misuse of public funds.

He said the watchdog might also scrutinize banks after a congressional inquiry flagged large cash transactions linked to the flood control scandal, though he declined to confirm whether such a probe was already underway.