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Sen. Francis Escudero took to the Senate floor yesterday to accuse former speaker Martin Romualdez of orchestrating a ‘scripted farce’ to divert to the Senate public outrage over the multibillion-peso flood control scandal.

‘Lalabanan ko siya (I will fight him),’ Escudero said.

His diatribe was hurled days after the Department of Justice (DOJ) recommended the filing of charges against him and several senators, based on a sworn affidavit presented at a Blue Ribbon committee hearing.

Escudero said senators were being used as ‘fall guys’ while members of the House of Representatives linked to anomalous projects were being shielded.

Reacting to Escudero’s speech, Romualdez said it was a ‘script’ prepared by the camp of Vice President Sara Duterte, specifically by the so-called DDS or Duterte diehard supporters of their family.

Earlier, the DOJ listed Escudero, Senators Joel Villanueva, Jinggoy Estrada and former senator Ramon ‘Bong’ Revilla as among those facing criminal complaints in relation to the flood control scandal.

While former Rep. Zaldy Co was also recommended by the National Bureau of Investigation (NBI) for indictment and prosecution, Romualdez was not among those facing charges.

‘In the past weeks, it’s been very clear that public outrage over ghost and substandard projects is being diverted from those guilty to the Senate and to some of its members,’ Escudero said in Filipino. ‘Senators are being made fall guys.’

‘There’s only one person behind this script and zarzuela – Martin Romualdez,’ he said.

He cited testimonies from former marine M/Sgt. Jay Guteza, who told senators that he had personally delivered suitcases of cash to Romualdez’s residence, as well as earlier disclosures by Navotas Rep. Toby Tiangco.

Escudero recalled Guteza’s testimony about having delivered 35 suitcases containing cash to Romualdez’s residence.

‘Despite this, isn’t it perplexing that Romualdez has never been included in any investigation by the DOJ, NBI or AMLC,’ referring to the Department of Justice and the Anti-Money Laundering Council.

The senator alleged Romualdez had also weaponized the release of ‘for later release’ (FLR) funds and even used the impeachment complaint against the Vice President to pressure lawmakers.

The Vice President, who attended a budget hearing and conducted a press conference with reporters at the Senate in the morning, was present during the session after visiting allies in the chamber in the afternoon.

Escudero, who insisted he has ‘never been accused nor charged with corruption’ in his 27 years in public service, vowed to defend himself and the institution.

‘I will not allow justice to be weaponized against the innocent to protect the guilty. Let’s not follow the script of Martin Romualdez. Let everyone be held accountable and investigated – and this should include Martin Romualdez,’ he said.

Disbarment case

Escurdero, meanwhile, filed a disbarment case against lawyer Jesus Nicardo Madarang Falcis III over his ‘demeaning’ and ‘hateful’ social media posts.

In seeking Falcis disbarment, Escudero cited the lawyer’s several Facebook posts allegedly containing accusatory, defamatory, demeaning, speculative, hateful and/or malicious statements and remarks against him.

These, he said, are ‘all unbecoming of a member of the Philippine Bar and quite unfortunately, against a fellow member of the Philippine Bar.’

He also said Falcis’ ‘unwarranted and professionally irresponsible statements and remarks’ were made in connection with the issue on the government flood control programs, including the 2025 national budget deliberations.

‘Unfortunately, marked by ill-tempered and hateful language, respondent’s tirades in social media betray not only a lack of restraint and virtue expected of a lawyer, but also an inexplicable contempt for complainant,’ Escudero’s complaint read.

‘Clearly at stake is not only the complainant’s good name and reputation, but also the integrity and honor of the legal profession,’ Escudero said.

In a statement, Falcis said Escudero should be the one disbarred for violating Rule 139-B, Section 18 of the Rules of Court, which provides for the confidentiality of proceedings against a lawyer.

DDS script

Romualdez, meanwhile, shrugged off Escudero’s accusations. ‘With respect, what we heard was not an exposé but a DDS script – the same recycled accusations we have long seen on troll pages and social media posts. Nothing new, no iota of truth as well,’ the former speaker said.

‘It was a performance designed to profess loyalty and service to VP Duterte, and to position himself as her ally for 2028. The only service he is trying to render is not the truth, but of self-interest and political plans in the future,’ Romualdez, a first cousin of President Marcos, added.

‘Instead of answering the serious questions he himself must face, Escudero chose to deflect. He did not deny the allegations against him. He did not explain his own role in flood-control kickbacks. Instead of explaining himself, he took the blame game route,’ he said.

‘The truth is staring at us very clearly: the speech of Escudero is not about accountability, but only in the pursuance of his personal ambition,’ the congressman from the first district of Leyte province said.

‘For my part, I will continue to cooperate with every impartial investigation. My record can withstand scrutiny. I have nothing to hide. As for Sen. Escudero, kung tunay na pananagutan ang hanap, sa presinto na siya magpaliwanag,’ Romualdez said.

When the Women’s China Open first teed off in 2006, the occasion was quietly significant. At the time, women’s golf in the Middle Kingdom was still taking fledgling steps in the global game. The domestic circuit was modest, the talent pool limited, and the pathway to elite professional circuits like the LPGA Tour seemed distant, if not daunting.

Yet that first swing in Xiamen coincided with the dawn of a new era, one in which the nation’s most talented women would soon find their footing at home before spreading their wings abroad to challenge the best of the best and eventually write Chinese golf into the pages of sporting history.

Nearly two decades after the inaugural event, the transformation has been profound in China. From Feng Shanshan’s trailblazing major victory in 2012, to the steady rise of top players such as Janet Lin Xiyu, Yin Ruoning and Miranda Wang on the LPGA Tour, and milestone Olympic Games moments in Rio de Janeiro and Paris where Feng and Lin earned bronze medals, women’s golf in China has certainly propelled to the forefront with great force.

Such has been the impact and growth in China that golfers from across Southeast Asia, including Mafy Singson of the Philippines, are now looking at the CLPG Tour as the potential springboard for their careers as they dream for the stars.

At the heart of this rise has been the national championship. It is not just another stop on the calendar, it is the flagship event on the CLPG Tour, where every aspiring golfer aspire to join their idols and attain world-class stature.

For Feng, the country’s first major champion and its most iconic player, the Women’s China Open was an early inspiration especially when she saw first hand how Korean superstars Jiyai Shin, Kim Hyo-joo and Park Sung-hyun dominated on Chinese soil by winning the Open five times amongst them. Shin is a former World No. 1, Kim and Park are major champions and the trio holds a staggering 109 professional victories combined.

‘Growing up as a young golfer, the Women’s China Open was a tournament that held special meaning for me. The experiences I gained over the years played a pivotal role in shaping my career,’ said Feng, who has 22 career wins including 10 on the LPGA Tour.

‘In the early days, competing against strong Korean players (in the Open) showed us just how high the standard was, and it motivated me to work harder, stay resilient, and keep striving for success in the game,’ added the 36-year-old, whose best finishes include 2nd/2011, T3/2012, 4th/2016 and 3rd/2019.

Feng’s victory at the Women’s PGA Championship in 2012, one of golf’s majors, broke barriers for Chinese golf, but she has never overlooked the foundation that events like the Women’s China Open and the CLPG Tour provided. ‘I am proud to see Chinese golfers achieving success on the LPGA Tour, and I believe the future of women’s golf in China is exceptionally bright. Today, we have a growing pool of talented amateurs excelling on the CLPG Tour and winning tournaments, which bodes well for the years ahead. I am confident the next decade will be a remarkable era for women’s golf in China.’

For Janet Lin Xiyu, who has taken a temporary leave of absence from the LPGA Tour for the arrival of her first child, the Women’s China Open was both a launching pad and a personal milestone. She became the first Chinese golfer to lift the trophy in 2019, an achievement she cherishes as much as her achievements abroad which include a podium finish at the Paris Olympic Games last summer.

‘That achievement will always hold a special place in my heart, and I am proud to have contributed to the growth of our country’s golfing history,’ said the 29-year-old Lin, who owns seven CLPG Tour victories. ‘From the time I began competing, the Women’s China Open stood out as one of the most important tournaments on the calendar. It inspired me to push harder and strive for excellence. Like all great national Opens, it has played a pivotal role in developing women’s golf, providing a stage for Chinese players to challenge themselves.’

That sense of higher standards and bigger dreams has carried into the new generation. The 23-year-old Yin Ruoning, who has already captured a major championship and the World No. 1 ranking, treasures her formative experiences at the Women’s China Open where she finished tied fourth in 2018.

‘Competing in the Women’s China Open was always special to me,’ said Yin, who is now ranked World No. 7 and holder of five LPGA victories. ‘The tournament has a different feel about it and there is extra motivation and pressure to perform well. As a junior golfer then, I understood what the event meant to us and looking back, those experiences have been meaningful in my journey as a golfer.’

From the inaugural edition in Xiamen to this year’s groundbreaking move to Shanghai where the tournament, which is promoted by Sportfive, will be played at Enhance Anting Golf Club from October 17-19, all eyes will be on the next wave of Chinese and regional aspiring stars. The local starlets include a group of amateurs such as 18-year-old Wang Zixuan, Xu Ying, 16, and 15-year-old Zhou Shiyuan – all of whom have won on the CLPG Tour this season.

Wang, who has won once and posted three top-10s, said: ‘The leading Chinese players are a tremendous source of inspiration. truly admire their mental strength under pressure and their resilience. Witnessing the success of top players reminds me that behind every achievement lies countless hours of tedious, gruelling practice. This motivates me to devote myself even more wholeheartedly to the sport.’

The China LPG Tour has also provided opportunities for regional and aspiring golfers from Thailand, Malaysia, Singapore and Indonesia to sharpen their professional teeth, with the likes Sherman Santiwiwatthanaphong (Tha), Onkanok Soisuwan (Tha), Kan Bunnabodee (Tha), Jocelyn Chee (Mas), Ng Jing Xuen (May), Amanda Tan (Sin) and Patricia Sinolungan (Ina) benefitting immensely. With Thailand’s Jeeno Thitikul rising to World No. 1 recently, the importance of women’s golf growth across Asia-Pacific is not lost on many.

The upswing in fortunes is certainly testament the Women’s China Open is proving to be just the origin of greatness for women’s golf in the country and regionwide.

Playoff qualifiers San Juan and Rizal Province closed their elimination round campaign with victories over also-ran Marikina and Bacolod on Monday in the Manny Pacquiao Presents MPBL 2025 Season at the Marikina Sports Center.

The San Juan Knights trounced the Marikina Shoemasters, 78-61, in the second game to improve to 26-3 and finish No. 3 in the North Division behind the Abra Weavers (27-1) and the Nueva Ecija Rice Vanguards (27-2) in the round-robin elimination phase of the 30-team, two-division tournament.

The Rizal XentroMall Golden Coolers subdued the Bacolod Tubo Slashers, 78-72, in the nightcap to climb to 19-10 and retain the third spot in the South Division led by the Quezon Huskers (25-4) and the Batangas City Tanduay Rum Masters (19-10).

San Juan got 18 points and eight rebounds from former Mapua Cardinal Arvin Gamboa; 10 points and nine assists from Orlan Wamar; nine points from AC Soberano; and eight points from Raul Soyud.

Marikina, which exited with a 4-25 record, drew 12 points and eight rebounds each from Karl Penano and Jay Yutuc.

Rizal was powered by Michael Canete with 14 points, eight rebounds and three steals; Alwyn Alday with 11 points; Neil Tolentino with eight points, seven rebounds and four steals; and John Apacible with eight points and seven rebounds.

Bacolod bowed out with a 7-22 slate despite John Lemuel Pastias’ 15 points, Jan Gabriel Sobrenega’s 12 points, seven rebounds and six assists; and Aldave Canoy’s 12 points plus four rebounds.

The Davao Occidental Tigers weathered the Quezon City Galeries Taipans’ final assault and prevailed, 97-91, in the opener.

Ahead, 75-63, in the fourth quarter, the Tigers watched as the Taipans bunched 13 points, capped by Nino Ibanez’s triple, to seize control with 7:05 left.

Wowie Escosio, however, countered with back-to-back baskets to push Davao back on top en route to a 12-17 mark.

The Tigers stayed at No. 9 in the South and will tangle with No. 10 Cebu Classic (11-18) in the play-in for the playoffs.

Joseph Terso shone for the Tigers with 21 points, eight rebounds, five assists and four steals; followed by Escosio with 17 points and 10 rebounds; Harold Arboleda with 15 points, four assists and three rebounds; and Jeff Comia with 10 points, six rebounds and four assists.

Also-ran Quezon City dropped to 7-22 despite 17 points and seven rebounds from Jeff Javillonar; 13 points from Jayson Puray, 12 points and seven rebounds from Sidney Mosqueda; and 10 points each from Regie Tauto-An and 10 points plus six rebounds from Ibanez.

The league concludes the elimination round at the Robert Estrella Memorial Gymnasium on Tuesday, featuring games between Mindoro and Abra at 4 p.m., and host Pangasinan against Caloocan at 6 p.m.

ABS-CBN executive Lauren Dyogi revealed how the members of Nation’s Girl Group BINI were selected.

In an interview with Karmina Constantino on the latter’s “KC After Hours” YouTube channel, Dyogi said he began by looking at their heights which he was particular about.

“Director nga ako eh, so gusto ko rin visually, ‘yung symmetry at the same time, ‘yung hulma na halos magkakasing-katawan kasi if you see them dancing together synchronize, parang ang gandang tingnan di ba?,” the director explained.

Dyogi noted each member were only teenagers when the group was formed so there was need to measure their parents to see their literal potential for growth.

“There is a science to it. There is also science to the whole thing… Inaral namin ‘yun,” he added.

Dyogi continued by saying each member needed to have a core talent.

“The talent, dapat may basic ka man lang kasi we will train you eh. If you are going to follow the Korean template na sila nga di ba you don’t have to sing and dance, matuturuan ka nila, naniwala ako dun,” Dyogi went on.

“Kasi dati paniniwala ko dapat inborn ‘yung talent, ngayon hindi. ‘Pag inukulan mo ng panahon, inukulan mo ng pagtatiyaga, matutunan mo ‘yan.”

The ABS-CBN executive also said there was a need to form their chemistry.

“It doesn’t stop there kasi magkakasundo ba sila? ‘Yun ang hindi ko mapre-predict,” Dyogi explained, which was why members underwent a bootcamp and for a time were forced to live together because of the pandemic.

That situation led to the girls bonding, learning to care for one another and unite in a story.

“They came from the pandemic, and they came from a shutdown na talagang kinukwestiyon nila if matutuloy ba ‘to or hindi ba ‘to matutuloy? Paninidigan ko ba ‘to or hindi ko ito paninindigan? Because at that point nobody knew if it could be a success,” Dyogi ended.

Benjie Magalong is a dangerous man. All relentless people are.

When he starts something, he fully intends to complete it. When he begins investigating, he will not stop until he gets to the bottom of it all. When he finds the truth, he proclaims it with ardor.

When asked to investigate the massacre at Mamasapano, he refused to acquit a bungling administration. When asked to investigate the so-called ‘ninja cops,’ he did not care if he stepped on powerful toes. He did not become chief of the PNP because he cannot be cowed by the powers-that-be.

The House of Representatives did not dare summon him to the hearings on the flood control scam. The congressmen could not handle the truth spoken to their faces.

Magalong was competent, trained and courageous. The entrenched political elite fears such a man – especially one with an Igorot name. He is unlikely to play by the unwritten rules.

Because he had assiduously investigated the ‘kalakaran’ of our pork barrel politics – and was not hesitant to talk about his findings – Magalong had to somehow be coopted into the Independent Commission on Infrastructure (ICI). Involving him somehow as a nebulously defined ‘special adviser’ would add credibility to the proceedings. His credibility was a gift to a beleaguered administration.

Except that he took his role too seriously and worked too hard. That was not supposed to happen. He visited the far-flung ghost projects and invited media attention to them. At the rate he was going, it was only a matter of time before he began looking at the infra projects done in Ilocos Norte and Leyte.

Magalong, the only functioning component of the ICI, cannot be tamed. It was hard to convince the relentless investigator that some political personalities were untouchable. They tried to rein him in. Crudely, as is characteristic of the corrupt bums responsible for this colossal mess.

Soon enough the Palace mouthpiece, the one with an overblown fashion sense, began talking about ‘conflict-of-interest’ issues. She was planting intrigue when there should be none. She was later joined by a chorus of leftist groups who prefer to talk about a parking lot in Baguio City than look closely at a criminal cabal that looted taxpayer money in the hundreds of billions linked the the highest echelons of the political establishment.

Magalong promptly resigned. He was too honorable a man to play the silly games those involved in a monumental cover-up prefer.

This is just the first kink in the huge, richly funded apparatus intended to cut this colossal scandal down to size and spare the most prominent suspects. Forcing Magalong out, however, is likely to backfire. Exclusion will not silence this man.

Immediately after Magalong resigned, the ICI informs us there will be no live coverage of the proceedings. This will only make the commission a sort of black hole where scandals go to die.

The ICI decision to keep the public out throws a shroud over the inquiry. The commissioners will become like gnomes cobbling inside a rabbit hole – or grifting tailors fashioning the emperor’s new clothes. In the end, the plan might be for this underfunded and understaffed ‘commission’ to produce a dense report destined for the archives.

This, after all, has been the way our corrupt political elite dealt with scandals involving the corruption that rots away at the nation’s core: appoint some powerless fact-finding body, buy some time for the public outrage to dissipate, spread the blame so thinly it disappears like melted butter on hot toast, throw up a lot of distractions, jail a few of the most notorious and bury the rest of the thing in the archives.

This is a strategy that, unfortunately, worked time and time again. It works especially well in a country notorious for having a short memory – and an even shorter attention span.

We are witnessing the greatest corruption scandal in our scandal-prone history. Reformists should never let a good scandal go to waste. Today, however, we are in peril of doing that.

Those who have somehow insinuated themselves into leadership roles over the civil society hordes seem perfectly content to let the big fish go. They fear tumult and fear the possible outcome of a political explosion. Their fears – not the possibility of meaningful reform – dictate their strategy.

The regime might find comfort in the thought that Filipinos never revolt before Christmas. The air is simply too thick with cheer. While there is outrage, there is little desire to rebel. There is still time to put this colossal scandal in a box and bury it.

Our two most recent risings happened in February and January, when the weather is agreeable. But the rustlings began long before that.

There is certainly some rustling happening. But there is no rallying point. There is hesitance to direct the rage at the untouchables.

But there is more to be revealed. The revelations will happen when those who hold the secrets find the heroism to speak the truth.

The war between the contending factions will not wait for those still mustering courage. For some major players facing the prospect of becoming scapegoats, this has become an existential question. If they must go down, they will drag their rivals with them.

We know wealth and power are never strangers. In this country, they are cousins.

In the eerily quiet and refrigerator-cold Constabulary morgue in Camp Crame, the mother of Rolando Galman, the accused killer of Benigno S. Aquino Jr., ‘wept hysterically’ as she identified her son’s bullet-riddled body.

This was according to The New York Times, in a Nov. 4, 1983 article about the first public hearing of the Agrava Commission held the previous day.

Ferdinand Marcos Sr. formed the body to investigate the assassination of Ninoy Aquino on Aug. 21, 1983, a shocking and bloody Sunday that would later change the course of the country’s history.

The Agrava Commission was led by retired Court of Appeals Justice Corazon Agrava as chair, with lawyer Luciano Salazar, entrepreneur Dante Santos, labor leader Ernesto Herrera and educator Amado Dizon as members.

The hearing ‘opened in an auditorium at Camp Crame and focused on testimony about an erasure in the logbook of the Philippine Constabulary Crime Laboratory, where an autopsy was performed on the body of Mr. Galman about 10 hours after the shooting. His name was entered in a space where something else had been erased. All-civilian commission,’ the article said.

Clearly, the article shows that the public had access to the hearings, whether broadcast daily or open to everyone who wanted to be there.

Another New York Times article, published on Oct. 24, 1984, narrates:

‘At the beginning, the Agrava Commission raised some doubts as to its impartiality. The first session began with the five members singing the national anthem, hands over hearts, in front of a picture of the President.

‘But once the investigation got into full swing, it became clear that the board members were going about their task without restraint.

‘Soon, the hearings were broadcast daily on the radio, and the 400-seat auditorium in the government’s social security building in Manila, where the sessions were held, was often filled and sometimes overflowing.

‘In the 11-month investigation, the panel took testimony from 194 witnesses at 146 public hearings in Manila, Tokyo and Los Angeles. More than 1,400 photographic exhibits were examined.

‘The board’s efforts caught the imagination of the public and won the faith of many. One Communist witness said he had chosen to appear ‘because of what I have observed here – that justice still prevails in this small world.”

Credibility

I could barely read or write at the time Ninoy Aquino was assassinated or when the Agrava Commission was formed.

But now, decades later, I am able to go back to this period in our country’s history because the hearings were open to the public as captured in these newspaper records – The New York Times, Mr. and Ms. and many other publications.

I am writing about this now because the Independent Commission for Infrastructure (ICI) has announced – and has not changed its position as of this writing – that its hearings on the unprecedented flood control corruption scandal would not be livestreamed.

And here lies the big puzzle. An independent commission wants to conduct the hearings behind closed doors. But why?

This should not be the case. Keeping the proceedings away from the public eye diminishes the ICI’s credibility and goes against the principle of truth and accountability.

And in an angry nation seeking for answers, credibility is vital, now more than ever.

Trial by publicity, at this point, is already water under the bridge – ghost or not (oops, pun intended) – because the congressional inquiries are already aired live and social media is on overdrive, posting and reposting signs of ostentatious wealth of those implicated.

But it is exactly when the ICI hearings are made public that the respondents can refute the allegations against them and dish out their narratives. Anyway, they have all the best lawyers money can afford by their side.

On the other hand, it is when proceedings are shrouded in secrecy that suspicions abound.

Benjamin Magalong’s resignation

As it is now, the rumor mill is already abuzz with questions on why anti-corruption crusader and Baguio Mayor Benjamin Magalong resigned as special adviser to the ICI.

A source divulged that Magalong went to Laoag and talked to contractors. The next day, he resigned. Another tale alleges that the ICI was told to spare sacred cows.

For sure, his sudden departure from the ICI is already a big blow to the commission’s credibility.

In his resignation letter, Magalong said we must stand together for transparency, accountability and good governance and not allow corruption to steal our future.

Opening the hearings to the public, just as the Agrava Commission did, is precisely the first step needed to show that the ICI is indeed independent, sincere and transparent.

Anything less will surely lead to turmoil.

We must heed the lessons of history.

As reported by The STAR on Aug. 28, 2002, the Agrava Commission issued two different reports.

Agrava’s own report did not blame Ver for the death of Aquino, while the members’ report found him liable.

The then Tanodbayan court, the former name of the Office of the Ombudsman, acquitted Ver but convicted Gen. Luther Custodio and 15 other soldiers for the Aquino assassination.

‘The political turmoil that accompanied the Ver acquittal, the decision of Marcos to hold a snap presidential election, the claim of Aquino’s widow – Corazon – that she was robbed of the presidency were among the elements that culminated in the February 1986 people power revolt that ousted the strongman and propelled him into exile in Hawaii.’

Six police officers in Batangas were relieved from their posts for allegedly firing their guns during a birthday celebration of their fellow police officer in Barangay San Benito, Lipa City last week.

Col. Ruel Ferrer, internal affairs service regional director, said the six officers are being investigated for grave misconduct, adding that they could face sanctions that include suspension or dismissal from service.

Brig. Gen. Paul Kenneth Lucas, Calabarzon police director, assured the public that the case would be handled with transparency, fairness and firmness, noting that five of the six officers are already under the personnel holding and accounting section of the Batangas Police Provincial Office.

‘We will not allow the alleged misconduct of a few to overshadow the dedication and hard work of the majority of our police officers who continue to serve and protect the people of Calabarzon with honor and commitment,’ Lucas said in a statement.

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.