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Maynilad Water Services Inc. has finalized the offer price for its upcoming initial public offering (IPO) at P15 per share, potentially raising up to P34.3 billion.

The final price is lower than the previously indicated maximum of P20 per share.

Maynilad said the offer price was determined through a book building process and discussions among the company, joint global coordinators and joint bookrunners.

‘The gross proceeds from the offer will be P34.33 billion, assuming the full exercise of the overallotment option and the upsize option, as detailed in the use of proceeds section of the prospectus for the offer,’ the company said.

Maynilad will be selling up to 1.66 billion primary common shares to the public and a preferential offer of up to 24.90 million primary common shares to First Pacific Co. Ltd. from Oct. 23 to 29, 2025.

The IPO will also have an overallotment option shares of up to 249.05 million primary common shares and an upsize option of up to 354.70 million secondary common shares.

Proceeds from the sale of primary shares will be used by the company for its capital expenditure program for water, wastewater and customer service information system projects, as well as for general corporate purposes.

Maynilad is targeting to debut on the Philippine Stock Exchange (PSE) on Nov. 7 under the trading symbol ‘MYNLD.’

The IPO has so far attracted international cornerstone investors, with International Finance Corp. and the Asian Development Bank serving as lead cornerstone investors.

Also participating in the offer are United Kingdom’s Foreign, Commonwealth and Development Office, acting through its Mobilising Capital through Listed Products (MOBILIST); abrdn Malaysia Sdn. Bhd., a fund management company incorporated under the laws of Malaysia providing asset management services; Maven Investment Partners Ltd., a proprietary trading firm incorporated under the laws of England and Wales; the Maybank Group’s fund management arm Maybank Asset Management Singapore Pte. Ltd.; global asset management firm Robeco Switzerland Ltd. and QRT Master Fund-Torus Fund SP.

Joining as domestic cornerstone investors are BDO Capital and Investment Corp., BPI Asset Management and Trust Corp., Metropolitan Bank and Trust Co. and Security Bank Corp.-Trust and Asset Management Group.

Maynilad’s IPO will be the second company to list on the PSE this year, following Top Line Business Development Corp.’s P732.6 million IPO in April.

As global headwinds keep the Philippine IPO market quiet from 2024 to 2025 with companies and investors treading carefully, investment house Unicapital Group said that opportunities remain in sectors such as infrastructure, energy, health care, education, consumer, financial and tech-enabled services.

Unicapital said that IPO success in the current environment depends less on chasing fleeting market conditions and more on early and disciplined preparation.

‘An IPO isn’t just a financial decision, it’s a transformation of your business. By focusing on internal readiness and laying strategic groundwork during market slowdowns, companies can position themselves to seize the moment and maximize valuations as opportunities arise,’ Unicapital senior vice president for investment banking Pamela Victoriano said.

Unicapital said that going public is not the finish line but the start of a new chapter as public companies face elevated standards once listed.

‘Listing is just the beginning. What matters is building a legacy that thrives beyond IPO day, and that starts with strong governance, a clear growth story and the right team,’ Victoriano said.

The Philippines joins the 3rd Asian Youth Games opening rites at the Exhibition World Bahrain today hoping to stoke the fire provided by Kram Airam Carpio on her golden effort in pencak silat.

‘I hope our countrymen will continue to pray and rally behind our whole Philippine team,’ said Carpio, who on Monday night delivered the first gold for the 141-strong Phl delegation in this 45-nation, 11-day meet in the Bahraini capital.

The Asian Championship silver medalist struck gold in the girls’ 51 to 55-kilogram class with an emphatic 33-19 win over Qiken Dwi Tata Olifia of Indonesia – the cradle of this martial arts discipline making its debut in this quadrennial competition.

That precious gold instantly sent the country into third in the medal count, behind only Uzbekistan with five golds and a bronze and Southeast Asian rival Indonesia with a gold and a silver.

‘I felt a little nervous because I know I’ll be fighting against an opponent from Indonesia, which I know was the place where pencak silat started,’ said Carpio. ‘I just focused on what I needed to do to finish the job.’

It was a feat that the Filipinos badly needed as they embark on a mission to eclipse the country’s two-gold, three-silver harvest in the last edition in Nanjing, China 12 years back.

The two mints came from golfer Mia Legaspi and taekwondo jin Pauline Lopez while the silvers were from Princess Superal of golf, Francis Aaron Agojo of taekwondo and Jurence Mendoza of tennis.

And Philippine Olympic Committee president Abraham Tolentino has high hopes on their Bahrain delegation.

‘The team’s morale is high,’ said Tolentino. ‘Definitely, this will be far different from the previous one when we had two gold medals. With this opening salvo, there is a big chance we could outdo it.’

After the grand parade, the Philippines plunges into action in volleyball, teqball, golf, triathlon, mixed martial arts, taekwondo, muay, athletics, boxing, cycling, weightlifting, table tennis, badminton, wrestling, swimming, jiujitsu and kurash.

Four out of six senatorial candidates who received funds from contractors during the recent midterm elections won a seat, according to the Commission on Elections.

Comelec Chairperson George Garcia said the poll body is now verifying with the Department of Public Works and Highways (DPWH) whether those donors held government contracts. If confirmed, the donations could constitute a violation of the Omnibus Election Code.

“We’ve identified 26 contractors who helped national and local candidates [in the 2025 elections],” Garcia said during an interview with Radyo DZBB on Wednesday, October 22.

“Six senatorial candidates received help from these contractors, and we’re now verifying with DPWH if they’re public works contractors to determine if this falls under Section 95c of the Omnibus Election Code,” Garcia said in mixed English and Filipino.

Garcia told Philstar.com that four of the six senatorial candidates who received such donations won in May. He did not identify the candidates or disclose the amounts they received.

Both winning and losing candidates face potential sanctions if found guilty.

“Violation of Section 95 of the Omnibus Election Code is an election offense punishable by imprisonment of one to six years and perpetual disqualification to hold public office,” Garcia told Philstar.com.

Meanwhile, the Comelec has been waiting on the DPWH to confirm whether the contractors that allegedly donated to candidates during the 2022 elections also held government contracts.

‘For the 2022 elections, we are still waiting for the DPWH’s reply to our request for verification,’ Garcia said, adding that the Comelec has already reiterated its request to the department.

The poll body earlier identified 55 contractors who reportedly contributed or donated to 2022 electoral candidates. Of that number, only one contractor and one candidate have admitted to a P33-million contribution, allowing the Comelec to proceed with the case even without DPWH confirmation.

Garcia did not name the contractor and candidate.

However, the Comelec earlier said it would seek an explanation from Lawrence Lubiano, president of Centerways Construction and Development Inc., after he admitted during a hearing that he donated P30 million to the campaign of Sen. Chiz Escudero.

Escudero had, according to Garcia, already explained to the Comelec that he thought the donation came from a “private fund.”

“It’s been submitted for resolution and [we can] expect any moment a resolution from our Political Finance and Affairs Department,” Garcia said, adding he hopes for a decision within the month “to remove doubts not just from our citizens but from the accused contractors and candidates themselves.”

Section 95C of the Omnibus Election Code prohibits contractors with government projects from making direct or indirect contributions to candidates or political parties.

The National Bureau of Investigation is studying the possibility of rebidding the NBI’s building project in Manila after learning that the P2.4-billion contract was awarded to construction firms owned by Curlee and Sarah Discaya.

NBI Director Jaime Santiago said the bureau is awaiting guidance from Public Works Secretary Vince Dizon on the next steps to take regarding the project’s implementation.

The Philippine Contractors Accreditation Board has revoked the licenses of the Discaya-owned companies involved in the project.

Santiago said Phase 1 of the construction, which covered demolition works and the laying of the building’s foundations, has been completed.

The NBI will not seek to recover the P200 million paid to the Discayas for the first phase, Santiago said.

NBI engineers were ordered to inspect the project’s foundations.

Santiago clarified that the assessment being conducted by the NBI is not a probe into an anomaly at this point.

The NBI targets to finish its new central office by 2028. The project began in 2023, prior to Santiago’s assumption as NBI chief.

After demolishing the NBI office in Manila, the law enforcement agency moved to Quezon City from 2023 to 2024. The NBI is currently stationed in Pasay City.

In September, Santiago disclosed that two construction firms owned by the Discayas – Way Maker General Contractor OPC and St. Gerrard Construction – secured the contract for the NBI headquarters renovation.

Diversified engineering conglomerate DMCI Holdings Inc. will distribute a special cash dividend amounting to P6.4 billion.

In a stock exchange filing, DMCI said its board approved yesterday the declaration of a special cash dividend of P0.48 per share.

The dividend will be paid on Nov. 21,2025 to all shareholders on record as of Nov. 5, 2025. The ex-dividend date is set for Nov. 4,2025.

‘In a challenging environment, our businesses continue to perform and deliver value to our shareholders,’ DMCI chairman and president Isidro Consunji said.

Together with the cash dividends declared earlier this year amounting to P0.60 per share or P8 billion, DMCI’s total dividends for the year amounted to P1.08 per share or P14.3 billion.

The amount represents 76 percent of the conglomerate’s 2024 core net income and dividend yield of approximately 10 percent based on the company’s Oct. 20 closing price of P11.20.

DMCI said it remains focused on strengthening its business units while maintaining a robust balance sheet with sufficient cash flows.

In the first half, DMCI saw its profit drop by 18 percent to P9.1 billion due to weaker earnings from its integrated energy business, lower contributions from construction and initial losses from newly consolidated cement unit.

The company’s net income fell by 27 percent to P4 billion in the second quarter from P5.5 billion in the same period last year.

Improved earnings from the water distribution, nickel mining and off-grid power segments helped cushion the decline for the quarter.

Defending champion National University and Santo Tomas secured Final Four spots after hurdling their respective foes in the Shakey’s Super League (SSL) Preseason Unity Cup quarterfinals yesterday at the San Andres Gym in Manila.

Celine Marsh stepped up for the four-peat-seeking and twice-to-beat Lady Bulldogs as they turned back gritty San Beda University, 26-24, 25-27, 25-18, 25-16.

The sophomore open spiker took over the scoring role in the absence of Sam Cantada and Denesse Daylisan, who are currently playing for the national team in the 2025 Asian Youth Games in Bahrain, finishing with a game-high 23 points.

Meanwhile, the Tigresses cruised past hapless Ateneo, 25-16, 25-21, 25-21, to book a fourth straight semis appearance in the competition, supported by Asics, Mikasa, Smart Sports, Summit, Team Rebel Sports, Belo Deo, Eurotel-Apo View Hotel, Batangas Country Club, Executive Optical, Baic Auto Philippines, SM Tickets and PusoP.com as technical partners.

Regina Jurado uncorked 13 points while Xyza Gula logged 11 markers for UST, which drew closer to a championship return since its runner-up finish in 2023.

Both NU and UST advanced to the semis armed with a twice-to-beat advantage by virtue of their No.1 seedings in their respective pools after the second round.

The Lady Bulldogs will next face the survivor between Far Eastern U and University of the Philippines.

This December, a new girl group is set to represent Cebu in the P-pop scene: ARZA, a play on the Cebuano word ‘alsa’, which means ‘to rise.’

The six-member group consists of Isaiah, Dorothy, Sophia, Jana, Niña, and Angel – managed by Music n Motion Academy and Stage K.I.T. Artists Management.

‘Our group’s mission is to lift and rise and to inspire others to rise as well,’ said Isaiah, the group’s leader, lead dancer, and sub-vocalist, during an interview with The FREEMAN at the music school in Parkmall, Mandaue.

‘I usually get mistaken as the youngest in the group when I am actually the oldest,’ the 18-year-old added.

ARZA’s youngest member is Angel, 13, the lead vocalist. She has been doing commercials since she was five years old.

The main vocalist and lead dancer, Niña, 15, is a school athlete who plays volleyball and badminton. She is also a campus journalist, combining her two interests when she competed at a press conference last year as a sports writer.

Jana, 16, is the group’s main rapper and lead vocalist. She also runs a small bracelet-making business.

Dorothy, also 16, is a fast learner when it comes to choreography, while Sophia, the same age, has a twin brother who can also sing.

While they had different interests growing up, all members share a desire to perform onstage.

‘Since I have the ability to sing, I wouldn’t want to waste that. So I showcased my talents when I was little,’ Jana said.

‘My passion as a dancer started when I would watch the festival queens performing at the Sinulog Festival. Then I would see singing competitions on TV like The Voice Kids, and I grew up loving to sing,’ Dorothy added.

Sophia chimed in, saying, ‘I sang a lot when I was little, even though I was off-key. As I grew older, I wanted to make my voice better, so I took lessons here at Music n Motion.’

While the girls have a wide range of influences – from soloists like Olivia Rodrigo and Sarah Geronimo to K-pop acts such as TWICE, Stray Kids, and ENHYPEN – they cited BLACKPINK and KATSEYE as the groups they most want to emulate.

‘When we saw the members of KATSEYE in their performances and their journey in fighting for their spot in the group, they showed they can be successful and inspire others with their passion and talent,’ Dorothy explained. ‘Their bond as members is so strong that their connection shows in their performances, and they have such a powerful aura.’

‘As for BLACKPINK, we want to be like them, to show a different type of sound that showcases so many styles we can explore,’ she added.

Among the members, Niña and Dorothy have trained with Music n Motion the longest. Niña started in 2018, taking a break to focus on her studies before returning. Dorothy joined in 2016, later transferring to another music school in Lapu-Lapu City, before returning in 2023.

Angel briefly joined during the COVID-19 pandemic through virtual lessons before rejoining in 2023 when in-person classes resumed. Sophia joined around the same time as Angel. Jana is the newest trainee, having joined only a few months before being enlisted as part of ARZA.

Despite being new, Jana appreciated how warmly she was welcomed. ‘All of the members were so approachable, kind, and patient since I still need to work on my dancing,’ she said.

It’s this collaborative dynamic that assured ARZA’s managers of their ambitious decision to debut their in-house idol group after seeing their performance at a recital earlier this year.

‘The chemistry they have is that they always have the same idea when it comes to dancing. They work well together. It’s when they have the attire on that the magic comes. This group has so much potential, which is why we are molding them as a P-pop group,’ said their manager Brian Keith Sianson.

‘I am so happy that I found these members because it’s not easy to form a group. You have to consider their voices, charisma, and sometimes looks – but they’re all pretty. I can see so much potential in them,’ added Music n Motion founder Leonyl Navarro, who established the school in 2014 when it was located at J Center Mall (now SM JMall).

Building chemistry requires fostering genuine friendships. ‘The friendship we built is the foundation of ARZA. I hope that bond we built can resonate with audiences,’ Isaiah said.

‘It wasn’t hard for us to build that connection because from the first practice alone, we instantly clicked and knew what our positions would be,’ Niña added.

Isaiah also said it’s about being harmonious despite their different personalities, which she believes makes the group stand out. ‘Some of us can be naughty, some can be demure, one can be nonchalant. I think that’s what makes us whole. We balance each other out.’

This comes as an advantage for Isaiah as the leader. ‘Since they are younger than me, I have to show that I am a good role model for them. But they make this job easy because they always listen to me when there are announcements, reminders, and advice. They don’t make it heavy for me.’

Considering that they are ‘academic achievers’ in school, they dedicate their weekends to rehearsals, emphasizing time management so they don’t compromise their education.

‘They were quite committed before they signed the contract. Our goal is to make them unique, especially vocally. They may have similar dances to other groups, but their core is their voice – that’s what will make ARZA different from others,’ Sianson said.

Navarro praised their dedication, saying, ‘They have the perseverance, willingness, and desire to learn more,’ noting that their training has become more challenging.

As for their upcoming debut single, ARZA is brainstorming ideas, leaning toward a ‘girl power empowerment’ concept, with a track produced by LG Fuentes.

‘I am excited for when we release our first song because what’s important is that people enjoy our sound and feel inspired,’ Dorothy said.

ARZA will officially debut on Dec. 14 at SM Seaside City during Music n Motion’s recital concert.

‘I hope Cebuanos support us in this journey because we’re not doing this just for us but for Cebuanos. We have so much in store for our potential fans, and they have a lot to look forward to,’ Isaiah said.

‘If they’re going to be our fans someday, we promise we’ll work hard and improve ourselves every day,’ Sophia added.

Following the killing of his father who was tagged as a drug trafficker, and after his arrest for similar offenses in 2016, Rolan ‘Kerwin’ Espinosa had described himself as a drug dealer.

The Philippine legal system, however, works in mysterious ways. Since 2020, Espinosa has won a string of court victories, allowing him to run for mayor of Albuera in Leyte last May – and win – on a platform of fighting the drug scourge.

Fortunately, there are other ways of skinning a cat. The Manila Regional Trial Court has ordered the forfeiture of Espinosa’s multimillion-peso assets deemed to be fruits of his illegal drug activities.

The assets include real estate properties, 13 vehicles plus a motorcycle, deposits in multiple bank accounts, watercraft including jet skis along with pistols and shotguns.

In a separate case, the Manila RTC also ordered the forfeiture of assets including P61 million in bank deposits of an accused international drug financier, Sally Ang Nina and her cohorts.

The court orders were sought by the Anti-Money Laundering Council in partnership with the Philippine Drug Enforcement Agency, the Philippine National Police and National Bureau of Investigation.

In 2020, Manila RTC Judge Silvino Pampilo Jr. cleared Espinosa of two drug charges, but convicted him of illegal gun possession. Other court victories for Espinosa followed: in 2021, Makati RTC Judge Gina Bibat Palamos dismissed a drug trafficking case; in June 2023, Makati RTC Judge Veronica Tongio-Igot cleared Espinosa of conspiracy to sell illegal drugs, and in September 2023, Manila RTC Judge Janice Yulo-Antero also dismissed a case for illegal possession of guns and explosives.

In March 2024, the Court of Appeals ordered the revival of the drug cases dismissed in 2020. But in June last year, another drug case against Espinosa, filed in his home province of Leyte, was dismissed by Baybay RTC Judge Carlos Arguelles.

Legal authorities have explained that the evidence requirement for civil forfeiture cases is lower than the evidence to convict a defendant ‘beyond reasonable doubt’ in a criminal case. In forfeiture, mere ‘preponderance of evidence’ will do, if the asset is deemed to have come from illegal sources.

While this victory in a civil case is a welcome development, it remains to be seen whether the court order can be enforced. The nation is still waiting for the execution of the Sandiganbayan order for former senator Bong Revilla together with the estate of his late chief of staff Richard Cambe and plunder convict Janet Lim Napoles to jointly return to national coffers P124.5 million that was misused in Revilla’s pork barrel.

Revilla’s camp argues that his acquittal in the criminal case means he cannot be held liable in the civil case. Perhaps the forfeiture of Espinosa’s assets can lead to clarity in this issue, and the recovery of ill-gotten wealth.

A fire broke out in one of the compounds of the Department of Public Works and Highways (DPWH) in Quezon City on Wednesday, October 22, according to the Metro Manila Development Authority (MMDA).

The fire was declared out about an hour after the third alarm was raised at 12:58 p.m. This meant that the Bureau of Fire Protection (BFP) had to deploy at least 12 fire trucks to attend to an estimated six to seven residential or high-rise buildings affected by the fire.

The fire broke out at the Bureau of Research and Standards in Diliman, Quezon City, the DPWH branch that conducts research, pilot testing and policy development for government infrastructure projects.

According to the BFP, the blaze was declared out before 2 p.m. Authorities, however, have yet to determine the cause of the fire.

A report by DZMM Teleradyo also said the building’s security guard claimed the fire started on the third floor, where the Material Testing Division is located. Other offices on the same floor include the Technical Service Division and the technical working group.

No injuries or casualties have been reported as of writing. The Quezon City Police District is also on-site, conducting an inspection.

In a statement, the DPWH assured that no documents related to the flood control investigation were harmed. It also confirmed that no employees were injured during the incident.

“An investigation team to assess the fire incident has been deployed and is currently conducting a thorough assessment to determine the full extent of the damage and to prevent similar incidents in the future,” the agency said.

Meanwhile, the Office of the Ombudsman said it has ordered the National Bureau of Investigation and the Bureau of Fire Protection to determine whether arson or any deliberate act was committed, especially amid ongoing probes into anomalous infrastructure projects.

Short-term loans with smaller borrowing amounts have increasingly become a prevailing trend among Filipino borrowers, reflecting a growing preference for manageable repayment periods and reduced financial commitments, according to CIBI Information Inc.

The local credit bureau and screening solutions firm reported that financial technology companies are now offering smaller loans with repayment terms shortened to less than six months, compared to six to twelve months before the pandemic.

‘That’s the shift that we’re seeing that today most of the consumers prefer smaller loan amounts and shorter in tenor, meaning two months only or three months only then it is fully repaid. So it became high frequency so they can get another loan, bite sizes,’ Harley Chan, CIBI’s chief analytics officer, said.

Based on the report, loans exceeding P100,000 declined, while smaller loan brackets or those below P5,000, P10,000, P25,000 and P100,000, registered notable increases during the same period.

When asked about the decline, Chan explained that the shift stems from changing consumer behavior, as many borrowers now prefer smaller but more frequent loans, choosing to avail themselves around P25,000 multiple times within a year rather than taking a single and large P100,000 loan in one go.

‘That’s also reduces the borrower’s monthly obligations,’ he said ‘When the individual splits the loan amount and the individual does not need the whole amount, then it allows him to have smaller obligations, thus, there’s a shift of preference.’

CIBI’s head of products Jasmine Gonzales said more people have been availing themselves of smaller loan amounts, indicating a broader borrowing base compared to previous years when fewer borrowers took out larger loans.

‘This tells you of the dynamic shift that we’re seeing in the market, where more people have access to credit but smaller ticket sizes and how financial technology companies are really helping us to access that credit behavior in the market,’ she said.