Asianet Pakistan Private Limited

Local stocks tumbled as investors took a cautious stance ahead of the release of the country’s September inflation today.

The benchmark Philippine Stock Exchange index (PSEi) plummeted by 1.78 percent or 108.54 points to close at 6,000.32.

The broader All Shares index also plunged by 1.14 percent or 41.9 points to end at 3,643.95.

Luis Limlingan of Regina Capital said the PSEi declined after three consecutive days of gains last week as profit taking influenced yesterday’s trading session.

‘Investors remain cautious ahead of the inflation rate release, which could influence the Bangko Sentral ng Pilipinas’ next policy move,’ Limlingan said.

Inflation likely quickened in September, with most economists expecting it to return to the BSP’s two to four percent target for the first time in six months, following a sustained stretch of subdued price growth.

The BSP believes inflation accelerated further to a range of 1.5 to 2.3 percent in September after quickening to 1.5 percent in August from 0.9 percent in July.

AP Securities Inc., for its part, said the PSEi slumped back to 6,000 levels in a broad-based decline as risk-off sentiment continued to prevail.

All sectors were down, except for mining and oil, which climbed by 2.61 percent.

Holding firms, meanwhile, registered the largest drop at 2.02 percent, followed by financials with a 1.98 percent decline.

Trading was strong with total value turnover reaching P12.12 billion.

Market breadth was negative as decliners pummeled advancers, 139 to 64, while 58 issues were unchanged.

A thrilling showdown of sharp minds and spelling prowess unfolded as SM Supermalls hosted the Grand Finals of the SM Super Spelling Bee 2025 last October 4 at the Music Hall of SM Mall of Asia, Pasay City.

After weeks of elimination rounds across SM malls nationwide, the country’s brightest young spellers gathered to showcase their mastery of words in a battle of wit, confidence, and linguistic skill. The grand finals featured three challenging phases: the Written Spelling Round, where contestants raced to spell 10 words correctly to advance; the Oral Spelling Round, which tested their composure under pressure; and the nail-biting Final Oral Spelling Round, where the last three spellers faced off using buzzers until only one champion emerged.

In the end, Jamver Mallari rose above the competition, demonstrated exceptional focus, determination, and talent to be crowned the SM Super Spelling Bee 2025 Grand Winner.

The champion received a prize package that included a 100% tuition and miscellaneous fee discount at National University, P25,000 in cash, P25,000 in SM gift certificates, P150,000 National Bookstore gift card, P20,000 Jollibee e-gift card and a brand-new 13-inch MacBook Air from Power Mac Center.

Topel Maglana of SM City Davao and Lucas Pedroza of SM City Bacolod were the first and second runners-up of the grand finals. They received a 100% tuition discount at National University and a brand-new 13-inch MacBook Air from Power Mac Center. They also got cash prizes and gift certificates from SM Supermalls, National Bookstore and Jollibee.

‘This year’s Super Spelling Bee has once again highlighted the brilliance of Filipino students and their passion for learning,’ said Hanna Carinna Sy, SM Supermalls AVP for marketing and leasing.

‘At SM, we are proud to provide a platform that celebrates academic excellence, builds confidence and inspires the next generation of leaders.’

Through the SM Super Spelling Bee, SM Supermalls continues to champion educational opportunities while creating memorable events for students and families alike.

Despite his legal woes, Justice Secretary Crispin Remulla, along with six other applicants, made it to the shortlist of nominees for the ombudsman post, which the Judicial and Bar Council (JBC) submitted to Malacañang yesterday.

In a letter dated Oct. 6 and addressed to President Marcos, the JBC said that after council deliberation on the same date, it selected seven nominees qualified to replace former ombudsman Samuel Martires, whose term ended last July 27.

The letter was stamped as ‘received’ by the Office of Executive Secretary also on Oct. 6.

The letter, which the JBC uploaded on its website, showed that aside from Remulla, also nominated for ombudsman were former Commission on Audit chairman and incumbent Philippine Competition Commission chairman Michael Aguinaldo, Philippine Postal Corp. chairman Stephen Cruz, Supreme Court Associate Justice Samuel Gaerlan, Office of the President Deputy Executive Secretary for legal affairs Anna Liza Logan, retired SC associate justice Mario Lopez and Sandiganbayan Associate Justice Michael Frederick Musngi.

Based on the letter, the JBC deliberation was presided over by acting Chief Justice Marvic Leonen, with ex-officio members Sen. Francis Pangilinan and Rep. Gerville Luistro and regular members former SC associate justice Jose Mendoza, Integrated Bar of the Philippines representative Erlinda Uy, academe representative Nesauro Firme and private sector representative Jose Mejia casting their votes for the shortlist of nominees.

Remulla, an ex-officio member of the JBC as justice secretary, took ‘no part’ in the deliberation and voting.

Under the Constitution, an ombudsman must be appointed by the President from a shortlist of at least three nominees submitted by the JBC. An ombudsman shall serve for a term of seven years without reappointment.

The Constitution also provides that vacancy for the ombudsman post shall be filled within three months from its occurrence.

A total of 17 applicants for the ombudsman post were earlier interviewed by the JBC.

Remulla’s application was almost jeopardized by pending criminal complaints filed against him by presidential sister Sen. Imee Marcos and acting Davao City Mayor Sebastian Duterte before the ombudsman.

The complaints, involving allegations of arbitrary detention, grave threats, graft, usurpation of judicial functions, perjury, among others, stemmed from the alleged illegal arrest and turnover of former president Rodrigo Duterte to the International Criminal Court in The Hague, Netherlands.

Senator Marcos’ complaint was earlier dismissed by the ombudsman, but she filed a motion for reconsideration. Thus, she senator insisted, the complaint is still considered pending.

Under Section 5, Rule 4 of the Revised Rules of the JBC, those applying for the positions of ombudsman or deputy ombudsman who have pending cases or complaints before the ombudsman must secure a clearance from the same body or else they will be disqualified ‘from being nominated for appointment’ by the President.

Remulla had earlier told reporters that he was able to secure a clearance from the ombudsman and submitted it to the JBC before the council’s final deliberation, which turned out to have been conducted yesterday.

Reporters covering the ombudsman’s office asked for the status of the complaints against Remulla, but there was no response from its Public Information and Media Relations Bureau.

‘I’ll still be reporting for work here [at the Department of Justice] for sure, tomorrow. Because we are still trying to finish many things. But let’s see how it goes. I think the shortlist was submitted already [to the President]. That is all I know,’ Remulla told reporters in a chance interview yesterday.

Meanwhile, citing an unnamed source, GMA News reported that Aguinaldo got the highest nod from the JBC with six votes, followed by Remulla, Logan and Gaerlan with five votes each and Cruz, Lopez and Musngi with four votes each. The STAR has yet to confirm this report.

The Office of the Ombudsman is an independent body created under the Constitution with the primary duty of investigating public officials and employees for any possible criminal and administrative offenses. It is also the lead body that files and prosecutes corruption-related cases against government officials before the anti-graft court Sandiganbayan.

The 1,600-athlete strong Philippine delegation to the 33rd Southeast Asian Games in Thailand will be marching with pride and nationalism in the parade of athletes during the opening ceremony on December 9 at the Rajamangala National Stadium in Bangkok.

‘Our athletes and officials will be clad in elegant and nationalistic parade uniforms crafted by no less than renowned designer Avel Bacudio,’ Philippine Olympic Committee president Abraham ‘Bambol’ Tolentino said. ‘Any if not all of Avel’s designs are always dedicated and reflective of our country.’

Athletes, according to Tolentino, will wear red parade uniforms while officials and coaches will be clad in blue – both intricately designed and bearing the Philippine flag on the left chest and the POC logo on the right.

Bacudio is First Lady Lisa Araneta Marcos’s favorite designer – he held shows featuring his sports collections in Malacañang during sendoff ceremonies for national teams.

Tolentino said the POC is amazed and appreciative of Bacudio’s choice of fabric that combines piña, bamboo, water lily, abaca and saluyot fibers put together by weavers from Tawi-Tawi, Zamboanga, Ilocos, Abra, La Union, Aklan and Bacolod.

‘The collection represents every island of the Philippines. They are new, but they have history,’ Bacudio said in a recent Mega Asia article that featured his Alas ng Pilipinas design and his Gintong Sinag, a sports luxe collection that paid tribute to the country’s athletes.

Also incorporated in the parade uniforms are the yellow and white colors of the country’s colors, Tolentino said.

Filipino athletes will compete in all 50 sports programmed by Thailand in the SEA Games that will be played in three sites – Bangkok as main hub with 32 sports plus three demonstration sports in 48 venues, Chonburi with 17 sports and one demonstration sports in 21 venues and Songkhla with nine sports and 10 venues.

After public works employees, workers at the House of Representatives have also reportedly stopped wearing their uniforms to office to avoid public humiliation amid outrage against the chamber over flood control anomalies.

Speaker Faustino Dy III revealed during yesterday’s flag-raising ceremony that some employees chose to remove their uniforms before commuting to avoid being confronted or ridiculed by angry citizens.

The Speaker admitted that the House faces an enormous challenge in regaining the people’s confidence following corruption reports involving government projects.

‘While this is something that is very difficult to accept, trust ratings in our institution are at its lowest because Filipinos have lost their trust in us. But this should also serve as a reminder that we really need to do better in order for us to regain their trust – genuine public service,’ Dy said.

The Speaker called for solidarity and emphasized that restoring faith in Congress requires collective effort, integrity and transparency from both legislators and staff.

‘Let us all remember: after every storm, the sun will shine again. After every dark night, there is light that will come. There is always light at the end of every tunnel,’ he said in Filipino.

The House of Representatives became embroiled in the flood control anomalies after reports surfaced that some lawmakers, such as now resigned congressman Zaldy Co and former House speaker Martin Romualdez, had allegedly endorsed or received kickbacks from flood control and other infrastructure projects under the Department of Public Works and Highways.

Meanwhile, the chamber is expected to approve the proposed 2026 General Appropriations Bill on second reading this week and pass it on third and final reading by Oct. 13.

The Anti-Money Laundering Council (AMLC) is expanding its investigation into alleged corruption in flood control projects to cover foreign-based assets of individuals linked to the controversy, while also warning domestic banks that they could face liability for failing to detect suspicious transactions.

AMLC executive director Matthew David said the council is now coordinating with foreign counterparts to identify and recover assets abroad that may have been acquired through illicit funds.

These include offshore bank accounts, real estate and other properties.

‘Part of our financial investigation are all assets related to corruption. That includes foreign assets of our respondents, such as offshore bank accounts, real properties or other properties they may have acquired abroad,’ David said in a radio interview.

Under mutual legal assistance treaties, the Philippines can request foreign jurisdictions to pursue petitions for civil forfeiture, paving the way for repatriation of assets once ownership links to corruption are established.

‘If these are seized abroad, they can be returned to the Philippine government,’ David added.

Locally, the AMLC official said banks remain the ‘first line of defense’ against money laundering, stressing their obligation to flag and report unusual fund movements.

His comments come as state-owned Land Bank of the Philippines and Development Bank of the Philippines face scrutiny for allowing large withdrawals tied to flood control accounts.

‘Banks are the first to see these transactions, not the AMLC. They are the first to detect and even prevent unlawful activities,’ David said.

‘If they fail to file suspicious transaction reports with the AMLC, we will not know about them.’

He warned that bank employees found complicit in concealing transactions could face administrative cases, enforcement action or even criminal liability for facilitating money laundering.

Aside from banks, AMLC is also examining casinos in coordination with the Philippine Amusement and Gaming Corp. to determine compliance with the Anti-Money Laundering Act and its implementing rules.

The AMLC has so far secured four freeze orders from the Court of Appeals covering assets linked to the flood control probe, including 1,620 bank accounts, 163 vehicles, 40 real properties, 54 insurance policies and 12 e-wallets.

The value of immobilized assets has reached P4.2 billion, with officials expecting the figure to rise as the financial investigation widens.

Freeze orders are initially valid for 20 days but can be extended up to six months. During this period, the AMLC is expected to file petitions for civil forfeiture before the Regional Trial Court, which could allow the government to take permanent possession of the assets.

David said the council remains focused on tracing both domestic and overseas financial links.

‘We continue to investigate,’ he said, adding that the effort targets not only named account holders but also beneficial owners behind dummy accounts.

The probe is being coordinated with the Independent Commission for Infrastructure (ICI), which consolidates government investigations into high-profile corruption cases linked to the flood control probe.

Discayas’ cars

Meanwhile, the heads of the Bureau of Customs (BOC) and Land Transportation Office (LTO) should be summoned by the ICI to shed light on how the Discaya couple managed to acquire and register so-called hot cars, according to a lawmaker.

‘Both BOC and LTO’s liability should be determined by the ICI as to how these vehicles were able to be imported, registered and used in the country,’ House public accounts committee chair and Bicol Saro party-list Rep. Terry Ridon said, after news reports that at least eight luxury cars owned by the Discaya couple were smuggled.

Independent ICI bill not a LEDAC priority

House deputy minority leader and ML party-list Rep. Leila de Lima is doubtful of President Marcos’ seriousness in cleansing the bureaucracy of deep-rooted corruption, after the Legislative-Executive Development Advisory Council excluded in its 44 priority bills the pet bill of the House minority bloc – House Bill 4453, which seeks to create an ‘Independent Commission Against Infrastructure Corruption.’

‘We are disappointed that a very crucial measure is missing – our proposed bill to create a stronger, transparent and truly independent commission to probe the anomalous flood control and other infrastructure projects and hold accountable all those involved,’ she said.

Opposition lawmakers, led by Minority Leader Marcelino Libanan Jr., wanted to institutionalize an independent body that will have more teeth than the three-member ICI led by retired Supreme Court justice Andres Reyes Jr.

‘The composition is OK, but it’s not enough. Our bill (HB 4453) is more complete,’ De Lima previously said, referring to Marcos’ ICI.

Integrity pledge

At the same time, Las Piñas Rep. Mark Anthony Santos called on Department of Public Works and Highways (DPWH) Secretary Vince Dizon to immediately reinstate the ‘Integrity Pledge,’ a policy first introduced under former secretary and now ICI member Rogelio Singson to strengthen transparency and accountability in the agency.

‘It’s not yet too late. The Integrity Pledge was not a symbolic document – it was a safeguard against corruption and collusion in government projects,’ he said.

‘Reinstating it will restore public confidence and ensure that only legitimate and transparent contractors can do business with the DPWH,’ he noted, adding this is an ‘anti-corruption tool that required all prospective suppliers and contractors to sign a written commitment to reject corruption.’

In 2013, Singson issued a department order institutionalizing the Integrity Pledge, making it a mandatory requirement for contractors seeking to engage with the DPWH. It served as a clear commitment to uphold ethical practices and accountability in public procurement.

The Independent Commission for Infrastructure (ICI) will continue to keep its hearings on alleged irregularities in flood control and other public works projects behind closed doors despite mounting calls for transparency from lawmakers and the public.

ICI executive director Brian Keith Hosaka said the commission’s policy ‘remains the same’ even after appeals to livestream or open the hearings to the public.

‘The commission is very much aware of the request and the position of some people asking for more transparency,’ Hosaka told reporters yesterday at the ICI office. ‘But the position or the policy of the commission still remains the same based on the reasons that I already explained before.’

Hosaka reiterated that the ICI prefers to keep its proceedings private to prevent ‘trial by publicity’ and avoid any undue political influence.

When asked if there were any moves within the commission to revisit its policy, Hosaka replied, ‘Right now, there’s none.’

He explained that the ICI’s investigation is a ‘process’ that cannot be defined by ‘piecemeal revelations,’ noting that publicizing ongoing discussions could compromise the integrity of the proceedings.

Earlier, Senate President Tito Sotto urged the commission to livestream its hearings to ensure accountability and uphold public confidence.

Echoing this sentiment, actress Agot Isidro also called on the ICI to open its sessions to the public, stressing that taxpayers fund the inquiry.

‘They’re the ones fighting among themselves while we’re left as mere spectators. That shouldn’t be the case. We deserve to have a say in what’s happening since it’s our money funding their work,’ Isidro said. ‘They should open the discussions to the public, release the documents and evidence, and allow the media to cover the meetings.’

Hosaka, however, pointed out that the ICI has been transparent about completed cases and findings that have been submitted to the Office of the Ombudsman.

‘As far as releasing documents or records of the cases, or those that we’ve filed before the ombudsman – as far as our reports and recommendations are concerned – we have in fact shared those with the public and the media. That’s what we are trying to do,’ he said.

The ICI holds hearings every Tuesday and Wednesday to review administrative matters and evidence related to alleged ghost and substandard projects under the Department of Public Works and Highways (DPWH).

Meanwhile, Sen. Mark Villar is set to appear before the ICI today, along with contractor couple Curlee and Sarah Discaya.

Villar headed the DPWH from 2016 to 2021, a period when irregularities were reportedly committed in several infrastructure projects, particularly those involving flood control.

Former DPWH undersecretary Roberto Bernardo is also expected to face the commission on Wednesday.

Invitations are likewise being prepared for former House speaker Martin Romualdez.

The Department of the Interior and Local Government (DILG) Cebu Province made clear that there are no missing persons reported in Bogo City following the 6.9-magnitude earthquake, contradicting an earlier situational report released by the Cebu Provincial Government.

DILG provincial director Jesus Robel Sastrillo Jr. said the supposed report of three missing individuals was based only on a request for verification from the consul general of the Philippine Embassy in Paris, France.

The consul general had asked for updates on the whereabouts of Gemma Largabo, Ledito Largabo, and Eriana Largabo, allegedly residents of Barangay Binabag, Bogo City, after their relatives in Paris raised concerns that they could not be contacted.

According to Sastrillo, the request was forwarded by police attaché Colonel Rodolfo Castro Jr. to the DILG for proper validation on the ground.

‘This is not about missing. This pertains to the request,’ Sastrillo stressed during a media interview.

He said the confusion may have stemmed from the initial situational report that treated the request as if it were a verified report of missing persons.

To settle the matter, DILG field officers immediately conducted verification with barangay officials and through the Registry of Barangay Inhabitants (RBI).

The field validation showed that the three names were not listed as casualties or as residents of Bogo City.

Barangay captains and officials of Bogo also confirmed that no family with the surname ‘Largabo’ lives in their communities.

‘All barangay captains were asked, and no such names exist in their RBI. This means there is no such case of missing persons in Bogo City,’ Sastrillo explained.

He also pointed out that the consul general’s inquiry may have involved distant relatives who had already moved to another local government unit and were no longer residents of Bogo.

Sastrillo emphasized that this incident highlights the need for situational reports to be carefully verified with the DILG and barangays before being made official to avoid public confusion.

‘The situational report was unofficial and partial. It should have been validated first. That’s why I stressed this during our council meeting yesterday,’ he said.

Meanwhile, the verified death toll in Cebu Province due to the earthquake has climbed to 72 as of October 6, according to DILG.

The fatalities were 32 in Bogo City, 14 in Medellin, 15 in San Remigio, five in Tabogon, two in Borbon, two in Tabuelan, one in Sogod, and one in Oslob. The Oslob casualty, though far from the epicenter, was declared earthquake-related after the victim lost balance and fatally struck his head.

With the clarification, the DILG assured that all future reports will be subject to strict cross-checking with barangay officials and field officers to ensure accuracy in disaster response information.

At least one million rice farmers will get P7,000 each next year as earmarked by the Marcos administration in the P6.973-trillion national budget for 2026, Speaker Faustino Dy III said yesterday.

‘Aid is ensured for our farmers. The P7,000 cash aid will be given to them to address their losses due to low farmgate prices of palay,’ Dy said during the joint hearing of the House of Representatives committees on agriculture and food and on ways and means. ‘Cash incentives like this give farmers a direct benefit, which they can use in farming.’

He noted that many farmers in his home province of Isabela sell palay for as low as P8 per kilo, far below the P16 to P18 needed to recover production costs.

‘If the farmers are not earning anything, then this is a threat to our food security,’ he said.

Broadcaster-host Gretchen Ho expressed her disappointment at a family member being denied to exchange money at the Oslo Airport, Gardermoen in Norway.

In a Facebook post last October 6, Grechen shared a family member’s encounter at the airport’s foreign exchange station, where the lady behind the counter refused to accept their money after alluding to Philippine corruption.

“You came from the Philippines? We cannot exchange your dollars because of the corruption and money laundering in the Philippines,” Gretchen quoted.

The said family member and their companions were told to exchange their cash elsewhere beyond the airport. Gretchen added that her family member was trying to exchange $300 (P17,500 or 3,000 Norwegian krone).

“Terrible. What are we going to do about this, Pilipinas?” the broadcaster lamented.

Gretchen later updated her post, saying she submitted a report to the Philippine Ambassador to Norway, Enrico T. Fos, and that she was posting from her personal Facebook account.

The broadcaster-host shared in her post’s comments section a photo of the airport forex counter that her family member attempted to approach, and two individuals replied, sharing similar experiences.

One said, during a 2022 trip, they were denied exchanging their American dollars as they were told the Philippines was “a COVID hotspot country.”

The other individual, meanwhile, went there in March 2024 and tried to exchange euros but wasn’t attended to as the Philippines was on a “red list.” Both individuals managed to exchange their cash elsewhere.

Another Filipino from a more recent trip, just last August, shared his own experience, which was similar to the ones above, adding he experienced the same in other European countries and Australia.

A Filipino based in Oslo commented that he called up the airport’s foreign exchange station and confirmed the interaction took place.

He added that the counter doesn’t exchange money from travelers with Philippine passports that happen to reside in the Philippines “due to the strict anti-money laundering rules that they follow, ordered by the EU and NATO,” a rule that applies to other countries considered high-risk places.

Gretchen responded to the latter comment, saying she’s waiting for official word from the Embassy who will soon be meeting with the Ministry of Foreign Affairs.

“AFAIK (as far as I know), we have been removed from the list of high-risk countries as released in reports on August 2025. Does that mean we are back? It would be good to know,” she added.

The same individual repeated his comment to clarify the incident wasn’t discriminatory, explaining the employees were only following orders and may have been talking directly as Norwegians often did.

“Hindi daw sila pwede magpalit ng USD sa mga pinoy na nakatira sa Pilipinas. Kung Pinoy na nakatira sa Norway or ibang bansa, ok lang po. Kaya hindi po ito discrimination or racism. Blame our government,” he ended.