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Foreign direct investments (FDI) in the Philippines climbed to a 12-month high in July after a milder contraction, though persistent headwinds-from escalating US trade tensions to a widening corruption scandal over flood control projects-could weigh on investor confidence.

Data from the Bangko Sentral ng Pilipinas (BSP) showed that inflows exceeded outflows by $1.3 billion, a net gain. While that was 7.5 percent lower than a year earlier, it marked a narrower drop than the 17.8-percent decline recorded in June.

Even so, July’s tally was the strongest since the same month last year, when the net inflow reached $1.4 billion.

Angelo Taningco, chief economist at Security Bank, said the July drop mainly reflected a high base from strong inflows a year earlier. But he warned of challenging times ahead.

‘I expect FDI inflows to be tempered by increased external uncertainty from higher US tariffs as well as domestic governance issues surrounding government flood control projects,’ Taningco said.

‘Moderation in both investor sentiment and business confidence will likely ease FDI inflows over the near term,’ he added.

Halfway toward forecast

For the first seven months, FDI totaled $4.7 billion-down about 20 percent from the same period in 2024 but already more than halfway toward the central bank’s year-end forecast of a $7.5 billion net inflow.

Unlike foreign portfolio investments, which can flee at the first sign of trouble, FDI tends to be longer-term capital that can create jobs. The government has been seeking to draw more of such inflows while retaining those already here.

Data showed the Philippines recorded a net equity inflow in July, as fresh capital more than offset a drop in funds leaving the country. INQ

The advocacy group CitizenWatch Philippines has urged lawmakers to act on pending reforms to expedite the rollout of internet infrastructure nationwide.

In a statement, the group pointed to several reasons-such as the 1977 National Building Code, lengthy right-of-way (ROW) procedures, and restrictions imposed by homeowners’ associations (HOA)-as key hurdles that delay broadband access and keep services costly and unreliable.

‘Our Building Code dates back to 1977, long before internet connectivity became essential to life,’ CitizenWatch lead convenor Orlando Oxales said.

‘As a result, many buildings lack provisions for broadband infrastructure, leaving residents with limited or delayed access,’ he added.

Oxales said several measures addressing these gaps were filed in the last Congress but have not been refiled in the 20th Congress.

These include bills such as House Bill 900 on telecommunications readiness of buildings, House Bill 4472 on ICT infrastructure requirements for housing developments, and House Bill 6571 on ROW guidelines.

‘We encourage lawmakers to refile, refine, and pass these bills so we can create a legal environment more responsive to connectivity needs,’ he said.

The group also pushed for clearer rules that would prevent HOAs from blocking telco entry into subdivisions and condominiums, and for policies allowing multiple service providers to operate in the same community to avoid monopolies.

‘These reforms should encourage infrastructure designs that accommodate multiple telcos, so residents aren’t forced to rely on just one provider,’ said Oxales.

‘This avoids a situation where one internet service provider holds a building or community hostage simply because no other operator was given access.’

In August, the Konektadong Pinoy bill, or the Open Access in Data Transmission bill, lapsed into law.

A key feature of this is the removal of a legislative franchise or Certificate of Public Convenience and Necessity (CPCN) as a requirement to allow new and smaller players to invest in data transmission infrastructure. /mr

The Anti-Money Laundering Council (AMLC) secured its sixth freeze order in the government’s widening investigation into irregular flood control projects, this time targeting a former high-ranking official accused of playing a central role in the alleged scheme.

In statement on Friday, it said 2,003 assets worth P4.67 billion have already been frozen since the government cracked down on allegedly anomalous infrastructure projects.

The council said the Court of Appeals approved on Oct. 10 its latest request to freeze 39 bank accounts, four insurance policies and 59 real estate properties, including residential, commercial and agricultural assets.

Deliberate actions

It added that several of the properties were linked to a former senior government official ‘suspected of involvement in the procurement process of the questioned flood control project contracts.’ As in previous cases, the AMLC did not disclose ownership details, locations, or other specifics of the frozen assets.

To date, the crackdown has immobilized 1,671 bank accounts, 58 insurance policies, 163 motor vehicles, 99 real properties and 12 e-wallet accounts. The figures are expected to rise as additional freeze orders are secured and new leads are uncovered.

‘We are taking deliberate actions to preserve assets potentially linked to unlawful activity,’ said AMLC executive director Matthew David.

‘Our focus remains on ensuring that public funds are protected and that those involved are held accountable through lawful and transparent processes,’ he added.

When a bank account is frozen, all activity-transfers, deposits, withdrawals and even account closures-will be suspended. 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.

Offshore assets

David earlier said the council was also pursuing the offshore assets-including foreign bank accounts, real estate, and personal properties-of individuals accused of corruption in flood control projects. He added that the AMLC might also scrutinize banks after a congressional inquiry flagged large cash transactions linked to the flood control scandal.

On Sept. 30, the AMLC signed a memorandum of agreement with the Independent Commission for Infrastructure, the body created by President Ferdinand Marcos Jr. to investigate corruption in flood control projects, for closer coordination, data sharing and joint efforts to trace, preserve and recover assets linked to illicit activity.

David said the council was also working with the Office of the Ombudsman, the Bureau of Internal Revenue and the National Bureau of Investigation as it pursues ‘a thorough and impartial inquiry.’

Gareth Leather, senior Asia economist at London-based Capital Economics, said that unless corruption concerns are addressed and political divisions bridged, the Philippines risks losing ground to its fastest-rising neighbors.

‘Improvements in infrastructure, combined with strong demographics and high English proficiency, provide a solid foundation for the Philippines’ growth and competitiveness,’ Gareth said in a commentary.

‘But until corruption and governance weaknesses are more fully addressed, the Philippines will struggle to reach its full potential and will find it difficult to keep pace with the region’s top-performing economies, namely Vietnam and India,’ he added. /cb

A magnitude 4.6 aftershock struck Davao Oriental anew, according to the Philippine Institute of Volcanology and Seismology (Phivolcs) on Saturday morning, October 11.

In a report issued by Phivolcs at 9:16 a.m., they said that the tremor occurred 66 kilometers (km) south-southeast of Manay, Davao Oriental, at a depth of 10 km.

The origin was reported to be tectonic.

This follows the twin offshore earthquakes- magnitudes 7.4 and 6.9- that struck Davao Oriental on Friday.

In its 8 a.m. report, Phivolcs logged a total of 808 aftershocks, from which 335 were plotted while 13 were felt. The magnitude range was between 1.2 to 5.8.

Meanwhile, NDRRMC reported that over 8,000 individuals were affected. The death toll still remains at 7 while 11 are reportedly injured. /das

Anna DeBeer finally got to show what she’s capable of and led ZUS Coffee past Chery Tiggo EV, 25-15, 19-25, 25-20, 25-23, in the PVL Reinforced Conference on Saturday at Dasmariñas Arena.

DeBeer, who was forced to sit out the Thunderbelles’ win over the Akari Chargers last Tuesday’s opener due to the dispute over the International Transfer Certificates, which has since been resolved, unleashed 35 kills with an ace and a block to boot on top of 14 excellent receptions.

‘This has just been incredible for a first game. I really had no expectations coming here. And just to see how everyone gets behind us in the environment, it’s so fun to play in. And that really just helps everyone play better. I really think it’s a fun place to play at,’ said DeBeer.

ZUS Coffee notched its first victory in Pool B after the league decided to replay its opening day doubleheader, citing ‘spirit of fairness, competitive parity, and delivering the best possible experience’ for the fans.

DeBeer, the University of Louisville product, came just a point shy of matching Farm Fresh import Eli Rousseaux for the most points scored this conference.

‘That was all them. They stayed composed. We didn’t need to rally or anything. Sure, you talk to them and give tips, but they handled it on their own,’ said ZUS Coffee coach Jerry Yee in Filipino. AC Miner added 13 points, highlighted by three blocks, while Clo Mondoñedo dished out 22 excellent sets and libero Alyssa Eroa had 12 excellent receptions and 11 digs for the Thunderbelles.

ZUS Coffee eyes a second win against Galeries on Tuesday, 4 p.m. at Smart Araneta Coliseum.

Mylene Paat returned for Chery Tiggo after being away for more than a year due to an undisclosed injury. She scored six points off the bench.

Cuban import Yunieska Batista led the Crossovers with 22 points, while Ara Galang had 15 points.

Chery Tiggo hopes to bounce back against Akari also on Tuesday at 1:30 p.m.

Public Works Secretary Vince Dizon on Friday ordered the indefinite suspension of all road reblocking works in the country due to allegations of corruption in the implementation of these projects.

‘Effectively now, I will be suspending all reblocking activities. and I will issue a new department order (DO) on reblocking [projects],’ Dizon, in a mix of Filipino and English, said at a press conference.

Reblocking involved the process of removing a damaged or defective concrete pavement and replacing this, according to the Department of Public Works and Highways (DPWH).

The suspension, Dizon said, was prompted by reports that these projects-particularly one in Bocaue town in Bulacan province, and another in Tuguegarao City in Cagayan province-were implemented even as the road sections subject of repairs were in good condition.

‘Why does the DPWH keep tearing up roads that seem perfectly fine, only to redo them? Well, in many cases, we probably already know why . it’s because some people are making money out of it,’ Dizon said.

‘They profit from destroying the roads. They profit again from rebuilding them,’ he added.

Exempted works

However, Dizon clarified that the suspension would not cover maintenance works for already damaged roads. ‘But if the roads are not damaged, like those in Bulacan and Tuguegarao, that’s (reblocking) definitely not allowed,’ he said.

Dizon’s decision to suspend road reblocking projects came following revelations of anomalies involving substandard or ‘ghost’ flood control projects. Several lawmakers, DPWH officials and personnel, and contractors have been linked to these anomalies and are being investigated by different government agencies and the Independent Commission for Infrastructure formed by President Marcos.

In his Oct. 7 memorandum, Dizon, however, said ‘reblocking works chargeable under Routine Maintenance of National Roads’ are exempted from his suspension order.

‘[P]rojects whose reblocking works [have] already commenced are not covered by this directive, but should pursue completion at the earliest possible time, subject to proper monitoring and documentation,’ he said.

‘This directive is issued to safeguard government funds, prevent possible dissipation of public resources, and to allow the management to review existing policies,’ Dizon said.

Process

According to the secretary, the new DO on road reblocking will be more ‘clear’ and ‘transparent,’ ensuring that the implementation of these projects will be justified.

A 2014 Inquirer article (Reblocking: How it’s done) cited information provided by Reynaldo Tagudando, then director of the DPWH-National Capital Region, on the process of repairing damaged road sections.

Tagudando said that during reblocking, work teams, aided by concrete saws and jackhammers, first remove the shattered concrete pavement. Then they fix the base, replacing the old with a new one and compacting it.

‘If it passes what we call the FDT (field density test), then concrete is poured in,’ Tagudando said then. ‘If the concrete has been leveled, they use a vibrating equipment to fully compact it. Then the masons do their part. The local term for that is ‘palitada.’ Then, a pneumatic broom is used to sweep the surface of the concrete pavement. Sometimes, it’s done manually,’ he added.

‘The finished concrete pavement is 12 inches thick. About five years ago, it was just 9 inches. We increased the thickness to adjust to the increasing average daily traffic and volume of motor vehicles using the road. We regularly conduct pavement analysis,’ Tagudando said.

During reblocking, 18 to 20 workers compose a work team per location.

‘There are riggers, flag men, laborers, equipment operators, mechanics, electricians, gas men and finishers, among other laborers,’ he said.

Edsa project

Among the more familiar road reblocking projects regularly done by the government involved sections of Epifanio delos Santos Avenue (Edsa), Metro Manila’s busiest thoroughfare passing through Pasay, Makati, Mandaluyong, San Juan, Quezon City and Caloocan.

Whenever sections of Edsa are reblocked, usually done during weekends when vehicle volume is low, at least a lane is closed causing inconvenience to motorists.

Plans to rehabilitate Edsa have long been in the works and have been deferred several times already. Called the Edsa Rebuild project, it will involve the replacement of nearly the entire 24-kilometer stretch of the highway to ease traffic congestion, enhance safety, and prolong the road’s lifespan.

In May, the Department of Transportation and the DPWH said the rehabilitation of Edsa would start in the middle of June this year.

But on June 1, President Marcos said he ordered the postponement of the P8.7-billion rehabilitation of Edsa to allow the government to conduct scientific studies on measures that would alleviate the impact of the project on the public.

On July 30, then Public Works Secretary Manuel Bonoan said the Edsa rehabilitation would push through in 2027 and might take only six months.

A magnitude 6.2 earthquake struck near Cagwait, Surigao del Sur at 10:32 p.m. local time on October 11, according to the Philippine Institute of Volcanology and Seismology.

The tectonic tremor was centered 22 kilometers northeast of Cagwait at a depth of 10 kilometers. Reported intensity IV was felt in the City of Davao and the municipalities of Cagwait and Carmen in Surigao del Sur. Intensity III was reported in the cities of Bislig in Surigao del Sur and Mati in Davao Oriental.

Instrumental intensity IV was recorded in Cabadbaran City, Agusan del Norte; Nabunturan, Davao de Oro; Hinunangan, Southern Leyte; and Tandag City, Surigao del Sur.

Instrumental intensity III was noted in San Fernando, Bukidnon; Digos City, Davao del Sur; Abuyog, Leyte; Gingoog City, Misamis Oriental; Malungon, Sarangani; Hinundayan and Silago in Southern Leyte; Surigao City, Surigao del Norte; and Bislig City, Surigao del Sur.

There were no immediate reports of casualties or damage.

The Philippines lies along the Pacific Ring of Fire, a region prone to earthquakes and volcanic eruptions. -Chris V. Panganiban /cb

The wealth management unit of Bank of the Philippine Islands (BPI) has expanded to Singapore. This is to gain access to more regional clients through one of Asia’s major financial centers.

BPI Wealth opened its doors within the Marina Bay Financial Centre on Oct. 1. It now shares the same building with Standard Chartered Bank, Raffles Quay Asset Management and Baker McKenzie Wong and Leow, among others.

This means BPI will be able to offer fund management, product financing, capital markets products and other related services to clients based in Singapore.

‘This new office is a bridge-connecting the Philippines and Singapore, our clients to global markets and our heritage to the future,’ BPI president and CEO TG Limcaoco said in a statement on Friday.

BPI Wealth Singapore is the second international office of the bank after BPI Wealth Hong Kong. The Ayala-led bank also has BPI Europe Plc, its branch in London, United Kingdom.

BPI chair Jaime Augusto Zobel de Ayala said that Singapore was the destination for ‘next-generation wealth conversations.’

‘To serve our clients well and to serve them for generations, we must be present in this ecosystem,’ Zobel said. ‘By being here, we reinforce our ability to connect the Philippines to the region, and to the world.’

P1.9 trillion in assets

BPI Wealth currently has 1.3 million customers out of the entire BPI Group’s 18 million. As of end-June, the asset and wealth management segment of BPI had P1.9 trillion in assets under management.

BPI Wealth president Maria Theresa Marcial earlier said they were aiming to manage P3 trillion for their wealthy clients by 2026. However, she said they were reviewing their strategy and targets for 2030. BPI is currently approaching the tail-end of its five-year plan ending in 2026, its 175th year in business.

Meanwhile, its private wealth unit, whose clients include those with a net worth of at least $1 million, wants to grow its client base to potentially more than 8,000 people by next year.

In aiming for this target, BPI Private Wealth said they were seeing growth in the country’s affluent sector. /rwd

Akari turned to Annie Mitchem to get its first-ever franchise win over defending champion Creamline, 23-25, 25-23, 30-28, 23-25, 15-12, in the PVL Reinforced Conference on Saturday night at Dasmariñas Arena.

Mitchem, who had a delayed debut due to the International Transfer Certificates dispute, pounded 32 kills and one block to finish with a game-high 33 points as the Chargers finally beat the Cool Smashers for the first time after 10 tries. The American hitter scored back-to-back kills to erase a 7-9 deficit in the fifth before crucial miscues sent them to match point, 14-11. Mitchem asked for the ball and broke Creamline’s wall to win the match in three hours and 16 minutes.

‘I’m really happy and proud of us because this team is really good. That’s what everyone said, and I’m very glad that we won this game, it was like really difficult,’ said Mitchem, who had 14 excellent receptions. ‘We were down by a lot of points in some moments, but we came back, which I’m so proud of. We didn’t give up, and I think that’s just a really big win for us, for the coaches, for everyone.’

Akari exacted sweet revenge against its Reinforced final tormentor Creamline, which swept the finale last year. ‘Of course, we’ve been waiting for this win against Creamline. It happened today. It was a team effort especially the coaches’ decision-making. It was on point,’ said new Akari coach Tinas Salak.

‘Also, Creamline is the best team, we know that they are a champion team. But our team is also intact and has a big potential as this conference goes.’ Eli Soyud also stepped up for the Chargers with 14 points. Middle blockers Fifi Sharma and Ced Domingo chipped in 13 and 12 points, respectively, with setter Mars Alba tossing 21 excellent sets.

Akari tries to get win No. 2 against Chery Tiggo on Tuesday at Smart Araneta Coliseum.

Creamline dropped its opening game just like last year’s Reinforced, with Courtney Schwan debuting with 26 points, 15 digs, and nine excellent receptions.

The Department of Agriculture (DA) on Friday morning vowed to take charge of farm-to-market road (FMR) projects, instead of leaving them to the care of the Department of Public Works and Highways (DPWH).

Speaking at the Senate hearing on the proposed 2026 funding of the DA and its attached agencies, Agriculture Secretary Francisco Tiu Laurel Jr. said it would be better for his agency to handle the projects to prevent losing the budget allocated for it.

‘At the last Senate hearing on the DA’s 2026 budget, we were issued a direct challenge: To take charge of farm-to-market road projects ourselves, rather than leave them in the hands of the DPWH,’ he told lawmakers.

‘The concern, as rightly pointed out by the committee chair, lies in the troubling pattern of overpricing and alleged corruption in past infrastructure efforts,’ said Laurel, former president of Frabelle Fishing Corp.

He said instinct, at present, steers the DA clear, to play it safe, but he said there is no more time to hesitate.

‘The Senate has drawn the line: Take on the task or lose the budget. And so, after consultation with the DA family, we rise to meet the moment,’ said Laurel.

In explaining his decision, the secretary said FMRs are important, not only for farmers but also to the agriculture sector.

‘For the people, we will turn our back on the challenge of the times,’ said Laurel. He, however, maintained that they will not handle it alone, but will do it with the help of local governments, who ‘know their communities best.’

‘We will bring in farmers’ groups, whose livelihoods depend on these roads. And we will enlist independent auditors and third-party surveyors, of course, those who are reputable, to ensure every peso serves its true purpose,’ said Laurel.

‘If we’re going to build roads, they must lead to farms, not fraud,’ he noted.

Sen. Sherwin Gatchalian earlier revealed that over P10 billion worth of FMRs programmed under the 2023 and 2024 national budgets have been ‘extremely overpriced.’

One project, for example, cost 23 times more than the standard price set by the DPWH, while others saw markups of up to 70 percent, further bloating the project cost.

Laurel, meanwhile, said the DPWH set a P15,000 per meter standard cost for FMRs, but this could go as low as P10,000 if the ’30 percent’ markup was trimmed.