BSP delivers surprise 0.25 ppt rate cut

The Bangko Sentral ng Pilipinas yet again reduced its key policy rate by 0.25 percentage point to 4.75 percent, as concerns about infrastructure-related corruption made a dent in economic growth.

‘The outlook for growth has softened in the near term,’ BSP Governor Eli Remolona Jr. said in a press briefing.

‘Governance concerns on public infrastructure spending have weighed on business sentiment,’ Remolona said.

Many Filipinos have latched on to this issue, following developments at Congressional hearings with a growing list of private contractors and politicians allegedly involved in questionable projects. The controversy has prompted many to join protest actions last month.

The BSP chief said that growth was turning out to be weaker than policymakers had thought. The government had assumed that gross domestic product (GDP) would increase by 6 percent annually. But growth turned out to be lower, especially in 2024.

Remolona noted that the Philippine stock market has been declining recently and fewer companies were expanding their operations, reflecting dampened business sentiment.

Also, Remolona said growth was weaker because demand is weaker. This, in turn, is why inflation is low.

The increase in consumer prices registered at 1.7 percent year-on-year in September. This was the seventh straight month that inflation printed below the BSP’s target range of 2 percent to 4 percent.

Also, inflation averaged at 1.7 percent from January to September.

Remolona earlier said that at 5 percent, the benchmark interest rate was at the ‘Goldilocks’ level. This means it is ‘just right,’ neither too high nor too low.

On Thursday, he said that the ‘sweet spot has moved.’

‘We’re still refining our estimates. We had thought that our Goldilocks policy rate was closer to 5 percent, now it’s closer to 4 percent. So we have to decide where we really are between 5 percent and 4 percent,’ Remolona said.

The implication is that ‘we have more wiggle room than before,’ he added.

The BSP’s latest move comes as a surprise, as an Inquirer Business poll of 16 analysts showed that 10 of them expected the BSP to keep the policy rate unchanged.

The latest decision follows three consecutive policy-setting meetings when the key rate was lowered by a quarter of a percentage point each time. These meetings were held in April, June and August.

‘We thought incorrectly in hindsight that the [BSP] would be willing to wait until December-that is, until after third-quarter GDP confirmed said economic weakness-to cut to 4.75 percent, given the Governor’s more neutral tone at the previous meeting,’ Miguel Chanco said in a commentary.

Chanco is chief economist for Emerging Asia at United Kingdom-based Pantheon Macroeconomics.

‘And we also thought that this would be the terminal rate,’ he said. ‘Our core view now is that the [Monetary] Board will cut again at the next meeting, to a terminal level of 4.5 percent, given its decidedly more dovish October statement.’

Remolona said concerns about governance were a big factor in the relative weakness of the economy. ‘We’re hoping that this is short-lived.’

Tinubu hails Interface Africa’s £1.5m win at UK Innovation Challenge

President Bola Tinubu congratulates Al’amin Muhammed Idris, chief executive of Interface Africa, on winning the NextGen Innovation Challenge.

Interface Africa, representing Kaduna, won a cash award of £1.5 million at the challenge’s grand finale, held on Thursday at the Hilton London Paddington.

The NextGen Innovation Challenge is a national initiative spearheaded by the National Board for Technology Incubation (NBTI) in partnership with UKALD London.

Inspired by President Bola Ahmed Tinubu’s Renewed Hope Agenda, the challenge is designed to unlock Nigerian youths’ innovative potential

President Tinubu commends Interface Africa for its effort in providing affordable solar financing to small businesses in Africa, noting that the cash award will support the company’s mission to increase access to clean energy in underserved communities.

The President strongly believes that the innovative potential of Nigerian youths is boundless; hence, his administration’s deliberate policies and programmes to harness and catalyse this vital resource.

President Tinubu also commends the other 104 participants and encourages them to keep innovating, improving lives, and shaping humanity’s future.

DigiPlus taps Bayad Center as payment channel

After banking regulators shut down its access to e-wallets like GCash, DigiPlus Interactive Corp. has found an alternative payment platform for online gaming clients.

DigiPlus’ flagship games may now top up their accounts through bills payment service provider Bayad Center’s branches across the country, saying this would ensure ‘safe and reliable’ services while broadening the company’s reach.

In a statement on Thursday, the online gaming firm led by tycoon Eusebio Tanco said it had sealed an official partnership with Manuel Pangilinan-led Bayad for BingoPlus, ArenaPlus and GameZone.

According to DigiPlus, players of these three games can make cash-ins or deposits through Bayad’s 800 branches and partners in malls, supermarkets and convenience stores.

Additionally, they may soon cash out or withdraw winnings through Bayad, although this is still being developed in phases.

Partnership

‘This partnership with Bayad provides customers with more secure and convenient ways to manage their transactions, reinforcing our commitment to player protection and dependable service at every touchpoint,’ DigiPlus chair Tanco said.

Bayad, which is also a subsidiary of power distributor Manila Electric Co., is accredited by the Bangko Sentral ng Pilipinas as an electronic money issuer.

‘Together, we’re expanding access to digital channels and offering new, engaging and responsible ways for Filipinos to experience convenience and entertainment made possible by accessible and inclusive financial services,’ Bayad chair Ray Espinosa said.

Operations

This comes as DigiPlus aggressively expands its operations both locally and internationally.

Last month, DigiPlus filed applications for three operator licenses in South Africa via the Western Cape Gambling and Racing Board.

It launched its Brazil operations on Sept. 22 through GamePlus, its first international brand.

EU launches probe against U.S. tech giants

The European Commission has launched a probe into U.S. tech giants, Apple, Google, YouTube, and Snapchat, over alleged failure to protect minors online.

EU Commission Vice-President Henna Virkkunen said on Friday that the companies may have breached the Digital Services Act (DSA) by not ensuring adequate privacy and safety for children.

‘EU law is clear – minors must have a very high level of privacy and security online. This is not always the case,’ Virkkunen said at a meeting of EU telecom ministers in Horsens, Denmark.

Brussels is demanding detailed information from the four platforms to assess how they protect young users.

If violations are confirmed, the companies could face fines of up to 6% of their global revenue.

The EU suspects YouTube’s age checks are easy to bypass and that its algorithms may promote addictive content to minors.

It also wants answers from Apple and Google on whether children can access gambling apps through their stores, and from Snapchat over claims that underage users can buy drugs on the platform.

The DSA requires tech platforms to swiftly remove illegal content and protect users, with tougher rules for larger firms.

Virkkunen stressed that while ‘kids have the right to connect and access information,’ online platforms must ensure their safety.

Tensions have risen between Brussels and Washington over the law, with U.S. President Donald Trump recently calling the EU’s digital rules ‘anti-competitive.’

LG boss, finance director jailed for contract fraud

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has secured the conviction of Mr. Abubakar Bawa Makuku, Sole Administrator and Caretaker Chairman of Sakaba Local Government Area in Kebbi State, and Mr. Ahmed Abdullahi Fakai, Director of Finance and Supply of the same Local Government, for contract fraud and abuse of office involving the sum of N54 million.

The duo was arraigned before Honourable Justice E. Gakko of the Federal High Court sitting in Birnin-Kebbi on multiple counts bordering on abuse of office, fraudulent contract awards, and financial misconduct.

During the trial, prosecution counsel, Mr. Hamza Sani, presented evidence showing that Mr. Fakai unlawfully withdrew a total of N54 million from the coffers of Sakaba Local Government in six tranches of N9 million each, in a deliberate attempt to evade financial reporting protocols.

The court also heard how Mr. Makuku corruptly awarded contracts without following due process and personally benefited from the diversion of N10 million earmarked for official engagements of the local government.

One of the charges reads:

‘That you, Ahmed Abdullahi Fakai, in June 2016 or thereabout, at Sakaba Local Government Area of Kebbi State, within the jurisdiction of this Honourable Court, while serving as Director of Finance and Supply, withdrew a total of N54,000,000.00 (Fifty-Four Million Naira) from the Sakaba Local Government bank account at First Bank Nigeria Plc in six tranches of N9,000,000.00 each, with the intent to avoid the legal duty of reporting the said sum, thereby committing an offence contrary to Section 19(1)(c) and punishable under Section 19(2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.’

Another charge against the Sole Administrator reads:

‘That you, Abubakar Bawa Makuku, in May 2016 or thereabout, at Sakaba Local Government Area of Kebbi State, while serving as Sole Administrator, used your office to confer corrupt advantage upon yourself by receiving N10,000,000.00 (Ten Million Naira) in cash from the Finance and Supply office of Sakaba Local Government. The funds were designated for official government activities but were not utilized for their intended purpose, thereby committing an offence contrary to and punishable under Section 19 of the Corrupt Practices and Other Related Offences Act, 2000.’

The defendants had pleaded not guilty to all the charges preferred against them. However, in his judgment, Justice Gakko found them guilty as charged and convicted them accordingly.

Mr. Fakai was sentenced to three years’ imprisonment or a fine of N2.5 million, while Mr. Makuku received a four-year jail term or a fine of N1 million as compensation to Sakaba Local Government, in addition to another N1.5 million fine.

The judgment underscores ICPC’s resolve to ensure that public officers who betray the trust of their offices for personal gain are brought to justice in accordance with the law.

Phivolcs lifts tsunami warning hours after Davao earthquake

The Philippine Institute of Volcanology and Seismology (Phivolcs) has lifted its tsunami warning, signaling to affected communities along the country’s eastern seaboard facing the Pacific Ocean that it is now safe to go home.

Teresito Bacolcol, director of the Department of Science and Technology (DOST)-Phivolcs, announced the advisory during the press conference at the Phivolcs Auditorium following the 7.4 magnitude quake that struck the town of Manay, Davao Oriental, and was strongly felt in most parts of Mindanao at 9:43 a.m. Friday.

Affected by the tsunami warning were the coastlines of the provinces of Davao Oriental, Dinagat Islands, Surigao del Norte, Surigao del Sur, Leyte, Southern Leyte, and Eastern Samar.

According to Phivolcs, its sea level monitoring station for tsunami detection in Tandag, Surigao del Sur, has recorded a tsunami wave height of around 30 centimeters at 10:30 a.m.

‘With this, any effects due to the tsunami warning have largely passed and therefore, DOST-Phivolcs has now canceled all tsunami warnings issued for this event,’ the advisory said, referring to the 7.4 magnitude quake.

As of 1:50 p.m., a total of 240 aftershocks have been recorded.

Phivolcs reiterated its oft-repeated statement that earthquakes could ‘not kill, it’s the falling buildings that kill,’ to renew its reminders to local government units across the country to follow the gold standard of the country’s Building Code in constructing buildings to prevent loss of lives during quakes./coa

Sabotage won’t stop us: Wike issues warning over Abuja lighting project

Minister of the Federal Capital Territory (FCT), Nyesom Wike, has warned against any attempt to sabotage the recently inaugurated ‘Light Up Abuja’ project.

Wike gave the warning on Thursday, during the inauguration of the construction of Collector Road CN2 (Emmanuel I. Ogala Street), from Arterial N16 (Yemi Osinbajo Way) to N20 (Wole Soyinka Way), including Road ILS 5 within Katampe District, Abuja.

He explained that the warning was triggered by a recent incident where street lights on the Airport Road failed while President Bola Tinubu was returning to the capital city.

The minister said he had already summoned the contractor, CCECC, for an explanation and had been briefed on their efforts.

He urged all parties involved not to relent, emphasising his administration’s resolve not to be distracted.

‘I Know that all those things are just to distract us and weaken us, but I can assure you that my team and I are very determined.

‘If there is one project we must achieve, it is the ‘Light Up Abuja’ project,’ he said.

Wike also explained that the road project was part of a major infrastructure overhaul planned to commemorate President Tinubu’s third year anniversary in office as well as the FCT’s 50th in 2026.

He revealed that the new road was essential to give functional meaning to the recently commissioned Gishiri-Maitama road and interchange.

‘Recollect that sometime in July this year, Mr President came and commissioned that interchange. So when we came, we found that without this road being linked up, it will not make sense,’ Wike said.

He commended the contractor, China Geo-Engineering Corporation (CGC), for commencing work based on trust before the formal contract award, highlighting their confidence in the President’s government.

While painting a vivid picture of the project’s immediate economic impact, Wike predicted a dramatic surge in property values.

‘If a property here was worth 200 or 300 million, within the next one month, its value will go to 700 million or 1 billion Naira. That is what good administration is; that is what the real essence of making the economy thrive is,’ he said.

The News Agency of Nigeria (NAN) reports that the new Collector Road is expected to significantly decongest traffic in the Katampe and Gishiri Districts.

Sotto decries propaganda against him, Senate leadership

Senate President Vicente ‘Tito’ Sotto III denounced Friday what he described as concerted efforts and propaganda by certain quarters aimed at discrediting him and the Senate leadership.

Addressing his colleagues on the Senate floor, Sotto cited the ‘numerous and coordinated circulation of fake news’ regarding new tax measures he was falsely credited with endorsing.

‘In my 24 years in the Senate, I have never proposed any additional tax measures. In fact, I have consistently voted against them,’ he said.

‘So to the peddlers of fake news, I’ll just pray for you,’ Sotto added as he urged Filipinos not to believe quickly, ‘especially when the news is bad.’

In an interview after the session, Sotto said there appeared to be a concerted effort to discredit him and the Senate-one they began noticing on September 8.

‘Because we noticed that since September 8, every Thursday, Friday, and Saturday, fake news comes out against me, Sen. Lacson, and Sen. Zubiri,’ he said, referring to Senate President Pro Tempore Panfilo Lacson and Majority Leader Juan Miguel Zubiri.

‘Then on Monday, there’s supposedly a coup-every weekend. So, is this staged?’ Sotto said. ‘I think there’s a concerted effort by some quarters. I don’t know who, but we’ll try to find out.’

Why would they be targeted?

Sotto suggested that their critics may have found no credible grounds against them-so they resorted to spreading fake news.

He reiterated that he had not filed any tax measures and could not recall any colleague who might have introduced new tax proposals.

‘As a matter of fact, if I were to file, I’d push for a tax deduction,’ the Senate chief said.

A social media post, for example, falsely claims that Sotto is pushing for a 50 percent tax on the income of content creators. /mcm/abc

White House reacts as Nobel Peace Prize goes to Machado instead of Trump

The White House has reacted angrily after Venezuelan opposition leader Maria Corina Machado was named the winner of the 2025 Nobel Peace Prize, beating U.S. President Donald Trump, who had been widely tipped for the honour.

White House Communications Director Steven Cheung said the Nobel Committee had ‘put politics over peace,’ insisting that President Trump would continue to pursue peace deals around the world.

‘President Trump will continue making peace deals, ending wars, and saving lives. He has the heart of a humanitarian, and there will never be anyone like him who can move mountains with the sheer force of his will,’ Cheung said.

The Norwegian Nobel Committee announced Machado as the 2025 laureate on Friday in Oslo, praising her ‘tireless work promoting democratic rights for the people of Venezuela’ and her ‘struggle to achieve a just and peaceful transition from dictatorship to democracy.’

Trump, whose name had been heavily promoted in the run-up to the award, was passed over despite his Gaza peace plan, which helped broker a ceasefire between Israel and Hamas after two years of fighting.

The U.S. leader had repeatedly described himself as a ‘peacemaker’ and long claimed he deserved the prize, citing his efforts to end global conflicts.

The Nobel announcement came just hours after Israel confirmed that a Gaza ceasefire was in effect following a cabinet vote adopting the first phase of Trump’s proposal, which includes the release of hostages and a pause in hostilities.

’Disciplining a brat’: House votes to cut Duterte’s budget for 2nd year in a row

The House of Representatives has voted to slash the Office of the Vice President’s P889-million budget for 2026 by P156 million, making good on a promise to exact consequences for Vice President Sara Duterte’s repeated refusal to answer for her budget.

On Friday, Mamamayang Liberal Rep. Leila de Lima moved to bring back the OVP budget to its 2025 level at P733 million during the second reading for House Bill No. 4058, the chamber’s version of the national budget bill.

This after Duterte repeatedly snubbed the plenary deliberations for her office’s budget, even imposing conditions on the House if the chamber wanted her to personally defend her proposal.

‘The vice president’s repeated refusal to face this chamber is an insult and spits on the duty of accountability,’ De Lima said. ‘It’s as if we’re parents of a child throwing a tantrum while refusing to explain where they spent their allowance.’

‘Public money is not a toy. It is not a reward given to invented people with invented names in invented projects. It is a trust. And until the vice president learns respect, this House must act as the parent that disciplines a brat,’ she added.

House appropriations chair and Nueva Ecija Rep. Mikaela Suansing accepted the amendment while insisting that the current budget would still protect the interests of the OVP staff – referring to earlier, more radical proposals from the Makabayan bloc to reduce the OVP budget to only the barest minimum.

This is the second year in a row that the House moved to slash the OVP budget ever since she broke ties with President Marcos Jr.

In a better time, such as the start of the Marcos administration, she could propose a much higher budget-like the P2.3 billion she got in 2023.

But last year, the vice president was left with her current budget of P733 million after former House appropriations chair Elizaldy Co-who would soon be embroiled in the corruption scandal over flood-control projects-slashed the OVP’s budget by more than P1 billion for her refusal to explain how she spent her office’s confidential funds in 2022 and 2023. /apl