Listed U/KBs’ Shares: Yearly Gains and Losses as of End-June 2025
BANKING STOCKS rose in the second quarter as rate cuts coupled with steady inflation impacted profit margins, analysts said. Read the full story.
PSEi slides to 6,000 level as market seeks leads
PHILIPPINE SHARES sank to the 6,000 level on Monday to hit a five-month low due to selling pressure amid a lack of leads, weak market sentiment, and lingering corruption concerns.
The benchmark Philippine Stock Exchange index (PSEi) declined by 0.84% or 51.78 points to close at 6,057.43, while the broader all shares index decreased by 0.4% or 15.02 points to end at 3,670.57.
This was the PSEi’s worst finish in over five months or since it closed at 6,006.34 on April 8.
“The index continued to flirt with the 6,000 level as political noise continues to cloud investor sentiment,” AP Securities, Inc. said in a market report.
President Ferdinand R. Marcos, Jr. said no one will be exempt from an independent investigation into alleged anomalies in infrastructure projects, as he vowed to rebuild public trust as protests over corruption loom, Reuters reported.
Mr. Marcos assured the graft-weary public that the probe would break from past efforts, calling it an “inflection point” in how the government operates and spends funds.
He appointed a former Supreme Court justice to lead a newly formed commission and said it would tackle all wrongdoers no matter who they are, with congressional investigations already implicating several powerful political figures.
“The local market declined on its first day of the week, weighed by the weakness of the Philippine peso against the US dollar,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a market report. The peso dropped by 8.10 centavos to close at P57.181 per dollar on Monday, and has ended at the P57 level for four consecutive sessions as markets await the US Federal Reserve’s policy meeting this week, where it is expected to deliver its first rate cut since late last year.
“The lack of a local positive catalyst also caused investors to exit the market. Foreign investors were net sellers for the day, with net outflows… adding to the market’s drop,” Mr. Tantiangco said.
Net foreign selling was at P473.25 million on Monday, a reversal of the P293.44 million in net buying recorded on Friday.
Most sectoral indices closed lower. Financials fell by 2.43% or 50.02 points to 2,006.24; holding firms decreased by 1.19% or 60.31 points to 4,985.73; property went down by 1.19% or 29.90 points to 2,473.36; and mining and oil dropped by 0.29% or 33.82 points to 11,436.02.
Meanwhile, services increased by 0.99% or 21.43 points to 2,178.54, and industrials climbed by 0.32% or 28.90 points to 8,983.85.
Value turnover went down to P6.24 billion on Monday with 3.48 billion shares traded from the P6.82 billion with 6.27 billion stocks that changed hands on Friday.
“Converge ICT Solutions, Inc. was the day’s top index gainer, jumping 6.43% to P11.92. DigiPlus Interactive Corp. was the main index laggard, plunging 7.04% to P18.50,” Mr. Tantiangco said.
Decliners outnumbered advancers, 117 to 84, while 53 names were unchanged. — A.G.C. Magno with Reuters
Shares of listed Philippine banks rise in 2nd quarter
The article “Listed banks’ share prices rise in Q2” by Heather Caitlin P. Mañago in BusinessWorld’s quarterly banking report published on Sept. 15 misstated that Philippine Savings Bank (PSBank) posted a 50.8% share price decline in the first half, but it actually rose by 6.4%. The article also misstated that Bank of Commerce stock contracted by 94%, but it went up by 7%.
We deeply regret the errors and extend our apologies to PSBank, Bank of Commerce and our readers.
BANKING STOCKS rose in the second quarter as rate cuts coupled with steady inflation impacted profit margins, analysts said.
They also cautioned investors to further monitor rate cuts from the Bangko Sentral ng Pilipinas (BSP) and further actions by the US Federal Reserve.
The Philippine Stock Exchange index (PSEi) inched down by 0.7% year on year to 6,364.94 at the end of the second quarter.
However, the financials subindex, which includes banks, climbed by 18.4% annually to 2,278.62 during the period.
During the period, 11 out of the country’s 13 listed universal and commercial banks (U/KBs) posted growth in their share prices year on year.
Philippine National Bank (ticker symbol: PNB) led with 142.3% year-on-year surge. It was followed by Asia United Bank Corp. (AUB, 75.6%), China Banking Corp. (CBC, 69.9%), Philippine Bank of Communications (PBC, 37.6%) and BDO Unibank, Inc. (BDO, 19.2%).
Listed thrift bank Philippine Savings Bank also grew by 6.4% year on year.
Meanwhile, Philippine Trust Co. (PTC) stock contracted by 26.8%, year on year as of end-June while Union Bank of the Philippines’ (UBP) dropped by 4.5%.
Aggregate net income of universal and commercial banks grew by 3.1% to P184.46 billion as of end-June from P178.91 billion in the same period a year ago, data from the BSP showed.
Gross total loan portfolio of these big lenders rose by 11% to P14.7 trillion as of end-June from P13.25 trillion a year ago.
The big banks’ gross nonperforming loans (NPLs) ratio improved to 3.05% as of end-June from 3.21% the previous year.
Meanwhile, the big banks’ net interest margin (NIM) — a ratio that measures banks’ efficiency in investing their funds by dividing annualized net interest income to average earning asset — rose to 4.13% as of end-June from 4.04% recorded a year earlier.
Provision for credit losses by these big banks reached P71.81 billion, up by 67.6% from P42.84 billion in June 2024.
RATE CUTS AND TARIFFS
Luis A. Limlingan, head of sales at Regina Capital Development Corp., said that BSP rate cuts are one of the primary drivers of the performance of listed banks for the second quarter.
He pointed out that reduced interest rates not only encourage borrowers to tap into cheaper loans — driving loan growth and broadening the banks’ customer base — but also led to increased profits from trading activities.
“Overall, the rate cuts created a dual benefit: stronger loan growth and enhanced investment returns, both of which supported the banking sector’s bottom line,” Mr. Limlingan said in a Viber message.
Kervin Laurence S. Sisayan, vice-president and head of research at Maybank Securities Philippines, Inc., said that another BSP movement, which influenced banks’ performance during the period, were the reserve requirement ratios (RRRs) jumbo cut made as of end-March.
“A cut in RRR would reduce the pressure on funding costs for banks in general and would typically be margin accretive,” he said in an e-mail.
As of end-March, the central bank reduced RRRs by 200 basis points (bps) to 5% for U/KBs from 7%. Additionally, RRR for digital banks were also slashed by 150 bps to 2.5%, while the ratio for thrift lenders was lowered by 100 bps to 0%.
He added that subsequent cuts in policy rates have pushed industry asset yields lower, offsetting the potential improvement from the RRR cut.
For Abigail Kathryn L. Chiw, first vice-president and head of research at BDO Securities Corp., the steady improvement in the macroeconomic conditions of the Philippines helped sustain strong loan demand on the back of corporate and consumer segments.
“Easing funding costs and rising mix of higher-margin consumer loans also resulted to sequential upturns in lending margins,” said Ms. Chiw in an e-mail.
However, she also said that the aggressive expansion in unsecured consumer loans, such as credit cards, prompted banks to increase their provisions to guard against NPL risks which has dragged earnings.
Ralph Jonathan B. Fausto, research associate in Chinabank Securities Corp., said that outlook for monetary policy from the BSP and the US Federal Reserve, coupled with uncertainties in external trade policy, remain key drivers during the period.
These factors, he said, have direct implications for loan demand and net interest margins.
“The sustained expansion of listed banks into the consumer lending segment has been underpinned by stable and low domestic inflation, and robust employment conditions — which continue to support a constructive outlook for household consumption,” he said in an e-mail.
In June, headline inflation picked up to 1.4%, inching up from 1.3% in May. However, this was still slower than the year-earlier 3.7%.
In the six months to June, inflation averaged 1.8%, slower than the 3.6% average in the same period last year.
This prompted the central bank to implement a second straight rate cut, lowering the policy rate from 5.5% to 5.25%, marking its lowest level in two and a half years.
During its August policy meeting, the BSP reduced the target reverse repurchase rate by 25 bps bringing it down to 5% from 5.25%, the lowest rate in nearly three years, since November 2022.
Since its easing cycle in August 2024, the BSP lowered borrowing costs by a total of 150 basis points.
Jash Matthew M. Baylon, equity analyst at The First Resources Management and Securities said that aside from the BSP rate cuts, global uncertainty due to tariff wars added a cautious stance across business confidence which impacts banks’ operations.
In April, US President Donald J. Trump announced a reciprocal tariff rate of 17% on goods from the Philippines, but the implementation was postponed until July.
Then, in early July, he raised the tariff rate to 20% and after a meeting with Philippine President Ferdinand R. Marcos, Jr., Mr. Trump implemented a new tariff of 19% on Philippine goods, which took effect on Aug. 7.
STANDOUTS
BDO, PNB, Bank of Commerce (BNCOM), and CBC stood out in the second quarter amid loan expansions and strong earnings, analysts said.
For Mr. Limlingan, PNB and BNCOM stood out in terms of bottom line, “posting some of the highest returns among banks during the period.”
“[They] benefited from strong loan portfolio expansion and robust trading gains, reflecting sustained growth momentum,” he said.
He added that banks remain aggressive in expanding their lending activities, buoyed by expectations of possible rate cuts in the next few months.
For Ms. Chiw, CBC stood out with robust earnings growth and return on equity for the quarter. The solid 18% earnings growth and 15% return on equity of CBC during the period was driven by strong loan expansion, improved NIMs, solid asset quality with a nonperforming loan ratio, and one-off foreclosure gains covering increased provisions.
For Mr. Fausto, BDO’s corporate loan growth accelerated in the second quarter, indicating a recovery in business borrowing after being dampened by US tariff uncertainties in the prior quarter.
Meanwhile, Security Bank Corp. (SECB) “reported higher-than-anticipated provisions in [the first half of the year], largely attributable to its aggressive expansion in the credit card segment,” he added.
For Mr. Baylon, smaller banks could maximize the current economic situation, which could potentially enhance their net interest margins in a lower rate environment. On the other hand, larger universal banks experience a negative impact on their earnings.
OUTLOOK
Ms. Chiw said that the central bank can deliver one more rate cut this year as inflation remains below the BSP target.
“Accommodative interest rates are supportive of growth, which should be a net positive for banks,” she said.
She expects banks to deliver healthy earnings growth and sees lower borrowing costs could lead to an increase in lending activity and a reduction in NPL stress. This, in turn, would enable banks to reduce their provisioning costs.
“Volatile financial markets may also provide trading gains or losses,” she said.
Similarly, for Mr. Limlingan, he is supportive of further rate cuts from the BSP as it can allow banks to broaden their markets.
“In the short term, profitability may improve as trading gains strengthen. However, we also anticipate increased pricing competition among banks, as adjustments in product pricing could pose risks to their margins,” he said.
He added that further rate cuts could boost banks’ revenues and bottom lines through several channels that benefit from a more dovish policy stance.
Mr. Sisayan expects recent policy rate cuts to put further pressure on NIMs.
“With lower rates, and more clarity on global trade, the weakness in NIMs could be offset by stronger loan growth as corporates become more confident to pursue expansion plans,” he said.
Chinabank Securities’ Mr. Fausto and BDO Securities’ Ms. Chiw advised investors to closely monitor loan growth, NIMs, and asset quality of banks.
Mr. Fausto said the BSP’s 25-bp rate cuts in April and June are expected to help loans grow faster, especially within the corporate lending space.
“Net interest margins, however, are expected to be broadly stable — with some seeing marginal uplift from lower funding costs,” Mr. Fausto said.
He added that with major listed banks growing their high-yield loan segments, it’s important to keep an eye on credit costs and NPL ratios.
Additionally, Ms. Chiw said that key concerns right now are Mr. Trump’s erratic trade policies and attempts to undermine US Fed independence.
“These may result to renewed interest rate and exchange rate volatility potentially hurting consumption and investment appetite,” she said.
Moreover, for Mr. Baylon, investors should keep an eye on global events, especially decisions by the US Fed, since these can affect the local currency and foreign investments, which in turn influence bank operations.
He also anticipates that consumer and retail banking will be a major earnings contributor for large banks this year, driven by improved purchasing power and stronger domestic spending as inflation eases.
He added that even with the potential for a policy rate cut from the BSP, robust consumer activity may sustain credit demand, particularly for personal loans, auto financing, and credit cards.
“This volume-driven growth could help offset margin compression, positioning big banks to benefit from a more consumption-led recovery,” he said. — HCPM
Manila urged to raise China concerns at UN General Assembly this month
By Adrian H. Halili, Reporter
THE PHILIPPINES should seize the opportunity to raise its concerns over Chinese actions in the South China Sea during the United Nations (UN) General Assembly in New York later this month, analysts said, as Beijing presses ahead with measures that undermine Manila’s claims in the contested waters.
“The Philippines, through the President, may rally support in line with his participation in the United Nations General Assembly later this month,” Josue Raphael J. Cortez, a diplomacy instructor at De La Salle-College of St. Benilde, said in a Facebook Messenger chat.
Philippine President Ferdinand R. Marcos, Jr. will not attend the UN General Assembly in New York next week since he plans to focus on local issues, the Palace said on Monday.
“The President has delegated his engagements at the UN General Assembly to the secretary of Foreign Affairs to allow him to focus on local issues,” Communications Secretary Dave M. Gomez told reporters in a Viber chat.
The Department of Foreign Affairs (DFA) earlier said it is studying the possibility of filing a resolution at the assembly that would tackle Chinese activities in the South China Sea.
“This attendance may also serve as an avenue for the President to highlight the importance of adhering to international norms and standards, as well as to international agreements and covenants,” Mr. Cortez added.
Hansley A. Juliano, a political science lecturer at Ateneo de Manila University, said Manila should ensure its position is framed as independent and not merely extensions of US policy.
“The only real possible concern is if our position will be accepted specifically as our own standing, or will we continue to suffer with the American association,” he said.
Relations between Manila and Beijing have been strained in recent years due to frequent confrontations in the South China Sea, where China has expanded its presence despite a 2016 arbitral ruling by a UN-backed tribunal that voided its sweeping claims. Beijing has ignored the decision.
Mr. Cortez said Mr. Marcos’ absence in the assembly would not affect Manila’s campaign for a nonpermanent seat at the UN Security Council (UNSC).
He noted that Mr. Manalo, the Philippine ambassador to the UN, is “articulate enough” to represent Manila’s interests in the UN.
“With a blueprint at hand — particularly on how we will be highlighting our campaign for a UNSC seat — the Philippine delegation is already equipped with the pertinent skills needed during the high-level week,” he added.
Lucio B. Pitlo III, a research fellow at the Asia-Pacific Pathways to Progress Foundation, said the Philippines should also use the upcoming Association of Southeast Asian Nations (ASEAN) meetings to raise its concerns, especially as the Philippines assumes the chairmanship of the bloc next year.
The Philippines will host ASEAN’s annual summit a year earlier than scheduled, after Myanmar gave up its turn due to political unrest. Manila is expected to put the South China Sea disputes high on the agenda.
Analysts warned that China’s latest move to establish a “nature reserve” at Scarborough Shoal could erode Manila’s position. Beijing recently approved the creation of the marine reserve, which will cover more than 3,500 hectares of coral reefs.
“This latest development of China converting the shoal to a marine sanctuary will further undercut the Philippines’ position,” Mr. Pitlo said. “China will use the environmental card to buttress its claim, leveraging its on-the-ground control since 2012.”
The DFA said at the weekend the Philippines had lodged a diplomatic protest against Beijing’s plans at Scarborough Shoal, known locally as Bajo de Masinloc.
Mr. Cortez said the Philippines should also push discussions through the bilateral consultation mechanism with China, created in 2017 to manage sea disputes.
“It may serve as a platform where our two countries can fully discuss China’s proposition, and for us to directly remind them that such move may be considered a violation of our territorial integrity,” he said.
Envoys last met under the mechanism in January. — with Chloe Mari A. Hufana
DA to get 90% of subsidized rice next year from farmers
By Kenneth Christiane L. Basilio and Adrian H. Halili, Reporters
THE DEPARTMENT OF AGRICULTURE (DA) would obtain 80-90% of rice for next year’s subsidized rice program from local farmers and the rest from imports, targeting 1.5 million metric tons (MMT) worth P29 billion, its chief told congressmen at a House of Representatives hearing on Monday.
Agriculture Secretary Francisco P. Tiu Laurel, Jr. said sourcing from imports would significantly cut costs, adding that getting everything locally would be fiscally unsustainable.
“This might be controversial, but if we want to make it cheap, we could wholly source it from imported rice and it would only cost us P7 billion,” Mr. Laurel told lawmakers in Filipino.
He added that sustaining the government’s P20-per-kilo rice program would be difficult without continued state intervention.
President Ferdinand R. Marcos, Jr. campaigned in 2022 on a pledge to lower rice prices to P20 per kilo, but the early years of his administration have been marked by a surge in rice costs.
Imported fancy rice cost P57.33 per kilo, while premium grain was P44.71 per kilo and regular-milled rice was P36 per kilo, according to the Agriculture department’s marketing monitoring data on Sunday.
Locally sourced fancy rice was slightly cheaper at P56.83 per kilo, while premium rice was P50.67 and regular-milled rice was P36.60 per kilo.
Mr. Laurel said the government is seeking to sell cheap grain to at least 15 million households next year.
“I don’t think it’s possible without subsidies,” he said in Filipino. “The only country that can keep rice prices low is Vietnam. As for India, we really can’t compare because they provide 90% of fertilizers to their farmers for free.”
“We can’t compete with that kind of system,” he added.
A decline in global fertilizer prices to pre-Ukraine war levels could lead to sustainably lower rice prices, he said. “That’s the situation… [so] I don’t think it’s possible at this time.”
Meanwhile, Agriculture Undersecretary Asis G. Perez said the Philippines has grown increasingly reliant on agricultural imports, creating an imbalance at the expense of locally produced goods.
“In the last years, trade grew, but the trade is [lopsided],” he told lawmakers at the same House hearing. “There’s been an increase in imports in the past 10 years, with exports not growing. We are not in a very good state.”
The Philippines imported about 2.94 MMT of rice in the first nine months, according to DA data.
Mr. Marcos on Sept. 1 ordered a 60-day suspension of rice imports to protect Filipino farmers affected by low unmilled rice prices during the harvest season.
Mr. Laurel said it pegged this year’s rice yield target at 20.3 MMT, about 6.3% higher than the four-year low 19.09 MMT output last year.
“Originally, the rice production target for this year was 20.45 MMT,” he said in Filipino. “We’re revising the target based on what we’re seeing for the rest of the year.”
FARM SMUGGLING
Also on Monday, the Senate agriculture committee summoned farm traders who skipped its inquiry into farm goods smuggling, which lawmakers said has deprived the government of billions of pesos in revenues.
At a hearing, Senator Francis “Kiko” N. Pangilinan said subpoenas would be issued to 10 traders who failed to appear.
Mr. Pangilinan cited data from the Department of Finance and Bureau of Customs showing that smuggling has cost the government at least P983 million since 2024. “Just like corruption in flood control projects, billions are also being stolen from the country due to smuggling,” he said.
He also questioned the DA over its alleged failure to charge major players a year after the Anti-Agricultural Smuggling Act was enacted.
“One year after the law was signed, why are there still no big-time syndicates jailed?” he asked.
The law classifies smuggling, hoarding, profiteering and their financing as economic sabotage, punishable with life imprisonment and fines five times the value of the goods involved.
The hearing also looked into reports of “consignees for hire” who lease import permits to brokers and traders.
Customs Commissioner Ariel F. Nepomuceno said the agency has documented cases of corporations renting out their licenses. “There are clear cases of consignees being hired, wherein the consignees allow their corporations to be used by importers,” he told senators.
Agriculture Undersecretary Carlos C. Carag added that using import clearances by anyone other than those named in the permit is illegal.
Import permits for crops are issued by the Bureau of Plant Industry, while the Bureau of Animal Industry handles meat import licenses.
Marcos vows full communities in housing push
PRESIDENT Ferdinand R. Marcos, Jr. on Monday vowed to accelerate state-backed housing projects, saying his administration would prioritize building “entire communities” with schools, markets and health facilities instead of bare shelters.
Speaking at the inauguration of the 1,099-unit St. Barts Southville Heights housing project in San Pablo City, Laguna province, the President said housing for families displaced by the Philippine National Railways South Long-Haul Project serves as a model for future resettlement efforts.
“This is our goal: along with developing infrastructure, we are also improving the lives of our fellow citizens,” he said. “No one is left behind.”
The government has completed only 1,900 housing units under Mr. Marcos’ flagship program, Housing Secretary Jose Ramon Aliling told a House of Representatives hearing on Sept. 1 — well short of the 6 million homes pledged in 2022.
He added that their target would only be 300,000 until 2028 from 6 million.
The San Pablo site will feature public amenities including a school, health center, daycare, marketplace, transport terminal, covered court and provisions for churches and parks.
Mr. Marcos cited the passage of the National Housing Authority Act, which extends the agency’s mandate for 25 more years, ensuring continuity beyond his term.
While the President underscored the long-term approach, the government has yet to clarify how it will balance costs amid fiscal pressures from debt and competing social programs.
Meanwhile, the Pag-IBIG Fund may develop its own socialized housing projects if the government falls short of its target of building 250,000 units within three years, Pag-IBIG Vice-President Domingo C. Jacinto, Jr. told reporters last week.
“If the inventory of socialized housing units is still lacking, we can explore initiating the development of these units ourselves,” he said.
He said supply has been inadequate for the past three years, though the expanded Pambansang Pabahay para sa Pilipino (4PH) program could help close the gap by now covering both house-and-lot and subdivision projects, in addition to condominium units.
Mr. Jacinto said Pag-IBIG has enough funding to build units given its lending portfolio for private developers. The agency finances about 20,000 to 30,000 socialized housing units annually.
“If we do build our own, we will build projects which are within our plans and within our financial needs,” he said. “But we’re studying it because we need to ensure that there is a constant, available supply of socialized housing units in the market.” — CMAH and AMCS
ARTA budget hurdles Senate committee
THE SENATE COMMITTEE on Finance on Monday endorsed the P496-million proposed budget of the Anti-Red Tape Authority (ARTA) for 2026, allowing it to proceed to plenary deliberations.
“The budget of ARTA is now deemed submitted for the plenary’s consideration, subject to discussions and the submission of requested documents,” Senator Sherwin T. Gatchalian, chairman of the committee, said.
The proposed allocation under the 2026 National Expenditure Program is 39.8% lower than ARTA’s original P825.5-million request.
ARTA Secretary Ernesto V. Perez told senators the agency is seeking an additional P32.5 million to bolster digitalization efforts, including manpower, information and communication technology systems and cloud infrastructure.
The agency earlier launched an artificial intelligence-powered platform designed to streamline complaints on inefficient or corrupt practices, featuring 24/7 accessibility, real-time tracking and automated case assignment.
At the hearing, Senator Erwin T. Tulfo raised concerns over ARTA’s limited enforcement power, citing continued noncompliance by government agencies and local government units (LGUs).
“We have to give more power to this agency because it seems like agencies, even LGUs, don’t take it seriously,” he said.
Mr. Perez urged lawmakers to amend the Ease of Doing Business and Efficient Government Service Delivery Act, which created ARTA, noting that they lack subpoena powers.
“We are not strictly a law enforcement agency,” he said. “We are proposing the amendment of the law to give us more power, more subpoena power, more investigative power, that whatever findings and recommendations we have, we can directly file them directly with the court or with the Sandiganbayan.”
The ARTA charter, passed in 2018, mandates faster government transactions and aims to reduce bureaucratic red tape. — Adrian H. Halili
Sept. 21 rally seeks accountability
THE Sept. 21 rally against corruption in flood control projects will demand accountability from all involved, regardless of political affiliation, organizers said on Monday.
“Our group does not spare any politician, and corruption has no political color,” Francis Joseph Aquino Dee, spokesman of the so-called Trillion-Peso March and grandson of the late Senator Benigno “Ninoy” S. Aquino, Jr., told reporters in Filipino.
“We are calling for accountability from all politicians, whoever they may be — Marcos, Duterte, or anyone else,” he added.
The Trillion-Peso March is spearheaded by the Church Leaders Council for National Transformation and will be joined by church groups, political parties such as Akbayan, universities, about 200 civil society groups and dozens of prominent people.
Organizers said the protest would press for justice over anomalies in flood control projects that may have funneled up to a trillion pesos in corruption since 2016. Among its demands are the immediate publication of all officials’ statements of assets, liabilities and net worth (SALN) and the passage of the long-stalled Freedom of Information Act. It also seeks to end what they described as the Ombudsman’s “Martires Era” of blocking SALN access.
The program will start at Luneta Park at 9 a.m. before moving to the People Power Monument along the EDSA highway at 2 p.m.
The council said the protest is not seeking the return of former President Rodrigo R. Duterte, who is under International Criminal Court custody in The Hague for his deadly war on drugs, or for President Ferdinand R. Marcos, Jr.’s resignation.
“It is pushing the fight against corruption,” said Catholic priest Albert N. Delvo who is a council member. He added that the focus is on lawmakers, contractors and other alleged conspirators.
Mr. Dee also urged Congress to pass a law giving the newly formed Independent Commission for Infrastructure subpoena and contempt powers to strengthen its corruption probe. — Edg Adrian A. Eva
Ex-DPWH engineer back in Senate
SENATE President Vicente “Tito” C. Sotto III on Monday said that the former Public Works engineer involved in anomalous flood control projects in Bulacan has been returned to the Senate’s custody.
“Detained Engineer Brice P. Hernandez has been brought back to the Senate of the Philippines after the hearing regarding his Writ of Amparo petition today at the Pasay Regional Trial Court Branch 112,” Mr. Sotto said in a statement.
The Senate chief added that Mr. Hernandez’s legal team had requested his transfer to Senate custody due to his “renewed faith” in the Senate leadership.
“To allow Brice Hernandez to remain within the Senate is to affirm that the institution does not turn away from difficult truths, nor cast aside those who risk their safety to speak to them,” his legal team said in a letter to the Senate.
The ex-Department of Public Works and Highways (DPWH) engineer was cited in contempt and detained at the Senate last week after allegedly lying that he frequented casinos and had won millions of pesos. He was previously held in the Pasay City jail.
Separately, Senator Rodante D. Marcoleta noted that the ex-public works engineer should have remained in the Senate’s custody.
“All I want is for the processes in the Senate and the integrity of the inquiry will not be compromised, the legal custody is with the Senate,” Mr. Marcoleta told reporters in mixed English and Filipino on Monday.
Mr. Marcoleta had previously questioned why the former Public Works official was moved to the Philippine National Police Custodial Center in Camp Crame. Mr. Henandez was later transferred to the Pasay City jail. — Adrian H. Halili
House to continue infra probe
HOUSE SPEAKER Ferdinand Martin G. Romualdez on Monday said the chamber will continue with its investigation into bogus flood control deals, amid swelling outcry over corruption in infrastructure projects.
He said the House would still continue to pass productive bills aimed at addressing the needs of ordinary Filipinos despite carrying on with its inquiry.
“Let us continue the investigations against corruption so that the truth will come out,” he said in a statement.
He also said the House will not protect congressmen that would be implicated in bogus flood control deals, describing the controversy as “bigger than personalities.”
“The House will not be a refuge for wrongdoing,” he said in a separate statement. “Not even its own members will be shielded if wrongdoing is proven.”
Reports of anomalies in multibillion-peso infrastructure contracts have ignited public outcry and prompted scattered protests across the Philippines, a country frequently hit by severe flooding.
President Ferdinand R. Marcos, Jr. has since established an independent commission to investigate flood control deals awarded in the past decade to look into alleged large-scale corruption.
Mr. Romualdez said the fact-finding body would be “an opportunity to cleanse the system,” and the House is prepared to assist in its investigation to help fast-track the inquiry.
Several House committees have also begun checking if there are procurement process loopholes that lawmakers may plug to contribute to anti-corruption government efforts, he added.
Also on Monday, a coalition of congressmen urged Mr. Marcos to prioritize the approval of a bill seeking to institutionalize an independent commission to investigate bogus flood control deals via law.
Filed last week, House Bill No. 4453 proposes the creation of a five-member commission to investigate alleged corruption in flood control projects. It would be granted full access to state records and have subpoena and contempt powers for non-compliance.
“For an investigative commission to be truly independent, powerful, representative and efficient, it must be created by law,” House Deputy Minority Leader and Party-list Rep. Leila M. de Lima said in a media briefing. — Kenneth Christiane L. Basilio
Complaint filed over Duterte arrest
ACTING DAVAO CITY Mayor Sebastian “Baste” Z. Duterte on Monday has filed multiple criminal and administrative complaints before the Office of the Deputy Ombudsman for Mindanao, in relation to the arrest and subsequent transfer of his father, former President Rodrigo R. Duterte, to the International Criminal Court (ICC) in The Hague.
The complaints were submitted through Mr. Duterte’s legal team, which includes Israelito P. Torreon, Martin Delgra, Dinah Tolentino-Fuentes, and Leo Delgra.
The 160-page affidavit-complaint names 11 respondents, along with John and Jane Does described as the operators and owner of the aircraft that transported the older Duterte to the Netherlands. Others were cited as police officers allegedly involved in his unlawful detention at Villamor Air Base.
Criminal charges cited include eight counts of kidnapping and arbitrary detention, violations of the Anti-Torture Act (RA 9745), qualified direct assault, illegal expulsion, and usurpation of judicial functions.
Administrative charges accuse the officials of serious dishonesty, gross neglect of duty, grave misconduct, disloyalty to the Republic of the Philippines and the Filipino people, oppression, and conduct prejudicial to the best interest of public service.
In the complaint, Mr. Duterte requested that, given the strong evidence and the gravity of the alleged offenses, the respondents be “preventively suspended” pending the outcome of the investigations. — Erika Mae P. Sinaking
DoTr officials ordered to take public transportation
THE ACTING CHIEF of the Department of Transportation (DoTr) has ordered all road and rail officials to use public transportation on their way to work to allow them to have “first-hand experience” of the its operations.
In a memorandum dated Sept. 15, Transportation Acting Secretary Giovanni Z. Lopez directed top agency officials to commute via public transport at least once a week from their respective residence to their places of business or office.
Starting Sept. 17, the undersecretaries, assistant secretaries, and director for road transport and infrastructure and non-infrastructure, and railways are ordered to take public transportation.
The order also covers the assistant secretary, executive director, regional directors, and assistant regional directors of the Land Transportation Office.
The chief also directed the chairman, executive director, regional directors, and assistant regional directors of the Land Transportation Franchising and Regulatory Board.
The administrator of the Light Rail Transit Authority, as well as general managers of the Philippine National Railways and DoTr-MRT3 (Metro Rail Transit 3) are also ordered to use public transportation.
Mr. Lopez said that the directive is to ensure “the effective implementation of transportation projects and programs by allowing DoTr officials to have first-hand experience in the operations of various modes public transportation to better understand the predicaments of the commuting/riding public.”
Concerned officials are required to submit their weekly accomplishment reports, indicating their observations, recommendations, and plans of action, along with proof of compliance. — Sheldeen Joy Talavera