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National debt rises to P7.1 trillion after yen bond issue

THE national government’s outstanding debt rose to P7.10 trillion in August after the government issued yen bonds, with the value of external liabilities rising due to peso’s depreciation.
The Bureau of the Treasury (BTr) said on Friday that the end-August outstanding debt was 0.86% higher compared with July and up 10.5% from a year earlier.
The current outstanding debt is equivalent to 96.86% of the P7.33 trillion projected for the year.
Of the total debt stock, 64.37% is owed to domestic lenders.
Domestic debt fell 0.6% month-on-month to P4.57 trillion in August, but rose 10.1% from a year earlier.
“For the month, the lower domestic debt was due to the net redemption of government securities amounting to P27.77 billion, slightly offset by the depreciation of the peso that increased the value of onshore dollar bonds by P0.16 billion,” the BTr said.
It said the peso depreciated to P53.475 to the dollar at the end of August from P53.160 a month earlier.
Meanwhile, external liabilities amounted to P2.53 trillion, up 3.6% from July. They rose 11% from a year earlier.
“The growth in external debt was due to net availments of foreign loans amounting to P72.30 billion including the successful issuance of Samurai bonds,” the BTr said.
The government raised a total of $1.39 billion worth of yen bonds on Aug. 8.
“Currency fluctuations in both dollar and third-currency denominated debt added P14.48 billion and P1.10 billion, respectively,” the BTr said.
The government borrows to fund its budget deficit, which it hopes to contain within 3% of gross domestic product, a rule-of-thumb level deemed prudent for such deficits.
This year, it has set a 65-35% borrowing mix in favor of domestic creditors.
The government seeks to take advantage of favorable interest rates overseas, widening the share of debt sourced externally after borrowing 26% overseas this year and 20% in 2017.
The government expects the debt as a share to the economy to decline to to 38.9% by 2022 from 42.6% in the first quarter this year. — Elijah Joseph C. Tubayan

Malacañang defends Duterte’s remarks on EJKs

By Camille A. Aguinaldo, Reporter
PRESIDENT Rodrigo R. Duterte’s latest statement that his only “sin” was extrajudicial killings should not be taken seriously, Palace officials said on Friday.
In separate radio interviews, presidential spokesperson Harry L. Roque, Jr. and chief presidential legal counsel Salvador S. Panelo clarified Mr. Duterte’s recent controversial remarks, which immediately drew reactions in the international community.
“Well, alam mo naman si Presidente, ano. Hindi na naman iyan seryoso ‘no. Sinasabi lang niya iyan, kasi nga palaging sinasabi iyan ang ginagawa niya ano. Pero it’s also na dinidiin lang niya na talagang hindi siya nagnanakaw, pero I don’t think na ang konteksto niyan ay literal,” Mr. Roque said in a DZRH radio interview.
(Well, we all know the President, that is not serious. He is just saying that this has always been pressed on him. But he’s only emphasizing that he is not a thief. I don’t think that the context is literal.)
For his part, Mr. Panelo said an interview with DWFM radio: “Alam mo, hindi pupuwedeng hindi natin seryosohin iyon….Ang ibig sabihin ni Presidente, ang isyu lang sa akin na tinatapon ay iyong extrajudicial killing. Iyon ang kasalanan kong sinasabi ninyong kasalanan ko. Hindi iyong inaamin-kasi you have to look it in the context of, one, Bisaya iyan si Presidente. Hindi naman ito Manileño eh.”
(You know, we should not take this seriously….What the President meant is that extrajudicial killing has always been thrown at him. ‘This is the sin that people are saying is my sin.’ That is not an admission because you have to look it in the context that the President is Bisaya. He is not Manileño.)
“‘Ang isyu lang sa akin ay iyong extrajudicial killing.’ Iyon ang ibig niyang sabihin ng kasalanan (‘The only issue with me is the extrajudicial killing.’ That is what he meant with the sin),” Mr. Panelo added.
Mr. Duterte made the controversial statement in his speech during the oathtaking of new career executive service officers at the Malacañang Palace on Thursday.
“Ano kasalanan ko? Nagnakaw ba ako d’yan ni piso? Did I prosecute somebody na pinakulong ko? Ang kasalanan ko lang ‘yung mga extrajudicial killings,” he said.
(What is my fault? Did I steal money, even a single peso? Did I prosecute somebody whom I ordered jailed? My only fault is the extrajudicial killings.)
In his radio interview, Mr. Roque dismissed claims that what the President has said may be “self-incriminating,” as many observers believed it was an admission of guilt over the controversial spate of killings in the country, which could be used as evidence in his pending case before the International Criminal Court (ICC).
“In the first place, hindi naman iyan isang sinumpaang salaysay ‘no, so paano sasabihing self-incriminating iyan? Hindi po. That’s the President po being himself, being playful, being… highlighting the point na hindi siya corrupt,” Mr. Roque said.
(In the first place, that is not a sworn statement so how is it self-incriminating? No, it’s not. That’s the President being himself, being playful, being… highlighting the point that he is not corrupt.)
For his part, Philippine National Police (PNP) chief Oscar D. Albayalde denied there were extrajudicial killings in the war on drugs. He also noted that the PNP has been “equally tough” as well to cops who had gone overboard in their official functions with its record of 555 dismissed policemen since 2016 over drug-related offenses and 89 policemen over human rights violations.
“Despite noisy criticisms of the few, there’s no such thing as ‘extra-judicial killing’ in the war on drugs since it has never been ‘state-sponsored,’” Mr. Albayalde said in a statement.
Personalities and groups in the international community have also taken notice of Mr. Duterte’s statements as well.
“Extraordinary statement by a Head of State (and we have had many this week at the UN): my only ‘sin’ is #EJK. Translation: my only sin is imposing unthinkable sufferings on 1000s of vulnerable families, emboldening corrupt policing, destroying the rule of law,” UN Special Rapporteur on extrajudicial, summary or arbitrary executions Agnes Callamard said over Twitter.
Human Rights Watch Asia Division Director Brad Adams said in a statement: “The admission by President Rodrigo Duterte that he has committed a ‘sin’ because of the extrajudicial killings committed in his ‘drug war’ should prod the International Criminal Court to speed up its consideration of the cases filed against him for the killing of thousands of Filipinos. This admission should erase any doubt about the culpability of the president.”
“It is time for Duterte to answer for what may amount to crimes against humanity, especially because the killings continue to happen on a daily basis, more than two years since the brutal campaign started the day Duterte took office on June 30, 2016,” he added.
In an interview with reporters, Senator Antonio F. Trillanes IV said he will submit the necessary documents related to Mr. Duterte’s statements to the ICC as he called on the international court to expedite its investigation on the government’s campaign against illegal drugs.
“Those remarks uttered in unguarded moments, those are the bits of truth that come out of Duterte. That admission will be taken seriously by the International Criminal Court,” Mr. Trillanes said.
The ICC last February said it would start its preliminary examination to determine if an investigation is needed regarding Mr. Duterte’s alleged crimes against humanity in connection with the war on drugs.
The international court’s moves were prompted by complaints filed by lawyer Jude Sabio, Mr. Trillanes, and Magdalo Party-list Rep. Gary C. Alejano against the President.

Trillanes to return home after arrest deferred

SENATOR Antonio F. Trillanes IV announced on Friday he will leave the Senate premises and return home Saturday morning after a Makati court deferred its resolution on the Department of Justice’s (DoJ) warrant of arrest plea against the senator in connection with his amnesty revocation.
“It’s a big relief not only for me but more importantly for the whole justice system, the democratic institutions that Judge Soriano upheld what is right and proper despite all the pressures. He followed the process,” he told reporters outside his Senate office, referring to Judge Andres B. Soriano of Makati City Regional Trial Court (RTC) Branch 148.
Makati RTC Branch 150 issued an arrest warrant and hold-departure order against Mr. Trillanes on Sept. 25, in connection with his rebellion case over the 2007 Manila Peninsula Siege. But Mr. Trillanes posted bail.
On the other hand, the coup d’etat charge facing him at Branch 148, in connection with the 2003 Oakwood Mutiny, is nonbailable.
Branch 148 on Friday deferred the issuance of the arrest warrant and hold-departure order against Mr. Trillanes.
Judge Soriano said in the order that, “without necessarily reopening the case and/or giving due course to the prosecution’s Urgent Ex-Parte Omnibus Motion” a hearing will be set on Oct. 5 to accept evidence by both Mr. Trillanes and state prosecutors.
Asked why the reception of evidence took long, Clerk of Court Maria Rhodora Malabag-Peralta told reporters: “It’s the discretion of the judge.”
“Although this Court is not a party to the petition pending before the Supreme Court, it takes judicial note of the Supreme Court en banc Resolution dated September 11, 2018 giving this Court leeway to resolve the factual issues cited therein,” the order also read.
Makati City Branch 148 has long dismissed the coup d’etat case on Sept. 21, 2011 following the grant of amnesty to Mr. Trillanes by then president Benigno S.C. Aquino III.
President Rodrigo R. Duterte through Proclamation No. 572 on Aug. 31 declared as void from the beginning the amnesty granted to Mr. Trillanes, claiming that he did not comply with the requirements for amnesty, such as his formal filing and his admission of guilt in the said incidents
At the Senate, Mr. Trillanes said, “Between now and the hearings and up to time that it has been submitted for resolution, we do not foresee any basis for the issuance of warrant of arrest.”
His lawyer Reynaldo B. Robles added that there would be no basis for Mr. Trillanes’s arrest for now.
Mr. Trillanes has remained in the Senate since Sept. 4 following the presidential proclamation voiding his 2011 amnesty.
Also on Friday, former senator Rene A.V. Saguisag visited Mr. Trillanes’s office. “I have come here because we were together during the Oakwood trial….This development with the President intervening with the judicial process is very disturbing to anybody who believes in the rule of law,” he told reporters.
“I hope that with this development, we will still have separation of powers and the President will not intervene,” the former senator, a veteran human-rights lawyer, also said. — Camille A. Aguinaldo and Vann Marlo M. Villegas

Boracay to reopen Oct. 26

By Charmaine A. Tadalan, Reporter
THE tourist island of Boracay is set to reopen on Oct. 26, but its full rehabilitation will be completed in two years, Department of Interior and Local Government (DILG) Officer-in-Charge (OIC) Eduardo M. Año said.
“The opening on Oct. 26 is just a first phase of the opening because we believe the rehabilitation of the Boracay will take at least two years,” Mr. Año told the House Committee on Natural Resources in a hearing on Boracay, Friday.
“But at least the six months (have) produced something that will actually restore Boracay into its pristine state,” he also said, adding the government envisions Boracay to be a top tourist destination.
The President in early 2018 labeled the island a “cesspool,” which led to its six-month shutdown for rehabilitation purposes beginning in April.
The rehabilitation was spearheaded jointly by the DILG, the Department of Environment and Natural Resources (DENR), and the Department of Tourism.
For his part, DENR Secretary Roy A. Cimatu reported the island, with its estimated carrying capacity of 55,000, was overpopulated by about 15,000, attributed to the number of migrant workers.
He noted that these workers resided in dormitories constructed in wetlands.
“After the closure, they left for their respective provinces, leaving behind their dormitories constructed in the wetland,” Mr. Cimatu said.
As a preventive measure, Mr. Cimatu said it had been agreed upon that once the island reopens, establishments will be required to provide their workers the necessary accommodation.
“We have a program with the establishment owners for them to take care of the accommodation of their workers,” the Environment secretary said.
DENR undersecretary Sherwin S. Rigor said among the policy guidelines approved during a Cabinet meeting was the regulation of tourist arrivals.
The Ecosystem Research and Development Bureau of the DENR found only 19,200 tourists can be allowed to stay in the island per day, or 6,405 arrivals per day under the assumption that the tourists will stay for an average of three days.
Further, consistent with the pronouncements of President Rodrigo R. Duterte, Mr. Rigor said “no casino and…gambling shall be allowed in the island.”

No voter registration extension, says Comelec

THE Commission on Elections (Comelec) announced on Friday that voter registration will not be extended beyond the deadline on Saturday, Sept. 29.
Voter registration for the May 13, 2019 National and Local Elections resumed on July 2, 2018.
In the statement, Comelec Spokesperson James B. Jimenez called on the public to “exercise patience as long queues are to be expected in the last few days of registration.”
“However, the COMELEC assures members of the vulnerable sectors such as Senior Citizens, Persons with Disabilities (PWDs) and heavily pregnant women that priority lanes will be provided for them,” Mr. Jimenez was quoted as saying.
The Comelec noted that registration at the Office of the Election Officer in various cities, municipalities or district, and any satellite registration site is from 8:00 a.m. to 5 p.m.
Makabayan bloc in September filed a resolution at the House of Representatives urging the Comelec to extend voter registration to Jan. 13, 2019. — Vann Marlo M. Villegas

CJ nominations to open on Sept. 29

By Vann Marlo M. Villegas
NOMINATIONS for the position of Chief Justice will start on Saturday, Sept. 29, Justice Secretary and Judicial and Bar Council (JBC) Ex Officio Member Menardo I. Guevarra said.
Mr. Guevarra said in a text message to reporters that applications will be accepted on Monday, Oct. 1, with the deadline for the nomination on Oct. 15.
Chief Justice Teresita Leonardo-de Castro, whom President Rodrigo R. Duterte appointed only on Aug. 25, reaches the mandatory retirement age of 70 on Oct. 8.
The five most senior justices who will receive automatic nomination which they also must formally accept are Associate Justices Antonio T. Carpio, Diosdado M. Peralta, Lucas P. Bersamin, Mariano C. Del Castillo, and Estela M. Perlas-Bernabe.
On Sept. 26, the JBC held an interview for the position of SC associate justice for the position vacated by now Ombudsman Samuel R. Martires.
The deadline for the nomination for the associate justice position vacated by Ms. De Castro when she was appointed chief justice is Oct. 1.

US, PH strengthens military alliance


By Vince Angelo C. Ferreras
THE Armed Forces of the Philippines (AFP) and the US Indo-Pacific Command signed an agreement yesterday which aims to strengthen the defense and security cooperation between the two countries.
AFP Chief of Staff General Carlito G. Galvez, Jr. and Indo-Pacific Commander Admiral Philip S. Davidson reaffirmed US-Philippine ties during the 2018 Mutual Defense Board and Security Engagement Board (MDB-SEB) meeting at Camp Aguinaldo in Quezon City.
The MDB was established in 1958 and the SEB was established in 2006. The two boards together form the annual meeting to tackle a framework for defense and security cooperation between the two countries.
The two countries vowed closer cooperation in counterterrorism, maritime security, humanitarian assistance, and disaster relief as they are set to conduct 281 security cooperation activities for the remainder of this year.
“We have been doing this year after year and yet there is still so much left to learn. We hope that this year would be another fruitful interaction that will lead to favorable outcome. May our discussions lead to actions, and may these actions thereby lead us to success,” General Galvez said.
Defense Secretary Delfin N. Lorenzana recently met with US Secretary of State Michael R. Pompeo in the United States as they reaffirmed the 1951 Mutual Defense Treaty between the Philippines and the United States.
Messrs. Lorenzana and Pompeo also discussed in their meeting cooperation on the matter of the South China Sea. Mr. Pompeo reiterated US support for the AFP’s modernization.

NPC to tap white hat hackers to secure ID system

By Janina C. Lim, Reporter
THE National Privacy Commission (NPC) has tapped white hat hackers to help secure the government’s central database platform on information on all citizens and resident aliens.
In a statement on Friday, NPC Chairman Raymund E. Liboro said at least 30 white hackers were signed up for the “hackBAYAN” project, a two-week study that will serve as a guide for securing the Philippine Identification System (PhilSys).
The hackers will help PhilSys managers evaluate the risks in running the platform, identify potential problems, and implement appropriate risk reduction and mitigation strategies.
NPC said the specific aim is to secure PhilSys which will be implemented this December.
“We can do a lot more to help protect the data that will come out of PhilSys processing. You can do your part in it as well as ‘hackers ng bayan’ and indeed I strongly urge you to help government make this right. The need for your voice is now more acute. Your country needs you more than ever,” Mr. Liboro said to a crowd of local hackers at the recent RootCon 2018 event, attended by some 300 local “hackers of all colors.”
The official went as far as to invite the private-sector community of hackers to assist the government in its push to enhance data security in the country.
Archieval B. Tolentino, Assistant Department Manager at Land Bank of the Philippines, said the NPC’s call on ‘hack bayani’ can change the negative perception on hackers.
“I like the idea behind ‘hack bayani’ and I think it’s about time that we do it, especially with the NPC leading this era of [privacy] awakening for the people, and especially for hackers. It would lead to a shift in the way people see hackers,” said Mr. Tolentino, also one of the founders of the Information Security Officers Group.

Veep joins Itogon relief efforts

By Charmaine A. Tadalan, Reporter
VICE-PRESIDENT Maria Leonor G. Robredo on Friday visited tragedy-stricken Itogon, Benguet to provide livelihood assistance.
“Sinasabi nila na maraming tumutulong sa relief, maraming nagbibigay ng mga damit, pero iyong pinaka-problema talaga nila, kabuhayan saka tirahan,” Ms. Robredo told reporters. (They’re saying that many are helping through relief operations, many are donating clothes, but their real problem is livelihood and shelter.)
The Vice-President said her office has allotted funds to provide assistance to families displaced by the landslide.
“Sabi natin, i-prioritize natin iyong mga walang uuwian na bahay (We said, let’s prioritize those who don’t have anywhere to go)” Ms. Robredo said. “So ngayon, iyong ginagawa ng staff namin, dine-determine iyong level ng pangangailangan.” (So right now, our staff is determining the level of need.)
She added: “Sabi noong ating Municipal DRRM (Disaster Risk Reduction and Management) [officer], dineclare na talaga ito ng MGB (Mines and Geosciences Bureau) na hindi safe for residences. Kaya iyong pinaka-kuwestiyon talaga, saan sila pupunta?” she said. (The Municipal DRRM said MGB already declared the area unsafe for residences. So the real question is, where will they go?)
“May ibinigay naman sa kanila na evacuation center sa isang barangay. Kanina ine-express nila na nag-aatubili din sila doon kasi 18 kilometers away, malayo sa paaralan ng mga bata,” she added. (They were sent to an evacuation center in one barangay. [But] many have expressed reluctance because it’s 18 kilometers away from the schools.)
“Titingnan namin under our Angat Buhay program ano pa ba iyong ibang mga tulong na puwede (We’ll see under our Angat Buhay program, what we can do to help) in partnership with other agencies and (the) office (of) Cong. Teddy Baguilat,” Ms. Robredo also said, referring to Ifugao Representative Teddy B. Baguilat, Jr.
PHILEX RESCUERS
For their part, rescuers of Philex Mining said Friday they have recovered two more bodies from beneath the debris of the landslide born from Typhoon Ompong that swept through Northern Luzon on Sep. 15.
This brings to approximately 62 the number of victims recovered so far from Level 070 of Barangay Ucab, Itogon town, Benguet Province.
“Our rescuers are first to arrive at Ground Zero at daybreak and last to leave before or at nightfall,” said Eduardo Aratas, Legal Division head at Philex Padcal mine. “They get to work even before the other rescue teams arrive.”
Earlier, Philex Mining said it had constructed a pioneer access road from the Itogon Provincial Highway to Ground Zero of the incident for easy and speedy movement of people and equipment involved in the rescue effort.
“The estimate here is that it would take around two weeks for the digging to be completed. But the Philex team will continue rescue efforts for as long as it takes,” Mr. Aratas said.

PNB to absorb thrift bank unit PNB Savings

PHILIPPINE National Bank (PNB) said it will consolidate its thrift unit within its commercial bank operation, widening its exposure to retail and small business clients.
In a filing Friday, PNB said it will be fully integrating its wholly-owned PNB Savings Bank into the parent company, acquiring its assets and assuming its liabilities for cash.
The merger is to be approved by the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission and the Bureau of the Internal Revenue.
“Our bank’s consumer lending business, which is being operated through PNB Savings, will benefit fom the parent bank’s ability to efficiently raise low-cost funds,” PNB President Reynaldo A. Maclang was quoted as saying in the statement.
In particular, the acquisition will help PNB deliver a “more efficient banking experience” by serving a wider customer base.
The deal also gives clients of PNB Savings Bank access to PNB’s portfolio of financial solutions, Mr. Maclang added.
The merger will also expand the parent lender’s branch network to 707 locations from 644 as of end-August.
“The integration effectively enhances our competitive stance in the consumer and [small and medium enterprise] segments,” added Mr. Maclang.
Individual borrowers and small businesses are deemed riskier but higher-yielding segments compared with corporate clients.
On Tuesday, Rizal Commercial Banking Corp. (RCBC) announced it will absorb the operations of its subsidiary RCBC Savings Bank to help it better comply with Basel 3 liquidity standards.
Higher capital and liquidity requirements take effect next year, in line with the global standards imposed on big banks.
In a separate disclosure, PNB said it will sell its subsidiaries Bulawan Mining Corp. and PNB Management and Development Corp. to MacroAsia Mining Corp.
PNB, the country’s fifth-biggest bank, booked a net profit of P3.97 billion in the second quarter, more than double the year-earlier level.
PNB Savings Bank was the seventh-largest thrift bank in the country in asset terms at P54.07 billion at the end of March.
PNB shares declined 0.1% to P43 in Friday trading. — Karl Angelo N. Vidal

UnionBank raises P10 billion from rights offer

UNIONBANK of the Philippines, Inc. said it completed a rights offer, raising P10 billion from shares issued at P62.97, against today’s closing price of P67.
In a disclosure to the bourse, the bank said its rights shares listed on the Philippine Stock Exchange on Friday.
The bank issued 158.8 million common shares, equivalent to 15% of the bank’s outstanding shares.
Participants in the rights offer subscribed for one share for every 6.6644 common shares held as of the Sept. 3 record date.
The rights offer was marked by “strong participation from retail investors” as well as the bank’s principal shareholders Aboitiz Equity Ventures, the Social Security System and Insular Life Assurance Co. Ltd.
Citigroup was the sole global coordinator and international lead manager of the offer, while Amalgamated Investment Bancorporation served as the domestic underwriter.
In the statement, UnionBank President and Chief Executie Officer Edwin R. Bautista said strong demand for the offer demonstrates the support of the shareholders for the bank’s strategic ojectives.
“The proceeds give us a stronger capital base that supports our growth aspirations and provides a buffer for capital requirements,” he added.
The bank is set to raise P20 billion through the issuance of peso bonds or commercial paper in multiple tranches.
In February it raised P3 billion via long-term negotiable certificates of deposit, representing the first tranche of its P20-billion program.
Banks have been tapping the capital markets in recent months to raise more funds ahead of tighter risk management measures that will take effect on Jan. 1, 2019 under the international Basel 3 standard.
Rizal Commercial Banking Corp., Bank of the Philippine Islands and Metropolitan Bank & Trust Co. have conducted rights offers this year to raise P15 billion, P50 billion and P60 billion, respectively.
UnionBank booked a P4.7-billion net profit in the first half, up 8% from a year earlier.
UnionBank closed down P1 or 1.47% at P67.00.

RCBC raises P3.58-B from LTNCD issue

RIZAL Commercial Banking Corp. (RCBC) has raised P3.58 billion from the first tranche of its P20-billion long-term negotiable certificates of deposit (LTNCD) program bolstering its long-term funding base.
In a regulatory filing on Friday, RCBC said it has raised P3.58 billion from the peso-denominated issue, constituting the first tranche of its LTNCD program approved by the central bank on July 12.
The notes, which carry a coupon of 5.5%, will mature in five years and six months, with intrest payments made quarterly. The notes are listed on the Philippine Dealing & Exchange Corp.
Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”
“This latest LTNCD issuance provides us a competitive long-term funding base for the bank that will be used to support our growth objectives,” RCBC President and Chief Executive Officer Gil A. Buenaventura was quoted as saying in the statement.
He added that the lender will keep its eye out for similar opportunities to lock in attractive funding costs or explore alternative avenues that will support its strategic plans.
Prior to this, RCBC raised in June P15 billion through a stock rights offer to strengthen its capital structure and fund its business expansion.
It also offered the second tranche of its senior unsecured fixed rate notes worth $150 million in April under its medium-term note facility.
The Hongkong and Shanghai Banking Corp. Ltd. served as the sole lead manager of the LTNCD offer. It also acted as a selling agent alongside Multinational Investment Bancorporation, RCBC and RCBC Savings Bank.
A number of banks have been tapping the capital markets in recent months to raise more funds ahead of tighter risk management measures that will take effect on Jan. 1, 2019 under the international Basel 3 standards.
Other lenders such as Philippine Bank of Communications and Metropolitan Bank & Trust Co. have offered LTNCDs to support its funding needs.
RCBC posted a P2.2-billion net profit in the first half, down 6.4% from a year earlier, due to lower trading gains. — Karl Angelo N. Vidal

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