ICTSI completes sale of China terminal stake

April 16, 2026 | 12:02 am

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) said its unit has completed the sale of its stake in Yantai International Container Terminals Ltd. (YICTL).

In a statement on Wednesday, ICTSI said its wholly owned subsidiary, ICTSI Hong Kong Ltd., confirmed on April 6 that the parties completed the transaction on March 31.

Last month, ICTSI said its unit signed an agreement with Yantai Port Holdings Co. Ltd. for the sale of its 51% equity interest in YICTL for 773.21 million renminbi, or about P6.77 billion.

YICTL is a joint venture in which ICTSI Hong Kong held a 51% majority stake. The company operates a port terminal in Shandong province, China.

The remaining ownership in YICTL was held by Yantai Port Holdings at 36.5% and DP World China Ltd. at 12.5%.

ICTSI said DP World China also entered into an equity interest transfer agreement covering its stake, adding that upon completion of the transaction, Yantai Port Holdings will own 100% of YICTL.

“After a successful 20 years in Yantai, ICTSI deems the sale of YICTL in keeping with the ICTSI Group’s long-term strategy of focusing on concession contracts where ICTSI has control over critical aspects of the business, particularly with regards to long-term development and commercial activities, among others,” ICTSI said.

The company said it is rationalizing its portfolio and reallocating resources to existing projects and those in the pipeline.

ICTSI reported a 23% increase in attributable net income for 2025 to $1.05 billion, driven by higher cargo volumes across its port operations.

Gross revenue rose 17.88% to $3.23 billion in 2025 from $2.74 billion a year earlier.

For 2026, ICTSI has set aside an estimated $740 million, primarily for expansion, equipment acquisition, and upgrades.

Shares in ICTSI rose by P15, or 2.08%, to close at P735 each on Wednesday. — Ashley Erika O. Jose

Misery index inches down in February

April 16, 2026 | 12:02 am

The Philippines’ adjusted misery index fell to 18.7% in February from 20.3% in January. This is the lowest reading in two months or since the 13.8% posted in December 2025. The drop reﬂected the easing of the country’s unemployment rate at 5.1% and underemployment rate at 11.8% during the month. The index, which now incorporates adjusted underemployment rate* alongside inﬂation and unemployment rates, offers a broader measure of economic discomfort. Originally developed by economist Arthur Okun, the misery index serves as a proxy for economic distress. A lower reading typically signals better economic health, though structural issues may still persist beneath the surface.

ABS-CBN says majority of board rejected shutdown proposal

April 16, 2026 | 12:01 am

ABS-CBN Corp. said a proposal to shut down the company was raised at the board level, but most directors opposed it and pushed for continued operations.

“Records show that one of our directors proposed shutting down ABS-CBN without so much as discussing how it would meet its obligations to its people. Records also show that the majority of the directors strongly argued for continued financial support for ABS-CBN rather than liquidation to address the welfare of the company’s employees and retirees, as well as its other stakeholders,” the company said in a media release on Wednesday.

The company said the matter arose amid what it described as continued “PR attacks” linked to a family dispute over the company’s future.

ABS-CBN said the decline in its pension fund resulted from payouts to more than 6,000 employees affected by the loss of its franchise. It rejected claims that the board had considered shutting down the company without addressing obligations to workers and retirees.

“These continued public PR attacks against ABS-CBN are a disservice to the employees who have fought so hard to keep ABS-CBN alive, and to the public that has supported ABS-CBN throughout all its trials,” it said.

The company also denied allegations that 68 individuals received preferential treatment in retirement benefit payouts, calling the claims “repeated lies” meant to create intrigue among employees.

It said most of those cited were retirees who have received only partial or no benefits and have agreed to defer full payment until the company’s financial position improves.

ABS-CBN also rejected claims of a supposed P2-billion capital infusion linked to the payouts, calling them false.

“These public PR attacks on ABS-CBN’s pension fund, its business performance, and its leadership prove that the individual/s behind these releases do not have the best interests of the company at heart,” it said.

Last month, ABS-CBN said it was not a party to a dispute involving the Lopez family and described reports of a proposed P2-billion capital infusion and alleged executive payouts as baseless.

The statement followed reports of a dispute involving businessman Federico R. Lopez, who filed a lawsuit over his ouster as president and chief executive officer of Lopez, Inc., whose units include ABS-CBN, First Philippine Holdings Corp., and First Gen Corp. — Ashley Erika O. Jose

Philippine Business Bank’s 2025 net profit up 6.4%

April 16, 2026 | 12:01 am

PHILIPPINE Business Bank, Inc. (PBB) saw its 2025 net profit climb by 6.4% on higher revenues and improved asset quality.

The bank’s net income went up to P1.896 billion last year from P1.782 billion in 2024, it said in a disclosure to the stock exchange on Wednesday.

This translated to a return on assets of 1.12% and a return on equity of 8.96%.

“This was achieved despite a challenging operating environment marked by weaker business sentiment, domestic issues that weighed on market confidence, and broader global uncertainties,” PBB Vice Chairman, President, and Chief Executive Officer Rolando R. Avante said.

Net interest income rose by 8.81% to P7.25 billion from P6.66 billion. This came as interest income increased by 7.59% to P11.44 billion from P10.63 billion, while interest expense went up by 5.55% to P4.19 billion from P3.97 billion.

As a result, its net interest margin improved to 4.5% last year from 4.3% in 2024.

Other income went up by 1.78% year on year to P1 billion from P849.16 million, driven mainly by a 65.35% jump in service charges, fees, and commissions to P508.3 million and trading gains worth P83.99 million.

Meanwhile, the bank’s other expenses increased by 12.18% to P4.71 billion last year from P4.16 billion a year earlier.

PBB’s net loans inched down by 0.48% to P127.66 billion from P128.27 billion as economic volatility weighed on the operating environment and as the bank “further enhanced its focus on credit and asset quality, deliberately directing efforts more towards margin expansion rather than asset-base expansion.”

As a result, PBB’s nonperforming loan ratio went down to 4.21% from 5.67%.

On the funding side, total deposits declined by 2.98% to P134.95 billion from P139.09 billion. Of the total, P64.4 billion were current account and savings account deposits, while P70.6 billion were time deposits.

This resulted in a loan-to-deposit ratio of 94.6% in 2025, up from 92.22% in the prior year.

PBB’s assets stood at P168.86 billion last year, up by 0.52% from P167.99 billion in 2024.

Total equity was at P21.17 billion, higher by 9.34% from P19.36 billion.

Its capital adequacy ratio was at 13.1%, while its liquidity ratio was at 24.1%.

Mr. Avante said they expect the operating environment to be challenging in the coming months as risks to elevated oil prices, global uncertainties, and still-fragile business sentiment continue which will weigh on economic activity.

“These conditions could place added pressure on borrowers and make competition across the banking sector even tighter. Even so, the bank remains confident in the strength of the client relationships it has built over the years and will continue to support both existing and prospective clients through a more responsive and hands-on approach to service, while further strengthening the tools, discipline, and capabilities needed to navigate the months ahead,” he said.

“PBB will likewise continue to prioritize profitability over balance sheet growth through a three-pronged strategy of strengthening client relationship depth and quality, enhancing operational capabilities and efficiency, and selectively growing its higher-margin business in chosen consumer loan segments. This strategy is expected to position the bank for sustainable growth and profitability in the periods ahead,” Mr. Avante added.

The bank’s shares rose by 10 centavos or 1.43% to close at P7.10 each on Wednesday. — Aaron Michael C. Sy

Frenchman scoops up €1-million Picasso painting in Paris raffle

April 16, 2026 | 12:01 am

PICASSO-tete_de_femme_FRAME-LR----©-Picasso-Estate,-Paris,-2025-1picasso100euros.com — PABLO PICASSO’S Tête de femme (1941) — © PICASSO ESTATE, PARIS, 2025/1PICASSO100EUROS.COM

PARIS — A Frenchman won a Picasso painting worth €1 million ($1.18 million) in a non-profit raffle on Tuesday.

The winner, Ari Hodara, a 59-year-old software engineer from Paris, was selected at random at Christie’s auction house in Paris from 120,000 tickets sold at €100 apiece. The raffle’s proceeds will fund Alzheimer’s disease research.

“I was surprised, that’s it,” Mr. Hodara said during a phone call with organizers shortly after the draw. “When you bet on this, you don’t expect to win.”

Launched in 2013, the “1 Picasso for €100” raffle aims to support charities by giving participants a chance to win an original work by the famed Spanish artist. This was the third edition.

This year’s prize was Tête de Femme (Head of a Woman), a gouache-on-paper portrait painted by Pablo Picasso in 1941.

Rendered in his signature style, the grey, white, and cream composition reflects the somber mood of the era while also suggesting hope, Picasso’s grandson Olivier Widmaier Picasso has said.

For the first time in the raffle’s history, all 120,000 tickets were sold, organizers said. One million euros from the sales will go to international gallery chain Opera Gallery, the painting’s current owner, they said.

The remaining proceeds of approximately €11 million will be donated to France’s Fondation Recherche Alzheimer, a leading funder of research into the neurodegenerative disease.

The raffle’s first edition in 2013 raised €4.8 million and awarded Picasso’s The Man in the Opera Hat to then 25-year-old American Jeffrey Gonano. Proceeds went to the preservation of the Lebanese city of Tyre, a UNESCO World Heritage Site.

For the second edition, in 2020, an Italian woman won Picasso’s still life Nature Morte with a ticket she had received as a Christmas gift from her son. Proceeds were donated to sanitation projects in schools and villages in Cameroon, Madagascar and Morocco. — Reuters

AI-boosted hacks with Anthropic’s Mythos could have dire consequences for banks

April 16, 2026 | 12:01 am

ANTHROPIC’S MYTHOS, a new artificial intelligence (AI) model the company and cybersecurity experts warn could supercharge complex cyberattacks, poses significant challenges to the banking industry with its legacy technology systems, experts said in the days following the model’s announcement.

The model, announced April 7, is the company’s “most capable yet for coding and agentic tasks,” the company said in a blog post, referring to the model’s ability to act autonomously.

Its capabilities to code at a high level have given it a potentially unprecedented ability to identify cybersecurity vulnerabilities and devise ways to exploit them, experts said.

That’s a particular problem for banks and other financial institutions, which run technology stacks that integrate state-of-the-art tools with decades-old software, potentially opening a large number of vulnerabilities, according to TJ Marlin, the chief executive of enterprise AI security firm Guardrail Technologies.

Mr. Marlin said Mythos Preview can “look across a very complex architecture, including this legacy infrastructure where, frankly, these undiscovered vulnerabilities and complexities are now accessible and threat factors.”

The banking industry is also closely connected, with many companies operating the same narrow set of software to onboard customers, perform know-your-customer checks, and handle transactions.

“Because it’s a very specialized industry and heavily regulated, there’s a lot of IT interconnections,” said Naresh Raheja, a San Francisco-based consultant who previously worked at the Office of the Comptroller of the Currency. “Many banks use the same vendors and the same solutions.”

Mr. Marlin said that could act as a force multiplier for breaches, making any AI-powered exploits “potentially catastrophic at scale.”

Government officials in at least three countries — the US, Canada and Britain — have met with top banking officials to discuss the threats posed by Claude Mythos Preview.

The US Treasury said that Donald Trump’s administration was pushing financial institutions “to understand and anticipate a wide range of market developments” and that further meetings around the issue were planned. Anthropic declined to comment beyond its April 7 announcement.

Anthropic has said Claude Mythos Preview will not be made generally available. Instead, the company announced Project Glasswing, in which it invited major tech companies, cybersecurity vendors and JPMorgan Chase, along with several dozen other organizations, to privately evaluate the model and prepare defenses accordingly.

IDENTIFYING VULNERABILITIES
Claude Mythos Preview is capable of identifying and exploiting previously undiscovered vulnerabilities in every major computer operating system and every major web browser, the company said in announcing Project Glasswing.

In a technical blog released alongside the main announcement, Anthropic researchers describe how Mythos Preview identified “thousands” of high and critical-severity vulnerabilities, meaning that targets could suffer grave impacts as a result, including data and operational compromise.

The researchers described how the model identified a 16-year-old vulnerability in the widely used FFmpeg software library, an open-source program used for processing audio and video files, and how it identified a bug in an unnamed virtual machine monitor program, which allows users to create segregated virtual computers within their own in ways that are supposed to protect the host system.

A Cloud Security Alliance coalition of cybersecurity executives and former senior US government officials warned in an April 12 strategy briefing that Mythos represents “a step change” in the trajectory of capable AI models that “lowers the cost and skill floor for discovering and exploiting vulnerabilities faster than organizations can patch them.”

Costin Raiu, a longtime security researcher and co-founder of cybersecurity firm TLPBLACK, said in an interview that the banking industry has key legacy technology systems initially released decades ago that have been updated many times over the years, pointing to products produced by firms including IBM, as an example.

“A model like Mythos would have a field day finding exploits” in certain IBM systems, Mr. Raiu said, pointing to examples of IBM-related vulnerability research. “And it’s just one example of ancient technologies powering the financial industry.”

In an April 9 blog post, IBM said that Mythos is “forcing enterprise security teams to rethink their defenses from the ground up,” and called for more of an open-source approach, where more companies and researchers have access to the model to make everyone more secure. The company did not respond to requests for comment.

JPMorgan Chase said in a statement last week that it was part of a group of leading companies that were privately evaluating Mythos, something it called “a unique, early-stage opportunity to evaluate next-generation AI tools for defensive cybersecurity across critical infrastructure.” The company did not return a message.

Wells Fargo also didn’t respond to a message. FS-ISAC, the nonprofit that works to boost the cybersecurity of the global financial system, did not respond to written questions.

Bank of America, Citibank, the American Bankers Association and the Consumer Bankers Association declined comment. — Reuters

What surveys really say

April 16, 2026 | 12:01 am

hand-holding-writing-checklist-application-form-document-clipboard-white-background-3d-illustration — STOCK PHOTO | Image by Mamewmy from Freepik

CAN THERE BE any political discussion without any mention of what surveys are saying? Why are these statistical tools always part of any conversation? Are they even to be taken seriously? Can the credibility of surveys depend on who paid for them? It’s not always independent think-tanks and advocacy groups that have long established their bona fides that announce their statistical findings.

Surveys rest on the belief that a small demographically representative sample can represent a much bigger group. The “universe” here can refer to the voting population or the target market for a product or service. What the small sample size thinks and feels is projected to the larger counterpart.

Surveys can be conducted by media which then come out with approval ratings of public personalities. The latest reading is compared to previous numbers to show if a leader is gaining traction or falling down the stairs of public opinion. (There he goes again. Down the chute.)

But what is the meaning of an approval rating?

The number expressed in percentages is a net statistic. The number is based on the responses of a sample, maybe a thousand respondents, theoretically a demographic cross-section to represent the population of over a hundred million. The approval number (each time she opens her mouth, I swoon) is subtracted from the level of disapproval (my breakfast ends up on my lap when I see her face). The net approval rating can be a negative number.

This indicator of approval or disapproval is seldom based on any personal encounter with a leader or even his lieutenants. It is an evaluation based on conversations with neighbors, social posts in online media, and relatives and friends. (Has she been taking many trips abroad on government funds?)

Surveys have their uses even in the corporate field. Products are pre-tested for acceptability in a focus group using a controlled launch. The results provide feedback on the size of the market and the attributes that need to be tweaked like pricing and distribution to gain market share.

Do companies also need to conduct approval surveys on their leaders? This may not be necessary as ratings of leadership here are not based on mere perception but on quantified targets like market share, revenue growth, and profitability. Even a popular leader who greets everyone in the elevator may be ineffective as a CEO as far as the other stakeholders are concerned.

Corporate executives have certain target metrics like earnings per share, gross margins, and dividend payouts that go beyond qualitative factors — he has a nice haircut. If targets are met or exceeded, fine. If they are not, explanations need to be given. (We’ll try harder next year. If there are no further questions, the meeting is adjourned.)

Besides, corporate leadership qualities are instantly captured with a small enough base of employees (especially direct reports). These don’t need to join a survey as anonymous letters on management styles are quickly communicated — “He’s a sexual predator with his cringe-inducing jokes.”

If CEOs of large corporations are subjected to quarterly approval ratings by their “stakeholders” like employees, suppliers, shareholders, and customers (a better-informed constituency than the sampled respondents in political surveys) one wonders how they would fare. And what practical use will such an “approval rating” provide?

Perception is what drives survey respondents. It is not just the leader’s video posts that sway this view. There are also “influencers” on the net that post their opinions on what is going on.

Media can influence approval ratings. Even though the macroeconomic numbers are good in terms of Gross International Reserves, inflation, and steady GDP growth, approval ratings do not always consider these as relevant.

Political pundits are already looking at an election that is two years away. Is the now seemingly embattled personality feared for her bullying style of leadership really too “popular” to ignore? Are the surveys on her growing strength reliable in their methodology?

Kissinger famously stated that “perception is reality.” This is one reason why politicians employ masters of illusion that can transform sulking into a leadership trait. And their surveys will agree… given the right incentives.

Tony Samson is chairman and CEO of TOUCH xda.

ar.samson@yahoo.com

Cash remittances reach $2.79 billion in February

April 16, 2026 | 12:01 am

MONEY SENT HOME by overseas Filipino workers (OFWs) fell to its lowest level in nine months in February, the Bangko Sentral ng Pilipinas (BSP) reported. Read the full story.

How PSEi member stocks performed — April 15, 2026

April 16, 2026 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, April 15, 2026.

House eyes May 4 vote to scrap VAT on fuel amid Executive resistance

April 15, 2026 | 9:23 pm

Supermarket-grocery-shopper — A woman shops for canned goods at a supermarket in Mandaluyong, Aug. 10, 2023. — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE House of Representatives is targeting a May 4 vote on a proposal to remove the value-added tax (VAT) on petroleum products, as lawmakers push broader relief from rising fuel costs despite opposition from the government’s economic team.

“The members of Congress are ready to vote to lower the VAT,” Batangas Rep. Leandro Antonio L. Leviste said during a Legislative Energy Action and Development Council hearing on Wednesday, adding that the chamber has sufficient support to move forward with the measure.

Mr. Leviste said lawmakers are prepared to bypass resistance from the economic team and proceed with legislation that would suspend the 12% VAT on petroleum products.

“Our countrymen can expect Congress to open again on May 4 when we will vote to remove the value-added tax,” he said.

The proposal, covered under House Bills 4302 and 8838, seeks to ease the burden of elevated fuel prices on households, transport workers and other sectors.

Lawmakers backing the measure said removing VAT would provide immediate and visible relief compared with targeted subsidies.

The push comes amid mounting frustration among legislators, who accused the Executive branch and its economic managers of delaying action on fuel costs.

Mr. Leviste said continued inaction could erode public trust, adding that Congress must respond to the needs of Filipinos even amid differing views within the Cabinet.

However, some lawmakers urged caution, citing the need for a clearer policy basis before proceeding to a vote.

“There cannot be a vote now… We will wait for the consolidation of all of this,” Marikina Rep. Romero Federico “Miro” S. Quimbo told the hearing in Filipino, referring to discussions among committees.

“We will listen to the different sectors so that our decision will be right and we will not regret it,” he added, stressing that any measure should consider long-term implications rather than short-term relief.

Mr. Quimbo said deliberations would continue once Congress reconvenes, with the joint committee working to finalize a consolidated position.

The proposal has drawn opposition from the economic team and Executive Secretary Ralph G. Recto, who has cautioned against suspending VAT due to its impact on government revenues.

The Executive branch has instead backed targeted interventions. President Ferdinand R. Marcos, Jr. on Monday said he approved the suspension of excise taxes on liquefied petroleum gas and kerosene while keeping levies on gasoline and diesel unchanged.

Economic managers through the Development Budget Coordination Committee (DBCC), said across-the-board tax cuts such as VAT removal tend to benefit higher-income households that consume more fuel, while offering less targeted support to vulnerable groups.

Finance Undersecretary Karlo Fermin S. Adriano has said the DBCC has not recommended suspending VAT on diesel and gasoline, citing significant fiscal risks.

He said a full suspension could result in revenue losses exceeding P120 billion over eight months, adding to existing budget pressures.

Mr. Adriano also noted that VAT differs structurally from excise taxes, making it more complex to suspend.

He said the effective VAT rate on fuel is closer to 5% due to input-output mechanisms, and removing it could lead companies to pass on unrecoverable input VAT costs to consumers, potentially muting the expected price reductions.

Amid these concerns, the House committee has required the DBCC, Department of Finance and the Department of Budget and Management to submit detailed data supporting their positions.

Lawmakers said the requested documents would help clarify the fiscal impact of proposed tax measures, including foregone revenues and underlying assumptions, as Congress weighs its next steps on fuel tax policy. — Erika Mae P. Sinaking

Marcos pushes oil-sharing, stockpiling to curb shocks

April 15, 2026 | 9:22 pm

gasoline-station-gas-pump — PHILSTAR FILE PHOTO

By Chloe Mari A. Hufana, Reporter

PRESIDENT Ferdinand R. Marcos, Jr. on Wednesday called for the immediate activation of a regional oil-sharing mechanism and joint stockpiling initiatives, warning that Asia’s exposure to supply disruptions could prolong inflation and slow growth without stronger coordination.

“The energy disruptions of 2026 are testing Asia’s resilience,” Mr. Marcos said at the Asia Zero Emission Community Plus online summit convened by Japan. “However, I believe they also are creating an opportunity for us to build the regional energy security architecture that our region has long needed.”

He said the Philippines is preparing to diversify crude sourcing and expand fuel reserves as supply routes from the Middle East remain vulnerable following the US-Israel war on Iran.

He urged participating economies to back a regional study on joint oil stockpiling, building on research by the Economic Research Institute for ASEAN and East Asia (ERIA).

“ERIA has already identified viable models — national initiatives, ticket stockpiling arrangements and joint stockpiling with crude exporters,” he said. “Let us provide them the political commitment to move these from research to negotiation to implementation.”

The Philippines, an import-dependent economy, has been hit by rising oil prices since late February, contributing to inflation and increasing pressure on households and businesses.

Mr. Marcos also called for the early activation of the Association of Southeast Asian Nations (ASEAN) Petroleum Security ‌Agreement, saying Manila is willing to host or co-chair the first full emergency simulation exercise under the agreement.

He said member economies should establish a mutual recognition mechanism for emergency fuel allocation protocols to ensure faster response during supply disruptions.

“So that, when a member is in distress, the administrative pathways for receiving assistance have already been clearly established and time is not lost to procedural uncertainty,” he said.

Within ASEAN, Indonesia, Malaysia, Thailand, Vietnam and Brunei are among the region’s oil producers, while countries such as the Philippines rely heavily on imports.

Domestically, the government is moving to strengthen energy security through higher stockholding requirements and long-term supply planning.

Authorities are working to raise mandatory petroleum reserves to 30 days from 15 days, and for liquefied petroleum gas (LPG) to 21 days from seven days.

The government is also fast-tracking the establishment of a strategic petroleum reserve to provide a buffer against supply shocks.

On the demand side, Mr. Marcos said the Philippines is pursuing transport electrification, energy efficiency measures and higher biofuel blending to reduce dependence on imported fuel.

“We cannot wait for the next crisis to act,” he said. “We must build resilience now as the urgency of this moment is clear.”

The Philippines is under a year-long state of national energy emergency as disruptions linked to the Middle East war threaten fuel supply and price stability.

The government has sought alternative oil sources, including nontraditional suppliers in South America, while negotiating supply arrangements with partners.

Congress earlier granted the President authority to suspend excise taxes on petroleum products, but Mr. Marcos has so far limited the relief to LPG and kerosene.

He has yet to decide on possible tax cuts for diesel and gasoline, which have a broader impact on transport and inflation.

To cushion vulnerable sectors, the government has rolled out cash and fuel subsidies for transport workers and low-income households, while coordinating response measures through the Unified Package for Livelihoods, Industry, Food and Transport Committee.

Inflation rose to 4.1% in March, nearing a two-year high, largely driven by higher fuel costs. Some lawmakers have proposed suspending the 12% value-added tax on petroleum products, but the administration has flagged its importance as a source of funding for government programs.

VP Sara rejects impeachment hearing claims, defends academic record

April 15, 2026 | 9:21 pm

VICE-PRESIDENT (VP) Sara Duterte-Carpio on Wednesday rejected allegations raised at a House of Representatives Justice Committee hearing, defending her academic record and dismissing claims that she required special assistance in law school or had irregularities in her academic performance.

Following impeachment proceedings against her on Tuesday, Ms. Duterte said she passed the bar exam on her first attempt and accused her critics of spreading falsehoods to undermine her credibility.

“This mini-trial in the Committee on Justice is true to form for some of its members: abuse and corruption appear to be the only things they are capable of,” she said in a statement. “I never asked any professor for special accommodation for my grades because the bare minimum was easy enough to meet.”

She also cited past allegations involving earlier impeachment complaints, saying the process had been tainted by accusations of misconduct among lawmakers.

“Let us remember that the first impeachment case itself was marred by allegations of bribery involving members of the [House], and this second impeachment is no better,” she added.

The latest hearings form part of a House inquiry into allegations of misuse of public funds and other complaints against the Vice-President. Central to the proceedings was testimony from Ramil L. Madriaga, a former aide of her father former President Rodrigo R. Duterte.

Mr. Madriaga alleged that he acted as a private courier or “bagman,” delivering millions of pesos in cash to various recipients, including in relation to confidential funds. He also claimed he functioned as a “dummy” for financial transactions during the Duterte administration.

He further alleged a December 2022 operation involving the transfer of about P125 million in confidential funds to the Office of the Vice-President, saying the money was moved and distributed within a short period.

Mr. Madriaga also made broader claims linking ex-President Duterte and some retired military officials to political plans against President Ferdinand R. Marcos, Jr., including a supposed term-sharing deal and contingency discussions to remove him from office — assertions that have not been independently verified.

Ms. Duterte also criticized the Marcos administration’s response to the Middle East-driven fuel price surge, saying the government had failed to provide adequate relief and was instead engaged in political maneuvering.

A once allied political partnership that delivered a decisive victory in the 2022 elections, the Marcos and Duterte camps have since become increasingly divided following Ms. Duterte’s resignation from the Cabinet as Education secretary.

Malacañang Press Officer Clarissa A. Castro responded sharply to Ms. Duterte’s remarks, saying the Vice-President appeared unaware of government measures addressing the energy crisis.

“The brain that doesn’t feed itself eats itself,” Ms. Castro said, quoting the late American writer Gore Vidal.

“It’s sad for a public servant who appears to be ignorant,” she said, adding that accountability and transparency remain central to governance.

She also noted that President Marcos was elected to serve a full term and dismissed suggestions of instability as politically motivated.

Meanwhile, Senator Maria Imelda Josefa “Imee” R. Marcos rejected claims made by Mr. Madriaga regarding the supposed term-sharing agreement between the President and Vice-President.

“There is no such thing as term-sharing, that is a lie,” she told reporters, adding that she would remain impartial should impeachment proceedings reach the Senate.

She also called on her brother to refute the claims made by Mr. Madriaga. — Chloe Mari A. Hufana and Kaela Patricia B. Gabriel