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PHL men’s team faces all-GM Croatia in Olympiad 7th round

THE WHOLE TEAM, including national women’s coach GM Jayson Gonzales, was treated to a refreshing city tour by delegation head Atty. Ruel Canobas.

BUDAPEST, Hungary — Filipino Grandmaster (GM) Julio Catalino Sadorra will try to carry the Philippines on his shoulders anew as they face off with dangerous Croatia in the seventh round of the 45th FIDE Chess Olympiad at the BOK Sports Hall here.

The 38-year-old University of Texas in Dallas coach is expected to man the top board for the Filipinos, who will be fielding Daniel Quizon, Paulo Bersamina and John Paul Gomez, against the Croatians, an all-GM side that was formerly part of chess power Yugoslavia.

The Filipinos, whose participation was being financed by the PSC through Chair Richard Bachmann and Commissioner Ed Hayco and backed by NCFP chief Butch Pichay, will try to barge back into the top 10 after sputtering to a share of 21st following a stinging 2.5-1.5 setback to the rock-solid Armenians, a former champion here.

Mr. Sadorra came into the round brandishing an impressive record of 3.5 points in four games, which included shocking wins over super GMs Vladimir Fedoseev in a mammoth 2.5-1.5 win over the Slovenians in the fifth round Sunday and Armenian Haik Martirosyan the next day.

This put Mr. Sadorra in the running for an individual medal on top board as he is currently ranked fifth with a tournament performance rating of 2879, behind and elite cast of Indian Dommaraju Gukesh (2998), American Fabiano Caruana (2987), Uzbek Nodirbek Abdusattorov (2948), and Vietnamese Le Quang Liem (2881).

Mr. Sadorra is hoping to become the first Filipino to win a medal in the biennial event since GM Eugene Torre, now the national men’s coach and non-playing captain, snatched a bronze in the 2016 Baku edition where he scored a scintillating 10 out of 11.

Mr. Sadorra, however, is more focused on helping the team win.

“I just want to help the team in any way I can, may it be leading by example, teaching, advising and just being a friend to them,” he said.

Shania Mae Mendoza, Janelle Mae Frayna, Jan Jodilyn Fronda and Ruelle Canino will plunge back into action as the Filipinas, currently bunched in a big group at No. 22 with eight points each, battle the 26th ranked Argentines.

Meanwhile, the whole team, including national women’s coach GM Jayson Gonzales, was treated to a refreshing city tour by delegation head Atty. Ruel Canobas. — Joey Villar

CSB Blazers clinically beat UPH Altas, 78-51

CSB BLAZERS

Games on Friday
(Filoil EcoOil Arena)
12 p.m. – AU vs LPU
2:30 p.m. – Letran vs Mapua

ONE BY ONE, College of St. Benilde (CSB) is dismantling everything and everyone in its path.

Showing none to little mercy, the CSB Blazers slaughtered the University of Perpetual Help (UPH) Altas, 78-51, Wednesday to remain unscathed and immovable at No. 1 in NCAA Season 100 at the Filoil EcoOil Arena.

It was another clinical display of bench depth, relentless running game and nearly impenetrable defense for the Las Piñas-based school, which included in its long line of victims contenders San Beda University, the defending champion, Lyceum of the Philippines University and Emilio Aguinaldo College.

The beating was so terrifying that the CSB Blazers finished off the Altas as early as the first half when the former lead, 50-29.

It was worse in the third canto when CSB made it a 69-40 lead, its biggest of the game, with a whole quarter to go.

It was made more impressive when the Blazers’ most lethal weapon, big man Allen Liwag, fresh from being adjudged the season’s player of the week by the collegiate press corps, was confused after ending up with his season worst four points and nine rebounds.

It didn’t affect CSB a bit as the troika of Justin Sanchez, Tony Ynot and Gab Cometa presided over the carnage by unloading 13, 12 and 10 points, respectively.

“I want the type of team where even if you struggle, you can contribute in other ways,” said cerebral CSB coach Charles Tiu.

The Altas stumbled to their second straight defeat after starting the season with two wins in a row. — Joey Villar


The scores:

First Game

CSB 78 – Sanchez 13, Ynot 12, Cometa 10, Ancheta 9, Torres 8, Eusebio 8, Serrano 7, Liwag 4, Morales 3, Sangco 2, Ondoa 2, Jarque 0, Turco 0, Oli 0, Carillo 0

UPHSD 51 – Gojo Cruz 11, Orgo 10, Boral 9, Abis 4, Pizarro 4, J. Manuel 4, Pagaran 4, Nuñez 3, Montemayor 2, Gelsano 0, Cauguiran 0, Sevilla 0, Javier 0, Movida 0, B. Manuel 9

Quarter scores: 18-10; 50-29; 69-40; 78-51

Aces handle Storm, secure home court in WNBA Round 1

A’JA WILSON and Kelsey Plum scored 21 points each to lead a balanced scoring effort and the visiting Las Vegas Aces clinched home-court advantage for the first round of the playoffs with an 85-72 victory against the short-handed Seattle Storm on Tuesday night.

Jackie Young added 16 points, Chelsea Gray scored 13 and Tiffany Hayes had 10 for the Aces (26-13), who clinched no worse than fourth place by winning for the eighth time in nine games.

Las Vegas will finish the regular season at home against Dallas on Thursday night and could claim third place with a victory and a Connecticut loss to Chicago.

Nneka Ogwumike scored 19, Skylar Diggins-Smith had 17 points and nine assists and Gabby Williams scored 14 to lead the Storm (24-15), who played without leading scorer Jewell Loyd (knee) and leading rebounder Ezi Magbegor (concussion).

Seattle, whose four-game winning streak ended, will begin the playoffs on the road as the fifth seed. The Storm conclude the regular season at Phoenix on Thursday.

Ogwumike made two field goals and Diggins-Smith had one as the Storm started the third quarter with a 6-0 run to pull within 48-46.

Plum’s 3-pointer ended the Aces’ 4½-minute scoring drought and increased the lead to six points.

Seattle got as close as one point before Young’s three-point play helped Las Vegas take a 63-61 lead at the end of the quarter.

Diggins-Smith’s basket tied the score and, moments later, she made another to give Seattle its only lead, 65-64. Wilson made two free throws to start an 8-0 run that gave Las Vegas a 72-65 lead.

The Aces maintained control as the Storm scored just 11 points in the fourth quarter.

Wilson scored 10 points as the Aces took a 25-12 lead. They led by 13 points on two more occasions before Diggins-Smith made two free throws to trim the deficit to 29-18 at the end of the first quarter.

A field goal by the Storm’s Mercedes Russell started the second-quarter scoring, but Young scored seven points as Las Vegas expanded the lead to 44-26.

Ogwumike scored seven points during a 14-4 run that pulled Seattle within 48-40 at halftime. — Reuters

Slot shines, Fonseca falters as Liverpool outclasses AC Milan in Champions League

MILAN — On a night that saw Liverpool’s Arne Slot and AC Milan’s Paulo Fonseca each take the managerial reins in a Champions League game with their new teams for the first time, their experiences could not have been more different.

Slot guided Liverpool to a resounding 3-1 victory over Fonseca’s Milan at San Siro, as his team remained calm after a shaky start, storming back after conceding a goal in the opening three minutes.

“To come back so strong and dominant, it was a deserved victory,” said Slot, who replaced retired manager Juergen Klopp at the Merseyside club. “This is an evening I will remember in the future. Hopefully many more times like this will come as Liverpool manager.”

Ibrahima Konate, Virgil van Dijk and Dominik Szoboszlai scored for Liverpool after Christian Pulisic capitalised on some disorganised defending by the Reds for Milan’s lone goal.

A day after Fonseca said his men would have to be “defensively perfect” against Liverpool, they were porous and far from perfect. And it could have been significantly worse with Liverpool enjoying 11 shots on target to the home side’s two.

“We played against Liverpool, a great team,” Fonseca, who replaced Stefano Pioli at Milan, told Sky. “We started the match well offensively and defensively, then we conceded two goals from set pieces which changed the game.

“When details are missing we can have problems doing what we prepare in training, Liverpool are more of a team than us, we have to work to play without problems for 70/80 minutes.”

Asked about conceding almost identical goals from two centre backs — Konate and Van Dijk — Fonseca said: “For the first goal we had a man on Van Dijk, we had prepared this. He was free, it’s true, but the central defenders had to be taken with individual marking.”

The two managers have had wildly different starts to their respective leagues this season as well, with Slot’s men winning their first three games before a shock 1-0 loss to Nottingham Forest on Saturday to sit fourth in the Premier League.

AC Milan sit 10th in the Serie A table with one win in four games. — Reuters

Liberty seals top seed, drops Mystics under playoff line

BREANNA STEWART collected team highs with 15 points and 10 rebounds as the New York Liberty clinched the league’s best record and top seed in the WNBA playoffs with an 87-71 victory over the host Washington Mystics on Tuesday night.

The Liberty (32-7), with one regular-season game remaining, secured the top mark for the first time since 2015. They have three consecutive conference titles, including last season, but are still seeking their first WNBA crown. The Minnesota Lynx (30-9), who defeated the Connecticut Sun 78-75 on Tuesday night, will finish in second in the regular-season league standings.

The Mystics began Tuesday in a three-way tie with Atlanta and Chicago for the final playoff spot. After Washington (13-26) lost and the Dream (14-25) earned an 86-70 win over the Sky (13-26) on Tuesday, Atlanta holds a one-game edge with one regular-season game remaining for all three teams. — Reuters

Fake Kamala hit-and-run story is work of Russian group, says Microsoft

A MAN holds a laptop computer as cyber code is projected on him in this illustration picture taken on May 13, 2017. — REUTERS

A FALSE CLAIM circulating on social media that Democratic presidential candidate Kamala Harris left a 13-year-old girl paralyzed after an alleged hit-and-run in San Francisco in 2011 is the work of a covert Russian disinformation operation, according to new research by Microsoft.

Researchers found that the operation created a video, paid an actor to appear as the alleged victim, and spread the claim through a fake website for a nonexistent San Francisco news outlet named “KBSF-TV.” The Russian group responsible, which Microsoft dubs Storm-1516, is described as a Kremlin-aligned troll farm.

The discovery is a sign of Russia ramping up its foreign influence efforts ahead of the Nov. 5 presidential election, Microsoft said.

A spokesperson for the Russian embassy in Washington did not respond to a request for comment.

“Russian influence operations initially struggled to pivot operations aimed at the Democratic campaign following President Biden’s departure from the U.S. 2024 presidential race,” a blog published on Tuesday by Microsoft said.

“In late August, however, elements of prolific Russian actor Storm-1516 began producing content implicating Vice President Harris and Governor Walz in outlandish fake conspiracy theories,” Microsoft said, referring to Ms. Harris’ running mate, Tim Walz.

Storm-1516 is known for producing misleading videos featuring on-screen or voice actors who impersonate whistleblowers or journalists that share false, scandalous information, experts say.

A website for KBSF-TV was created shortly before publishing its first related article about the alleged driving incident, according to online registration records. The claim was circulated on social media platforms, including X.com, using the hashtag #HitAndRunKamala.

The video was also shared on Sept. 3 on X.com by Aussie Cossack, who describes himself as a “Registered foreign agent for Sputnik News,” with the message “make this go viral MAGA folks.” In total, it is estimated the video has been viewed more than 2.7 million times.

“Many entities within the pro-Russian ecosystem advanced the video and its claims,” said Microsoft’s Threat Analysis Center. “Storm-1516 relies on some of these personalities, such as Aussie Cossack, to drive amplification of its videos.”

Mr. Cossack did not immediately respond to a request for comment.

Earlier this month the US Justice department filed money-laundering charges against two employees of Russian state media network RT for what officials said was a scheme to hire an American company to produce online content to influence the election.

US officials say Russia’s goal is to exacerbate U.S. political divisions and weaken public support for American military aid to Ukraine. Ms. Harris says if elected she will continue supporting Ukraine in its defense against Russia’s invasion. — Reuters

Chinese carrier enters Japan’s contiguous waters for first time, NHK reports

CARLOS DE SOUZA-UNSPLASH

TOKYO/TAIPEI — A Chinese aircraft carrier temporarily entered Japan’s contiguous waters for the first time on Wednesday, Japan’s public broadcaster NHK reported, the latest encounter that could further ratchet up tensions between the neighbors.

The carrier sailed between Japan’s southern Yonaguni and Iriomote islands, NHK reported, entering an area that extends up to 24 nautical miles from its coastline where Japan can exert some controls as defined by the United Nations.

Japan’s defense ministry did not immediately have comment.

Japan last month lodged a protest with China after one of its naval survey vessels entered Japanese waters, shortly after an airspace breach. In July, a Japanese navy destroyer made a rare entry into China’s territorial waters near Taiwan, according to the Japanese media.

An uptick in Chinese military activity near Japan and around Taiwan in recent years has stoked concerns in Tokyo. Japan has responded with a defense buildup it says aims to deter Beijing from using military force to push its territorial claims in the region.

Earlier on Wednesday, Taiwan’s defense ministry said it had spotted the same Chinese aircraft carrier group sailing through waters off its east coast in the direction of Yonaguni, Japan’s southernmost island, which is about 110 km (69 miles) east of Taiwan.

China, which views democratically governed Taiwan as its territory, has been staging regular exercises around the island for five years to pressure it to accept Beijing’s claim of sovereignty, despite Taipei’s strong objections.

The ministry said the Chinese ships, led by Liaoning, the oldest of China’s three aircraft carriers, were spotted in the early hours of the morning on Wednesday sailing through waters to the northeast of Taiwan.

The group then sailed to the southeast of Yonaguni, the ministry said in a statement, which can be seen from Taiwan on a clear day.

Taiwan tracked the ships and sent its forces to monitor, it said.

China’s defense ministry did not answer calls seeking comment. — Reuters

London’s Oxford Street could go traffic-free under mayor’s plan

Pedestrians walk along Oxford Street in London, Britain, Sept. 17, 2024. — REUTERS

LONDON — London’s Oxford Street, home to some of the British capital’s most famous shops from Selfridges to Marks & Spencer, could be pedestrianized to attract more shoppers under a plan announced by city mayor Sadiq Khan on Tuesday.

If approved, Oxford Street would join other major shopping hubs such as Times Square in New York and La Rambla in Barcelona that have gone fully traffic-free.

A previous version of the plan to ban vehicles from the 1.2-mile (1.9 km) thoroughfare was blocked by the local Westminster City Council, but the revived project has received backing from Britain’s Deputy Prime Minister Angela Rayner.

Ms. Rayner said the plan would drive growth, create new jobs and generate economic activity.

“The difference this time is, I’ve got the support of central government, and that means if … there was opposition from the council, we’d have the powers to proceed with good plans,” Mr. Khan told Reuters.

Oxford Street attracts around half a million visitors every day, according to the mayor’s office, but many flagship stores including House of Fraser and Topshop have shut in recent years.

The area, like many bricks-and-mortar shops, has struggled to recover footfall since the COVID-19 pandemic saw many people turn to online shopping and fewer return to the office.

The New West End company, which represents retailers on Oxford Street, said the area remained key for retail and hospitality in London.

Some retailers welcomed the move, with John Lewis, whose flagship store has been on Oxford Street since 1864, calling the nearly three-century old highway the “nation’s high street.”

Mr. Khan said the plan was to get rid off all traffic, including bicycles, in the one-mile stretch from Oxford Circus to Marble Arch. The London mayor’s office has not specified how buses that use the east-west road will be rerouted.

Stuart Love, chief executive of the local Westminster City Council, said the authority wanted more details on how concerns of local residents and shoppers over rerouted transport and access would be addressed.

Ron Harold-Hurst, a pensioner from Bromley, south east London, said he was against pedestrianizing the street.

“It’s a terrible idea,” the 83-year-old said. “You need buses don’t you? How are you going to get from one end to the other?”

The plan needs final approval from Ms. Rayner who is also Britain’s housing and communities minister.

British Prime Minister Keir Starmer’s Labour Party has said it wants to accelerate the process of approving projects to speed up Britain’s economic growth. — Reuters

Bruised by fresh loss, Canada’s Trudeau shows no sign of stepping down

PRIME MINISTER JUSTIN TRUDEAU — REUTERS

OTTAWA — Doubts about the leadership of Canadian Prime Minister Justin Trudeau intensified after his ruling Liberal Party suffered a second humiliating loss in a special election, but the unpopular leader is determined to cling to office ahead of a looming national vote.

The Liberals, who have governed for almost nine years, suffered a narrow defeat on Monday in a Montreal constituency that had been one of the party’s safest seats.

The loss, following a defeat in Toronto in late June, reinforced the perception that Liberal prospects in the next national election are dim. The mandate for Mr. Trudeau’s minority government expires at the end of October 2025, but an early election has become increasingly likely after the smaller New Democratic Party dropped its support.

Even so, Mr. Trudeau showed no sign on Tuesday that he may step down before the next election campaign. And the party’s mechanisms to force him out are limited.

Andrew McDougall, an assistant professor of political science at the University of Toronto, said the Liberals were losing “the crown jewels” in urban strongholds, not marginal seats, highlighting the party’s bleak prospects.

“This is obviously a very difficult moment for Justin Trudeau,” Mr. McDougall said. “It seems to reinforce the narrative that he’s yesterday’s man, and that if the Liberals are going to win the next election, they’re going to have to do it with somebody else.”

Although polls indicate the Liberals will lose badly to the official opposition right-of-center Conservatives in the next election amid unhappiness over inflation and a housing crisis, Mr. Trudeau and his closest aides say he is going nowhere and has time to help the party recover.

“Obviously, it would have been nicer to be able to win… but there is more work to do and we’re going to stay focused on doing it,” Mr. Trudeau told reporters on Tuesday.

His main immediate challenge is that he has lost control of the House of Commons, where the Liberals hold only a minority of seats. The left-leaning NDP signed a deal in 2022 to keep the Liberals in power but tore up the agreement this month.

The NDP increased its share of the vote in Montreal while retaining a seat in the western province of Manitoba, fending off a strong Conservative challenge.

The Liberals face a number of confidence votes by legislators in the next few months and a defeat would trigger an election, although the NDP may choose to keep the government afloat until it can buoy its own popularity.

“The Liberals gave both opposition parties a reason to believe that they can defeat Trudeau,” said Darrell Bricker, CEO of polling firm Ipsos-Reid. “The potential they can trigger (an election) sooner is definitely there.”

Keeping a minority government alive can be difficult and how much Mr. Trudeau can press ahead with his legislative agenda remains unclear.

The Liberals said on Monday they would focus on legislation regarding defense and citizenship.

SPECIAL CONVENTION
Unlike in the United States, where President Joseph R. Biden stepped down as Democratic presidential candidate in favor of Vice President Kamala Harris, there is no smooth way for Mr. Trudeau to hand over power.

In Australia and the UK, prime ministers are chosen by legislators and can be quickly overthrown. Mr. Trudeau was selected by a special convention of party members and cannot be forced out if he wants to stay.

One senior Liberal said if the polls continued to look miserable, senior ministers could urge Mr. Trudeau to leave.

But the Liberal, who requested anonymity given the sensitivity of the situation, said there was no guarantee Mr. Trudeau — a stubborn man according to insiders – would listen.

Mr. Bricker said those in charge of Liberal fundraising could make the same pitch to Mr. Trudeau.

“If the money dries up, they are not in a position to fight,” he said.

If Mr. Trudeau steps down, an interim leader would be chosen while the party set up another convention.

Tradition dictates a stand-in must come from the ranks of legislators, ruling out former Bank of Canada governor Mark Carney, often mentioned as a potential Trudeau replacement.

The interim leader does not run to be the permanent replacement, according to party custom. That could deter cabinet heavyweights such as Finance Minister Chrystia Freeland and Innovation Minister Francois-Philippe Champagne from seeking to replace Trudeau in the short term.

Regardless, changing leaders might not boost Liberal prospects, said Frank Graves, president of the Ekos polling firm.

“The difficulties Mr. Trudeau and the Liberals are experiencing are pretty similar to those progressive incumbents are experiencing in other advanced western democracies,” he said by e-mail, citing rising populism and economic uncertainty. — Reuters

Medical assistance for PDLs in Payatas

Former Ilocos Sur Governor Luis Chavit Singson

Former Ilocos Sur Governor Luis Chavit Singson provided food and medical assistance for PDLs (persons deprived of liberty) at the new BJMP Quezon City Jail in Payatas.

The new “zero congestion” facility can house 4,500 inmates. 60%-70% of the cases here are drug-related.

This first medical mission for PDLs was headed by Mr. Singson, along with his daughter, Congresswoman Richelle Singson. Joining them at this momentous event were Jail Warden Warren Geronimo, and Regional Director Clint Russell Tangeres.

Former governor Singson stated the importance of peace as the start of achieving big things not only for the inmates but also for all Filipinos. This is what he has done for Ilocos Sur and is his blueprint for guiding and helping his constituents.

A new lease on life is Singson’s battle cry for the inmates as he stated that it is hard for released PDLs to look for jobs. He also has a program that can help provide factory and caregiving jobs for them through his contacts in Taiwan, South Korea and Japan. 

Through the years, Mr. Singson has been helping his countrymen through civic oriented projects like this one held at Payatas.  

 


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Salmon emerges as Best Fintech Start-Up Company at Global Business Outlook Awards 2024

Salmon, the leading fintech company committed to expanding financial inclusion and innovation in Southeast Asia, has been awarded Best Fintech Start-Up Company in the Philippines at the prestigious Global Business Outlook (GBO) Awards 2024. This award further solidifies Salmon’s position as a leader in financial innovation and inclusion within the country and highlights its potential for continued growth in the coming years.

The Global Business Outlook Awards, recognized for celebrating excellence across industries worldwide, honored Salmon for its innovative, technology-driven financial solutions, which are designed to meet the needs of underserved communities. Salmon’s success in leveraging artificial intelligence and data analytics to offer accessible financial products was a key factor in securing this award.

Since its inception, Salmon has remained focused on bridging gaps in the Philippine financial ecosystem. By utilizing AI and cutting-edge technology, Salmon has enabled faster, more inclusive credit decisions, particularly benefiting Filipinos without formal credit histories. This approach has positioned the company as a significant player in the fintech space, with strong potential for scaling its impact across Southeast Asia in the near future.

Salmon’s flagship product, the Salmon App, continues to reshape the customer experience with its user-friendly interface. The app allows users to apply for loans, manage finances, and make payments effortlessly. Its consistent 4.8-star rating on major app stores is a testament to Salmon’s commitment to providing a smooth and transparent customer experience.

Reflecting on the award, Salmon Co-Founder Pavel Fedorov said, “This recognition from the Global Business Outlook Awards underscores our mission to make financial services more accessible to all Filipinos. We are excited by the growth opportunities ahead as we continue expanding our services and introducing more solutions that cater to the financial needs of both urban and rural communities.”

Salmon’s ongoing efforts in promoting financial awareness on social media have also been a critical driver of its success. The “Salmon Pera Serye,” a financial education initiative launched by the company on TikTok, in particular, has garnered over 1 million views in just three months. By empowering Filipinos with essential financial knowledge, the series has established Salmon as a key player in enhancing financial awareness and responsibility.

Co-Founder and Chairman of Salmon’s Bank subsidiary, Raffy Montemayor, shared his vision for the company’s future: “We are not only proud of what we’ve accomplished so far but also optimistic about our potential for further growth. The recent launch of the Salmon Time Deposit by the Rural Bank of Sta. Rosa (Laguna) exemplifies our strategy of bridging traditional banking and fintech. We look forward to continuing to offer innovative products that drive financial inclusion and help secure the financial futures of more Filipinos.”

As Salmon scales its operations and broadens its reach across Southeast Asia, it is poised for significant growth in the fintech landscape. The company’s commitment to financial inclusion, combined with its advanced technological capabilities, ensures it is well-positioned to become a key player in shaping the future of financial services in the region.

About Salmon Group Ltd.

Founded in 2022 by fintech and banking veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, Salmon Group Ltd. owns and operates subsidiaries in the Philippines, including Sunprime Finance, Inc. and the Rural Bank of Sta. Rosa (Laguna), Inc., which was established in 1963. The Group is dedicated to expanding financial inclusion by providing customers with cutting-edge, customer-centric, AI and data-driven banking and financial services. It is on a mission to empower clients underserved by legacy banks across Southeast Asia and is supported by world-class shareholders, including the International Finance Corp., the sovereign wealth fund of Abu Dhabi (ADQ), and other blue-chip international and Filipino investors.

 


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PBBM reiterates commitment to transparent, transformative leadership through PFM Reform Roadmap 2024-2028

PFM Principals endorsing to PBBM the PFM Roadmap. BBM with (starting 2nd from left) DBM Secretary Amenah Pangandaman, COA Chairman Gamaliel Asis Cordoba, DICT Secretary Ivan Uy and NEDA Secretary Arsenio Balisacan
President Ferdinand R. Marcos, Jr. reaffirmed the administration’s commitment to transparent and transformative leadership as he led the Ceremonial Endorsement of the Public Financial Management (PFM) Reforms Roadmap 2024-2028 in Malacañan Palace.
“With this roadmap, we give a clear mandate of ensuring that the money entrusted to us by the people serves a purpose that truly matters, that will make a difference,” President Marcos said in his speech.
The President said the ceremony is more than just “a mere endorsement of policy” but also a reassertion of the government’s collective resolve to build a system that will serve the present and future generations.
With the implementation of interventions and activities in the roadmap, it will improve the government’s ability to transparently and efficiently allocate resources, enabling agencies to deliver services effectively.
“It is about swift, efficient disaster relief and response actions so that no community is left behind when disasters strike. It is about better public healthcare access, ensuring that medical costs do not become yet another burden for our citizens. It is about expanding social services, creating not just a safety net, but opportunities for every Filipino to succeed, no matter their circumstances may be,” the President said.
Under the Roadmap, robust resource management coordination, greater capacity-building, wider technological integration, and stricter financial program implementation across sectors are expected.
Among the priorities of the new PFM is to synchronize planning and budgeting at local, regional, and national levels, as well as streamline institutional frameworks to reduce the time spent on bureaucratic processes, resulting in a faster delivery of service.
Digitalization and modernization of government frameworks are also given importance in the said roadmap.
Through collaborative efforts and support from partners, the President expressed confidence that the PFM Reforms Roadmap will greatly contribute to the country’s significant developments.
“With the strong support of our partners, especially with the ADB (Asian Development Bank), I am confident that the PFM Reforms Roadmap — anchored on the Philippine Development Plan 2023-2028 — will lead the nation to a higher growth trajectory, and ultimately, to reducing poverty and achieving genuine prosperity. Consider yourselves as the forerunners of this new era, this Bagong Pilipinas that we are building,” the President said.
The PFM Reform Roadmap was developed under Executive Order (EO) No. 29 issued by President Marcos last June 2023.
In the EO, the PFM Committee is directed to strengthen the public financial management information systems and streamline its processes.
This includes the revisiting of policies, revising outdated frameworks, and the creation of a strategic roadmap that reflects the changing needs of the people.
The PFM committee is comprised of the Department of Budget and Management (DBM), alongside key representatives of the Commission on Audit (CoA), Bureau of the Treasury (BTr), Department of Finance (DoF), Department of Information and Communications Technology (DICT), and the National Economic and Development Authority (NEDA).

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