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Salmon Group raises $100M to support its PHL expansion

SALMON Group Ltd has raised $100 million from its latest fundraising round to support its continued expansion in the Philippines.

The Southeast Asian financial technology company raised $40 million from equity financing and $60 million via a public bond issuance, with both transactions being oversubscribed, it said in a statement on Monday.

“The dual-tranche structure — combining equity and public debt — diversifies Salmon’s funding base and positions the company for sustained balance sheet growth while maintaining a disciplined approach to capital management.”

The proceeds will be used to accelerate Salmon’s growth in the Philippines, it said. It operates in the country through neobank Salmon Bank (Rural Bank), Inc. and financing company Salmon Finance, Inc.

“This round is validation of what we have been building — an always-on bank and financial services super-app for every Filipino, run with discipline and a long-term mindset,” Salmon Co-Founder Pavel Fedorov said. “We are proud to have some of the world’s most respected investors joining us for this next chapter of growth. The capital will allow us to move faster on every front: more products, more reach, even greater capitalization of Salmon Bank, and better experience for our customers.”

Broken down, the $60-million equity financing component features US-based venture investors led by Spice Expeditions and participated in by Washington University Investment Management Co., Moore Strategic Ventures, FJ Labs, and other existing investors of Salmon.

Proceeds will be used for product and distribution network expansion in the Philippines, as well as to beef up Salmon Bank’s capitalization and grow Salmon’s balance sheet capacity.

Salmon Co-Founder and Salmon Bank Chairperson Raffy Montemayor said last year they want to bring their bank’s total capital to P2 billion before the end of this year as it plans to apply for a thrift banking license. Its total capital was at P1.6 billion as of end-March.

Meanwhile, Salmon also raised $40 million from a public bond issuance under its existing $150-million Nordic bond program priced at an effective yield of 13.7%. This came amid volatile global market conditions.

The bond proceeds will support the continued growth of Salmon’s lending portfolio, it said. — A.M.C. Sy

How PSEi member stocks performed — April 20, 2026

Here’s a quick glance at how PSEi stocks fared on Monday, April 20, 2026.


Launch of Balikatan drills with US, allies draws sharp China warning

TROOPS from seven countries including the Philippines and the US attend the opening ceremonies of the 2026 Balikatan exercises at Camp Aguinaldo in Quezon City. — PHILIPPINE STAR/ WALTER BOLLOZOS

By Kaela Patricia B. Gabriel

CHINA on Monday criticized the expansion of joint military exercises in the Philippines involving the US and allied nations, warning that “external forces” in the Asia-Pacific region risk deepening division and undermining regional trust as the Balikatan (shoulder-to-shoulder) drills formally opened.

“What the Asia-Pacific region most needs is peace and tranquility, and what it least needs is the introduction of external forces to create division and confrontation,” Chinese Foreign Ministry spokesman Guo Jiakun told a news briefing in Beijing.

He added that countries that continue “tying themselves together on security” would ultimately face consequences, remarks that came as Manila and Washington launched the 41st Balikatan exercises — now the biggest iteration of the annual drills.

The Philippines and the US opened the military exercises on Monday with about 17,000 troops from seven countries taking part. The lineup includes longstanding partners Australia and the US, alongside first-time participants Japan, Canada, France and New Zealand, reflecting the widening scope of the multilateral defense activity.

US Lieutenant General Christian F. Wortman, commanding general of the I Marine Expeditionary Force, said about 10,000 American personnel were deployed for the exercises, which will run until May 8.

He stressed that the drills are not aimed at any specific country, including China, despite rising tensions in the South China Sea and broader geopolitical competition in the region.

“It’s about enhancing our interoperability, strengthening our readiness and supporting our ability to contribute to security in the region,” Mr. Wortman told a news briefing in Manila after the opening ceremonies. “But there is no target nation in terms of an adversary force that we’re exercising against.”

The exercises will include integrated air and missile defense, amphibious counter-landing live-fire drills, maritime security operations, and humanitarian assistance and disaster response activities across multiple domains.

US Chargé d’Affaires ad interim Robert Ewing said the Balikatan exercises mark the 75th anniversary of the Mutual Defense Treaty between the Philippines and the US, underscoring longstanding defense ties that also extend into humanitarian cooperation.

“These efforts… help strengthen trust, deepen relationships and improve lives across communities,” Mr. Ewing said in remarks at the opening ceremonies, based on a transcript sent by the US Embassy in Manila. He added that the partnership spans national leadership down to local communities.

He said the exercises reflect a “whole-of-society approach” designed not only for military readiness but also for civic engagement and disaster response coordination.

Analysts said the expanded Balikatan drills signal the Philippines’ continued effort to strengthen deterrence capabilities amid regional maritime disputes and growing geopolitical competition.

‘POTENTIAL NEGOTIATIONS’
Josue Raphael J. Cortez, a lecturer at De La Salle-College of St. Benilde, said the Philippines is using the exercises to improve interoperability with allies while also broadening its defense partnerships.

He added that participation from countries such as Japan reflects shifting regional alignments and deeper coordination among states with shared concerns over maritime security.

“As we are harnessing our own manufacturing industries, including shipbuilding, these exercises also allow us to venture into potential negotiations from like-minded nations,” Mr. Cortez told BusinessWorld via Facebook Messenger.

Justin Keith A. Baquisal, a national security analyst at FACTS Asia, said Japan’s first-time participation is significant, signaling strategic continuity among US allies in the Indo-Pacific region.

He said these countries share increasingly aligned positions on regional security issues, especially in relation to China’s maritime activities.

“There’s a lot of strategic continuity going on here because the foreign policies of these countries, at least with respect to China, are more or less the same,” Mr. Baquisal said by telephone.

Chester B. Cabalza, founding president of the International Development and Security Cooperation, said the drills enhance the Philippines’ ability to engage in multinational operations and strengthen its defense posture.

“It also widens our armed forces’ capability to mount multinational military cooperation as we become a battlefield for cognitive and information warfare in the region,” he said via Messenger.

However, Mr. Cortez cautioned that the Philippines could face risks of exposure due to its deepening security cooperation with the US, particularly amid broader US tensions with other global powers such as Iran and its allies.

He noted that while such risks exist, they do not outweigh the strategic benefits of the alliance, especially in strengthening national defense capacity.

This year’s Balikatan exercises involve 3,000 more troops than last year’s iteration, which had about 14,000 participants, underscoring the growing scale and complexity of the drills.

Officials said 17 countries are observing the exercises, further highlighting international interest in the Philippines’ expanding defense cooperation network.

Beyond military implications, the exercises have drawn criticism from sectoral groups affected by temporary restrictions in coastal areas.

The Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (PAMALAKAYA) said about 4,840 registered fisherfolk in Subic, Zambales might be affected by an 11-day no-sail zone imposed to accommodate live-fire and maritime drills in Subic Bay.

The group said fishing activities in designated areas were restricted during the exercises, raising concerns over lost income opportunities for coastal communities.

PAMALAKAYA also questioned the allocation of resources for the drills, arguing that government funds used for military exercises could instead support subsidies for fuel and agricultural production. — with Vonn Andrei E. Villamiel and Reuters

Philippines to send team to Czech Republic to pave way for return of fugitive Co

PILIPPINE STAR/MIGUEL DE GUZMAN

THE PHILIPPINES will send a high-level coordination team to the Czech Republic to facilitate the return of a former congressman who is facing corruption charges over a multibillion-peso infrastructure scandal, President Ferdinand R. Marcos, Jr. said on Monday.

Mr. Marcos said ex-Party-list Rep. Elizaldy “Zaldy” S. Co, a resigned lawmaker implicated in irregularities in public works projects, will be made to face accusations in the Philippines, though he cautioned that the process would take time due to legal procedures between countries.

“These processes follow legal steps between countries, so it takes time to be done correctly,” he said in a video message in Filipino. “We will bring Zaldy Co home and we will do so in accordance with the law. He will answer to the Filipino people.”

Mr. Co is facing graft and malversation charges linked to a P298-million substandard road dike project in Naujan, Oriental Mindoro, allegedly implemented by a firm tied to his family.

Authorities say the case is part of a broader investigation into ghost and substandard infrastructure projects flagged across several regions.

Mr. Marcos disclosed in his State of the Nation Address (SONA) in July 2025 alleged collusion between government officials and private contractors in a kickback scheme involving public works contracts.

He subsequently created the Independent Commission for Infrastructure to investigate anomalies in projects over the past decade.

The President has ordered the Department of Justice and the Department of Foreign Affairs to coordinate with Czech authorities to ensure Mr. Co’s proper turnover to Philippine custody. Manila and Prague do not have an extradition treaty, making the process legally complex.

“He remains in the custody of the Czech Republic and we are taking all necessary steps for his return,” Mr. Marcos said.

The Sandiganbayan has issued an arrest warrant against Mr. Co and several others, while the International Criminal Police Organization has been asked to issue a red notice.

Mr. Co, who chaired the House Committee on Appropriations, left the country in July 2025 ahead of the President’s SONA, supposedly for medical treatment abroad. He was later reported to have been detained in Prague after crossing into Czech territory without proper documentation.

He has denied all allegations, accusing senior government officials of budget insertions amounting to billions of pesos — claims that Malacañang and congressional leaders have rejected.

The controversy has contributed to heightened scrutiny of the national budget process and slowed fiscal deliberations, with the government entering 2026 under a reenacted budget for several days amid stricter legislative review. — Chloe Mari A. Hufana

Marcos posts uptick in trust and performance ratings; VP Sara’s score softens

PHILSTAR FILE PHOTO

By Erika Mae P. Sinaking, Reporter

PRESIDENT Ferdinand R. Marcos, Jr. posted improved trust and performance ratings in the first quarter, while Vice-President (VP) Sara Duterte-Carpio’s performance score declined, according to a survey released by OCTA Research on Monday.

The survey, conducted from March 19 to 25, captured public sentiment during the early phase of the Middle East war and rising geopolitical and economic uncertainty, as well as domestic political developments, including the impeachment process involving the Vice-President.

The survey showed Mr. Marcos’ trust rating rising to 54% in March, up six points from December 2025. His performance rating also increased to 55% from 51%.

OCTA said the improvement reflected stronger consolidation in public perception of the President’s leadership, along with a decline in ambivalence among respondents.

Political analyst Anthony Lawrence A. Borja, an associate professor at De La Salle University, said government responses to fuel insecurity might have supported the gains.

“Assuming that it captured the entirety of the oil crisis, the immediate responses of the government ranging from declaring a state of national energy emergency, to securing oil shipments from Russia, to gaining safe passage with Iran, and even opening talks with China might have been enough to bolster ordinary citizens’ sense of resilience,” he said in a Facebook Messenger chat.

Ms. Duterte, meanwhile, maintained a majority trust rating of 55%, slightly higher than 53% in December 2025, a change OCTA said was within the margin of error and statistically stable.

However, her performance rating slipped to 50% from 54% in the previous quarter. OCTA also cited an increase in performance ambivalence, which it said suggested more mixed public assessments of her leadership.

Mr. Borja said the results point to consolidation rather than expansion of support.

“The increase is within the margin of error and for this reason, it probably captured the solidification of sentiments towards Vice-President Duterte,” he said. “Given the cult-like nature of her following, this is unsurprising.”

“Her performance rating dropped by 4 points and though it seems insignificant for now, it shows that support for her, though consolidated, is neither perfect nor absolute,” he added

Regionally, Mr. Marcos posted his highest trust rating in Luzon outside Metro Manila at 59%, while his lowest was in Mindanao at 45%. His performance ratings remained at majority levels across all regions.

Ms. Duterte continued to post strong numbers in Mindanao, where her trust reached 90% and performance rating stood at 83%. Her lowest ratings were recorded in Metro Manila and the rest of Luzon.

Hansley A. Juliano, a political science lecturer at the Ateneo de Manila University, said shifting timelines and overlapping controversies might have softened the impact of earlier issues on public opinion.

He added that divided perceptions between political camps have made it difficult for voters to fully shift support.

“This does mean therefore that Mr. Marcos will likely be vulnerable when the spotlight begins to turn away from his achievements abroad,” he said via Messenger, noting that political attention cycles could reshape future ratings depending on emerging controversies and policy outcomes.

OCTA’s survey covered 1,200 adult registered voters nationwide, with a margin of error of ±3% points.

DepEd 3-term calendar faces pushback

By Pexcel John Bacon and Almira Louise S. Martinez, Reporter

EDUCATION groups raised concerns over the Department of Education’s (DepEd) plan to implement a three-term school calendar starting school year 2026-2027, questioning both the lack of consultation and the need for the shift.

The Alliance of Concerned Teachers (ACT) said proper engagement with educators was insufficient ahead of the rollout.

National Chairperson Ruby Bernardo said teachers and unions should have been formally consulted as key stakeholders in the reform.

“The consultation is really important for the Alliance of Concerned Teachers,” she told a House of Representatives hearing in Filipino on Monday. “The unions should have been consulted.”

She added that teachers themselves have been the ones initiating coordination with the department. “We are the ones reaching out to DepEd to have meetings.”

Ms. Bernardo also questioned the necessity of shifting to a three-term system, calling for deeper discussion before full implementation.

Despite these concerns, DepEd said it would proceed with the reform as part of efforts to address learning disruptions, improve teaching continuity and streamline academic workloads.

“The three-term school calendar is not just a standalone reform of the Department of Education,” Assistant Secretary Janir T. Datukan told the hearing. “It is part of a bigger reform… to address the gaps in basic education.”

The agency has issued an order setting the guidelines for implementation.

Mr. Datukan said the curriculum would remain unchanged, but the academic year has been restructured from four quarters into three terms.

Under the setup, the school year will run from June to April and will be divided into three terms: June to September, October to December and January to April.

Each term will include an opening block for school readiness and baseline assessment, followed by an instructional block for regular teaching and learning activities.

The second and third terms will end with an “end-of-term block” — 10 days in the second term and six days in the third — allocated for assessments, remediation, grading, teacher development, co-curricular activities and wellness breaks. These periods may also be used for make-up classes during disruptions such as typhoons and holidays.

Other education stakeholders expressed cautious support but stressed the need for adequate preparation.

Pasig Rep. Roman T. Romulo, who heads the basic education committee, said the plan should include greater flexibility, citing the risk of class disruptions due to natural disasters.

“The weather is unpredictable, that is the main problem,” he told the hearing in mixed English and Filipino. “

Mr. Romulo raised concern that the scheduled instructional block from September to December under the revised calendar could be disrupted by typhoons and other emergencies.

“What would happen if they follow your guide and the class is suspended, so there would be [lessons] that will not be tackled?” he said, stressing the need for buffer periods in the academic calendar.

Data from the Second Congressional Commission on Education (EDCOM 2) showed that most weather-related class suspensions in School Year 2024–2025 occurred from September to November.

EDCOM 2 Executive Director Karol Mark R. Yee said DepEd has yet to present detailed data on suspension days between December and March, which he said is needed to identify where buffer periods would be most effective.

John R. Jacome, managing director of the Coordinating Council of Private Educational Associations of the Philippines, said support for the calendar shift is largely pragmatic.

Catholic Educational Association of the Philippines Executive Director Narcy Ador Dionisio cited the importance of transition time.

“We only ask for one thing, give us ample time to transition,” he said in Filipino.

Lawmakers and stakeholders are expected to continue deliberations in succeeding hearings as the government moves toward full implementation of the revised academic calendar.

Nat’l Security chief Oban takes oath

PRESIDENT Ferdinand R. Marcos, Jr. speaks with newly appointed National Security Adviser Eduardo SL. Oban, Jr. in Malacañang, April 20, 2026. — PCO

NEWLY appointed National Security Adviser Eduardo SL. Oban, Jr. took his oath before President Ferdinand R. Marcos, Jr. on Monday, after his predecessor, Eduardo M. Año, retired last week.

The President administered the oath taking at Malacañang.

Mr. Oban replaces Mr. Año, who stepped down due to health reasons.

“[This] reinforc[es] the administration’s commitment to strengthening national security, defense planning, and inter-agency coordination toward a free, peaceful, and resilient Philippines,” Malacañang said in a statement.

Mr. Oban, 70, served as the Armed Forces chief of staff under former President Benigno Simeon “Noynoy” C. Aquino III. — Chloe Mari A. Hufana

About 1M drivers get cash aid

DRIVERS prepare their vehicles during the inspection of the implementation of the government’s Service Contracting Program at the Araneta Center Terminal in Cubao, Quezon City, April 20, 2026. — PPA POOL/NOEL B PABALATE

THE Department of Social Welfare and Development said about a million transport workers across all sectors nationwide benefited from the government’s P5,000 cash aid program, with the government spending nearly P5 billion to fund the initiative.

Secretary Rexlon T. Gatchalian, during a distribution of cash relief assistance to transport network vehicle service drivers in Quezon City on Monday, said the agency aims to finish the program’s first round by the end of April.

In a separate event, President Ferdinand R. Marcos, Jr. vowed continued support for Filipinos affected by the Middle East crisis.

Speaking at the Department of Transportation’s rollout of the service contracting program in Cubao, Quezon City, the President said the transport and commuter sectors should expect sustained subsidies from the government.

“First of all, we will support the drivers, the operators,” he said in Filipino. “Second, the discounts that we are giving are for the passengers.”

The government turned to cash and fuel subsidy distribution to cushion Filipinos from the rising impact of the Middle East crisis.

Mr. Marcos earlier suspended excise taxes on liquefied petroleum gas and kerosene to help household spending.

He has yet to do the same for gasoline and diesel, the products used by vehicles. — Chloe Mari A. Hufana

Over 50% support VP’s impeachment

VICE-PRESIDENT SARA DUTERTE-CARPIO FACEBOOK PAGE PHOTO

MORE than half of Filipinos (51%) support the impeachment complaints against Vice-President (VP) Sara Duterte-Carpio, a nationwide survey found.

This is against 33% who oppose and 16% who remain unaware of moves to oust Ms. Duterte, according to the March PAHAYAG survey, conducted by PUBLiCUS Asia.

The same survey also found that 48% or nearly half of voters opposed the swift dismissal of impeachment complaints against President Ferdinand R. Marcos, Jr., compared to 29% who support it and 23% who are unaware.

The data also showed notable regional differences, with the strongest support for Ms. Duterte’s impeachment seen among respondents from the National Capital Region (66%) and South Luzon (62%); while opposition to the dismissal of impeachment complaints against Mr. Marcos is highest in the Visayas (50%) and Mindanao (60%).

This opposition is mainly driven by younger respondents, or those aged 18-24 years old (55%) and 25-29 (56%). 

The PQ1-2026 survey was conducted from March 21 to 24, 2026, among 1,509 registered Filipino voters from the PureSpectrum market research panel, with a national margin of error of ±3%. — Pexcel John Bacon

Slovenian Embassy to tackle energy security with PHL in two-day forum

THE Embassy of Slovenia to the Philippines will hold a two-day symposium in Manila to discuss energy initiatives that the country may adopt to bolster national security.

In a press briefing on Monday, Republic of Slovenia Ambassador in Manila Smiljana Knez said the panel discussions, which will take place on April 21 to 22, will touch on topics such as business innovation, digitalization and artificial intelligence for crisis management and disaster resilience, and defense energy efficiency.

“We want to explore best ways of transfer of science, research, innovation to business,” Ms. Knez said.

She added that Slovenian delegations are already in talks with the Department of National Defense, Office of Civil Defense, and Department of Energy.

During the briefing, Colonel Robert Šipec, Energy Efficiency and Green Transition Division head for the Slovenian Ministry of Defense, underscored their zero-emission target for their security sector and sustainable public transportation initiatives.

Mr. Šipec said the Slovenian defense sector has been promoting austerity measures, such as cutting down on transportation and integration of renewable energies like photovoltaics, windmills, and geothermal energy.

“We need to know how much we spend. That’s very important and where we are mostly vulnerable, and then there are some changes of mindset,” Mr. Šipec said. “Every soldier, everybody should be aware that energy is very costly, not money-wise, but supply-wise.”

He also noted that there is no confidentiality in their military expenditures to foster awareness on their spending.

Rupert Paul C. Manhit, chief operating officer of the Stratbase Institute, also welcomed the discussions, noting the connectedness of energy and defense.

“We believe that the changes of times in national security are not only because of war. It’s not only because of [the] tensions in our islands. Energy is one part; cybersecurity is one part as well. Artificial intelligence is also a very important section that we would like to discuss in this forum tomorrow and other days,” Mr. Manhit said. — Kaela Patricia B. Gabriel

Pangasinan farmers receive seed aid

BW FILE PHOTO

THE Department of Agrarian Reform (DAR) said it has distributed vegetable seeds to thousands of farmers in Pangasinan as part of efforts to support agricultural production amid the energy crisis.

In a statement on Monday, DAR said 3,725 agrarian reform beneficiaries (ARBs) received a total of 16,502 packs of vegetable seeds. The assistance was coursed through 113 agrarian reform beneficiary organizations (ARBOs) across the province’s six congressional districts.

The distributed seeds include varieties of ampalaya (bitter gourd), eggplant, red hot chili, string beans, tomato, and okra, which the agency said are climate-resilient and suitable for sustaining food production and generating additional income.

The agency said the initiative is part of the “Restoring the Livelihoods of ARBs in Agrarian Reform Communities Affected by Typhoons Nando and Opong” project, funded through the Agrarian Reform Fund.

DAR said the seed assistance aims to help farmers manage rising input costs and continue planting despite economic and energy constraints.

“Despite the challenges posed by the state of national energy emergency, the DAR is doing everything in its power to assist our ARBs and ARBOs,” Pangasinan Provincial Agrarian Reform Program Officer Charlotte F. Lasmarias said in the statement.

She added that the agency is coordinating with other government offices, including the Land Transportation Office, Philippine Carabao Center, and Bureau of Fisheries and Aquatic Resources, for additional support to farmers. — Vonn Andrei E. Villamiel

BuCor breaks ground on Nueva Ecija site

THE Bureau of Corrections (BuCor) on Monday led the groundbreaking of a P470-million prison facility to be constructed on a 60-hectare site in Palayan City, Nueva Ecija, following a land donation from the provincial government.

In a statement, BuCor said the project is part of its mandate to expand prison infrastructure and strengthen the safekeeping and rehabilitation of persons deprived of liberty (PDLs).

The project, awarded to the joint venture of Front Nine Konstruct Builders and Qonstech Construction Corp., is slated for completion by the end of 2027.

BuCor said the facility will have a capacity of up to 7,500 PDLs and will house maximum, medium, and minimum-security camps, a reception and diagnostic center, a drug treatment and rehabilitation unit, and a correctional institution for women. It will also include vocational and livelihood facilities, agricultural production areas, courtrooms, and personnel housing.

The agency added that the complex will be equipped with perimeter fortifications, guard towers, controlled entry points, surveillance systems, and solar-powered lighting to enhance security and efficiency.

BuCor said the project is expected to generate employment during construction and operations, stimulate local economic activity, and support infrastructure development in the area. — Erika Mae P. Sinaking

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