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PHL financial system resources rise to P35.8 trillion as of Nov.

REUTERS

THE PHILIPPINE financial system’s resources climbed by 7.14% year on year as of end-November, with bulk of these held by banks, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

Resources held by banks and nonbank financial institutions stood at P35.763 trillion at end-November, growing from P33.379 trillion a year earlier.

Month on month, this went up by 1.28% from the P35.312 trillion at end-October.

The financial system’s resources include funds and assets such as deposits, capital, and bonds or debt securities.

Broken down, banks’ resources reached P29.659 trillion at end-November, rising by 7.65% year on year from P27.551 trillion previously.

Universal and commercial banks recorded P27.567 trillion in resources, increasing by 6.91% from P25.785 trillion a year prior.

Thrift banks’ resources also jumped by 23.7% year on year to P1.42 trillion from P1.148 trillion previously.

Meanwhile, the resources of rural and cooperative banks grew by 1.53% to P505.9 billion as of November from P498.3 billion the prior year.

Lastly, digital banks had P165.9 billion in total resources, surging by 38.6% year on year from P119.7 billion.

On the other hand, latest available data from the central bank showed that nonbanks held P6.104 trillion worth of resources as of end-June 2025, up from P5.704 trillion a year prior.

Nonbank financial institutions include BSP-supervised investment houses, finance companies, security dealers, pawnshops and lending companies, as well as nonstock savings and loan associations, credit card companies, private insurance firms, and state-run pension funds.

John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies said increasing deposits, balance sheets being shifted to low-risk assets, and stable demand for credit helped drive the increase in resources.

“(It) reflects continued deposit growth, balance sheet reallocation toward safer assets, and steady credit demand, particularly from households and select corporates, even amid slower growth,” he said via Viber.

“Banks benefited from higher deposits and investments in government securities, while nonbank financial institutions expanded through consumer finance, insurance, and capital market activities supported by financial deepening and digital channels.”

Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said the sustained growth in resources signals confidence in the Philippine financial system.

“Households are saving more, firms are slowly borrowing again, and banks are deploying capital into higher-yielding securities,” he said in a Viber message. “It’s a sign the financial system remains liquid and resilient.” — Katherine K. Chan

SEC raises audit threshold to P3M to ease MSME burden

PHILIPPINE INFORMATION AGENCY

THE SECURITIES and Exchange Commission (SEC) has raised the asset and liability threshold for companies required to submit audited financial statements, easing compliance costs for micro, small, and medium enterprises (MSMEs).

“This reform recognizes the realities faced by micro enterprises, which often operate with very limited resources. By allowing the submission of certified financial statements in lieu of audited ones, we are making compliance more proportionate, allowing them to redirect their resources to growing their business,” SEC Chairperson Francisco Ed. Lim said in a statement on Wednesday.

“At the same time, the new threshold preserves accountability by requiring management to formally assume responsibility for the accuracy and integrity of their financial statements, ensuring that regulatory oversight remains firmly in place,” he added.

Memorandum Circular No. 4, Series of 2026 exempts both stock and nonstock corporations with total assets or liabilities not exceeding P3 million from submitting audited financial statements. Previously, only corporations below P600,000 were exempt.

Those below the new threshold must submit certified financial statements accompanied by a Statement of Management’s Responsibility (SMR).

The higher threshold applies to fiscal years ending on or after Dec. 31, 2025, while corporations with earlier fiscal year-ends continue to follow the previous threshold.

Stock and nonstock corporations must have SMRs signed under oath by the board chair, president or chief executive officer, and treasurer or chief financial officer, duly authorized by the board. One-person corporations must obtain signatures from the president and treasurer.

The SEC said that signatories bear full responsibility for the accuracy, completeness, and truthfulness of the submitted statements.

“Any incomplete, inaccurate, false, or misleading statements will be subject to penalties under the Securities Regulation Code (SRC) and the Revised Corporation Code (RCC), without prejudice to the Commission’s authority to require audited financial statements when necessary for investor protection, regulatory enforcement, or public interest,” the SEC said.

The new threshold excludes entities in Groups A, B, and C under Revised SRC Rule 68, as well as public interest corporations due to their regulatory duties and public significance.

Group A includes public companies with at least P50 million in assets and 200 or more shareholders holding at least 100 shares each, listed securities issuers, stock and securities exchanges, and self-regulatory organizations.

Group B covers issuers of registered timeshares and membership certificates, investment houses, brokers, dealers, government securities eligible dealers, and universal banks registered as securities underwriters.

Group C includes financing companies with over P10 million in prior-year assets, lending companies exceeding P5 million in prior-year assets, transfer agents, and non-stock non-profit corporations with fund balances above P25 million or receiving substantial annual donations.

Mr. Lim said the policy will ease business operations and reduce unnecessary compliance for micro entities, supporting the government’s inclusive economic development goals.

In October 2025, the SEC reported granting over P80 million in fee discounts across 40,157 transactions processed under three memorandum circulars issued from July to October, with more than half of the savings benefiting MSMEs. — Alexandria Grace C. Magno

Online ticketing scams on the rise amid booming demand for live entertainment, Kaspersky warns

SEBASTIAN-ERVI-UNSPLASH

GROWING DEMAND for live entertainment, coupled with the expansion of digital media and online ticketing, is opening new avenues for cybercriminals exploiting artificial intelligence (AI), cybersecurity firm Kaspersky warned.

“As ticketing scams become more sophisticated, it’s increasingly important for consumers to stay informed and cautious online, while the private sector and regulators continue working together to protect digital transactions,” Kaspersky Head of Sales for Asia Emerging Countries Sam Yan said in a statement on Tuesday.

AI-powered cyberthreats are a risk to online ticketing as threat actors create scams that look legitimate and are harder to detect, which puts consumers in danger, Kaspersky said.

Cybercriminals are taking advantage of high-demand events and time-sensitive purchases by creating fake ticketing websites, phishing links and fraudulent offers that try to copy legitimate websites, it said.

Also, with cybercriminals becoming more sophisticated by utilizing emerging technologies like AI, scam pages are becoming difficult to differentiate from authentic ones, it added.

“With the Philippine entertainment industry continuing to grow, cybersecurity must keep pace to help preserve consumer trust and safe digital experiences,” Mr. Yan said.

Consumption of digital entertainment and online transactions are also growing among Filipinos, which heightens the need for online safeguards, Kaspersky said.

“The risk is heightened during peak periods such as holidays, major concerts, and sold-out shows, when buyers are under pressure to act quickly and are more likely to lower their guard,” it said.

The Philippines’ high average of daily internet use and its 97.5 million internet users make Filipinos vulnerable to AI-driven breaches, according to a 2025 Meltwater report. — Ashley Erika O. Jose

Netflix will now pay all cash for Warner Bros. to keep Paramount at bay

LOS ANGELES — Netflix has switched to an all-cash offer for Warner Bros. Discovery’s studio and streaming assets without increasing the $82.7-billion price in a bid to shut the door on Paramount’s rival efforts to snag the Hollywood giant.

The new all-cash bid — at $27.75 a share — has unanimous support from the Warner Bros. board, according to a Tuesday regulatory filing. The new replaces its earlier cash-and-stock bid for $23.25 in cash and $4.50 in Netflix stock.

Both Netflix and Paramount Skydance covet Warner Bros. for its leading film and television studios, extensive content library and major franchises such as Game of Thrones, Harry Potter, and DC Comics’ superheroes Batman and Superman.

Paramount has altered its terms and engaged in an aggressive media campaign to try to convince shareholders that its bid is superior, but Warner Bros. has spurned the David Ellison-led company. It declined to comment Tuesday on Netflix’s all-cash offer.

Warner Bros. will hold a special investor meeting to vote on the Netflix deal, with the streaming pioneer saying that the meeting was expected to be held by April.

“Our revised all-cash agreement will enable an expedited timeline to a stockholder vote and provide greater financial certainty,” Netflix Co-Chief Executive Officer Ted Sarandos said in a statement.

Alex Fitch, portfolio manager for Harris Oakmark, the fifth largest investor in Warner Bros. with about 96 million shares as of Sept. 30, predicted the bidding war for Warner Bros. may not be over.

“This new agreement only ramps up the pressure,” said Mr. Fitch. “The changes show that Netflix is serious about winning, and the accelerated shareholder vote means Paramount needs to act with urgency. Now, it is up to Paramount to provide a clearly superior offer if they want to get this done.” — Reuters

Watching my heart

ORIGINAL BACKGROUND FROM FREEPIK

A quiet, nagging question always lingered in the back of my mind: Was that flutter just stress, or was I having a heart attack? I would feel a skip, a thud, or sometimes a rush. I would try to “listen” to my own chest. It struck anytime, anywhere: in the middle of a meeting or while stuck in traffic.

For a long time, the only way to answer that question was to wait. Either I waited for my next medical appointment, or I rushed to the hospital and hoped that by the time I got there, my heart was still “misbehaving” enough for a diagnostic machine to catch it. But the ECG always read normal.

You can imagine my anxiety every time it happened. With the accompanying shortness of breath, it would temporarily cripple me. I did not know what to do. I was feeling something, often mistaking it for symptoms of hypertension, when in fact my heart was out of rhythm, beating out of sync.

Things changed after I put on my Apple Watch, a gift from my wife, after my cardiologist noted its advantages for someone like me. It replaced a fitness watch that measured beats per minute but had no ECG (electrocardiogram) function.

Having lived with the Apple Watch for almost two years now, I can honestly share how it has helped change my life. No, this is not an advertorial. Apple had not part in writing this. My intent is simply to share how technology is helping me improve my healthcare, and perhaps encourage others to explore what might work for them.

To most people, a smartwatch is nothing more than a sleek gadget for fitness and notifications. It counts steps, tracks workouts, and lights up with messages and calls. But to those of us managing chronic conditions, it can be something else entirely. With mobile apps and built-in monitoring, my watch has evolved far beyond a fitness accessory. To me, it is the sentinel on my wrist watching my heart.

People with AFib (atrial fibrillation) tend to focus on the on-demand ECG app, and with good reason. But the device also has Irregular Rhythm Notifications (IRN). In the background, it checks my rhythm even when I am asleep, in a meeting, or distracted in traffic. Instead of a few snapshots at the doctor’s office each year, I now have a continuous stream of data about my heart rhythm.

As a management consultant, I often point out to clients how you cannot manage what you do not measure. For years, my AFib was unmeasurable at home. Episodes came and went without a trace. I felt them, but they remained undiagnosed until my first trip to the emergency room and confinement at telemetry more than two years ago. My cardiologist recommended the watch after my second confinement, and I have been hospital-free since.

Now, with the Vitals app, the watch gives me trends: sleep duration, resting heart rate, respiratory rate, and other indicators. Over time, those patterns help me spot triggers before they turn into full-blown episodes: poor sleep, high stress, too much caffeine, or a missed workout. I can review my numbers and see how my body reacts.

The technology did not cure me. However, I am no longer blind between clinic visits. Before the watch, living with undiagnosed AFib felt like walking in the dark. Every strange sensation was a potential emergency room visit. I was always guessing.

Now, when I feel a palpitation, I sit down, open the ECG app, rest my finger on the Digital Crown, and let it record for 30 seconds. The watch then tells me if the pattern is consistent with normal sinus rhythm or with AFib. Oh, and the watch tells time, too.

If it flags AFib, I know this is not just anxiety. It is data. If it shows sinus rhythm, I can take a breath, calm down, and see whether the feeling passes. I also detect premature atrial contractions (PACs), or skipped beats, which can feel like AFib but are usually fleeting and less serious.

The watch shifted me from vague fear to specific information and helped me deal with panic. I have not had unnecessary trips to the emergency room. I remind myself that the watch is a meter for rhythm; it does not detect heart attacks, blood clots, or strokes. It cannot replace a full 12-lead ECG or a proper physical examination.

It is a specialist tool for a specific rhythm problem. Used properly, within those limits, it has become an important diagnostic device, especially for AFib, which is usually elusive. In the past, my heart would have already settled back into normal rhythm by the time I reached the emergency room, leaving little for the ECG machine to catch.

The watch changed that dynamic, especially with telemedicine. Consultation now goes beyond the purely anecdotal. I bring not only a story but evidence as well. When I feel an episode, I run an ECG on the watch and generate a PDF of that waveform. This looks very much like the strip you see printed from a hospital machine.

I then send that PDF to my cardiologist through a messaging app. My doctor looks at it, presumably between patients, and replies within minutes. Sometimes the advice is as simple as rest and monitor. A few times, the instructions were to adjust medication. So far, I have not received orders to go to the ER.

The gap between home and hospital, between a symptom and a decision, has significantly contracted. While I live near a tertiary hospital, even a short drive in heavy traffic can feel like an eternity during an episode. I have made that trip twice before, in the pre-watch era, and I do not want to repeat it.

The watch helped turn random, sometimes scary episodes into something manageable. It gives my doctor more information and gives me guidance on what to do when my heart acts up. I also keep a historical record of all episodes, which helps in long-term monitoring and follow-up consultations.

Part of my confidence in this device comes from understanding what is happening to me and how the watch works, including its limitations. Just as important is the confidence that my cardiologist trusts the technology. She recommended the watch, after all.

But more important than the hardware, I have become a more active partner in my own care. When something feels off, I do not just sit and worry. I measure. I document. I share. I talk to my doctor armed with actual data instead of vague fear. I am no longer a passive patient waiting for tests and appointments.

The watch has become a medical safety net. It is a small, quiet device that stands guard when I sleep, walk, work, or drive in traffic. Now that I have learned to live with irregular heart rhythms, this electronic device on my wrist has given me the most valuable thing technology can offer: peace of mind.

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

Fintechs to drive growth in credit card issuance

PJCOMP-FREEPIK

CREDIT CARD ISSUANCES could grow faster this year, driven by heightened competition among financial technology (fintech) players, the Credit Card Association of the Philippines (CCAP) said.

“[Credit card issuance growth will] probably go faster because there’s more competition coming in. Fintechs are starting to land, but that’s also helpful to us because they’re ushering in these non-credit borrowers into the credit market and eventually, we feel that they will trade up to a credit card,” CCAP Executive Director Alex G. Ilagan said at a media briefing on Tuesday.

Card issuance increased by 12% year on year to 18.5 million in 2025, Mr. Ilagan said, citing data from a quarterly survey of its members.

“It’s still quite low in terms of penetration, considering the adult population is probably 17 million — so, it’s very low penetration. We feel there’s still a very deep potential market that we can tap into.”

The entry of new fintechs gives consumers access to more credit products like buy now, pay later (BNPL), which could eventually lead to them getting credit cards, the official said.

He added that applying for cards has become easier as the National ID initiative has helped streamline documentary requirements, and with more credit information now available through efforts of the Credit Information Corp. (CIC) to address the data gap.

“These two major hindrances in the past have already been addressed. So, it’s just a matter of making the market aware that this is now available. You can now apply for a credit card, you can now apply for loans from registered lenders. Even microfinance and credit cooperatives, this will be very useful for them. And that’s what we’re trying to educate them on, especially in the provincial areas.”

However, growth in the cards market and the resulting increase in credit card receivables could pose some asset quality risks, Mr. Ilagan said.

“As long as the delinquency level is under control, we don’t mind the credit card receivables growing fast. That’s a natural result when people revolve, meaning they don’t pay in full,” he said.

“As long as they continue to behave well, meaning they pay on time and they don’t become passive, we feel it’s going to be a very healthy situation because we’re able to extend credit.”

RATE CAPS
Meanwhile, CCAP is pushing for the removal of the cap on credit card rates, Mr. Ilagan said, adding that the group submitted a position paper to the Bangko Sentral ng Pilipinas (BSP) late last year, which has already been discussed by the Monetary Board.

“We still feel that they should lift the cap. We feel that the market will eventually determine what’s the best rate,” he said. “There’s no decision yet so we’re still waiting for the subsequent meetings. Maybe in the coming months, they might make a decision.”

“That has always been the policy of BSP ever since. We were surprised when during the term of Governor [Benjamin E. Diokno], they imposed that. In the past, it’s always been market driven. There will be competition… So, we feel that a cap is unnecessary at this point. There’s no more pandemic.”

He added that lifting the ceiling could boost credit card penetration as issuers will be able to charge higher rates to lend to riskier segments.

“That’s natural, because if you offer unsecured credit to a risky segment, then you have to compensate by charging higher,” Mr. Ilagan said.

In August 2023, the BSP retained the interest rate ceiling on unpaid outstanding card balance at 3% per month or 36% a year. The limit on the monthly add-on rate that issuers can charge on installment loans was also maintained at 1%.

The maximum processing fee on the availment of credit card cash advances was likewise retained at P200 per transaction.

The BSP increased the cap by 100 basis points in January 2023 from 2% to match the cumulative rate hikes previously delivered by the Monetary Board to tame elevated inflation. The higher cap was also meant to mitigate the impact of inflation on banks and credit card issuers following the coronavirus pandemic. — Aaron Michael C. Sy

Century Properties gets approval for P12-B debt securities program

CENTURY-PROPERTIES.COM

THE Securities and Exchange Commission (SEC) has approved Century Properties Group, Inc.’s debt securities program, allowing the company to offer an initial tranche of up to P5 billion in bonds as part of a broader P12-billion shelf registration.

In a meeting on Jan. 15, the Commission En Banc rendered effective the company’s registration statement, covering fixed-rate bonds under the shelf registration, subject to Century Properties’ compliance with certain remaining requirements, the SEC said in a statement on Wednesday.

The listed property developer plans to offer up to P3 billion in fixed-rate bonds for the initial tranche, with an oversubscription option of up to P2 billion, bringing the potential total of the offering to P5 billion.

The bonds will include four-year Series D bonds maturing in 2030 and seven-year Series E bonds maturing in 2033, both issued at face value.

If fully subscribed and with the oversubscription exercised, the initial offering is expected to generate net proceeds of up to P4.9 billion, which the company intends to use for its residential development projects.

The offer period is scheduled from Jan. 26 to 30, with listing on the Philippine Dealing & Exchange Corp. targeted for Feb. 6, according to the timetable submitted to the SEC.

Century Properties appointed China Bank Capital Corp. as sole issue manager, which will also serve as joint lead underwriter and bookrunner alongside PNB Capital and Investment Corp.

On Wednesday, Century Properties shares rose by 4.11%, closing at 76 centavos apiece. — Alexandria Grace C. Magno

Britain needs ‘AI stress tests’ for financial services, lawmakers say

AUSTIN DISTEL-UNSPLASH

LONDON — Britain’s financial watchdogs are not doing enough to stop artificial intelligence (AI) from harming consumers or destabilizing markets, a cross‑party group of lawmakers said on Tuesday, urging regulators to move away from what it called a “wait and see” approach.

In a report on AI in financial services, the Treasury Committee said the Financial Conduct Authority (FCA) and the Bank of England (BoE) should start running AI‑specific stress tests to help firms prepare for market shocks triggered by automated systems.

The committee also called on the FCA to publish detailed guidance by the end of 2026 on how consumer protection rules apply to AI, and on the extent to which senior managers should be expected to understand the systems they oversee.

“Based on the evidence I’ve seen, I do not feel confident that our financial system is prepared if there was a major AI-related incident and that is worrying,” Committee Chair Meg Hillier said in a statement.

TECHNOLOGY CARRIES ‘SIGNIFICANT RISKS’
A race among banks to adopt agentic AI, which unlike generative AI can make decisions and take autonomous action, runs new risks for retail customers, the FCA told Reuters late last year.

About three‑quarters of UK financial firms now use AI. Companies are deploying the technology across core functions, from processing insurance claims to performing credit assessments.

While the report acknowledged the benefits of AI, it warned the technology also carried “significant risks” including opaque credit decisions, the potential exclusion of vulnerable consumers through algorithmic tailoring, fraud, and the spread of unregulated financial advice through AI chatbots.

Experts contributing to the report also highlighted threats to financial stability, pointing to the reliance on a small group of US tech giants for AI and cloud services. Some also noted that AI‑driven trading systems may amplify herding behavior in markets, risking a financial crisis in a worst-case scenario.

An FCA spokesperson said the regulator welcomed the focus on AI and would review the report. The regulator has previously indicated it does not favor AI‑specific rules due to the pace of technological change.

The BoE did not respond to a request for comment.

Ms. Hillier told Reuters that increasingly sophisticated forms of generative AI were influencing financial decisions. “If something has gone wrong in the system, that could have a very big impact on the consumer,” she said.

Separately, Britain’s finance ministry appointed Starling Bank CIO Harriet Rees and Lloyds Banking Group’s Rohit Dhawan as “AI Champions” to help steer AI adoption in financial services. — Reuters

Judge orders Timothy Busfield’s release from jail pending child sex abuse charges

TIMOTHY BUSFIELD in a scene from Entourage.

ACTOR-DIRECTOR Timothy Busfield, known for roles in The West Wing and Field of Dreams, was ordered to be released from jail on Tuesday as he awaits further proceedings on child sexual abuse charges after a New Mexico judge called the evidence against him “neutral.”

Prosecutors allege Mr. Busfield, who is married to actor Melissa Gilbert, improperly touched two young cast members — twin boys — while directing the Fox TV drama The Cleaning Lady, which was filmed in New Mexico.

Mr. Busfield, 68, turned himself in last week after prosecutors in Albuquerque filed a criminal complaint charging him with child abuse and two counts of criminal sexual contact with a minor. He has professed his innocence, calling the allegations against him “lies.”

“As it stands today, with the limited information I have in front of me, I’ll characterize the weight of the evidence against the defendant as neutral at this point,” Judge David Murphy said at a court hearing on Tuesday.

The judge ordered Mr. Busfield released from custody pending further proceedings in the case. A preliminary hearing was scheduled for Jan. 29, during which prosecutors will need to establish probable cause to proceed to a trial.

According to an arrest warrant affidavit that accompanied the criminal complaint, the twin boys, now 11, reported the alleged contact occurred over a two-year period, when they were aged seven and eight. Mr. Busfield was an executive producer of the show and began directing episodes around the end of the second season in 2022.

Deputy District Attorney Savannah Brandenburg-Koch told the court on Tuesday that a hospital doctor first contacted law enforcement in November 2024 after the boys told the physician that Mr. Busfield had engaged in behavior that could be characterized as “grooming.” But she said the boys alleged acts of actual sexual abuse to a therapist in September 2025.

Defense lawyer, Christopher Dodd, countered that the twins had denied they were sexually abused by Mr. Busfield under questioning from a law enforcement officer. In the recording of the interview, which was played in court, the officer asks each of the boys if they had been “touched in private areas” by Mr. Busfield, and the boys both say, “no.”

The judge said later during the hearing that it’s “not uncommon” for children who are alleged victims to initially deny sexual abuse.

Mr. Dodd also described the boys’ mother and father as “scam artists” in court, saying the parents wanted “revenge” on the director after the twins were removed from the series cast.

Called as a witness by the defense, Allan Cabillo, director of photography for The Cleaning Lady, said he never observed Mr. Busfield behaving inappropriately with the boys. He said the boys did not return for the show’s final season because they had aged out of their roles.

In a video posted online shortly before his surrender, Mr. Busfield denied the allegations, saying, “I did not do anything to those little boys.”

Mr. Busfield is known for his prime-time television roles as a White House reporter on the NBC political drama The West Wing, which ran from 1999 to 2006, and as an ad agency executive on the 1980s ABC ensemble series Thirtysomething. In the 1989 movie Field of Dreams, he played the brother-in-law of Kevin Costner’s lead character.

In his own interview with police for the investigation in November, Mr. Busfield acknowledged he probably had physical contact with the boys on occasion, like tickling or picking them up, but in a playful manner with others present, the affidavit said. — Reuters

Emotion, not reason, behind plunder raps vs Recto in PhilHealth fund transfer

In 2024, several countries were so hard up economically that their GDP growth was really low, like Italy’s 0.7%, Japan’s 0.1% and Germany’s -0.2%, which was an economic contraction. Other Asian countries were growing at below 5%, like Singapore’s 4.4%, Taiwan’s 4.3%, Thailand and Hong Kong’s 2.5%, and South Korea’s 2%.

But the Philippines grew by 5.7%, the third highest growth among the world’s top 50 large economies by GDP size, trailing only Vietnam and India.

Our inflation rate also fell, from 6% in 2023 to only 3.2% in 2024, and further down to only 1.6% in 2025 (see the table).

The outstanding performance of the Philippines was led by the economic team including former Finance Secretary Ralph G. Recto. President Ferdinand R. Marcos, Jr. saw Mr. Recto’s hard work at the Department of Finance (DoF) so he promoted him to be his Executive Secretary last November.

Then out came the brickbats. See these reports in BusinessWorld: “Plunder, other raps filed vs Recto, Ledesma over PhilHealth fund transfer” (Dec. 22, 2025), “Fresh plunder complaint filed against Recto, Ledesma over PhilHealth fund transfer” (Jan. 15).

I think these cases can be considered “emotional misconduct” by the petitioners, who used the Supreme Court ruling on the Philippine Health Insurance Corp. (PhilHealth) fund transfer but did not read the arguments of the Justices who said that there was no plunder, no malversation of funds, no misconduct on the part of Mr. Recto. As per Justice Raul B. Villanueva:

“As previously discussed, and further explained herein, Special Provision 1(d) and DoF Circular No. 003-2024 are not unconstitutional….

“Crucially as well, the requisite elements, among others, for both technical malversation or plunder are not present. For plunder, the core element of amassing or acquiring ill-gotten wealth is completely negated as the PhilHealth fund balance was actually remitted to the National Treasury, and to no one else, particularly not even to the Office of the President or the DoF. As to technical malversation, a key element is that the questioned funds was placed ‘under (the offender’s) administration,’ which is not what happened in the case of the PhilHealth fund balance since what was transferred to the National Treasury was not directly handled by the President or the DoF Secretary….

“Secretary Recto cannot be held liable for issuing DoF Circular No. 003-2024… The DoF was directed to issue DoF Circular No. 003-2024 as required in Special Provision 1(d). In doing so, it precisely obeyed a special provision in the 2024 GAA. Clearly, the DoF did not act solely on its own or issued the subject circular without any basis or authority at all. The language of Special Provision 1(d) is unequivocal; the DoF has the duty to issue the guidelines to implement the said provision within 15 days from the effectivity of the 2024 GAA. For its obedience, no fault can or should be attributed to the DoF…

“To hold Secretary Recto liable in any way whatsoever is like punishing him for simply doing his job. If he did not comply with the valid dictates of Special Provision 1(d), then he may possibly become culpable of violating the law, which would have made his situation even worse.”

Justice Raul Villanueva was my contemporary at the University of the Philippines (UP) School of Economics undergrad in the mid-1980s. We belong to the same organization, UP Economics Towards Consciousness (UP-ETC), along with Justice Marvic Leonen, though they are respectively younger and older than me by one year. Justice Villanueva was an intelligent economics student, then proceeded to UP Law. His arguments in the excerpt above are consistent with his high academic achievements and objective assessment.

The petitioners used emotion and not reason, and intellectual dishonesty when they filed their plunder case against Mr. Recto. The man has worked hard to improve the Philippines’ economy. Let him do more hard work for the country and not be harassed by emotional litigation.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

Peso recovers as tariff woes drag dollar

BW FILE PHOTO

THE PESO rebounded on Wednesday as global investors sold US assets, including the dollar, due to renewed trade concerns amid President Donald J. Trump’s latest tariff threats.

The local unit closed at P59.261 versus the greenback, surging by 19.4 centavos from its P59.455 finish on Tuesday, data from the Bankers Association of the Philippines showed.

The peso opened Wednesday’s trading session stronger at P59.39 against the dollar. Its best showing was at P59.235, while its intraday low was at P59.40 against the greenback.

Dollars traded rose to $1.557 billion from $1.212 billion on Tuesday.

The local unit jumped against the dollar as Mr. Trump’s latest tariff threats caused markets to unload their US assets, the first trader said in a phone interview.

“The peso appreciated as the ongoing concerns over the Fed and geopolitical concerns between the US and Europe continue to drag on the dollar,” a second trader said in an e-mail.

For Thursday, the second trader said the peso could weaken again ahead of likely strong US gross domestic product (GDP) data.

The first trader said the peso could move between P59.10 and P59.40 against the dollar, while the second trader said it could range from P59.15 to P59.40.

The dollar languished near three-week lows against the euro and Swiss franc in the Asian session on Wednesday after White House threats over Greenland triggered a broad sell-off in US assets, from the currency to Wall Street stocks and Treasury bonds, Reuters reported.

Declines in the US dollar accelerated sharply overnight with a 0.53% slide in the dollar index — which measures the currency against six major peers — marking its worst single-day performance in six weeks. On Wednesday, it was up slightly at 98.612.

The greenback dropped more than 1% against Europe’s shared currency at one point on Tuesday to the lowest since Dec. 30 at $1.1770 per euro. It was last changing hands at $1.1716.

The dollar plunged nearly 1.2% to reach 0.78795 Swiss franc on Tuesday, also the lowest since Dec. 30, before recovering slightly to last trade at 0.7911 franc.

On Monday, Mr. Trump’s renewed tariff threats against European allies over Greenland prompted a repeat of the so-called “Sell America” trade that emerged following US tariff announcements last April.

Investors dumped dollar assets on “fears of prolonged uncertainty, strained alliances, a loss of confidence in US leadership, potential retaliation and an acceleration of de-dollarization trends,” said Tony Sycamore, market analyst at IG in Sydney. — A.M.C. Sy with Reuters

SEC says DoJ to file charges vs Modesto OPC for investment solicitations

BW FILE PHOTO

THE SECURITIES and Exchange Commission (SEC) said the Department of Justice (DoJ) will file criminal charges against Modesto Cardano Market Cap Tr3ding Services OPC, as well as its officials, for allegedly soliciting investments from the public without proper registration.

In a statement on Wednesday, the SEC said the DoJ found sufficient evidence to charge the Modesto OPC for possible violations of the Securities Regulation Code (SRC) and the Cybercrime Prevention Act.

The SEC’s Enforcement and Investor Protection Department (EIPD) began monitoring Modesto OPC in March 2024 after the company failed to submit hard copies of its articles of incorporation. A subsequent investigation found that the firm was promoting investments through social media. Its schemes reportedly included multiple plans such as compensation profit and expert options, promising guaranteed monthly returns of 10% to investors.

“The certifications issued by the…SEC show that respondent [Modesto OPC] is not a registered issuer of securities. It is not licensed or authorized to publicly offer or sell securities nor does it have any pending application for registration of securities,” the DoJ resolution read.

“Investment solicitation from the public, like the one performed here, is a form of securities issuance classified as investment contracts. Accordingly, it must be registered with the SEC before offering the same to the public,” it added.

The company’s sole stockholder, director, and president were also cited for potential violations of Sections 8 and 28 of the SRC, in relation to Section 6 of the Cybercrime Prevention Act. Under Sections 8 and 28 of the SRC, entities offering securities to the public must first secure registration and a secondary license from the SEC.

Modesto OPC did not immediately respond to an e-mail seeking comment. — Alexandria Grace C. Magno