Haitian gangs’ growing recruitment of children means it is inevitable minors will be caught in the crossfire, a UN official said on Tuesday, vowing to train armed personnel who deploy to fight those gangs as part of a newly mandated force.
There has been an increase in gang recruitment of minors this year, with children as young as 10 joining, and they likely represent up to half of all gang members, Roberto Benes, UNICEF regional director for Latin America and the Caribbean, told a press briefing.
The conflict between heavily armed Haitian gangs – now largely grouped behind a single alliance – and security forces has escalated for years.
The UN Security Council in 2023 mandated a Kenyan-led force to help police restore order, but the under-supplied and under-manned force struggled to hold back gangs’ advances. Last month, the Council voted to restructure the force.
The new model, the Gang Suppression Force, would also rely on substantial voluntary contributions that have yet to materialize.
“We have all mechanisms in place to ensure that whoever will be mandated on the ground to actively carry out this operation is properly trained,” Benes said about the force.
UNICEF last week said that it had verified hundreds of cases of recruitment, with young children forced to carry weapons or serve as lookouts. Girls, particularly, face risks of sexual violence.
One in four Haitian children are out of school, often because the buildings are inaccessible, occupied or because their families were forced to move due to the violence, Benes added. He said 680,000 are displaced – nearly double the figure a year ago. — Reuters
LONDON – Britain and the United States on Tuesday sanctioned a Southeast Asia-based multinational network accused of operating large-scale online ‘scam centers’ that used trafficked workers to defraud victims around the world.
The British government said the centers, located in Cambodia, Myanmar and across the region, used fake job adverts to lure workers who were then forced to commit online fraud under threat of torture.
This included luring victims into fake romantic relationships before persuading them to invest large sums into fraudulent cryptocurrency platforms.
“The masterminds behind these horrific scam centers are ruining the lives of vulnerable people and buying up London homes to store their money,” said British foreign minister Yvette Cooper.
The U.S. Treasury Department said it had taken what it described as the largest action ever in Southeast Asia, targeting 146 people within the Prince Group criminal organization, which Britain also sanctioned.
Britain’s sanctions targeted six entities and six individuals, including Prince Group’s chair, Chinese-Cambodian tycoon Chen Zhi, who the US and UK accused of having overseen the construction of compounds used for online scams.
Chen, 38, was indicted on October 8 in a Brooklyn federal court on charges of wire fraud conspiracy and money laundering conspiracy, according to court papers made public on Tuesday.
U.S. prosecutors said Chen and his associates ran forced-labour camps in Cambodia where people were held against their will to carry out cryptocurrency investment fraud schemes. Chen then allegedly laundered the funds through online gambling and cryptocurrency mining companies.
Prosecutors said they had seized around 127,271 bitcoin – or $14.2 billion – in funds traceable from the crimes. They were now seeking court approval to take permanent custody of the bitcoin, in what they said was the largest forfeiture action in Department of Justice history.
Prince Group and Chen did not immediately respond to a request for comment. — Reuters
THE International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S. — REUTERS
WASHINGTON — International Monetary Fund Managing Director Kristalina Georgieva said on Tuesday that she is telling member countries to accept the rapid developments of digital currencies and understand their options in the sector.
“I’m telling countries, ‘Accept reality, fiat money is moving digital,'” Georgieva said at a panel event on cryptocurrencies and blockchain technology during the IMF and World Bank annual meetings in Washington.
She said that digitalization in fiat money was “very good and very powerful,” and differentiated this from unbacked cryptocurrencies, such as Bitcoin, which the IMF has long advised central banks to avoid as a reserve asset. — Reuters
The Honqi E-HS7 stands as a pillar of safety in the luxury automobile market.
As Hongqi continues to dazzle the Philippine automobile market, the luxury marque remains committed to the highest standards of vehicle safety, with its newest flagship electric models — the E-H7 and E-HS7 — scoring 5-Star Ratings in the Euro NCAP standardized safety test. These models add to Hongqi’s already stellar record for safety, with the E-HS9 also having previously received a 5-Star Rating from the Euro NCAP.
For the models to secure the 5-Star Rating, sample vehicles must undergo and pass several extreme testing challenges. To name a few, vehicles are subjected to a water submersion test, to determine how well it can resist flood damages as well as leakages, smoke, explosion, and fire tests which were all passed without dire incident. The testing regime included simulated front and rear collisions at speeds of up to 100 km/h, followed by dedicated side-impact assessments which were once again hurdled with no significant deformation of the car’s pillars and with air bags deploying as designed. Finally, a compression test to simulate a massive object falling onto the vehicle, equivalent to nearly 7.8 tons on the panoramic glass roof, is performed. This final test left minimal deformation leaving ample survival space for occupants.
Through the 5-star rating achieved during rigorous Euro NCAP testing, Hongqi proves its commitment to staying ahead of the curve when it comes to keeping its passengers not only stylish and comfortable, but safe and protected.
The EH-7 achieves the highest levels of the NCAP safety rating, ensuring a premium and protected experience for all customers.
“As faithful Hongqi owners know, the moment you step into a Hongqi vehicle, you immediately enter a world of luxury both inside and out. But feeling comfortable and looking great on the road mean nothing when a vehicle isn’t safe,” says Rashid Delgado, Hongqi PH and EVOxTerra president and TDG co-CEO. “That’s why our ultimate priority has always been the protection of all passengers, drivers, and even pedestrians, whenever someone takes the wheel of an E-H7 or E-HS7.”
The 5-star Euro NCAP rating attributed to Hongqi’s flagship models attests to designs and build quality that address the most common causes of road accidents, along with floods, dangerous road conditions, and unfortunate collisions.
On top of paramount safety considerations, the Hongqi E-HS7 and E-H7 feature stunning visuals, and incredible performance. The E-H7 sedan, starting at P2,280,000, provides an incredible single-charge driving range of 650 km; while the EHS7, starting at P2,580,000, offers a single-charge driving range of 540 km.
Car enthusiasts interested in test-driving the models are encouraged to visit Hongqi’s physical showrooms in BGC, Alabang, Manila Bay, and Quezon City. You may also visit Hongqi’s official website at www.hongqi.ph, or to follow Hongqi Philippines on Facebook (hongqi.philippines) and Instagram (@hongqi_ph) for more updates and information.
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LANDBANK continues to strengthen its support for farmers and other players in the agricultural value chain with the regional rollout of the AGRISENSO Plus Lending Program in this province, bringing low-interest financing and capacity-building support closer to more agricultural communities nationwide.
Over 1,400 farmers from the municipalities of Aborlan, Bataraza, Brooke’s Point, Narra, Quezon, Rizal, and Sofronio Española gathered for the event, reflecting the strong interest of Palawan’s agri communities for accessible and affordable credit assistance.
LANDBANK President and CEO Lynette V. Ortiz, along with Bangko Sentral ng Pilipinas (BSP) Director Mynard Bryan R. Mojica and Agricultural Credit Policy Council (ACPC) Deputy Executive Director Ma. Cristina G. Lopez, led the launch on October 10 at Brooke’s Point Event Center.
They were joined by Brooke’s Point Mayor Cesareo R. Benedito Jr., Narra Mayor Gerandy B. Danao, and national and local partners from the Department of Agriculture (DA), Department of Agrarian Reform (DAR), National Irrigation Administration (NIA), Bureau of Fisheries and Aquatic Resources (BFAR), and Philippine Crop Insurance Corporation (PCIC).
“With the continued rollout of the LANDBANK AGRISENSO Plus Lending Program nationwide, we are deepening our commitment to empower farmers and other agri stakeholders, including those in far-flung provinces like Palawan. We aim to provide them with the financing, tools, and partnerships needed to strengthen agricultural productivity and build resilient livelihoods,” said LANDBANK President and CEO Ortiz.
Inclusive and holistic agri financing
Developed in partnership with the DA, DAR, ACPC, NIA and other private sector partners, the AGRISENSO Plus Lending Program is LANDBANK’s enhanced value chain-based financing initiative to provide holistic support to agricultural players.
The Program offers a fixed interest rate of 4.0% per annum for small farmers, fishers, and ARBs, with competitive rates for their associations and organizations, micro, small, and medium enterprises (MSMEs), large enterprises, anchor firms, and agriculture graduates.
Borrowers benefit from simplified documentary requirements, free life and credit life insurance, and expanded access to technical and market support to help boost productivity and profitability.
The AGRISENSO Plus Lending Program is complemented by the LANDBANK ASCEND (Agri-Fishery Support through Capability Enhancement for Nationwide Development) initiative, a capacity-building component that provides farmers and fishers with training on digital financial literacy, sustainable agriculture, and enterprise development.
As of August 2025, LANDBANK has released P1.78 billion in loans under the AGRISENSO Plus Program, supporting over 12,000 borrowers nationwide. The Palawan rollout follows successful launches in Pampanga, Cagayan, Isabela, Batanes, Bukidnon, and Iloilo, with the next rollout scheduled in Negros Occidental later this month.
Strengthening partnerships for growth
The AGRISENSO Plus Lending Program also connects farmers and fishers to market opportunities through partnerships with anchor firms, such as Kita Agritech Corporation, Sarisuki Stores, Inc., TAO Foods Company, Inc., Yovel East Research and Development, Inc., and Unified Tillers Agriculture Cooperative (UTAC).
Santeh Feeds Corporation recently joined the roster of the Program anchor firms following the signing of a memorandum of agreement with LANDBANK on October 7 at LANDBANK Plaza in Manila.
The partnership will broaden the Program’s reach to aqua farmers nationwide who use Santeh Feeds’ products and services. It aims to boost productivity and strengthen the economic resilience of aqua farmers, while advancing sustainable aquaculture practices across the country.
Advancing digital financial inclusion
Meanwhile, LANDBANK and Palawan State University (PSU) have partnered to launch the Cash-Lite Campus initiative, advancing digital financial literacy and empowering students with secure, efficient banking solutions.
Launched on October 9, 2025 at the PSU Performing Arts Center, the initiative aims to reduce cash dependency and streamline transactions for University’s students, faculty, and staff through mobile and e-banking services.
“LANDBANK is here to help students build digital confidence in managing their finances — safely, smartly, and efficiently. Whether paying school fees, buying meals, or splitting costs with friends, our digital solutions make everyday transactions simpler and more secure,” said LANDBANK President and CEO Ortiz, who led the event, together with PSU President Dr. Ramon M. Docto and other officials.
LANDBANK President and CEO Lynette V. Ortiz (2nd from left) and Senior Vice President Catherine Rowena B. Villanueva (rightmost), together with Waves for Water Philippines Operations Director Francelline Jimenez (leftmost), turn over 16 filtration systems, 16 handwashing stations, and 32 jerry cans to Palawan State University (PSU) President Ramon M. Docto (2nd from right) as part of the Bank’s Corporate Social Responsibility (CSR) program. The facilities will help address the lack of potable water and handwashing areas in the University for the benefit of students and teachers.
The Cash-Lite Campus initiative introduces the LANDBANK Mobile Banking App (MBA) and other e-payment channels, equipping students with essential digital financial skills.
A key feature is the LANDBANK Piso Plus account, which can be opened via the LANDBANK MBA, with no initial deposit or maintaining balance. Pre-launch activities on October 8 engaged students in interactive missions to promote account opening and digital engagement.
The launch also featured a financial literacy session and live demonstrations of cashless transactions using the LANDBANK MBA, highlighting the convenience and security of digital banking.
The initiative is expected to result in over 12,000 new account openings and a significant boost in digital transactions at PSU, supporting LANDBANK’s mission to advance financial inclusion in the education sector.
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A view of the central business district of Makati City on Thursday, July 10. — PHILIPPINE STAR/RYAN BALDEMOR
THE PHILIPPINE ECONOMY may see a slowdown until early 2026 as the controversy over anomalous infrastructure projects dampens government spending, Finance Secretary Ralph G. Recto said on Tuesday.
At a Senate hearing for the Department of Finance budget, Mr. Recto said growth likely slowed in the third quarter as President Ferdinand R. Marcos, Jr. implemented reforms amid the corruption scandal.
“This (slowdown) could stretch until the first quarter of next year,” he said. “The recent flood control controversy may have cast a shadow on public spending, but this is the start of a cleanup, and we only see upside over the next few months.”
In July, Mr. Marcos flagged irregularities in flood control projects and launched the sumbongsapangulo.ph website, which lets citizens report substandard or nonexistent public works.
“The President himself is the whistleblower of this controversy. And his message is clear: We will never turn a blind eye to corruption,” Mr. Recto said.
The corruption scandal sparked investigations by the Senate, the House of Representatives, Justice department, and the newly formed Independent Commission for Infrastructure. It also renewed scrutiny over the Department of Public Works and Highways (DPWH), slowed infrastructure spending, and triggered a P255-billion cut in the DPWH’s budget for 2026.
“If part of the budget hadn’t been lost to corruption, the economy might’ve been growing by around 6% to 6.2%, and revenue collections from the BIR (Bureau of Internal Revenue) and BoC (Bureau of Customs) would’ve been higher,” Mr. Recto said.
Despite this, he remained confident that the economy would still meet the lower end of the government’s 5.5% to 6.5% growth goal this year.
In the first six months of the year, the country’s gross domestic product (GDP) growth averaged 5.4%.
The Finance chief also noted that weather-related disruptions affected economic activity in the third quarter.
“Our approach is anticipatory and strategic, ensuring that available fiscal space is directed toward high-impact, fast-disbursing projects to counteract the potential growth slowdown and help keep full-year GDP growth within the DBCC (Development Budget Coordination Committee) assumptions,” Mr. Recto said.
Mr. Recto said it may take the government two to three quarters “at most” to address the flood control issue but infrastructure spending will “definitely contract next year.”
Meanwhile, Economy Secretary Arsenio M. Balisacan said meeting the full-year growth target has “become harder” amid a likely slowdown in government spending and persistent external headwinds.
“But we’ll wait for the release of the third-quarter economic performance (in the first week of November) before the DBCC makes a move,” he told BusinessWorld in a Viber message on Tuesday.
The Philippine Statistics Authority will release first-quarter GDP data on Nov. 7.
MORE RATE CUTS Mr. Recto, who sits on the Monetary Board, said more rate cuts will be “good for the economy.”
“It all depends on the lookout for inflation. For now, it looks like it will be within target, and we have reduced interest rates already. Hopefully, another rate cut,” he said.
The Bangko Sentral ng Pilipinas (BSP) last week cut its key policy rate by 25 basis points to 4.75% as it sought to support economic growth as the corruption scandal darkens the outlook.
BSP Governor Eli M. Remolona, Jr. last week left the door open for another cut at the Dec. 11 meeting, and possibly more next year.
Mr. Recto said the slowdown in global trade and the threat of a 100% US tariff on Chinese goods will be factored into the BSP’s next policy move.
Meanwhile, the government remains on track to meet its revenue target this year, the Finance chief said.
“We will hit our revenue targets for the entire year. And our revenue-to-GDP ratio is climbing, we’re already at roughly 16.5%,” Mr. Recto said. “Clearly, the problem lies on the expenditure side, not on the revenue side.”
The government aims to collect P4.52 trillion this year, climbing to P4.98 billion in 2026, based on the 2026 Budget of Expenditures and Sources of Financing.
However, the BIR and BoC are expected to fall slightly short of their 2025 collection goals of P3.22 trillion and P958.7 billion, respectively.
Mr. Recto also noted that slowing economic growth and global uncertainties such as the higher US tariffs are affecting revenue collection. — Aubrey Rose A. Inosante
PEOPLE cross a bridge along Juan Luna Street in Divisoria, Manila, where a flood control project remains unfinished. — PHILIPPINE STAR/RYAN BALDEMOR
By Adrian H. Halili, Reporter
THE FINANCE CHIEF on Tuesday said the multibillion-peso flood control scandal prevented the Philippines from getting a credit rating upgrade from S&P Global Ratings.
“If [only] we did not have the flood control issue,” Finance Secretary Ralph G. Recto told reporters on the sidelines of a Senate budget hearing. “We met with S&P, and they were ready to give us a credit rating upgrade this year.”
The controversy, which involves “ghost” projects and fund misuse in government flood control programs, has triggered investigations by Congress, the Commission on Audit, the Ombudsman, and the Independent Commission for Infrastructure.
The Marcos administration is facing increasing scrutiny over flood control projects, where billions of pesos in public funds were diverted through padded contracts and shell companies.
The scandal highlighted spending inefficiencies and governance lapses that credit agencies closely monitor when evaluating institutional credibility and fiscal management.
Asked whether the Philippines can achieve an “A” credit rating in the next two years, Mr. Recto said: “I hope so.”
He said the government wants to maintain its current credit rating, despite the multibillion-peso corruption scandal.
“There is a big chance they will maintain it, but there was a bigger chance for a credit rating upgrade,” he added.
In November 2024, S&P affirmed its “BBB+” long-term credit rating for the Philippines, which is a notch below the “A” level grade targeted by the government.
S&P had also raised its rating outlook to “positive” from “stable.” A positive outlook means the Philippines’ credit rating could be raised over the next two years if improvements are sustained.
Mr. Recto said the government needs to improve its governance and resolve the flood control mess.
“We have to improve on that,” he added. “I’m convinced that we will be able to resolve this, it will take us a few months to make this all right.”
Additionally, Mr. Recto said that a potential reduction in the value-added tax (VAT) rate may also risk the country’s credit rating.
“A reduction will surely impact your credit rating, for sure. I leave that up to Congress,” he added.
Several lawmakers have filed bills seeking to either scrap or cut the 12% VAT rate. VAT collections account for about a fifth of the Bureau of Internal Revenue’s total revenues.
John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said that the flood control scandal may have delayed the Philippines’ credit rating upgrade due to governance risks.
“While it does not automatically derail the country’s trajectory toward an ‘A’ rating, it delays the momentum,” he said via Viber message.
Mr. Rivera said the government should improve accountability, demonstrate sustained improvement in public financial management, and ensure that infrastructure spending is both transparent and efficient.
“Investor and creditor confidence hinges not just on growth numbers but on how cleanly public funds are spent,” Mr. Rivera said.
Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, said governance issues and perceived corruption significantly weigh on credit ratings.
“The recent flood control scandal certainly adds a negative perception risk, which could delay progress toward an upgrade,” Mr. Asuncion said in a Viber message.
He added that the government must address the issue and exhibit stronger transparency and accountability.
“The Philippines can still preserve its credibility and keep the path toward an eventual ‘A’ rating,” Mr. Asuncion said. “Ultimately, the signal that reforms are being implemented and governance strengthened will matter most to rating agencies.”
Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said that a credit rating upgrade may still be achievable if the government implements strong reforms that would regain public trust.
“We need to show strong reforms that would bring back public trust (transparency, accountability, and governance), credible fiscal discipline, and a clear break from corruption. If we clean the house and stay the course, the ‘A’ rating is still within reach,” he said in a Viber message.
Shoppers check out clothing items at a mall in Mandaluyong City. — PHILIPPINE STAR/RYAN BALDEMOR
By Justine Irish D. Tabile, Reporter
A GARMENT FACTORY in Central Luzon is facing closure, as rising labor costs and increasing pressure from US tariffs weigh on its operations, an industry group said.
“Due to the unfavorable business environment, the latest wage increases, the reciprocal tariff issue, and related circumstances, the company investor is considering closure of a factory in Region 3,” Confederation of Wearables Exporters of the Philippines (CONWEP) Executive Director Maritess Jocson-Agoncillo told BusinessWorld.
“We are trying our best to minimize job loss as of now. We are trying our best to retain jobs,” she added.
At the Department of Trade and Industry’s budget hearing at the Senate on Monday, Senator Maria Imelda “Imee” R. Marcos revealed that a factory producing high-end garments and travel goods is set to close.
“That is 3,000 jobs… I think they are closing… We certainly do not want them to close,” she said, adding that the factory had employed around 10,000 at the height of its business.
In response to this, Trade Secretary Ma. Cristina A. Roque said that the Department of Trade and Industry is trying to help the company address its issues.
“We are still resolving their issues. In fact, I am meeting with them on the 16th… We don’t want them to close; we will really help them as best as we can,” she added.
Foreign Buyers Association of the Philippines (FOBAP) President Robert M. Young said that many factories are considering closure because of the US tariffs.
“There is no significant widespread closure in Region III, however, all the factories are now contemplating layoffs, temporary closure, and suspended work — all kinds of this reduced productivity,” he said in a phone interview.
“This is due to the threat of the US tariffs. Perhaps they were not as lucky as FOBAP that we were able to get some good deals from our US buyers that will share the cost of the tariff,” he added.
The US started imposing a 19% duty on goods from the Philippines on Aug. 17. It is the Philippines’ top export destination, receiving $12.14 billion in shipments last year.
Mr. Young also said that supply-chain issues as well as high costs of doing business are pushing factories to cut production.
“The supply-chain issues are still there due to our poor infrastructure program, and we have high costs of doing business due to power, labor, and logistical costs,” he added.
To address this, Mr. Young said that the garment sector is seeking government support and the creation of US tariff rescue package assistance.
“This can consist of real and honest-to-goodness financial assistance and not the so-called commercialized lending… The government should not make business or money out of a crisis,” he said.
He also said that the government could also help the industry through income tax holidays and suspension of export fees.
“So, the port fees are sometimes also adding up to the cost. So perhaps they can suspend it; we are not asking for them to abolish it but just to suspend it during this tariff crisis or maybe provide some deduction,” he said.
“The other thing they can do is provide power and labor cost subsidies like what Thailand, Vietnam, and the rest of the guys are doing,” he added.
Mr. Young said that the government can implement these measures temporarily to give factories some “fighting spirit” during the crisis.
“All these things will help, but this has to be done immediately and urgently. Time is of the essence,” he said.
“The closures are not happening yet, but before these things happen, the government should already do something, especially now that they know what to do to help. All these together will deduct about 10-15% of the costs,” he added.
In the first eight months, exports of apparel, textile, travel goods and footwear reached $1.127 billion, up 7% from $1.052 billion in the same period last year, data from CONWEP showed.
FISCAL TRANSPARENCY reforms, starting with the easing of the bank secrecy law, may help curb corruption more effectively than demonetizing large-value peso bills, the Bangko Sentral ng Pilipinas (BSP) said.
In a research blog posted on Tuesday, BSP officials said the proposed demonetization of P1,000 and P500 bills is a “blunt, high-cost instrument against corruption.”
“If the objective is to combat corruption, financial transparency reforms offer far greater promise. Chief among them is reforming the bank secrecy law (Republic Act No. 1405), still one of the strictest in the world,” they said.
The blog post was authored by BSP Assistant Governor Maria Margarita Debuque-Gonzales, BSP Deputy Governor Mamerto E. Tangonan and Eloisa T. Glindro, director at the BSP’s Currency Policy and Integrity Department (CPID).
“Easing bank secrecy — with appropriate safeguards — would empower investigators to trace illicit funds, match deposits to asset declarations, and build prosecutable cases,” the BSP officials said. “Unlike demonetization, which imposes broad costs on the public, transparency reform targets corruption at its source.”
Former Finance Secretary Cesar V. Purisima earlier suggested the demonetization of P1,000 and P500 bills to curb corruption, as it would make it more difficult to transport large sums of cash.
His proposal came after a Senate probe revealed that several Public Works officials delivered around P1 billion in cash packed in multiple suitcases to a lawmaker.
“Demonetization is rarely effective in cash-dependent economies. Its costs are immediate and widespread, while its supposed deterrence fades quickly. Where it has worked, implementation was gradual, well-prepared, or limited to denominations already peripheral to daily use,” the BSP officials said.
They cited India’s experience in demonetization of 1,000 and 500 rupee notes in 2016, which was aimed at curbing corruption, eliminating counterfeit notes and driving digital payments. It resulted in long lines outside banks, closure of cash-based businesses and lost income for informal workers, but “the intended purge of illicit wealth never materialized.”
Similar to India, cash dominates financial transactions in the Philippines. The P1,000 bills comprise 83% of the total value and 40% of the volume of all cash in circulation in the country, according to central bank data.
Based on CPID estimates, replacing around 2.5 billion pieces of P1,000 and P500 bills, valued at P2.2 trillion, would take 93% of the value and 51% of the volume of all notes in circulation. Sunk printing costs are estimated to reach around P11.5 billion, excluding expenses for replacement, storage, transport, and destruction.
“The Philippines faces a clear choice. Demonetization is a blunt hammer: disruptive, regressive, and credibility-weakening. Bank secrecy reform, digitalization, and transparency measures are the scalpel: precise, targeted, and capable of real change,” the BSP officials said.
“If the goal is not merely to be seen fighting corruption but to succeed in reducing it, then the path forward lies in trust-building, transparency, and reform — not currency shock therapy.”
The proposed amendments to the Secrecy of Bank Deposits Law are included in the Legislative-Executive Development Advisory Council’s 44 priority bills for the 20th Congress.
Under the law, banking officials and others are prohibited from revealing information about bank deposits as those are considered confidential and safeguarded against unauthorized access.
Proposed amendments to the law include giving the BSP authority to investigate the deposit accounts — including foreign currency deposits in banks operating in the Philippines and offshore branches of domestic banks — of persons suspected of fraud or other illicit activities. — K.K.Chan
PROJECT SITE IN PAOAY, ILOCOS NORTE — PACIFICSUN RENEWABLES CORP.
RENEWABLE ENERGY developer PacificSun Renewables Corp. is planning to build a P4.9-billion solar power project in Paoay, Ilocos Norte, which could generate up to 120.96 megawatts (MW) of capacity once completed.
In its project description submitted to the Department of Environment and Natural Resources (DENR), the company said the Paoay Solar Power Project will occupy about 81.81 hectares across Barangays Mumulaan, Suba, and Nagbacalan, within a timberland block partially covered by Proclamation No. 150, which is under a co-management agreement between the DENR and the provincial government of Ilocos Norte for eco-tourism and reforestation development.
The company said the project aims to “enhance energy security and reliability, contribute to a cleaner environment, and boost local economic development by providing renewable energy power plants and creating employment opportunities in the region.”
PacificSun, an affiliate of Sta. Clara Power Corp. and Sta. Clara International Corp., was formed to develop, own, and operate renewable energy facilities in the country.
Construction and development activities are expected to take 12 to 18 months, including testing and commissioning, once all necessary permits are secured.
The schedule covers site development, civil works, and installation of photovoltaic modules and electrical systems.
The project will be financed through a 70% debt and 30% equity structure.
PacificSun currently has an authorized capital stock of P200 million, with P12.5 million paid up to fund pre-development activities.
The company plans to increase its capital stock to support full project implementation.
Based on initial projections, the solar plant is expected to yield an equity internal rate of return (EIRR) of about 15%.
The project is scheduled for public scoping on Oct. 23, an early step in the environmental impact assessment process. — Sheldeen Joy Talavera
GOTIANUN-LED Filinvest Development Corp. (FDC) is consolidating its hotel subsidiaries under Filinvest Hospitality Corp. (FHC) as part of an internal restructuring aimed at streamlining the Filinvest group’s hospitality operations.
In a disclosure to the stock exchange on Tuesday, FDC said its board of directors approved the “plan of merger” and articles of merger” involving several wholly owned subsidiaries of the group’s hospitality business.
“The merger is an internal corporate restructuring initiative intended to streamline the organizational and operational structure of the Filinvest group’s hospitality business,” FDC said.
Firms covered by the merger include Boracay Seascapes, Inc., Dauin Seascapes, Inc., Duawon Seascapes Resort, Inc., Dumaguete Cityscapes, Inc., Gensan Cityscapes, Inc., Mactan Seascapes Services, Inc., Princesa Cityscapes, Inc., and Zamboanga Cityscapes, Inc.
“The transaction only involves the consolidation of unlisted subsidiaries and no new shares of FDC will be issued as a result of the merger,” the company added.
FDC said the transaction is between entities under common control and is not expected to have a financial impact on the consolidated group once completed.
“Given current trends in the hotel sector, such as increasing travel demand post-pandemic, Filinvest could capitalize on this growth trajectory for expansion,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
“Yet, its success will depend on addressing economic headwinds and maintaining a strong brand in a highly competitive market,” he added.
The merger of Filinvest’s hospital companies would enable its hospitality unit to better capitalize on opportunities for growth in the tourism sector, said China Bank Capital Corp. Managing Director Juan Paolo E. Colet.
“The immediate benefits are operational efficiency and potentially improved profitability. The simpler structure also makes it easier to IPO (initial public offering) the hospitality business when the time is right,” he said in a Viber message.
FHC currently manages about 1,800 rooms across seven hotels and plans to add nearly 2,000 more rooms over the next five years.
Its portfolio includes brands such as Quest, Crimson, and Timberland Highlands, and it also operates golf courses within Mimosa Plus Leisure City in Clark, Pampanga.
FDC’s second-quarter attributable net income rose by 44% to P3.78 billion, supported by steady performances from its hospitality, banking, sugar, real estate, and power operations. — Beatriz Marie D. Cruz
CATALINA AFRICA’S sculptural installation. — BRONTË H. LACSAMANA
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CATALINA AFRICA’S sculptural installation. — BRONTË H. LACSAMANA
DENVER GARZA’S participatory installation. — BRONTË H. LACSAMANA
JEL SUAREZ’S objectmaking shadows — BRONTË H. LACSAMANA
LIV VINLUAN’S watercolor flora. — BRONTË H. LACSAMANA
RUSS LIGTAS’S video installation. — BRONTË H. LACSAMANA
TEKLA TAMORIA’S women tapestry. — BRONTË H. LACSAMANA
ARTWORKS that are “awake and attentive” reflect the strengths of the 2024 batch of recipients of the 13 Artists Awards. The exhibition, emerging from the grants the winners received from the Cultural Center of the Philippines (CCP), was opened on Oct. 6 at the National Museum of Fine Arts in Manila — where the artists also made a stand regarding the value of their labor.
Awardee Catalina Africa, in her speech on behalf of the 13 recipients, revealed that the full grant for their work on the exhibition had yet to be given to them.
“As artists, we need to be paid for our labor, and it was made clear to us that the only cost that will be reimbursed are materials, transportation and outsourced services — meaning that we, as artists, wouldn’t be able to pay ourselves for our labor, implying too that our labor does not matter,” she said during the awarding ceremony.
Ms. Africa added that “only 50% of their budget was released in the last two weeks,” which made it difficult for them to create the works for the exhibit.
“Making art takes time. It takes money, blood, sweat, tears, and resources. By bringing this up here today, our hope is that the next batch does not experience this difficulty,” she concluded.
The other recipients this year are Denver Garza, Russ Ligtas, Ella Mendoza, Henrielle Baltazar Pagkaliwangan, Issay Rodriguez, Luis Antonio Santos, Joshua Serafin, Jel Suarez, Tekla Tamoria, Derek Tumala, Vien Valencia, and Liv Vinluan.
CCP artistic director Dennis Marasigan, in his closing speech at the ceremony, addressed the call out. “Since the CCP management and board are here, I feel confident enough to say that, beginning this day, we will initiate the process of effecting the change necessary to address your concern,” he said.
On the sidelines of the opening, Ms. Africa told BusinessWorld that hopefully the next batch will receive the budget in full, ahead of the exhibition date, so that they can spend it however they please.
DIVERSE EXPRESSIONS According to the CCP, the 13 Artists Awards recognizes “individuals whose work has made a significant impact on the country’s artistic and cultural landscape,” with a unique practice that “reflects and responds to the contemporary realities of the human experience.”
Out of 108 nominations this year, the 13 were chosen by a jury of past honorees: Buen Calubayan (2009), Antipas Delotavo (1990), Phyllis Zaballero (1978), and Wawi Navarroza (2012). The resulting exhibit was curated by another past honoree, Mervy C. Pueblo (2015).
“The 2024 13 Artists Awardees reveal a Philippine art that is awake, attentive, and insistently present,” Ms. Pueblo said.
“Across media and methods — video, sculpture, tapestry, watercolor, installation — they dwell in the spaces where memory, care, nature, and material converge, reflecting a generation that listens to the world with curiosity, care, and imagination,” she added.
While this was certainly seen in the stand they made regarding their delayed grant during the awarding, it was also evident in the artworks themselves.
Through a video installation, Russ Ligtas invites viewers to explore the dynamism of memory, challenging normative histories in a record of a dance performance. Meanwhile, Tekla Tamoria weaves history into a tapestry that recounts the story of the Filipino woman.
A personal cosmology comes alive in Catalina Africa’s sculptural installation while Liv Vinluan depicts extinct and endangered flora through watercolor, both calling viewers to take a closer look at the details of slipping memories.
There’s also Denver Garza’s participatory installation, where visitors can write down burdens and hopes on a little paper to be hung onto the work, to make up a monument to attentive care.
“From the beginning, I wanted a form of conversation, because it’s something I haven’t done in a public space. I also wanted to reflect on my past and my practice as a mental health worker before I shifted to art,” Mr. Garza told BusinessWorld.
“The work is an amalgamation of my visual language beyond my usual works in galleries and things I sell in art markets,” he said. “It’s my way of saying how it’s important that we care for each other.”
Jel Suarezalso puts value in small fragments through her ink-brush collage art, which depicts found objects like book pages and scraps of various materials assembled together then lit up to cast shadows onto the wall.
As a recipient of both the 13 Artists Awards and an Ateneo Art Award, she said that she now feels the burden of artmaking more than ever, since it involves balancing one’s career and one’s family life.
“Artmaking is mixed with responsibilities,” she told BusinessWorld. “It’s great to have grants and residencies, but there’s a lot to consider, especially because being an artist is a privilege.”
She also reflected on the tensions from the delayed grants, which made them all realize how difficult it is to execute one’s vision on a limited budget. “Art is labor, and it deserves compensation.” — Brontë H. Lacsamana
