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Growsari eyes 200,000 sari-sari stores to accept QR payments by 2023

STORE SOLUTION platform Growsari is targeting 200,000 member sari-sari stores to begin accepting universal Philippine quick response, or QR PH, payments by next year as part of efforts to enable store owners to accept digital payments.

In a statement on Monday, Growsari said that it partnered with Instapay-approved institutions to introduce QR PH codes to bridge the gap between financial institutions and sari-sari or small family-owned stores.

“Growsari has begun to install QR PH codes across their network this October 2022, and is targeting to have 200,000 sari-sari stores to start accepting QR PH payments by 2023,” it said.

According to Growsari, the QR PH allows sari-sari stores to become competitive with large retail stores, while customers are benefitting from faster, easier, and cheaper payment options.

“All digital payments received through the QR code are credited on their Growsari merchant wallet that can be used seamlessly for all other Growsari transactions such as ordering fast-moving consumer good and e-service products like load, bills or wallet top-ups without the restrictive limits of personal wallets,” it said.

“Sukis just need to look for the Sariclub QR code displayed in the front of the neighborhood store, and scan to pay using their preferred bank or wallet,” it added.

Sandeep Bhalla, Growsari financial services head, said that the launch of QR PH is part of the platform’s efforts to help micro, small, and medium enterprises (MSMEs) to modernize their operations.

“We are entering into a new normal after the pandemic. And Growsari is building a digital ecosystem which is inclusive and easy to understand for the millions of mom-and-pop stores in the country. We are confident the initiative will facilitate better store management and an efficient digital payments gateway to the local communities,” he said.

Aside from providing inventory and capital loans, Growsari also has a platform that generates data into the operations of sari-sari stores. It also has multiple microservices such as load, bills payment, e-commerce, and other e-services. — Revin Mikhael D. Ochave

Taylor Swift reveals late-night musings on pop album Midnights

TAYLOR Swift returned to pop on Friday with the debut of her 10th studio album, a record called Midnights inspired by her late-night thoughts, and she also released a video of her “nightmare scenarios” in the genre of a horror flick.

The 32-year-old singer-songwriter described the 13-track Midnights as “a collage of intensity, highs and lows and ebbs and flows.”

“Life can be dark, starry, cloudy, terrifying, electrifying, hot, cold, romantic or lonely. Just like Midnights,” Ms. Swift wrote on Instagram.

The pop record followed folk albums Folklore and Evermore, which Ms. Swift recorded while quarantining during the COVID-19 pandemic. Folklore was named album of the year at the Grammys in 2021.

The first single from Midnights, called “Anti-Hero,” was released with a video starring Ms. Swift as a woman alone at night in a 1970s home invaded by ghosts. She later appears in a coffin at her own funeral.

“Watch my nightmare scenarios and intrusive thoughts play out in real time,” Ms. Swift said about the video.

Another song, “Snow On The Beach,” featured backing vocals by Lana Del Rey, a singer Ms. Swift said she had long admired. “Lavender Haze,” was inspired by a term Swift said she first heard on television series Mad Men about being in love.

The “Shake It Off” and “Bad Blood” singer, who has won 11 Grammys during her career, also revealed on Instagram overnight that she was releasing seven additional songs that did not make it onto the new record.

Initial reviews from critics were positive.

“Her tenth album returns to the dazzling synth-pop of records like 1989 and Reputation, with lyrics caught between a love story and a revenge plot,” Rolling Stone magazine said.

In the Los Angeles Times, pop music critic Mikael Wood said the Midnights album “heralds the return of a pop music mastermind.” — Reuters

RLC launches SYNC N-Tower

RLC Residences recently launched the third tower of its four-tower residential project in Pasig City.

In a statement, Robinsons Land Corp.’s (RLC) residential division said SYNC N-Tower offers studio, one-bedroom and two-bedroom units with balcony options.

“Each one is furnished with home upgrades to improve quality of life and accommodate homeowners’ work needs. With fiber optic connectivity and a dedicated space for a work-from-home setup, residents can enjoy a productive home life and pursue their career goals in a space built for convenience,” RLC Residences said.

The N-Tower will also have smart home features like smart lock, audio-video intercom, smart lights and power outlets which residents can adjust through an app.

Amenities in the tower will include a rooftop jog trail, fitness center, game room, private theater, and indoor and outdoor leisure pools.

“[These are] some of the many facilities that residents can use at the property to have the work-life balance they seek,” the company said.

N-Tower is the third of SYNC’s four towers. The S-Tower is slated for completion by the fourth quarter of 2024, while Y -Tower which is expected to be turned over by the second quarter of 2027.

Located along Circumferential Road 5 in Brgy. Bagong Ilog, Pasig City, SYNC is located less than five kilometers (km) from Bridgetowne, Ortigas and Bonifacio Global City. It is approximately 7 km from Makati City, and 10 km from Eastwood.  — Justine Irish D. Tabile

D&L Industries’ bonds keep highest credit rating

D&L Industries, Inc.’s P5-billion fixed rate bonds maintained the highest credit rating it received from the Philippine Rating Services Corp. (PhilRatings) as it keeps a solid market position through its four principal businesses.

The company’s bond issuance received a rating of PRS Aaa with a stable outlook, which is considered to be of the highest quality with minimal credit risk.

Meanwhile, a stable outlook means that the assigned rating “is likely to be maintained or to remain unchanged in the next 12 months.”

The maiden bond issuance has a principal amount of P3 billion, with an oversubscription option of up to P2 billion, and a tenure of three to five years.

According to the company’s disclosure to the Philippine Stock Exchange, PhilRating’s rating and outlook were assigned in consideration of the company’s market position, diversification of products, innovation-driven specialty products, sustained profitability, and debt management.

The ratings were based on available information at the time that the rating review was performed and are continually monitored as PhilRatings may change the rating and outlook at any time.

PhilRatings said that D&L Industries continues to enjoy a solid market position in its four principal businesses; food Ingredients; oleochemicals and other specialty chemicals; specialty plastics; and consumer products original design manufacturer.

It added that D&L Industries was able to maintain its conservative debt position having a total debt of P13.7 billion as of end-June 2022, 1% lower than last year due to net repayments of borrowings.

PhilRatings noted that the company’s debt-to-equity ratio was maintained at 0.7x by the end of the first half with the total debt capitalization ratio also unchanged at 42%.

Proceeds from the bond issuance were intended to be mainly used for the completion of the D&L Industries’ biggest project.

Slated to be completed by January 2023, the expansion project will sit on a 26-hectare property at First Industrial Township in Tanauan, Batangas. It will house plant-specific buildings, machinery, and equipment.

The company expects its capital expenditure to slow down after the completion of its Batangas facility.

D&L Industries’ principal business activities include manufacturing customized food ingredients, specialty raw materials for plastics, and oleochemicals for personal and home care use.

On the stock market on Monday, shares in D&L Industries added nine centavos or 1.29% to P7.04 apiece. — Justine Irish D. Tabile

Entertainment News (10/25/22)

Cherise Katriel and Nathan Huang

FDCP to launch new streaming site

JUANFLIX, formerly the FDCP Channel, will be launched on Nov. 11. It is an easy-to-use and accessible OTT (over-the-top) streaming platform that aims to offer educational entertainment for local and international learners, film enthusiasts, and filmmakers through homegrown and world cinema that inspires, enriches, and challenges perspectives. For more information and the schedule of movie screenings, visit http://www.juanflix.com.ph/.

Sony’s Waterwalk Records launches new music

WATERWALK RECORDS, a label under Sony Music focused on bringing Christian music to a streaming generation, announced its latest batch of releases. Newly signed artist Cherise Katrielmarks makes her official debut with the release of “Walang Katulad,” a stripped-down pop ballad about God’s infinite and unconditional love. Produced by Jungee Marcelo, Ms. Katriel’s worship track aims to “shift your heart into gratefulness for God’s love.” Nathan Huang temporarily steps out of his frontman duties for the band of Mercury to release a soulful pop track that expresses his gratitude and love for God. “Fortress” is his first official song as a solo artist. Mr. Huang co-produced “Fortress” with his former bandmate knōwmaad, deploying his soothing pipes with a sophisticated modern approach. “We want something along the lines of Frank Ocean and Daniel Caesar, but not necessarily abandon the genuine message of the lyrics,” Mr. Huang said in a statement. For updates on the new tracks, artists, and upcoming events, follow Waterwalk Records on Facebook.

Netflix shows are now in Filipino

NETFLIX launched a user interface (UI) available in Filipino. This new feature allows subscribers to navigate the UI, read titles and synopses, plus watch shows and movies with Filipino subtitles and in Filipino dubbing. Shows such as Emily in Paris, You, and The Queen’s Gambit can be seen using the Filipino UI setting. “At Netflix, we believe our members should be able to choose their viewing experience, whether it be the genre, format, or language of the content. We are very happy that our Filipino members will now have the option to enjoy their favorite Netflix content from all over the world with Filipino subtitles and dubbing, should they prefer to watch as such,” Malobika Banerji, Netflix Content Director for Southeast Asia, said in a statement. The Filipino UI feature offers flexibility as users will be able to switch their profile to Filipino from the language option in the “Manage Profiles” section on their desktop, TV, or mobile browsers. Netflix subscribers can set up to five profiles in each account, with each profile having the option to choose its own language setting. The Filipino UI feature is also available to members outside of the Philippines.   

Asian artists team up for mental wellness EP

ABS-CBN’s Star Pop music label and Singapore-based creative production house AOR Global have released an extended play (EP) called “My Safe Place,” a cross-cultural collaboration that seeks to promote mental well-being through music. “My Safe Place” features six tracks from Filipino acts Trisha Denise and LU.ME. and Singaporean artists KIRI, kotoji, and Marian Carmel. The project was co-produced by ABS-CBN Music creative director Jonathan Manalo and Star Pop label head Rox Santos. Singer-songwriter Trisha Denise wrote and performed the song “Cracks,” which talks about embracing one’s imperfections. Soul-pop artist and kumu streamer LU.ME sang the song “Surrender” for the EP. KIRI, an independent singer and advocate for destigmatizing mental illnesses and trauma, performed the soothing track “Get Well Soon.” A multi-instrumentalist who composes, writes, and co-produces her works, kotoji penned and sang the song “Survive,” an ambient dream-pop track inspired by the experiences of her friends.  Singer-songwriter Marian Carmel, who was born in the Philippines and raised in Singapore, relayed her personal struggles that led her to welcome the chance to sing the track “Wish That I Could Tell Me.” Aside from the solo tracks, the EP also features the uplifting pop rock track “My Safe Place,” which was performed by all five artists. The song is about finding a space that gives comfort and allows oneself to feel safe. My Safe Place is available on various digital streaming platforms.

The Atom Araullo Specials scores 3 int’l awards

FOR SHEDDING light on the plight of children from underprivileged backgrounds, The Atom Araullo Specials: Munting Bisig won three international awards. At the Cannes Corporate Media and TV Awards, the GMA Public Affairs program won for the Philippines the Silver Award for Documentaries and Reports (TV, Online, and Cinema) in the Human Concerns and Social Issues category. This comes on the heels of the program’s win at the 4th Asia Contents Awards (ACA) at the Busan International Film Festival (BIFF) in Busan, South Korea where it emerged as Best Asian Documentary. The winning piece was the only Philippine entry shortlisted in the festival, besting other Asian shows produced by Netflix, Asian Boss, and TV Asahi Production. Last April, the documentary took home the Gold World Medal at the 2022 New York Festivals TV & Film Award. “We are deeply honored to receive these awards from our peers overseas. Many dedicated journalists, media workers, and contributors worked hard on this documentary — a true team effort. We hope it not only raised awareness, but also contributed to finding durable solutions to the serious issue of child labor, especially in the context of the pandemic,” Mr. Araullo said in a statement. The documentary features children who put their lives at stake to help their families survive even if they were exposed to the COVID-19 virus.

PA Properties opens sales office in Bulacan

PA Alvarez Properties and Development Corp. (PA Properties) said it recently opened a sales office in San Jose del Monte, Bulacan.

The developer said its Bulacan sales office will offer the NuVista San Jose, St. Joseph Homes Norzagaray, East Residences Ortigas, The North Grove, and P.A. Commercial projects.

“We know that having your own home gives a sense of pride, safety and comfort. With the new sales office, that dream of building a brand new life with one’s family in a brand new community is just a heartbeat away and PA Properties will be with them every step of the way,” PA Properties President Marianne Cruz said in a statement.

The Laguna-based developer has built more than 20,000 housing and condominium units in 40 communities in Laguna, Batangas, Cavite, Pampanga, Bulacan and Metro Manila.

It is planning to develop 20 more housing projects in the next five years.

Suspected FX intervention fails to stem yen’s decline

TOKYO — Japanese policy makers on Monday continued efforts to tame sharp yen falls, including through two straight market days of suspected intervention, but ultimately failed to prop up the currency against persistent dollar strength.

The yen’s sell-off is hurting the world’s third-largest economy by driving already surging import bills and challenges the Bank of Japan’s (BoJ) commitment to ultra-low rates in the face of rapid global monetary tightening to combat rampant inflation.

The Japanese currency jumped 4 yen to 145.28 per dollar in early Asia trade on Monday, suggesting authorities had stepped in for a second straight day after a similar move by Tokyo on Friday.

“We won’t comment,” Masato Kanda, vice finance minister for international affairs, told reporters at the Ministry of Finance, when asked if they intervened again on Monday.

“We are monitoring the market 24/7 while taking appropriate responses. We’ll continue to do so from now on as well,” said Mr. Kanda, who oversees Japan’s exchange-rate policy.

However, the yen failed to cling to early gains and briefly hit a low of 149.70 per dollar, as markets continued to focus on the widening divergence between the BoJ’s ultra-easy monetary policy and steady rate hike plans by the US Federal Reserve. It last stood around 148.80.

“In the past crises involving British pound and Italy’s lira, authorities have ended up failing to defend their currencies. Likewise, Japan’s stealth intervention only has limited effects,” said Daisaku Ueno, chief foreign exchange (FX) strategist at Mitsubishi UFJ Morgan Stanley Securities.

“Strength in the dollar is the biggest factor behind the weak yen. If the United States shows signs of its rate hikes peaking out and even cutting interest rates, the yen would stop weakening even without intervention.”

BOJ’s BIND
The yen’s plight puts the BoJ under the spotlight as it meets for a two-day rate meeting ending on Friday, when it is widely expected to maintain ultra-loose monetary policy.

With inflation relatively modest and the economy unable to move into a faster gear, the central bank is wary of raising rates and risk triggering a recession.

“It’s extremely undesirable” that Japan’s real wages, adjusted for inflation continue to fall, BoJ Governor Haruhiko Kuroda told parliament on Monday.

“It’s desirable for inflation to stably achieve our 2% target accompanied by wage rises,” Mr. Kuroda said, stressing the need to keep supporting the economy with ultra-low rates.

The Fed, which meets the following week, is widely expected to hike rates again as it focuses on fighting red-hot inflation.

The widening US-Japanese rate differential is likely to keep downward pressure on the yen, which has fallen more than 20% against the dollar this year.

Japanese authorities confirmed that they stepped into the market when it intervened on Sept. 22, spending 2.8 trillion yen ($18.80 billion) to prop up the yen for the first time since 1998.

Since then, authorities have remained silent on whether they made any further attempts to support the currency including on Friday, when Tokyo likely conducted stealth intervention.

Finance Minister Shunichi Suzuki repeated that excessive currency moves were undesirable.

“We absolutely cannot tolerate excessive moves in the foreign exchange market based on speculation,” he told reporters at the finance ministry. “We will respond appropriately to excess volatility,” he said, a view echoed by Prime Minister Fumio Kishida in parliament later on Monday. — Reuters

SEC drafts additional penalties for late disclosures

THE Securities and Exchange Commission (SEC) drafted an amendment to the 2019 Revision of General Information Sheet (GIS) which will increase and add non-financial penalties for late disclosures.

In a notice posted last week, the SEC introduced an amendment to Section 11 of the SEC MC No. 15, series of 2019 (also known as the 2019 Revision of GIS) in which it increased the penalties for late disclosures by five times.

The regulator plans to increase the penalty on stock corporations for late disclosure to P50,000 for the first violation, from P10,000; P100,000 for the second violation, from P20,000; P250,000 for the third violation, from P50,000; and P500,000 for the fourth and subsequent violations, from P100,000.

Meanwhile, for non-stock corporations, the first violation penalty will be P25,000 from P5,000; P50,000 for the second violation, from P10,000; P100,000 for the third violation, from P20,000; and P250,000 for the fourth and subsequent violations, from P50,000.

Stock or non-stock corporations with total assets of P500,000 to P5 million will have twice the amount of penalty imposed on those with less than P500,000 assets.

For firms with total assets of P5 million to P10 million, the penalty will be thrice the amount imposed on those with less than P500,000 assets.

Meanwhile, those with more than P10 million in assets will have four times the penalties imposed on those with less than P500,000 in assets.

The SEC also added that if a corporation fails to submit the updated GIS in a timely manner at least three times consecutively or intermittently within a period of five years, the commission after due notice and hearing will declare the firm suspended.

Additionally, the SEC said that if corporations that received notice of incomplete disclosure fail to submit complete beneficial ownership information within 15 calendar days, they will be penalized.

For stock or non-stock corporations with total assets of less than P500,000, a penalty of P250,000 will be imposed, while for those with P500,000 to less than P5 million in assets, the penalty will be P500,000.

Meanwhile, corporations with P5 million to P10 million will have a P1 million penalty, while those with more than P10 million in assets will have a P2 million penalty.

After due notice and hearing, a company’s second violation will result in suspension and the third violation will result in the revocation of its certificate of incorporation

The liability of directors, trustees, and officers will also be amended to a penalty increase of 100% or two times of what was stated in the 2019 revision.

The SEC also added an amendment to Section 3 of the memorandum wherein it stated that it will no longer accept the submission of any GIS without the declaration of beneficial ownership information. — Justine Irish D. Tabile

Design as influence

THE PANDEMIC led to a blossoming of creativity, and it was during the time of lockdowns that a major new law was passed supporting the creative industries. These developments were just some of the items discussed in a round-table during Design Week Philippines.

Design Week Philippines featured a series of talks by the Design Center of the Philippines (DCP) that ran from Oct. 14 to 22.

In a talk streamed online titled “The State of Philippine Design,” School of Fashion and the Arts (SoFA) co-founder Amina Aranaz-Alunan, architect Royal Pineda of Royal Pineda +, Abi Mapua, social designer and Country Manager of Ashoka Philippines, and DCP Executive Director Maria Rita Matute shared their thoughts at a roundtable discussion moderated by architect Joseph Javier. The video was shot at the First United Building in Escolta, Manila, which was itself the site of many talks during the week, as well as the home of Hub: Make Lab, a partner of DCP for Design Week.

Ms. Alunan remarked upon the passing of Republic Act No. 11904 (An act providing for the development and promotion of the Philippine creative industries, and appropriating funds therefore) in July 2021. “For the first time, it’s like the creative industries are being recognized, and it’s legitimizing us,” she said. “We’ve all been seen as hobbyists, and people just having fun. But now, it’s really expanding the industry as well.”

Ms. Mapua commented on the pandemic releasing creativity. “I think the pandemic really produced creativity. [Yet] the pandemic has been problematic in almost all aspects of life,” she said, acknowledging how people started creating brands, products, and even content. On the flipside, that also led to misinformation and polarizing content. For Ms. Matute, a change seen in the landscape is the openness in discussing circular design and economy. “Once you talk about it in the public space, there are so many people that come up and want to support it,” she said.

For many people, design is just a way to make things more beautiful. According to the speakers, that’s not quite always the case. Ms. Alunan says, “Design in transformative. Design is influence. You see how with the pieces that you create, somehow, you are influencing others in a subtle way. You are also slowly prompting them, maybe nudging them towards making certain decisions, also assisting them in finding also their own truth.”

Ms. Mapua, working as she does with a non-profit that specializes in guiding social entrepreneurs said, “Problem-solving is really about design. Each person has the agency to shape present and future,” she said. Quoting Fyodor Dostoevsky’s The Idiot (“Beauty will save the world”), she said, “In the Philippines, it seems like beauty is something that’s not accessible. I realize that a pathway towards creating what is beautiful could actually be design.”

“I don’t think it’’ elusive. I think beauty is very subjective. Everyone could have access to it. It’s a very personal thing. This could be beautiful to me and not to you. The point is, design could get us there.”

Mr. Pineda said, “Design for me is actually sharing a philosophy. It’s sharing a dream. It’s also, for me, the road map to the modern Philippines. I believe that the Filipinos can all live in luxury, by design.”

“I believe that there should be a culture that all of us creatives should also create; not just to inherit these bad cultures that are ingrained already.” — JLG

Property woes persist in China

A VIEW of the city skyline in Shanghai, China, Feb. 24, 2022. — REUTERS

CHINA’s home prices sank for a 13th month in September, underscoring President Xi Jinping’s challenge to arrest a slumping property market after he secured power for a historic third term.

New-home prices in 70 cities, excluding state-subsidized housing, dropped 0.28% last month from August, when they fell 0.29%, National Bureau of Statistics figures showed Monday. The second-hand market fared worse, with existing-home prices declining 0.39%, the most since October 2014.

China’s housing market remains fragile despite a wave of measures to restore confidence that’s been battered by COVID Zero and a debt crisis among cash-strapped developers. Separate government figures showed home sales and property investment continued to fall last month, though the pace of declines eased.

“Potential buyers hold a wait-and-see attitude,” Raymond Cheng, head of China and Hong Kong research at CGS-CIMB Securities, said before the data release. “Although there are increasing supportive policies from both regulators and local governments recently, it takes time for the effects to trickle through.”

Chinese authorities have eased home ownership rules, trimmed interest rates and urged banks to step up lending in a bid to turn around the ailing property market, which remains a drag on the world’s second-largest economy. Hopes for more substantive industry support have dimmed after President Xi gave little signal of a deeper shift in policies on housing or COVID Zero during the ruling party’s congress.

A Bloomberg gauge of Chinese developer shares tumbled as much as 4%, part of a broader sell-off of the country’s stocks after President Xi stacked his leadership ranks with loyalists.

Home sales fell 15% in September from a year earlier, improving from a 21% decline in August, according to Bloomberg calculations based on cumulative figures released by the statistics bureau following a delay during the party congress. Real estate investment slid 12% year on year, after dropping 14% in August.

A recent central bank survey showed 73% of households expect property prices to stay unchanged or decline in the near term, highlighting dwindling consumer confidence amid bleak job prospects and a weakening economy. — Bloomberg

SC clears former BSP officials of graft charges over Banco Filipino closure

THE SUPREME COURT (SC) has cleared former officials of the central bank and its policy-setting Monetary Board (MB) of graft charges filed by executives of the defunct Banco Filipino Savings and Mortgage Bank (BFSMB) over its closure.

In a 14-page resolution on Oct. 3 and made public on Oct. 20, the SC First Division affirmed a Court of Appeals (CA) decision that said the central bank officials were not liable for graft charges.

The Office of the Ombudsman’s previous ruling had become final and executory after BFSMB officers brought the case to the appellate court instead of the SC, it said.

“Clearly, petitioners have lost their right to assail the Ombudsman’s findings of absence of probable cause,” the High Court said in the ruling. “The CA, therefore, did not commit any reversible error in denying their petition for availing of the wrong remedy.”

In 2011, BFSMB executive vice-presidents Maxy S. Abad and Francisco A. Rivera and Mary Lou A. Vasquez, who represented the bank’s stockholders, filed graft charges against then BSP Governor Amando M. Tetangco, Jr., deputy governors Nestor A. Espenilla, Jr. and Juan de Zuniga, Jr., and Monetary Board members Juanita D. Amatong, Alfredo C. Antonio, Ignacio R. Bunye and Peter B. Favila after they ordered the bank’s closure and denied the lender’s application for emergency loans worth P25 billion.

In 1985, the then central bank ordered the closure of BFSMB. The bank was allowed to resume business in 1993 after the Court found its closure was illegal, leaving suits between the lender and regulator’s former officials pending.

In 2002, Banco Filipino asked the BSP for emergency loans and regulatory reliefs due to heavy withdrawals. However, the central bank said the lender needed to submit a rehabilitation plan for the regulator’s approval before it can be granted financial assistance.

BFSMB submitted a revised business plan to the BSP in 2009. The Monetary Board that same year said it would grant the bank’s request for financial assistance and regulatory reliefs, provided that its officers would withdraw all spending lawsuits filed against the BSP and its officials, among others. BFSMB refused to agree to these conditions.

On March 17, 2011, the Monetary Board again ordered the bank to stop operating and placed it under the receivership of state-run Philippine Deposit Insurance Corp., after its liabilities exceeded its assets.

In 2012, the Department of Justice (DoJ) said the BSP officials and MB members did not act in bad faith or violate any banking laws in ordering the bank to close down and for the terms and conditions it imposed for the grant of financial assistance to BFSMB.

The Ombudsman agreed with the DoJ as it ruled that the MB’s refusal to release the amount was not illegal.

“The issue on the proper remedy from decisions of the Ombudsman in criminal cases is not controversial, and petitioner’s contentions are not novel,” said the High Court. — JVDO

How PSEi member stocks performed — October 24, 2022

Here’s a quick glance at how PSEi stocks fared on Monday, October 24, 2022.

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