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CLI gets SEC nod for P5-B sustainability bond tranche

BW FILE PHOTO

CEBU LANDMASTERS, INC. (CLI) has obtained approval from the Securities and Exchange Commission (SEC) to offer up to P5 billion in sustainability-linked bonds, representing the third and final tranche of the company’s P15-billion debt securities program.

In a regulatory filing on Monday, CLI said the SEC granted approval on Nov. 21. The bonds, denominated in Philippine pesos, will be structured into three series with staggered maturities: Series F due 2029, Series G due 2032, and Series H due 2035.

The base offer is set at P3 billion, with an oversubscription option of P2 billion. The offer period will run from Nov. 24 to 28, with issuance and listing on the Philippine Dealing and Exchange Corp. expected on Dec. 5.

Previously, CLI said the net proceeds from the offering would be used to refinance project developments, settle maturing obligations in 2025, and support general corporate expenses, among other purposes.

CLI’s sustainability-linked bonds received a PRS Aa plus credit rating with a stable outlook from the Philippine Rating Services Corp., reflecting the company’s strong management, competitive position in the Visayas and Mindanao markets, and consistent earnings growth.

“The PRS Aa rating signifies high quality with very low credit risk and underscores CLI’s strong capacity to meet its financial commitments,” the filing noted.

In March, CLI raised P5 billion from its first sustainability-linked bond issuance to finance the construction of 16,000 affordable housing units in Visayas and Mindanao by March 2029.

The company currently manages a portfolio of 130 projects across 17 cities, covering offices, residential developments, mixed-use projects, resorts, hotels, co-living and co-working spaces, and townships.

On Monday, CLI shares rose 1.32% or three centavos to close at P2.30 apiece. — Alexandria Grace C. Magno

Enex secures SEC approval for capital stock increase

BW FILE PHOTO

ENEX ENERGY CORP., a subsidiary of Ayala-led ACEN Corp., has secured approval from the Securities and Exchange Commission (SEC) to raise its authorized capital stock, enabling the company to access additional funding.

The SEC approved Enex’s proposed increase in authorized capital stock to P1.3 billion from P1 billion, the company said in a regulatory filing on Monday. This allows Enex to issue more shares under its articles of incorporation.

The resolution provides for 1 billion common shares at P1 per share and 300 million preferred shares at P1 per share.

Enex, a unit of listed ACEN, is involved in oil and gas exploration and production both locally and internationally.

The company previously announced it would scrap its planned 1,100-megawatt gas power project in Batangas due to difficulty in securing an offtake contract and challenges in attracting a third investor.

In a separate disclosure, ACEN said it is extending a P60-million working capital facility to its subsidiary, YMP Telecom Power, Inc., to support operational needs. YMP provides energy solutions to telecom towers through the construction and operation of micro-solar plants. The company currently operates 198 sites with a combined 15.5-megawatt capacity for solar and battery storage.

In 2023, ACEN’s subsidiary Belen’s Energy Corp. acquired YMP Telecom Power and its affiliate YMP Industrial Power, Inc. by purchasing 100% of the outstanding shares from Yoma Micro Power Pte. Ltd.

At the local bourse on Monday, ACEN shares rose 0.83% to close at P2.42 apiece. — Sheldeen Joy Talavera

Fitness guru Susan Powter returns with documentary detailing her resilience

SUSAN POWTER, the fitness guru who dominated 1990s television with her “Stop the Insanity!” catchphrase, is making a comeback in a documentary that explores her fall from fame into bankruptcy.

The film, which comes after Ms. Powter spent years in obscurity following lawsuits that left her bankrupt, seeks to reintroduce the 1990s icon to a new generation while highlighting themes of financial ruin, female empowerment and food insecurity.

“Absolutely nothing has changed and everything has changed, every single thing in my life has changed, nothing has changed on the surface. But real hope is there, real opportunity to work again. That’s all I want to do,” said Ms. Powter.

Once a household name, Ms. Powter’s highly successful infomercial generated more than $100 million in sales, and she sold more than 10 million books and videos worldwide, in addition to hosting a nationally syndicated talk show.

However, Ms. Powter revealed that poor business deals and lawsuits with her business partners left her bankrupt and living in a roach-infested transient hotel in Las Vegas, where film director Zeberiah Newman discovered her.

After a conversation over ramen noodles, Ms. Powter agreed to share her story with both rage and shame, but not fear.

The 67-year-old declared the film wasn’t just about her, but a story of societal reflection and human redemption. “We can take Susan Powter to the 99-cent store and hear and watch her struggle to find real food and sort (of) highlight this idea that a lot of people are in food deserts,” Mr. Newman said.

While Ms. Powter is still driving for Uber Eats and living in a small apartment in Las Vegas, she said her refusal to be a victim and her rage are guiding her toward her second act.

The film is currently in theaters in both Los Angeles and New York and available for pre-order on Apple TV. — Reuters

How PSEi member stocks performed — November 24, 2025

Here’s a quick glance at how PSEi stocks fared on Monday, November 24, 2025.


Philippines’ labor productivity rises in Q3 2025

Labor productivity in the Philippines grew by 4.7% year on year to P113,805 in the third quarter. This pace was faster than the 0.7% increase recorded in the same period last year, and the 4.1% growth in the second quarter this year. Labor productivity is measured by gross domestic product (GDP) per person employed.

Philippines’ labor productivity rises in Q3 2025

Marcos says 7 people linked to flood control scandal now in state custody

PHOTO SHOWS President Ferdinand R. Marcos, Jr. holding a news briefing at the Presidential Palace last year on his government’s anti-corruption drive.. — PHILIPPINE STAR/NOEL B. PABALATE

By Chloe Mari A. Hufana, Reporter and Erika Mae P. Sinaking

PHILIPPINE President Ferdinand R. Marcos, Jr. said seven people wanted in connection with anomalies in government flood control projects are now under state custody, as his administration seeks to show concrete progress in its widening anti-corruption crackdown.

In a video statement released on Monday, Mr. Marcos said one suspect was arrested by National Bureau of Investigation (NBI) operatives, while six others surrendered to the Philippine National Police’s Criminal Investigation and Detection Group. Two more suspects have signaled that they intend to turn themselves in.

The arrests follow the exposure of a multibillion-peso public works scam that Mr. Marcos discussed in his state of the nation address in July. Public frustration over systemic corruption has deepened in recent months, especially after widespread flooding highlighted years of poor or absent flood-mitigation works.

“There will be no special treatment,” the President said in Filipino, adding that all suspects would remain under NBI custody pending court orders.

He said authorities were tracking down seven more people still at large, including former House Appropriations Committee Chairman Elizaldy S. Co, the most prominent person named in the case.

The country’s anti-graft court issued arrest warrants last week for Mr. Co and 16 others, including the seven who have been taken into custody.

Mr. Marcos said one of the suspects was caught outside their home, and that people who sheltered the fugitive would also face charges. He urged the remaining respondents to surrender, saying they should answer the accusations in court.

The President also warned that anyone helping fugitives evade arrest could be prosecuted for harboring suspects. “We will not stop. We will not hesitate,” he said, adding that the investigation and arrests would proceed until all those covered by warrants have been accounted for.

At a palace briefing, Mr. Marcos brushed aside Mr. Co’s public claim that he received more than P50 billion in kickbacks from infrastructure projects, saying the allegation “means nothing” while Mr. Co remains a fugitive.

He urged the resigned congressman to return to the Philippines and present evidence rather than posting accusations online.

Mr. Co earlier released documents that he said showed deliveries to Mr. Marcos and former Speaker Ferdinand Martin G. Romualdez, the President’s cousin. He claimed he could not return to Manila due to alleged threats to his life and said he believed the administration was preparing to tag him as a terrorist to silence him.

TRANSPARENCY PORTAL
Also on Monday, Mr. Marcos introduced a digital transparency platform for public works projects, presenting it as a direct reform measure arising from the flood control scandal.

He said the DPWH (Department of Public Works and Highways) Transparency Portal would give Filipinos real-time access to detailed information on public works projects and serve as the third phase of the government’s response to the controversy.

The first two phases involved identifying “ghost” or defective projects and determining who benefited from alleged kickbacks.

“One of the clearest lessons from this entire episode is that we lost transparency,” Mr. Marcos told the news briefing in Filipino. “These wrongdoers hid their schemes because ordinary citizens — and sometimes, even officials — couldn’t see what was happening inside the government.”

Through the portal, users can search for any DPWH project and view its implementing office, contractor, cost, accomplishment rate, completion timeline and status reports. People can also tag projects as completed, defective, duplicated, unfinished or possibly nonexistent.

The system includes maps, geotagged construction photos, procurement details and downloadable documents such as budgets, bidding schedules and contractor lists. Satellite images provided by the Philippine Space Agency and private partners add an independent layer of verification.

The platform also features an artificial intelligence assistant that can respond to project-specific queries in English or Filipino. It streams DPWH procurement and bidding activities in real time, expanding visibility into a process long criticized for opacity.

“This goes beyond what the [sumbongsapangulo.ph] website can offer,” Mr. Marcos said, referring to the complaint portal he launched in September.

He described the transparency portal as a “digital wall against corruption” and said similar systems are being set up for the Social Security System and Philippine Health Insurance Corp. He said the broader reform push stems directly from the findings of the flood control probe.

“Sunlight is the best medicine,” he said. “Open everything up. People do not trust the system today — and who can blame them? But this is a first step toward restoring confidence.”

Mr. Marcos said the administration would continue rolling out reforms as investigations into irregular projects and collusion between officials and contractors continue.

ICI REFERRAL
Meanwhile, the Independent Commission for Infrastructure (ICI) has referred Mr. Romualdez’s alleged involvement in irregularities linked to the government’s flood control program to the Office of the Ombudsman for further investigation.

“This referral is issued without any finding or conclusion of guilt or liability on the part of former Speaker Romualdez,” it said in a two-page document submitted to the Ombudsman on Nov. 21 released on Monday. “It is transmitted solely to ensure that all acts, omissions and surrounding circumstances fall within the Ombudsman’s constitutional and statutory authority.”

The referral includes Mr. Romualdez’s Oct. 13 affidavit, the stenographic transcript of his Oct. 14 appearance before the ICI, and video and audio recordings of the proceedings. It also contains an Oct. 24 order from a Manila judge concluding that the affidavit of a former security aide had been falsified.

In a statement, Abdiel Dan Elijah Fajardo, the ex-Speaker’s spokesman, welcomed the commission’s completion of its fact-gathering mandate. “From the outset, we have said that a fair and complete assessment of the record will reflect the truth.”

Jean S. Encinas-Franco, a political science professor at the University of the Philippines-Diliman, said authorities appear cautious, likely because they have yet to build a strong case.

“However, due to strong pressure from various groups, they needed to address Romualdez in a way that allows them to be seen as doing something about his links to the corruption scandal,” she said via Viber.

Antonio A. Ligon, a law and business professor at De La Salle University, said the ICI’s move aligns with the Ombudsman’s authority to investigate government officials suspected of illegal acts.

He said the referral is warranted because the ICI is a fact-finding body, not a prosecutorial one. By elevating the matter, the commission avoids duplication and strengthens institutional legitimacy.

He noted that unlike past ICI referrals involving DPWH officials that led to graft and malversation rulings, the referral on Mr. Romualdez hinges on the same principles but lacks clear evidence of wrongdoing.

Coalition plans second anti-graft rally on Nov. 30

PHILIPPINE STAR/EDD GUMBAN

LEADERS of a broad anti-corruption coalition on Monday said their campaign is not meant to destabilize or unseat the Marcos administration, as they announced plans for a second nationwide protest on Nov. 30, Bonifacio Day.

“This fight is not only about money,” Jose Colin M. Bagaforo, bishop of the diocese of Kidapawan, told a news briefing in Filipino. “It is for the people, for all of us, for our country. This is not a fight to destroy, but to improve — to reclaim what was taken.”

Representatives from the Church Leaders’ Council for National Transformation, the Catholic Bishops’ Conference of the Philippines’ Caritas Philippines, clergy members, lay leaders and various civic groups said the movement’s goal is to “restore accountability” and not to trigger political unrest, amid what they described as misleading claims about their intentions.

The coalition, which first gathered on Sept. 21, said corruption has drained more than P1 trillion from public coffers, weakening economic momentum and eroding trust in the government.

In a statement, the organizers said corruption has long blocked national progress and kept many citizens in poverty. Long before the present administration, it was already a running joke that many Philippine lawmakers were contractors, they said.

The organizers expect at least 120,000 participants for the Nov. 30 event, matching their own estimate from the first rally, compared with the Philippine National Police’s 80,000 count.

“We are preparing for a crowd that could fill EDSA, not just White Plains Avenue,” spokesperson Francis “Kiko” A. Dee said.

The main program will take place along White Plains Avenue near the Edsa People Power Monument in Quezon City from 8 a.m. to 6 p.m., preceded by processions starting as early as 6 a.m. Simultaneous demonstrations are planned nationwide, with 29 confirmed locations across Luzon, the Visayas and Mindanao.

Akbayan Party-list said the Nov. 30 march is not only a stand against corruption but also a demand for Congress to act on the long-delayed Anti-Political Dynasty bill.

“We are tired of being trapped in the clan wars of giant families; in the end, it is still the citizens who lose,” it said in a separate statement. “We need to transform the system and pass the Anti-Dynasty law now, so that public office does not become a family business.” — Erika Mae P. Sinaking

Tropical Depression Verbena hits Surigao; wind alerts raised across Philippines

DOST-PAGASA

TROPICAL Depression Verbena made landfall in Bayabas, Surigao del Sur on Monday afternoon and was expected to cross Agusan del Norte by early evening, prompting wind alerts across wide areas of the Philippines as it rapidly moved west-northwest, the state weather bureau said.

The cyclone had maximum sustained winds of 45 kilometers per hour (kph) and gusts of up to 75 kph. As of 4 p.m., it was spotted near Jabonga, Agusan del Norte, according to the Philippine Atmospheric, Geophysical and Astronomical Services Administration’s (PAGASA) 5 p.m. bulletin. Strong winds extend up to 200 kilometers from its center.

Wind Signal No. 1 remained raised over large parts of Luzon, the Visayas and Mindanao, including Mindoro, Palawan, Masbate, Cebu, Negros, Leyte, Samar, Dinagat Islands and the northern portions of Bukidnon, Misamis Occidental and Zamboanga del Norte.

The alert indicates possible minimal to minor damage and warns residents to expect strong winds within 36 hours.

PAGASA said wind conditions could intensify in coastal and upland areas, with the combined effects of Verbena and the northeast monsoon bringing gusts that could reach gale force even in regions not directly under storm signals.

These conditions are expected to continue over Luzon, the Visayas and parts of Mindanao through Wednesday.

A separate gale warning was issued for the northern seaboard of Luzon, where waves may reach 4.5 meters. Sea travel was deemed risky in several regions, with very rough conditions likely in waters off Batanes, Cagayan and the Ilocos region. Small vessels and inexperienced mariners were advised to stay in port.

Verbena is projected to cross the Caraga region through early Monday evening, then sweep across the Visayas and northern Palawan from late Monday until Tuesday evening before emerging over the South China Sea on Wednesday. 

It may intensify into a tropical storm as it approaches Palawan or shortly after and could peak as a severe tropical storm while moving westward past the Kalayaan Islands in the South China Sea.

Authorities urged local governments to prepare for flooding, landslides and possible storm surges, noting that heavy rainfall and damaging winds could occur outside the cyclone’s direct track.

Residents in high-risk zones were advised to heed evacuation orders and monitor updates from regional weather centers.

Verbena is the 22nd tropical cyclone to hit the Philippines this year. — Chloe Mari A. Hufana

Marcos worried about Sen. Imee

President Ferdinand R. Marcos, Jr. addressed questions about Senator Ma. Imelda Josefa Remedios “Imee” R. Marcos’ remarks, accusing him and his family of drug use, during a press conference in Malacañan Palace on Monday, Nov. 24. — PHILIPPINE STAR/NOEL B. PABALATE

PRESIDENT Ferdinand R. Marcos, Jr. said he and those close to him have grown increasingly concerned about his sister, Ma. Imelda Josefa Remedios “Imee” R. Marcos, after she publicly accused him of illegal drug use.

“It’s an anathema for me to talk about family matters in public — to show our dirty linen,” he told a briefing in Malacañang. “I’ll just say this much: for a while now, we’ve been very worried about my sister. When I say ‘we,’ I’m talking about friends and family.”

The senator made the accusation before a crowd of more than a million attendees of the Iglesia ni Cristo rally last week.

Mr. Marcos said the behavior of the senator, who recently accused the First Family of drug use, has alarmed those around her.

“The lady that you see talking on TV is not my sister,” he said. “That’s why we worry. We are very worried about her. I hope she feels better soon.”

In a Facebook post, the Senator urged the President to prove her wrong.

“Bongbong, it’s me. You’re seeing all sorts of things, ading (little brother). Prove me wrong — I want to be wrong,” she wrote in Filipino.

The rift between the siblings came as Ms. Marcos aligned herself with the Duterte faction, a once-allied political force that helped deliver a landslide victory for the Marcos-Duterte tandem in 2022.

Their alliance has since fractured amid escalating disputes over security policy, investigations into alleged corruption, and Vice-President Sara Duterte-Carpio’s increasingly hostile posture toward the President. — Chloe Mari A. Hufana

1.8M to exit cash aid program

PHILIPPINE STAR/ MICHAEL VARCAS

THE Department of Social Welfare and Development (DSWD) is expecting 1.8 million beneficiaries under the Pantawid Pamilyang Pilipino Program (4Ps) to exit the program by next year.

“By next year, DSWD is expecting around 1.8 million more families to undergo mandatory exit from the program,” Senator Pia S. Cayetano, who sponsored the budget, told the plenary.

The 4Ps is the government’s national poverty reduction strategy and human capital investment program that provides conditional cash transfer to poor households.

“These are households that would have completed the seven-year maximum duration as prescribed by law,” she added.

Beneficiaries are pulled from the program when they reach the seven-year limit, become non-poor, or when their last monitored child turns 19 or finishes high school.

“Once they reach this cap, they are automatically exited from the program, regardless of current status,” Ms. Cayetano said.

She added that beneficiaries may transition to the Sustain Livelihood Program (SLP) once they exit the program.

She said that 92% of SLP beneficiaries come from the 4Ps program, “meaning after they have been helped for their survival, they would be able to transform themselves for their livelihood.”

The senator added that the agency will also transition to a Community-Based Monitoring System to track 4Ps beneficiaries. “Although they have not made the formal transition, this appears to be a smaller number than the one that they are basing their current beneficiaries on,” she said. — Adrian H. Halili

ICI urged to lessen closed sessions

THE Independent Commission for Infrastructure (ICI) submitted its interim report and recommendations to the Office of the Ombudsman for potential cases against several lawmakers and Public Works officials linked to the flood control scandal. — ICI

A LAWMAKER called on the Independent Commission for Infrastructure (ICI) to make closed-door sessions a rare occurence, noting that all proceedings must be livestreamed.

“There should be only a few instances for an executive session,” Party-list Rep. Leila M. De Lima said in a statement on Monday.  “Otherwise, the very heart and essence of livestreaming, the public’s collective demand, will be diluted.”

Last week, the ICI released its livestreaming guidelines which allowed all hearings to be streamed, with the exception of executive sessions upon the request of the resource person.

She also called on the ICI to release supplemental or additional guidelines to clarify that it will only recognize a few exceptions to the general rule of livestreaming of hearings.

“There should also be clear rules that investigations, admissions, gathering and study of evidence can also be made public as long as they are in accordance with the Constitution and Supreme Court decisions,” Ms. De Lima added.

She said that internal deliberations may remain confidential.

The lawmaker also cautioned on “over-judicialization,” noting that proceedings must prioritize efficiency, fairness, and justice without adhering to technical court proceedings.

“These investigations need not follow rigid court rules, provided they maintain fundamental fairness, due process, and serve the ends of justice in an efficient and inexpensive manner,” she added.

The independent body was created through an executive order, following that revelation that billions of pesos in funding meant for flood control projects were allegedly siphoned off by government officials. — Adrian H. Halili

BoC flags UK-bound parcel containing live millipedes

BW FILE PHOTO

THE Bureau of Customs (BoC) has intercepted a misdeclared parcel to the United Kingdom last week that had containers of live millipedes, flagged during x-ray screening.

In a statement on Monday, the BoC said the eight containers of millipedes, supposed to be shipped to United Kingdom was falsely declared as assorted consumer goods.

This was written as juice powder mix, face masks, wooden jewelry box, instant noodles, delicacies, plastic photo frame, and craft items, but flagged due to irregularities observed in the scanned images.

“This operation highlights the Bureau’s strengthened capability in detecting attempts to misdeclare goods, particularly shipments involving wildlife species. The BoC remains committed to enforcing customs laws and preventing the unauthorized transport of regulated or prohibited items,” BoC Commissioner Ariel F. Nepomuceno said.

Customs said the seized wildlife specimens were turned over to representatives of the Department of Environment and Natural Resources for proper handling and disposition. -— Aubrey Rose A. Inosante

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