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.
Marcos says 7 people linked to flood control scandal now in state custody
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
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
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. 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
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
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
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
PDIC taps DBP to expand deposit claims channels
THE PHILIPPINE Deposit Insurance Corp. (PDIC) has partnered with the Development Bank of the Philippines (DBP) to allow bank and electronic transfers for the reimbursement of depositors of closed banks.
This applies to those who are eligible for outright payment without filing deposit insurance claims, the state deposit insurer said in a statement on Monday.
“Closed bank depositors who are individuals or registered entities with outstanding balances of up to P500,000 and who are neither borrowers, co-makers, nor spouses of borrowers are not required to file deposit insurance claims. Provided further that their addresses in the closed banks’ records are complete and updated, these depositors automatically receive their insured deposits from the PDIC without the need to leave the comfort of their homes.”
Under the partnership, the PDIC will use DBP’s Multi-Channel Disbursement Facility (MCDF) to allow payments via bank transfer and electronic money or electronic wallet via GCash, Maya, and DCPay.
PDIC already uses the MCDF to pay depositors who are required to file claims.
The online payment system enables bulk processing of payments via a secure file transfer protocol facility through PESONet.
“By filling out an electronic form to be sent by the PDIC, qualified closed bank depositors can choose how they want to be paid. If the option is bank transfer or by electronic money/wallet, qualified depositors should indicate their bank account or a verified e-money/wallet account, respectively,” PDIC said.
This adds to other available payment options, which are through postal money order checks issued by the Philippine Postal Corp. and Visa debit cards of the Land Bank of the Philippines. — Aaron Michael C. Sy
Q4 ‘challenging’ unless gov’t acts firmly against corruption
By Justine Irish D. Tabile, Reporter
THE fourth quarter will be challenging for businesses unless the government delivers a concrete resolution to the infrastructure corruption scandal, participants at the Management Association of the Philippines (MAP) Annual General Membership Meeting said on Monday.
Former Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. President Cecilio K. Pedro said corruption makes it challenging for businesses to thrive even during the peak Christmas season.
“This year is going to be very challenging (in the) last quarter,” he said on the sidelines of the MAP meeting.
“We have to see some concrete resolutions, whether it’s putting people behind bars, or it’s the system being changed, or the budget going to the right places,” he added.
He said that unless the government sets things in motion, business sentiment will remain weak until next year.
“Kapag hindi naayos ito (if this is not fixed), next year will be more challenging. So, that is for us very crucial, especially for businessmen. We want to see things being changed. This is a good opportunity to change. Lumabas na e, dati nakatago e, ngayon lantad na (Things are out in the open and cannot be hidden),” he said.
“Anong gagawin natin? Anong gagawin nila? (What will we do? What will they do?) That will determine the future. It is up to them to do the right thing, and then we can move forward,” he added.
Mr. Pedro, who is also the founder of personal care and hygiene products manufacturer Lamoiyan Corp., said that the company is holding off on investment until it sees these issues addressed.
“Wala kaming major capex (We have no major capex plans) for next year. Everybody is wait and see,” he said.
“Kasi mag-iinvest ka tapos bukas magkagulo; ang negosyante (It’s hard to invest when things are this messy; businessmen) are very careful (and) playing safe to make sure that what we invested will be recovered,” he added.
The government is investigating alleged corruption in flood control projects after President Ferdinand R. Marcos, Jr. called out the failure of flood control systems following the heavy rains in July. The fallout from the scandal has left legislators possibly exposed to prosecution.
Meanwhile, SM Investments Corp. Vice Chairperson Teresita T. Sy-Coson said that she remains optimistic despite an expected soft performance in the fourth quarter.
“Christmas will still be okay, because we are Filipinos and we celebrate Christmas … There is always some softening, but we will be okay,” she said.
“After Christmas, maybe the people will not buy so much, but that’s okay, we just have to continue,” she added.
She said the group will be continuing with its broader strategic plan. “Whatever the political noise is, we will just have to continue.”
MAP President Alfredo S. Panlilio said the Philippines should use of its Association of Southeast Asian Nations (ASEAN) chairmanship next year as an opportunity to restore the confidence in the Philippines.
“It is time to showcase the Philippines, to show them what we are trying to do to address the issues that we have in front of us,” he said.
“At the end of the day, I think we have to get back the credibility. A lot of it is reputational, so I think we need to recover, and I think ASEAN can be the platform for that,” he added.
However, he said that ASEAN chairmanship should not be the sole motivation of the government to resolve corruption.
“They have their own pressures as officials. They want to run the country the right way; there is transparency and accountability. And we have been hearing that,” he said.
“I think the intent is there. So I think what we are looking at now are the results and outcomes of these investigations,” he added.
Meanwhile, the Independent Commission for Infrastructure (ICI) said that it hopes to see the passage of a bill that will give the commission more authority.
“Unfortunately, we don’t have enough powers that we want. Kaya nga ’yong bagong batas ’yon ang hinihintay na sana matapos na (we are waiting for the new measure to be passed),” ICI Commissioner Rogelio L. Singson said.
“Kapag nag-subpoena kami at hindi sumipot wala na kaming magagawa (If no one honors our subpoena, we can do nothing),” he added.
Several bills have been filed in Congress seeking to create the Independent People’s Commission, which will be reviewing all government infrastructure projects.
Such a law will firm up the legal bona fides of the ICI, which was created through an executive order.
“Ang pangako sa amin, before the end of December matapos lang itong budget (We were promised a law before December ends. Congress just need to get the budget out of the way),” he added.
According to Mr. Singson, at least seven of the 17 cases filed were already in the hands of the Philippine National Police or the National Bureau of Investigation as of Monday.
Beneficiary registry for P20 rice launched
THE Department of Agriculture (DA) said it launched a digital registry to track beneficiaries of the government’s P20-per-kilo rice program.
The P20 Benteng Bigas Masterlist Registry System is designed to provide a centralized and updated database of eligible beneficiaries, allowing the DA and partner agencies to streamline support and manage rice allocations for vulnerable consumers.
“Layunin nito na mas mapabilis at mapadali ang pagkakakilanlan ng mga qualified beneficiaries ng P20 rice progam upang maabot ang target natin na 15 million households na maserbisyuhan ng murang bigas sa 2026 (Its goal is to make it easier and faster to identify qualified beneficiaries of the P20 rice program, helping us reach our target of serving 15 million households with affordable rice in 2026.),” Agriculture Secretary Francisco P. Tiu Laurel, Jr. said in a briefing.
The registry is part of the “Benteng Bigas Meron Na” program, which aims to provide affordable rice to vulnerable members of society, including senior citizens, solo parents, persons with disabilities, Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries, farmers, fisherfolk, minimum-wage earners, and transport workers.
Eligible beneficiaries can register at Kadiwa stores and other designated outlets, where they will be issued a unique QR code for scanning during purchases.
Mr. Laurel said the use of QR codes will be gradually implemented, with full enforcement planned by March.
The registry’s “P20 BeneFinder” lets store staff instantly verify a buyer’s eligibility and monitor their remaining rice allocation for the month. Indigent beneficiaries may purchase up to 30 kilograms of rice a month, while farmers and fisherfolk have a cap of 10 kilos.
Since its launch early this year, the P20 rice program has expanded to 81 of 82 provinces, with Tawi-Tawi expected to be included by the end of the week.
The DA aims to establish a Kadiwa or designated P20 outlet in all of the more than 1,600 cities and municipalities nationwide. Mr. Laurel said this will require the DA to open roughly five new sites per day in 2026.
Beyond providing cheaper rice to vulnerable households, the program also guarantees a market for domestically grown rice, which the National Food Authority (NFA) purchases from farmers at prices higher than those offered by traders.
The project will be funded through the NFA’s P9-billion budget for 2026 and a proposed P10 billion for the “Rice-for-All” program. The DA said it also maintains a P5-billion contingency fund this year, of which about P4 billion remains.
“Technically, it’s P19 billion for the 2026 (budget), but we have contingency funds of P5 billion, with about P4 billion remaining. So, almost P23 billion in total,” Mr. Laurel said.
The DA said additional features, such as alternative payment methods, will be integrated into the registry system over time. The system allows for deployment in areas with limited internet connectivity. — Vonn Andrei E. Villamiel