How PSEi member stocks performed — October 30, 2025
Here’s a quick glance at how PSEi stocks fared on Thursday, October 30, 2025.
PHL agencies map strategy to recover wealth linked to flood control scandal
By Erika Mae P. Sinaking
THE Independent Commission for Infrastructure (ICI) convened key government agencies on Thursday to coordinate efforts to recover public funds lost to anomalous infrastructure projects, marking a major step in the Marcos administration’s anti-corruption drive.
“The purpose of our meeting today is to finalize the framework for inter-agency coordination, information sharing and legal procedures related to the recovery of public funds and assets from irregular infrastructure projects,” ICI Chairman Andres B. Reyes, Jr. said at the meeting.
Officials from the Anti-Money Laundering Council (AMLC), Department of Justice, Department of Public Works and Highways (DPWH), Office of the Ombudsman and National Bureau of Investigation joined the technical working group session.
Mr. Reyes said the group would establish operational guidelines and timelines to support national asset recovery and accountability initiatives. He noted that every peso stolen is a peso taken away from public service.
Assistant Ombudsman Jose Dominic Clavano IV said the government would invoke Republic Act No. 1379 or the Forfeiture Law to pursue civil cases against officials with unexplained wealth.
“When there’s a disproportion between the amount declared in the SALN and the actual wealth that you see in a lifestyle check, then you can forfeit whatever is over and excessive,” he told reporters. “That’s what we will use to enforce action against the assets.”
He added that forfeiture proceedings could proceed independently of criminal cases.
Public Works Secretary Vivencio B. Dizon said the Office of the Solicitor General may file these civil forfeiture cases before regional trial courts, which he said are “easier and faster” than criminal cases.
“You only need to prove that [their] income is smaller than the money or assets [they] hold,” he told reporters.
In September, the ICI recommended graft, malversation and falsification charges against officials linked to a P289.5-million road dike project in Naujan, Oriental Mindoro. On Wednesday, it also sought plunder and bribery charges against current and former lawmakers allegedly involved in kickback schemes tied to projects in Bulacan, Pampanga and Quezon City.
During the same meeting, the Bureau of Customs (BoC) announced plans to auction seven luxury vehicles linked to government contractors Pacifico F. Discaya II and Cezarah Rowena C. Discaya on Nov. 15.
The vehicles — including a Rolls-Royce “with the infamous umbrella” — were among 30 luxury cars seized from the couple, with 13 units valued at roughly P200 million, Customs Deputy Chief of Staff Chris Noel Bendijo said. Seven had no import entries or certificates of payment and were automatically forfeited.
The vehicles were discovered during a raid at the St. Gerrard Construction compound in Pasig City and have since been transferred to the Port of Manila. The auction will be livestreamed “for transparency,” Mr. Bendijo said, noting that Customs officials, importers and brokers involved in the original transactions are barred from participating.
The bureau has issued more than 15 show-cause orders to personnel — ranging from appraisers to a deputy collector — implicated in the illegal importations. Penalties could include suspension or dismissal, depending on the findings.
Mr. Bendijo said the Bureau of Internal Revenue is handling potential tax evasion cases, as Customs jurisdiction covers only import legality and duties.
Meanwhile, Mr. Dizon said the government would move to confiscate the air assets of former lawmaker Elizaldy S. Co, including two AgustaWestland helicopters and a Gulfstream jet. He said the aircraft, flown to Malaysia and Singapore, had not been frozen by the AMLC before their departure but remain under watch.
“No matter where they are, they can still be seized once a confiscation order is issued,” Mr. Dizon said.
Meanwhile, a taxpayer from Las Pinas City has asked the Supreme Court to nullify President Ferdinand R. Marcos, Jr.’s Executive Order (EO) No. 94, which created the ICI.
In a petition, John Barry T. Tayam said the ICI mirrors the defunct Philippine Truth Commission earlier declared unconstitutional.
He urged the high court to strike down the order, saying it violates the separation of powers and duplicates the mandates of existing anti-corruption agencies such as the Office of the Ombudsman and Department of Justice.
Mr. Tayam said the ICI’s powers to investigate, subpoena and recommend prosecution encroach upon the authority of constitutionally independent bodies. He also said its creation “involved the unlawful disbursement of public funds.”
The ICI was formed on Sept. 11 under EO 94 to investigate anomalies in flood control and other infrastructure projects, following reports of substandard and “ghost” works involving district engineers, contractors and lawmakers.
The plaintiff likened the ICI to the Philippine Truth Commission, formed in 2010 under the late President Benigno S.C. Aquino III. The tribunal struck down the body’s legality for singling out the Arroyo administration and duplicating the powers of existing agencies.
“The Independent Commission for Infrastructure, although framed differently, suffers from the same constitutional infirmities,” Mr. Tayam said. “It centralizes investigatory powers under the Executive, blurring the checks and balances among branches of government.”
He also warned that the ICI could delay accountability by creating bureaucratic overlap and slowing the resolution of corruption cases.
The ICI is empowered to initiate investigations on its own and recommend criminal, civil or administrative charges to the appropriate agencies. It may also issue subpoenas, request asset freezes and coordinate with law enforcement authorities.
Marcos expands austerity drive before leaving for APEC Summit in Korea
PRESIDENT Ferdinand R. Marcos, Jr. ordered all Philippine government agencies to adopt a cost-reduction system modeled after the Department of Public Works and Highways (DPWH), as part of a broader push to curb corruption and redirect savings to social programs.
“It will not be limited to public works, but shall be the norm across all of government,” Mr. Marcos said before departing for the Asia-Pacific Economic Cooperation (APEC) Summit in Gyeongju, South Korea. The summit runs from Oct. 30 to Nov. 2.
The directive covers the Departments of Education, Agriculture, Health, Transportation, and other agencies, which must now follow the DPWH’s pricing reforms aimed at aligning project costs with market rates. Mr. Marcos said the policy could cut the 2026 costs of farm-to-market roads, classrooms, hospitals and irrigation systems by up to 50%.
“The quality of what we build will not be compromised. The only thing weakened will be corruption,” he said. Funds saved will be reallocated to programs that “uplift families, support livelihoods, and strengthen communities,” he added.
The move follows revelations during his July state of the nation address about a multibillion-peso public works scam involving kickbacks from substandard or nonexistent projects. Mr. Marcos earlier directed DPWH Secretary Vivencio B. Dizon to slash construction material costs to market levels, a step expected to save the government up to P45 billion.
APEC AGENDA
Mr. Marcos flew to South Korea on Thursday for the 32nd APEC Summit, hosted by President Lee Jae-Myung. This year’s theme, “Building a Sustainable Tomorrow: Connect. Innovate. Prosper,” aligns with the Philippines’ agenda to boost digital connectivity and investment flows.
The President said he will push for “greater digital and physical connectivity, supply chain resilience, and investment facilitation” to promote inclusive growth. He is also set to address the APEC CEO Summit to pitch the Philippines as a hub for innovation and investment.
“The Philippines is not merely ready. We are a reliable, forward-looking partner in the Asia-Pacific. Invest in the Filipino,” he said. Mr. Marcos will also meet with Korean business leaders in Busan to strengthen trade and investment ties, and with members of the Filipino community there.
The APEC meeting takes place amid heightened global trade uncertainty as US President Donald J. Trump and Chinese President Xi Jinping hold talks that could shape the economic outlook. “The world is watching because the agreements made between two of the largest economies in the world will certainly affect every single citizen of the world,” he said.
APEC’s 21-member economies account for almost half of global trade and more than 60% of world gross domestic product. The Philippine Department of Foreign Affairs said the summit will tackle artificial intelligence, demographic shifts and creative industries, while bilateral meetings with other leaders are still being finalized. The South China Sea dispute will not be discussed, it added, as it falls outside APEC’s mandate.
FREEDOM OF INFORMATION
Meanwhile, political analysts said Mr. Marcos should strengthen transparency and anti-corruption measures by pushing for a Freedom of Information (FOI) law and ensuring regular disclosure of officials’ wealth, amid renewed scrutiny of public accountability in the wake of a major infrastructure scandal.
Hansley A. Juliano, a political science lecturer at the Ateneo de Manila University, said the President could “claim moral ascendancy” by supporting FOI legislation and enforcing transparency within his administration.
“Mr. Marcos can enable not only the Ombudsman but also push for FOI reforms himself,” he said in a Facebook Messenger chat.
All 24 senators this week released their statements of assets, liabilities, and net worth (SALN) after the Office of the Ombudsman eased restrictions on public access to the records. The policy reversed a ban imposed under former President Rodrigo R. Duterte that had limited disclosure to protect officials’ privacy.
Senator Mark A. Villar remained the richest lawmaker with a net worth of P1.26 billion, followed by Senator Rafael T. Tulfo and his wife, Party-list Rep. Jocelyn Pua-Tulfo, with P1.05 billion, according to Senate data.
Senator Erwin T. Tulfo ranked third with P497 million. Senators Francis “Chiz” G. Escudero, Ana Theresia Hontiveros-Baraquel and Francis Pancratius N. Pangilinan reported the lowest net worth, ranging from P18.8 million to P28.7 million.
Several bills have been filed in Congress seeking to institutionalize an FOI system that would require all government branches to disclose key records, including SALNs, procurement documents and audit reports.
Michael Henry Ll. Yusingco, a fellow at the Ateneo Policy Center, said the release of the senators’ wealth statements was a positive step, but warned that public accessibility should be continuous rather than reactionary.
“Public access to SALNs must be guaranteed at all times. No exceptions,” he said via Messenger chat, adding that the President should issue an executive order requiring all executive officials to make their net worth public.
If the President is “really serious” about leaving an anti-corruption legacy, he should mandate full compliance with the Ombudsman’s transparency rules, Mr. Yusingco said. Blocking access to SALNs, he added, only “deepens public distrust in government.”
Gary D. Ador Dionisio, dean of De La Salle–College of St. Benilde’s School of Diplomacy and Governance, said previous SALN reports from 2016 to 2023 should also be disclosed for public scrutiny.
The academe and civil society should be allowed to examine past SALNs to understand how lawmakers’ wealth evolved, he said via Messenger chat.
Calls for greater transparency have intensified as the Marcos administration investigates a multibillion-peso flood control scam allegedly involving lawmakers, government engineers and private contractors accused of siphoning public funds. — Chloe Mari A. Hufana and Adrian H. Halili
50% of Filipino families feel poor, SWS poll shows
By Kenneth Christiane L. Basilio, Reporter
HALF of Filipino families said they were living in poverty, with 1.6 million families considering themselves as “newly poor,” according to a Social Weather Stations (SWS) poll.
The number of self-rated poor families rose by 500,000 to 14.2 million in September, accounting for 50% of all households, SWS said in a statement on Thursday. In June, 49% of Filipinos viewed themselves poor.
The rise in self-rated poverty was driven by increases in Metro Manila and the rest of Luzon, the pollster said. Families who considered themselves poor were highest in Mindanao at 69%, followed by the Visayas (54%), Metro Manila (43%) and the rest of Luzon (42%).
“Many Filipinos feel poorer not only because of rising prices but because their hard work no longer translates into stability,” Ederson DT. Tapia, a political science professor at the University of Makati, said in a Viber message. “Inflation, debt and job insecurity have eroded purchasing power, turning economic growth into an abstraction rather than a shared reality.”
The Marcos administration has anchored its policy agenda on economic revival, food security and industrial growth, but faces mixed signals on the ground.
Unemployment eased to 3.9% in August, down from the three-year high 2.59 million jobless in July, while inflation — once peaking at 6% in 2023 — cooled to 1.7% in September. Economic growth inched up to 5.5% in the second quarter, but remained below expectations.
“This current report nominally clashes with recent Philippine Statistics Authority figures suggesting lower inflation rates,” Hansley A. Juliano, a political science lecturer at the Ateneo de Manila University, said in a Facebook Messenger chat, noting that despite lower figures, families feel the cost of living remains high.
“Even if inflation has gone down this month, and wages have increased, the current interventions may not yet have a significant and tangible effect on peoples’ purchasing power,” he added.
About 12% of Filipinos considered themselves borderline in poverty, while 38% rated themselves as not poor, the SWS said.
Public confidence in the country’s political situation, including a widening multibillion-peso scandal involving flood control projects, may have influenced the survey findings too, Mr. Juliano said.
“Corruption scandals further drive home to the public our economic inequality situation, which may be very difficult to swallow for our public,” he said.
SWS survey data showed that the average monthly family expenses in September were about P3,000 for rent, P2,000 for transportation, P900 for internet and P360 for phone load.
“Compared with June 2025, the median monthly family expenses stayed unchanged… [except] for internet from P800 and mobile phone load from P300,” it said.
A family of five in the Philippines needs about P20,000 a month to cover basic food and nonfood expenses, the economic planning department told a House of Representatives budget hearing in September, raising the poverty threshold to P668 per day from P517.
The national average for self-rated poverty threshold has held at P12,000 since June, with the poverty gap remaining the same at P5,000, survey data showed.
“The threshold, or the minimum monthly budget self-rated poor families say they need for home expenses in order not to consider themselves poor, has remained sluggish for several years despite considerable inflation,” the SWS said. “This indicates that poor families have been lowering their living standards.”
In the survey, the number of self-rated food-poor families held steady at 41% or about 11.5 million, unchanged since April 2025.
The economic planning department in September also raised the food poverty benchmark, setting it at about P12,000 per month for a family of five, or P422 daily to meet basic nutritional needs.
The SWS interviewed 1,500 adults for the Sept. 24-30 poll, which had an error margin of ±3% points.
Bangsamoro body stays pending SC lawsuit
THE Bangsamoro Transition Authority (BTA) will remain the interim government of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) until new officials are elected or appointed, Malacañang said, following the Supreme Court’s (SC) decision to postpone the region’s elections.
The high court earlier this month ordered the deferment of the BARMM polls — initially set for Oct. 13 — to a date no later than March 31, 2026, after issuing a temporary restraining order (TRO) on the Bangsamoro Parliamentary Redistricting Act, or Bangsamoro Autonomy Act 77.
“The authority to make changes in the composition of the BTA during the transition remains with the Office of the President, as provided by law,” Malacañang said in a statement on Thursday. “No formal reappointment is necessary, as current members continue to hold office by operation of law until replaced or succeeded.”
It said the continuity of the BTA’s mandate ensures “legal stability and an orderly transition,” consistent with Republic Act (RA) No. 12123 or the Bangsamoro Organic Law, and the Supreme Court ruling.
The palace added that keeping the transition body intact is vital for maintaining peace and governance in the region while electoral preparations remain on hold.
The Commission on Elections suspended preparations for the postponed polls following the restraining order, which stemmed from petitions contesting the reallocation of seven parliamentary seats originally designated for Sulu. The high court last year ruled that Sulu was not part of BARMM, prompting legal challenges over the redistricting law’s validity.
RA No. 12123, enacted in February, moved the first regular BARMM elections from May to October 2025, with future polls to coincide with the 2028 national elections and every three years thereafter.
Malacañang said the Office of the President remains committed to advancing peace and self-governance in the Bangsamoro region, citing the extension of the BTA’s authority as part of efforts to uphold “autonomy, rule of law and the right to suffrage.”
It said the government would continue working with constitutional bodies and regional partners to ensure a smooth transition and credible elections once the high court resolves the pending petitions. — Chloe Mari A. Hufana
Provincial buses allowed on EDSA until Nov. 3
THE Metropolitan Manila Development Authority (MMDA) said that it would temporarily allow provincial buses to traverse Epifanio de los Santos Avenue (EDSA) amid an expected surge of passengers.
“As part of Oplan Undas 2025, the temporary passage of provincial buses along Edsa aims to speed up their turnaround time and ensure continuous trips for their passengers,” the agency said in an advisory late on Wednesday.
The MMDA said that buses from North Luzon may stop at terminals in Cubao, Quezon City, while those from South Luzon may only stop at the Parañaque Integrated Terminal Exchange (PITX) and Pasay.
The MMDA said that provincial buses would be allowed to pass through the highway from Oct. 30, 10 p.m. to Nov. 3, 5 a.m.
The agency added that temporary measure was due to the request of the National Association of Provincial Bus Operators of the Philippines, Inc.
“The group assured that it will follow the agency’s nose-in, nose-out policy so as not to severely affect traffic,” it added. — Adrian H. Halili
MAP asked to help vet DPWH officials
THE Management Association of the Philippines (MAP) has urged its members to share relevant information and assist in the vetting process for current officials at the Department of Public Works and Highways (DPWH).
“DPWH Secretary [Vivencio B. Dizon] is requesting for assistance in vetting and providing any information MAP members may have regarding the appointees listed,” MAP President Alfredo S. Panlilio said in a letter to MAP members dated Oct. 30.
This follows Mr. Dizon’s separate letters to MAP, the National Bureau of Investigation, and Philippine Chamber of Commerce and Industry asking them to help conduct a background check on 14 incumbent DPWH senior undersecretary, undersecretaries, and assistant secretaries.
“In line with the continuing thrust of the DPWH to uphold the highest standards of transparency, accountability and integrity in public services, we respectfully express our interest in collaborating with the MAP in strengthening mechanisms that will uphold these values among the Department’s high-ranking/key officials,” Mr. Dizon said in its letter to MAP.
This move came after the irrevocable resignation filed by Undersecretary Arrey A. Perez following accusations made by Batangas Rep. Leandro L. Leviste for allegedly having ties with contractors amid the flood control scandal. — Ashley Erika O. Jose
‘Secret’ Villanueva ruling released
OMBUDSMAN Jesus Crispin C. Remulla on Thursday released a copy of the “secret” decision by former Ombudsman Samuel R. Martires reversing a 2016 ruling that found Senator Emmanuel Joel J. Villanueva administratively liable for the alleged misuse of P9.7 million in Priority Development Assistance Fund (PDAF) allocations.
In a five-page order dated Sept. 13, 2019, Mr. Martires granted the motion for reconsideration filed by Mr. Villanueva — then a congressman — and officials of the Department of Agriculture (DA), setting aside their dismissal from service and clearing them of grave misconduct, serious dishonesty, and conduct prejudicial to the best interest of the service.
Last week, Mr. Remulla dropped his plan to write to the Senate leadership requesting the enforcement of the dismissal order against Mr. Villanueva, issued by then-Ombudsman Conchita Carpio-Morales in 2016.
Mr. Remulla said he was “surprised” by what he described as a “secret decision” of Mr. Martires, who had granted the motion for reconsideration — a fact, he noted, that was not made public.
Mr. Villanueva earlier denied that he was facing renewed pressure, saying he had already anticipated possible “harassment” and “fake news.” He also shared documents showing that the case was dismissed in 2019, along with a clearance from the Office of the Ombudsman dated 2025.
The 2016 Ombudsman decision had dismissed Mr. Villanueva and several DA officials for their alleged role in the release of P9.7 million to Aaron Foundation Philippines, Inc. (AFPI), a non-governmental organization tapped by the National Agribusiness Corp. (NABCOR) to implement agri-based livelihood projects.
Mr. Martires said in the ruling that there was “no adequate evidence on record” linking Mr. Villanueva to the loss of public funds, adding that the signatures attributed to him were unverified. He also said other public officials involved in project selection and monitoring should have been investigated to determine the extent of any conspiracy.
Antonio A. Ligon, a De La Salle University professor and former executive director of the Integrated Bar of the Philippines, said cases involving public officials “should be made public,” stressing that transparency is vital to accountability and considering their compensation and perks are paid for by the public.
He added that so-called “secret decisions” should not carry any legal effect, warning that such practices could undermine the fight against corruption.
“If secret decisions are allowed, then expectedly [that] it will weaken corruption cases, as respondents can easily make complicit arrangements with the judge or anyone in charge of hearing the case,” Mr. Ligon told BusinessWorld in a Viber chat.
In a separate Facebook messenger chat, Antonio Gabriel M. La Viña, constitutional law and legal philosophy professor at Ateneo de Manila University, meanwhile, said that while it is legally allowed, it is “improper from an accountability point of view. It also contradicts basic norms of transparency.” — Erika Mae P. Sinaking
BoC seizes P482-M fake apparel
THE BUREAU of Customs (BoC) has seized P482.63 million worth of counterfeit apparel from Bangladesh that bore popular international and local brands.
“The sale and distribution of counterfeit products not only deceive consumers but also harm honest businesses that comply with the law. This operation reflects our continuing resolve to ensure that only legitimate goods enter the Philippine market,” Assistant Commissioner Atty. Vincent Philip C. Maronilla said in a statement on Thursday.
The confiscated goods arrived at the Port of Manila in August after being transshipped to Singapore from Bangladesh to evade the Customs’ profiling system.
“The containers were flagged for examination following intelligence reports indicating possible misdeclaration and suspected Intellectual Property Rights (IPR) infringement,” the BoC said.
The agency conducted a 100% physical inspection of the shipments on Oct. 9 and found 1,287 boxes of counterfeit branded apparel misdeclared as socks, each valued at P2,500.
The items bore the trademarks of multiple global and local brands, including but not limited to Jag, Bench, Zara, Givenchy, Fubu, Lee, H&M, Cotton On, Lacoste, Burberry, Essentials, Champion, Jordan, Levi’s, Bathing Ape, Oakley, RRJ, Calvin Klein, and Off-white. — Aaron Michael C. Sy
Bill abolishes tax tiering for vape juices
A MEASURE abolishing the tax distinction between vape juices was filed at the House of Representatives, aiming to impose a uniform excise rate.
Filed by Cagayan de Oro Rep. Rufus B. Rodriguez and Party-list Rep. Maximo B. Rodriguez, Jr. In early October, House Bill No. 5364 seeks to plug what they see as regulatory gaps in tobacco taxation, including the differing excise rates applied to freebase and nicotine salt juices.
“Certain traders deliberately misrepresent products as containing only freebase nicotine when, in truth, such products contain nicotine salts, with the intent of evading the higher excise tax imposed,” they said in the measure’s explanatory note.
The measure proposes a P10-per-milliliter tax on all vape liquids, with a 5% yearly hike by 2027. — Kenneth Christiane L. Basilio
Swift passage of bill creating independent body for infra probe pushed
A PHILIPPINE senator on Thursday called for the swift passage of a bill that seeks to create an independent commission that would investigate all government infrastructure projects.
In a statement, Senator Francis “Kiko” N. Pangilinan called on President Ferdinand R. Marcos, Jr. to certify as urgent Senate Bill No. 1215, which seeks to create the Independent People’s Commission (IPC). This institutionalizes and strengthens the Independent Commission for Infrastructure (ICI), created under Executive Order No. 94.
“If the President certifies it as urgent, it will be even more feasible. We also need to pursue the national budget debates in the Senate,” he said in Filipino.
“When the Senate budget debate begins, there is nothing else to discuss. We need to make sure that we will — as best as we can — pass this measure. And we hope all senators will support this measure,” he added.
The proposed measure grants the IPC contempt, subpoena, and freeze order powers, which the current ICI does not have.
Investigations would also cover all infrastructure projects by the national and local government, including projects for education, agriculture, flood control, disaster resilience, among others.
The bill also mandates all investigations to be completed within 60 days, and a full report issued to the public after 30 days.
“We need to hurry up,” he added. “The people are saddened because they see that no one is being imprisoned.”
The Philippines faces a mounting corruption scandal allegedly involving lawmakers, government engineers and private contractors siphoning of billions from flood control projects. — Adrian H. Halili
Wanted Dawlah bombmaker arrested in Sultan Kudarat
COTABATO CITY — Police intelligence agents arrested a known bombmaker in the Dawlah Islamiya, wanted for high-profile criminal cases pending in different courts, in an anti-terror operation in Barangay Ligao in Palimbang, Sultan Kudarat on Wednesday.
Local officials and members of two erstwhile secessionist Moro groups, who supported the law-enforcement operation of the Police Regional Office-12 (PRO-12), said on Thursday, the now-detained bombmaker is well-versed in fabrication of improvised explosive devices using either ammonium nitrate or potassium chlorate as blasting charges.
Brig. Gen. Arnold P. Ardiente, PRO-12 director, told reporters that the suspect was cornered by operatives from their Regional Intelligence Division and other PRO-12 units before dawn on Wednesday.
Mr. Ardiente said the suspect is wanted for multiple murders, multiple frustrated murders, destructive arsons and violations of the Republic Act No. 11479, or the Anti-Terrorism Act of 2020.
Local officials said the bombmaker yielded peacefully when policemen barged into his hideout and showed him warrants for his arrest from different courts.
Mr. Ardiente said the raiding team had confiscated from him an improvised explosive device rigged with a blasting mechanism that can be detonated from a distance using a mobile phone. — John Felix M. Unson