Philippines: balance of payments (BoP) position
THE PHILIPPINES’ balance of payments (BoP) surplus sharply narrowed year on year in September, the central bank reported on Monday. Read the full story.
UnionBank OKs resignation of 3 senior officers
UNION BANK of the Philippines (UnionBank) on Monday said it has accepted the resignation of three assistant vice-presidents from its consumer banking group, marking a series of management changes in the Aboitiz-led lender’s retail operations.
In a disclosure to the Philippine Stock Exchange, the bank said the departures include ATM Services Manager and Assistant Vice-President Maria Louisa S. Doce, Consumer Banking Product Development head and Assistant Vice-President Anna Margarita A. Gapac and Government and Debit Cards Channel head and Assistant Vice-President Ma. Nerliza A. Centeno.
Ms. Doce’s resignation will take effect on Oct. 23. Ms. Gapac, who also resigned due to personal reasons, will step down on Oct. 25, while Ms. Centeno opted for early retirement effective Oct. 22, the lender said.
UnionBank had not yet announced their replacements.
The management changes come as the bank continues to navigate tighter margins and higher provisioning expenses. Its net income fell 40.5% year on year to P1.82 billion in the second quarter due to lower loan interest earnings and increased credit provisions.
In the first half, its consolidated profit stood at P3.25 billion, down 38.9% from a year earlier.
UnionBank has been focusing on digital banking and technology-driven services after its acquisition of Citigroup, Inc.’s local consumer banking business in 2022. The lender is also among the first in the country to operate a digital bank under its UnionDigital unit.
UnionBank shares closed at P29 each, down 0.34% or 10 centavos from the previous trading day. — Aaron Michael C. Sy
How PSEi member stocks performed — October 20, 2025
Here’s a quick glance at how PSEi stocks fared on Monday, October 20, 2025.
Palace says gov’t intensifying steps vs corruption after biz groups’ call
THE MARCOS administration on Monday said it is intensifying efforts against corruption following calls of major Philippine business groups for a swift and decisive action, amid what they described as “historic, massive and unprecedented” scandal involving public works projects.
“So much has been done and many more are still being investigated,” Palace Press Officer Clarissa A. Castro told a news briefing in Filipino, citing initiatives such as the creation of the “Sumbong sa Pangulo” platform and the Independent Commission for Infrastructure (ICI).
“The President and the administration share the sentiment of businessmen, which is why investigations continue, and actions are being expedited to hold those involved accountable.”
In a joint resolution, major Philippine business organizations over the weekend urged Philippine President Ferdinand R. Marcos, Jr. to take swift and decisive actions against corruption, warning that the controversy has damaged investor confidence and posed serious threat to the country’s economy, governance, and international standing.
They noted that while businesses regularly pay taxes and regulatory fees, they expect the government to act transparently and uphold accountability in return.
The coalition, comprising the Makati Business Club, the Philippine Chamber of Commerce and Industry, and the Employers’ Confederation of the Philippines, among others, also called on the President to empower the ICI with greater authority to thoroughly investigate and prosecute those involved in the alleged anomalies.
They cautioned that continued inaction could weaken the Philippines’ competitiveness and deter foreign investment.
They added that restoring integrity in government operations is essential to rebuilding public trust and promoting sustainable economic growth.
Ms. Castro said Malacañang agrees that the ICI could use “more teeth,” but maintained that it is already performing well under existing authority.
“When the ICI calls witnesses — even senators and members of Congress — they cooperate and respond. The investigation is proceeding smoothly,” she said.
Asked whether the President is open to granting the ICI expanded powers through legislation, as proposed by Caloocan Rep. Edgar R. Erice, Ms. Castro said the President “will not close the door” on the idea but sees no immediate need.
“If there’s room for improvement, the President is always open. But right now, the ICI’s work speaks for itself,” she said.
INFRA COST-CUTTING PLAN
Meanwhile, the Department of Public Works and Highways (DPWH) on Monday said that it will soon release its recommendations to lower the project cost for local infrastructure projects, as the agency faces mounting scrutiny over corruption.
“Very soon, we will be coming up not just with an across the board (recommendation), but a per-region adjustment to the cost of materials throughout the projects,” Public Works Secretary Vincencio B. Dizon said during the agency’s budget hearing.
The recommendations are part of the agency’s revamp amid the scandal that involved contractors and Public Works officials who allegedly siphoned off funds meant for flood control projects.
“In the next few weeks, we will be announcing a recommendation already and this must be applied immediately, not just moving forward, but must be applied immediately, especially, for those projects that are still ongoing procurement,” he added.
In the same hearing, Senator Lorna Regina “Loren” B. Legarda proposed to cut all DPWH infrastructure projects by about 25% to 30%, noting overpricing on project costs as a “temporary corrective measure.”
Senator Paolo Benigno “Bam” Aquino IV said that an across-the-board budget cut may be warranted if the DPWH fails to address overpricing.
“If there’s overpricing, we won’t be able to sign off in good conscience knowing that the design and cost of materials are overpriced,” Mr. Aquino said.
The Public Works chief said that some infrastructure projects of the agency have been found to be overpriced by up to 30% of the original costs.
“Because many of them are higher than the real cost of materials all over the country,” he added.
Mr. Dizon said that any saving generated from the cost-cutting measures could be utilized by the government for “more important or equally important services.”
Earlier, the DPWH’s 2026 budget was slashed to P625.78 billion, 28.9% lower than the original proposal of P881.31 billion, after Mr. Marcos ordered a “sweeping review” due to the corruption scandal. — Chloe Mari A. Hufana and Adrian H. Halili
House open to cutting standby fund but caution needed, lawmaker says
THE House of Representatives is open to cutting unprogrammed appropriations, a lawmaker said on Monday, but warned that some projects still require standby funding despite calls for proposed reductions.
In a media briefing, Nueva Ecija Rep. Mikaela Angela B. Suansing said she is “very open” to discussions on reducing allocations for unprogrammed appropriations, adding that the House is not firmly opposed to revisiting standby funding once the budget bill enters bicameral conference deliberations.
But she emphasized the need to preserve standby allocations for foreign-assisted projects and the military’s modernization program, saying that abrupt cuts to their spending could jeopardize the programs that rely on flexible funds.
“I’m very open to discussing with the Senate how we can potentially rationalize the contents of unprogrammed appropriations,” said Ms. Suansing, who heads the House Appropriations Committee. “But as you can see, there are other programs that really need to be retained.”
“The House is not closed to the possibility that the entire P243-billion [unprogrammed] allocation may not be retained.”
Senate President Vicente “Tito” C. Sotto III said in early October that the chamber would push to remove all unprogrammed funds from the proposed P6.793-trillion national budget for 2026, adding that he had discussed the proposal with Senator Sherwin T. Gatchalian, who heads the Senate Finance Committee.
The House last week approved its version of the 2026 budget on final reading, reallocating around P255 billion originally earmarked for flood control projects. Congressmen also trimmed the Office of the Vice-President’s budget to P733 million and revised P35 billion in standby funds.
The spending bill must still pass second and third readings in the Senate and undergo deliberations in a joint congressional committee, where further revisions may be introduced, before it can be transmitted to the Presidential Palace for signing.
“Rather than zeroing out the particular items under unprogrammed appropriations, one option is to explore reducing them,” she said.
She said some P133 billion needs to be retained for foreign assisted projects. The funding could not be placed under assured funding due to strict requirements in securing guaranteed allocations.
“Because during the budget preparation stage, the requirements needed for these projects to be included in programmed appropriations were not met,” she said.
There must be a “perfected contract” between the Philippines and foreign institutions for the project, and it must be approved by the socioeconomic planning board first before being included in the budget bill.
She added a portion of the P50-billion funding should also be retained for military modernization.
“Our armed forces really need additional support for equipment.”
Ms. Suansing said the House adopted most of the unprogrammed appropriations because they are “necessary funds” for next year, noting that their implementation depends on the availability of additional government revenues.
Congressmen slashed unprogrammed appropriations to P243 billion from the initially proposed P249 billion under the National Expenditure Program.
Also on Monday, Ms. Suansing said the House ensured the proposed 2026 budget would be free of “pork barrel,” which previously allowed lawmakers to fund projects within their districts that fell outside the national infrastructure program. — Kenneth Christiane L. Basilio
Groups ask Ombudsman to probe impeachment raps vs VP Duterte
A CITIZEN coalition on Monday filed a letter before the Office of the Ombudsman urging an investigation into allegations raised in the impeachment complaints against Vice-President Sara Duterte-Carpio over her alleged misuse of confidential and intelligence funds (CIF) and grave abuse of power.
“We are calling on the Ombudsman to take the cases against Vice-President Sara Duterte seriously, to investigate the articles of impeachment,” said Francis Joseph “Kiko” Aquino Dee, co-convenor of the Tindig Pilipinas, in an interview with reporters.
Tindig Pilipinas, along with Magdalo and Mamamayang Liberal, was among the groups that filed the first impeachment complaint against Ms. Duterte in 2024.
In their letter, the groups asked the Ombudsman to initiate a motu proprio investigation and, if warranted, file appropriate cases against the Vice-President.
In a separate statement, Akbayan called Ms. Duterte’s earlier justification that she used the confidential funds to “investigate corruption” within her agency an “absurd alibi” meant to divert public attention from her alleged misuse of public money.
The Office of the Vice-President (OVP) did not immediately respond to a Viber message seeking comment.
The complaints accused Ms. Duterte of committing a betrayal of public trust, culpable violation of the Constitution, graft and corruption, and other high crimes. These include her alleged public admission of plotting assassinations against the President, the First Lady, and the former House Speaker, as well as her alleged misuse of confidential funds under both the OVP and the Department of Education.
Tindig Pilipinas said Ms. Duterte’s “disturbing public admission” reflected the “violence and impunity” that marked her father’s anti-drug campaign.
The coalition also demanded full transparency on the use of confidential funds, comparing the issue to other alleged corruption cases such as ghost flood control projects.
The groups said the Ombudsman must demonstrate that its anti-corruption mandate “applies equally to all officials” and that “no one, not even the Vice-President, should be beyond the reach of the law.”
In July, the Supreme Court struck down the House’s impeachment complaint against Ms. Duterte, ruling that it had violated the one-year bar rule and her right to due process. The high court clarified that she was not absolved of the charges, and that a new complaint could only be filed starting February next year.
Critics have pointed to Ms. Duterte as among those positioning for the 2028 presidential elections, given that President Ferdinand Marcos Jr. is limited to a single term.
Ombudsman Jesus Crispin “Boying” C. Remulla said in a press briefing on Monday that his office would not set aside the articles of impeachment filed against Ms. Duterte and that these could serve as a reference in their fact-finding efforts to assess the allegations against her.
“It will serve as a good guide,” Mr. Remulla said. — Erika Mae P. Sinaking
Tariff panel to send proposal in Nov.
THE Cabinet-level Tariff and Related Matters Committee met last week to deliberate on the government’s extended deferment of rice imports and the proposed farmgate price for palay, with its recommendations expected to be submitted to the Economic Development Council (EDC) by the first week of November, the Palace said on Monday.
“They will submit their recommendations to the EDC, and we’ll have to wait and see what their final recommendation will be,” Palace Press Officer Clarissa A. Castro told a Palace briefing in Filipino.
The Marcos administration earlier suspended rice importation to stabilize domestic supply and temper retail prices amid concerns from both farmers and consumers.
The government is also weighing adjustments to farmgate prices to ensure fair returns for producers while managing inflation risks.
The Department of Economy, Planning, and Development is currently evaluating a proposal to open a one-month rice import window in January, followed by a reimplementation of an import freeze from February through April next year.
The plan comes amid pressure to balance farmer protection — with palay farm-gate prices falling year on year — and consumer supply stability in a sector liberalized under the Rice Tariffication Law. — Chloe Mari A. Hufana
DPWH vows to fill up 2,000 posts
THE Department of Public Works and Highways (DPWH) said it is now filling up about 2,000 vacant positions with some positions to be filled through promotions of employees.
“We need to promote deserving, honest and hardworking people here in DPWH which include JO (job order),” Secretary Vivencio B. Dizon said in a statement on Monday.
The agency will prioritize employees of DPWH including those under job order or contractual basis, Mr. Dizon said, adding that this is in line with the government’s push to give opportunities to promote those job order employees.
Further, Mr. Dizon said reforms will also seek to eliminate salary delays.
Meanwhile, Mr. Dizon on Monday announced the appointment of Lara Marisse Esquibil as officer-in-charge for operations for Convergence Projects and Technical Services. — Ashley Erika O. Jose
6,000 suppliers flagged due to lack of ownership report
THE Department of Budget and Management (DBM) said about 6,000 government suppliers with a platinum status risk suspension over non-submission of their beneficial ownership reports to the Philippine Government Electronic Procurement System (PhilGEPS).
In a statement on Monday, the DBM said out of the 12,769 PhilGEPS platinum registered corporations this year, only 6,766 have submitted their beneficial ownership documents.
“The disclosure of beneficial ownership is a powerful feature of the new law because it ensures that conflicts of interest in public procurement are avoided. We are closing the doors on corruption and collusion in bidding for government projects,” Budget Secretary Amenah F. Pangandaman said.
Under the new government procurement law, “old tricks of name-changing, head-swapping and dummy company owners will no longer work,” she said in mixed English and Filipino.
Procurement Service-DBM (PS-DBM) Executive Director Genmaries S. Entredicho-Caong said non-submission of this document automatically suspends their platinum registration, which is the only eligibility document required from bidders.
The DBM said the Government Procurement Policy Board, through PS-DBM PhilGEPS, with partners such as the World Bank and Open Ownership, is establishing a public online beneficial ownership registry of bidders and an analytical tool prototype to help procuring entities identify red flags and prevent irregularities.
Ms. Entredicho-Caong also noted that based on a 2023 Technical Support Office (TSO) report, it found that 65.8% of bidders have common owners, based on a random sampling of 180 procuring entities.
Meanwhile, the DBM found out that 71.6% of bidders were related to government officials.
PS-DBM earlier canceled PhilGEPS membership of multiple firms linked to the Discaya family, including the St. Gerrard Construction, Gen. Contractor & Dev’t Corp., Alpha & Omega Gen. Contractor & Dev’t Corp. and St. Timothy Construction Corp. — Aubrey Rose A. Inosante
2GO Travel to launch Manila-Siargao route in November
SEA TRAVEL solutions provider 2GO Travel is set to launch its newest route by offering its Manila-Siargao services beginning November.
“This voyage is for every Filipino who has long wanted to experience Siargao without breaking the bank,” 2GO Senior Assistant Vice-President and Business Unit head Francis John Chua said in a media release on Monday.
“At the same time, it ensures that local businesses can transport goods and supplies more efficiently. We’re making travel and trade more inclusive, one voyage at a time.”
The sea travel provider is set to offer this service on Nov. 10, departing from Manila every Monday at 6:30 p.m., and arriving in Siargao at 11:30 p.m. on Tuesday.
The return trip will leave Siargao every Wednesday at 2:30 a.m. and arrive in Manila at 7:30 a.m. on Friday.
This move is part of the company’s goal of offering more affordable and reliable travel options to Siargao while also creating an important logistics bridge that supports the island’s economy.
“The route enables the more cost-efficient movement of essential goods such as food, fuel, and construction materials, benefiting local communities and small businesses,” it said.
Further, 2GO said it will utilize its MV 2GO St. Francis Xavier, one of its largest and most modern vessels to serve this route.
This vessel can accommodate up to 1,700 passengers, containerized and loose cargo, reefer vans, and other temperature-controlled shipments. — Ashley Erika O. Jose
Bill modernizing TESDA filed
A SENATOR on Monday said that she has filed a bill seeking to modernize the Technical Education and Skills Development Authority (TESDA), citing the need to strengthen and restructure the agency.
“Our people must be equipped with the right skills to thrive in a rapidly changing world of work,” Senator Lorna Regina “Loren” B. Legarda said in a statement. “This bill will ensure that TESDA delivers high-quality and relevant training that helps Filipinos build better futures for themselves and their families.”
Senate Bill No. 1413, the TESDA Modernization bill, seeks to establish a Board of Advisers as a policy and oversight body. It would be composed of the Director General, Cabinet secretaries, the Chairperson of the Commission on Higher Education, and private sector representatives.
The bill grants the Director General the authority to upgrade, merge, or phase out programs that no longer meet industry needs, under the Technical-Vocational Education and Training (TVET) system. It also grants the power to devolve community-based training to local government units.
“TESDA must evolve with industry standards. We have one of the most skilled and hardworking work forces in the world, and it is our responsibility to ensure that they remain employable, adaptable, and ready for the future,” she added.
The bill also seeks to reorganize the agency into specialized offices for planning, standards-setting, accreditation, enterprise-based education, and local skills development.
The proposed measure also seeks to implement alternative systems that would recognize prior learning, micro-credentials, and digital badges to validate informal or non-traditional training and promote lifelong learning.
Ms. Legarda said that her bill also seeks to strengthen the agency’s development fund and implement institutionalization of scholarship grants and systematic funding schemes such as levy-grant systems. — Adrian H. Halili
Palace studying calls for GSIS leadership change
THE Palace on Monday said President Ferdinand R. Marcos, Jr. is studying and taking a “measured” approach toward calls for the resignation of Government Service Insurance System (GSIS) President and General Manager Jose Arnulfo “Wick” A. Veloso over alleged gross mismanagement and policy violations.
Palace Press Officer Clarissa A. Castro said the President wants agency leaders to demonstrate accountability and proper leadership.
“The President wants officials who fulfill their obligations and exercise sound leadership,” she told a press briefing in Filipino.
“For now, the matter is being carefully reviewed. If there is a basis for the allegations, the President will decide accordingly.”
Mr. Veloso is facing accusations of authorizing high-risk, non-compliant investments that allegedly caused P8.8 billion in cumulative losses for the state pension fund.
The GSIS chief has already responded to the claims, denying wrongdoing. He had also publicly rejected the resignation calls, asserting that the GSIS pension fund remains solvent and has a fund life extending up to 2058. — Chloe Mari A. Hufana