21 Cabinet secs to stay; cleansing not done By Samuel P. Medenilla
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ESPITE announcing 21 more members of the Cabinet will be retained, Malacañang said President Ferdinand Marcos is still not done with his ongoing cleansing of his administration of underperforming and corrupt executives. In a press briefing on Tuesday, Executive Secretary Lucas P. Bersamin disclosed the third batch of officials whose courtesy resignations were declined by Marcos: Agriculture Secretary Francisco P. Tiu Laurel Jr.; Agrarian Reform Secretary Conrado M. Estrella III; Education Secretary Juan “Sonny” M. Angara; Technical Education and Skills Development Authority (Tesda) Director General Jose Francisco B. Benitez; Labor Secretary Bienvenido E. Laguesma; Social Welfare Secretary Rexlon
WORLD » A6
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“Rex” T. Gatchalian; Health Secretary Teodoro J. Herbosa; Migrant Workers Secretary Hans J. Cacdac; Science and Technology Secretary Renato R. Solidum Jr.; and Tourism Secretary Christina G. Frasco. Also retained in the Cabinet are Information and Communications Secretary Henry Rhoel R. Aguda; Transportation Secretary Vivencio “Vince” B. Dizon, Public Works Secretary Manuel M. Bonoan; Presidential Chief Legal Counsel Juan F. Ponce Enrile; Presidential Management Staff Elaine T. Masukat; Metropolitan Manila Development Authority Chairman Romando S. Artes; Mindanao Development Authority (MinDA) Leo Tereso A. Magno; Presidential Advisor for Mindanao Concerns Secretary Antonio G. Sariles; Bureau of Internal Revenue Commissioner Romeo D. Lumagui Jr.; Bureau of Customs Commissioner Bienvenido Y. Rubio; and Treasurer of the Phil-
ippines Sharon P. Almanza. Bersamin also clarified that Foreign Affairs Secretary Enrique A. Manalo, who was part of the first batch of announced Cabinet changes, will be retained at this post until he is officially confirmed as the Philippines’s Permanent Representative of the Philippines in the United Nations. It was earlier announced Manalo was scheduled to leave his post in DFA by 1 August 2025. “These secretaries whose resignations have been declined need to be announced because there have been many speculations that have been going around and they have been the victims of intrigues and harassment from many quarters,” Bersamin said. “That’s why we came out today with an announcement of who they are because it’s just simple justice to them,” he added. While the said officials will continue to
serve in the Cabinet, Bersamin said all of them are expected to have a “higher degree performance” in the remaining three years of the Marcos administration.
Appointment and dismissals
BERSAMIN also announced new appointments: former Philippine Stock Exchange (PSE) President and Chief Executive Officer Francis Edrelyn Lim will replace Securities and Exchange Commission chairperson Emilio B. Aquino, who will end his 7-year term on June 6, 2025. “Attorney Lim is a distinguished member of the legal and financial communities. He has an extensive background in corporate and securities law. He previously served as the President and Chief Executive Officer of the Philippine Stock Exchange and is a Senior Partner at Accra Law,” Bersamin said. See “21 cabinet,” A2
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AFASA NOW MANDATES BSFI FRAUD DETECTION www.businessmirror.com.ph
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Wednesday, June 4, 2025 Vol. 20 No. 234
P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK
By Reine Juvierre S. Alberto @reine_alberto
LL financial institutions supervised by the Bangko Sentral ng Pilipinas are now required to deploy real-time fraud detection systems, probe financial accounts and temporarily hold suspicious funds as the Anti-Financial Account Scamming Act (AFASA) takes effect. The BSP issued Circular Nos. 1213, 1214 and 1215, aimed at safeguarding consumer protection amid the growing online fraud and financial scams in the country. Under Circular No. 1213, BSPsupervised financial institutions (BSFIs) engaged in complex electronic products and services and handling high aggregate values of online transactions are now mandated to adopt a robust Fraud Management System (FMS). The FMS must be capable of rapidly detecting, preventing and blocking disputed, suspicious or
other fraudulent transactions, including new and evolving fraud schemes involving bots, malware and other sophisticated digital threats. BSFIs are also required to implement a 24-hour transaction pause period following key account changes, such as updates to a customer’s mobile number or email address, during which financial transactions will be restricted unless strong authentication is in place. Advanced security technologies, such as biometric and behavioral biometrics, passwordless See “Afasa,” A2
DA EXTENDS FISH, SEAFOOD IMPORT PERMITS TO END-JUNE By Ada Pelonia
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HE Department of Agriculture (DA) has extended the issuance of fish and seafood import permits to end-June amid the trickle of arrivals posed by tight timelines and sourcing constraints. In a statement, the DA noted that only a quarter of the approved importation of 25,000 metric tons (MT) of fish and seafood has arrived in the country. The agency authorized the importation earlier this year. Agriculture Secretary Francisco Tiu Laurel Jr. attributed the low uptake to overly tight importation timelines and sourcing constraints. “It’s more of a systemic issue than low demand,” Laurel said.
“The timeframes we set were too short, and many of the approved products were out of season in their countries of origin. It was also challenging for some importers to meet requirements tied to larger volume allocations.” This move would also provide importers more time to adjust to new guidelines aimed at easing food inflation and improving allocation efficiency, according to the DA. The approved list of imports includes salmon, cod, tuna byproducts, squid, scallops, octopus, and lobster, which would primarily be used for the food service, tourism and hospitality industries. None of these are locally sourced in sufficient quantities, the agency added. See “Da,” A14
‘DON’T BANK ON FOSSILS’ Climate advocates stage a protest in front of the Asian Development Bank (ADB) headquarters in Ortigas on Tuesday, June 3, 2025, coinciding with the Asia Clean
Energy Forum. The group urged ADB to stop financing what they call “false solutions” such as fossil fuels and instead invest in regenerative and genuinely renewable energy systems that safeguard the environment and communities. NONOY LACZA
NG end-April debt hits record ₧16.752T By Reine Juvierre S. Alberto
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@reine_alberto
HE national government’s outstanding debt climbed to a new record of P16.752 trillion as of the end of April, on account of increased fundraising sourced domestically and externally. Latest data from the Bureau of the Treasury (BTr) revealed the government’s outstanding debt rose by 11.56 percent as of endApril 2025 from P15.017 trillion in the same period last year. Broken down, the bulk of the total debt stock is accounted for by domestic debt at 69.2 percent, while the remaining 30.8 percent came from external sources, as the government reduces its exposure
to external vulnerabilities. Local debt saw a 12.44-percent increase year-on-year at P11.590 trillion from P10.308 trillion. Foreign borrowings, meanwhile, grew 9.63 percent to P5.162 trillion as of end-April from P4.708 trillion a year ago. The country’s debt portfolio “remains resilient,” according to the Treasury, as 91.7 percent of obligations carry fixed interest rates, while 82 percent are classified as long-term. “This structure helps insulate public finances from abrupt changes in interest rates and the market environment,” the Treasury said. Month-on-month, the government’s total debt saw a modest uptick of 0.41 percent from P16.683 trillion as a stronger peso reduced
the effect of additional borrowings. Domestic debt inched up by 1.85 percent from P11.379 trillion in March 2025, as the government raised P300 billion from fixed-rate Treasury notes, as well as other government securities. The strengthening of the local currency also reduced the peso value of dollar-denominated domestic securities by P3.85 billion. Meanwhile, external debt declined by 2.68 percent from P5.304 trillion as of end-March 2025. The decline was due to the P124.74 billion decrease in the peso value of external debt owing to peso appreciation, as well as net repayments of P58.28 billion, according to the Treasury. “The government continues to follow a disciplined debt strategy,
ensuring that borrowings support productive investments while keeping fiscal sustainability,” the Treasury said. The outstanding debt is expected to reach P20.7 trillion by the end of the Marcos Jr. administration. The government could see its outstanding debt continue to hit fresh highs in the coming months due to early-year borrowing activities and the need to manage risks tied to global market volatility. “There’s a need to hedge both local and foreign borrowings amid the so-called ‘Trump factor,’ which has caused financial uncertainty since October 2024,” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation, said. See “NG,” A2
PESO EXCHANGE RATES n US 55.7840 n JAPAN 0.3910 n UK 75.5650 n HK 7.1120 n CHINA 7.7520 n SINGAPORE 43.4049 n AUSTRALIA 36.2038 n EU 63.8225 n KOREA 0.0406 n SAUDI ARABIA 14.8718 Source: BSP (June 3, 2025)