AMLC eyes banks’ role in fund releases T By Cai U. Ordinario
TEACHING MOMENT President Ferdinand “Bongbong” Marcos Jr. addresses educators during the National Teachers’ Celebration held at the SM Mall of Asia Arena in Pasay City on Monday. In his speech, Marcos emphasized the crucial role of teachers in nation-building and expressed his intent to feature a teacher on the P1,000 bill—a symbolic gesture of gratitude and respect for the profession’s enduring contribution to Philippine society. BERNARD TESTA
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HE Anti-Money Laundering Council (AMLC) raised the possibility that banks and their employees may be complicit in the release of funds from accounts linked to the anomalous flood control projects. In a radio interview, AMLC Executive Director Matthew M. David said if this were the case, the AMLC can initiate an examination or compliance checking against the banks, including their employees. David said AMLC can also file criminal cases of money laundering against banks and their employees who are complicit in the current corruption controversy.
“Pwede pong mangyari na kasabwat ang mga bangko [It’s possible that some banks are complicit]. Unang una [First among them are], supervisors [of] covered persons, we can initiate examination or compliance checking against the banks, including their employees,” David said. “[This form of] money laundering that a bank employee can do is called facilitating—money laundering offense through facilitating of the transaction,” he added. David said banks should file suspicious transaction reports to the AMLC if there are withdrawals that are suspicious, as provided under the law. He said if the bank, compliance officer or bank manager thinks a withdrawal is possibly related to
corruption, they should file a suspicious transaction report. If they do not do that, AMLC will never know. “Ang tawag natin sa mga [We call the] banks and covered persons [the] first line of defense. Because the banks are the first that can see this, not the AMLC. They’re the first that can see, detect or even prevent these unlawful activities,” he added, partly in Filipino. Meanwhile, David said AMLC included in its investigation foreign assets of the respondents. This includes offshore bank accounts, real properties or properties acquired by respondents in other countries. Through mutual legal assistance (MLAT), David said AMLC can request foreign entities to file a civil
forfeiture abroad in order to return these to the national government. “We are coordinating with our foreign counterparts to determine if they are respondents in financial transactions abroad; they share that with us. And they share whatever properties these people may have overseas,” David said. To date, AMLC has immobilized P4.2 billion worth of assets linked to the alleged irregularities in flood control spending. This was after AMLC secured its fourth freeze order from the Court of Appeals on Friday. The latest order covered 57 bank accounts, 10 real properties, and nine motor vehicles. See “AMLC,” A2
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‘FLOOD FIASCO FALLOUT TO SLOW GOVT SPENDING’ www.businessmirror.com.ph
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Tuesday, October 7, 2025 Vol. 20 No. 359
P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK
By Cai U. Ordinario @caiordinario and Samuel P. Medenilla @sam_medenilla
HE flood-control mess could threaten the country’s growth given its potential to slow down government spending, according to Nomura. In a separate development, however, President Ferdinand Marcos Jr. gave assurances on Monday that public works will still push through next year to keep the country’s economy go-
ing, despite the ongoing government crackdown on anomalous flood control projects. “It [crackdown] does not mean that we have given up completely See “Flood,” A2
‘PHL GIG ECONOMY FAILS TO MEET DECENT WORK METRICS’ By Justine Xyrah Garcia
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ESPITE the rapid growth of ride-hailing and delivery platforms in the country, its gig economy continues to fall short of even the most basic standards of decent work, according to a new Fairwork Philippines report. Now in its third year, the study found that none of the nine major platforms operating locally— Angkas, GrabCar, GrabFood/ Express, Foodpanda, JoyRide, JoyRide Car, Lalamove, Maxim, and Move It—fully met the five
principles of fair work covering pay, conditions, contracts, management, and representation. GrabCar topped this year’s ranking but earned only 3 out of 10 points, followed by GrabFood/Express with two. Angkas, Lalamove, and Move It received one point each, while Foodpanda, JoyRide Car, JoyRide MC Taxi, and Maxim scored zero. “The results show very minimal evidence of basic standards in fairness of working conditions, contracts, and management,” the report said, noting See “PHL,” A9
CURRENT SOLUTION The Department of Science and Technology–Philippine Council for Industry, Energy and Emerging Technology Research and Development (DOST-PCIEERD) inaugurated and demonstrated the country’s first locally developed battery-electric passenger ferry at the Pasig River on Monday. The launch, held at Plaza Mexico ferry station in Intramuros, Manila, featured the MB Dalaray—a name that means “flow of current.” The eco-friendly vessel aims to showcase sustainable water transport innovation that could help ease Metro Manila’s traffic congestion. The Pasig River links five major cities—Pasig, Makati, Mandaluyong, Taguig, and Manila—and could potentially extend routes to Marikina and towns around Laguna Lake, including parts of Rizal and Laguna. DOST Secretary Renato Solidum Jr., along with University of the Philippines officials, led the inauguration. ROY DOMINGO
Bam asks DTI to review ‘Trustmark’ rule By Butch Fernandez and Andrea E. San Juan
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CALM IN THE UPPER CHAMBER Senate President Vicente “Tito” Sotto III speaks to reporters at the Senate in Pasay City on October 6, 2025, dismissing rumors of a leadership coup and expressing confidence that the chamber remains united. Sotto welcomed President Marcos Jr.’s decision not to certify the 2026 budget bill as urgent to allow lawmakers more time for scrutiny, and said he hopes Sen. Panfilo “Ping” Lacson will stay on as Blue Ribbon Committee chair despite frustrations over the inquiry process. Story in A9 News. ROY DOMINGO
EN. Bam Aquino is asking the DTI to review and reconsider the mandatory “Trustmark” requirement for online traders, calling it an unnecessary burden on micro, small, and medium enterprises (MSMEs). The Philippine Trustmark is a digital badge that serves as government recognition for online merchants and platforms that commit to trustworthiness, safety, and fair e-commerce practices. Under its Department Administrative Order (DAO) 25-12, the DTI has given them until December 31 to comply with the Trustmark requirement. “We call on the DTI to revisit the
requirement for online businesses to have a Trustmark. Let’s not give them an additional burden and let them thrive instead,” Aquino said in Filipino, warning that the policy may discourage MSMEs from bringing their businesses online to digital marketplaces and other platforms. Sought for reaction, the Department of Trade and Industry (DTI) said it is set to release an updated set of rules regarding Trustmark. “We are finalizing a Department Administrative Order that will formalize how we addressed the concerns. We received the comments to the DAO last October 3, and we hope to release the final DAO within the week,” Trade and Industry Secretary Cristina A. Roque told the BusinessMirror in a Viber mes-
sage on Monday. She added: “Rest assured that the policy is conducive to elevating the business practices of micro and small enterprises without compromising on protecting our consumers against online scams and frauds.”
‘Contradicts’ existing laws
ASIDE from imposing an added burden on MSMEs, Aquino said DAO 25-12 “contradicts” existing laws, such as the Internet Transactions Act and Ease of Doing Business Act. DTI’s Department Administrative Order (DAO) No. 25-12 explained that the Trustmark shall be the “permit for e-marketplaces, online merchants, e-retailers, digital platforms, and third-party plat-
forms to use the internet for conducting e-commerce.” “Issuance of the Trustmark shall signify that the products, goods, or services sold online by the holder comply with applicable standards and good e-commerce practices,” the Order also noted. It is worth noting that DAO No. 25-12 made the registration for the digital badge mandatory. Under the previously issued DAO No. 2507, application for the Trustmark was only voluntary. Roque earlier explained that the growing number of consumer complaints prompted the Trade department to make the registration for the digital badge mandatory. “The complaints are actually growing, so we need to establish See “Bam,” A9
PESO EXCHANGE RATES n US 57.9880 n JAPAN 0.3889 n UK 77.9881 n HK 7.4524 n CHINA 8.1423 n SINGAPORE 44.9485 n AUSTRALIA 38.2141 n EU 68.0141 n KOREA 0.0412 n SAUDI ARABIA 15.4668 Source: BSP (October 6, 2025)