BSP eyes more curbs on money transfers T
HE Bangko Sentral ng Pilipinas (BSP) intends to tighten bank regulations surrounding cash or digital money transfers, especially involving publicly funded projects in light of the flood control controversy. In a briefing on Thursday, BSP Governor Eli M. Remolona Jr. said this may take the load off of local banks. He said most of the banks who disbursed these large amounts were not comfortable releasing the funds they released. By issuing a BSP policy on money transfers, Remolona said there may be conditions set when banks can refuse to release or transfer amounts based on suspicion of corruption.
WORLD » A7
BREAKTHROUGH IN GAZA: TRUMP SAYS ISRAEL, HAMAS HAVE AGREED TO THE ‘FIRST PHASE’ OF HIS PEACE PLAN
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“We’re looking very carefully into this. One would be a threshold on how much can be withdrawn. Now we have a threshold on how much cash can be withdrawn,” Remolona said. “Now there would be a threshold on transfers in general. Could be cash, could be digital. And so we’re looking at the factors more carefully in trying to decide what would be a threshold. And we’re also looking at other rules that would make it harder for this thing to continue,” he added. These new guidelines will allow banks to reconsider releasing funds after careful evaluation of whether these withdrawals of funds is disproportionate to what
a depositor does or earns. The latest corruption scandal, Remolona said, is now a bigger factor for the country’s growth than external factors. Nonetheless, the BSP is hoping that the impact of the controversy would be short-lived. “I think we need a credible resolution on this issue,” Remolona said.
AMLC’S fear: Complicit banks
EARLIER, the 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. He said banks should file suspicious transaction reports to the AMLC if there are withdrawals that are suspicious, as provided under the law. (See: https://businessmirror.com. p h / 2025/10/0 6/a m lc- e ye sbanks-role-in-fund-releases). See “BSP eyes,” A2
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BSP CUTS RATES TO 4.75%, LOWEST SINCE SEPT ’22 www.businessmirror.com.ph
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Friday, October 10, 2025 Vol. 21 No. 2
P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK
By Cai U. Ordinario @caiordinario
HE Bangko Sentral ng Pilipinas (BSP) may continue reducing interest rates as the new “goldilocks rate” for key policy rates is now expected to be below 5 percent. On Thursday, the Monetary Board decided to reduce policy rates by 25 basis points to 4.75 percent. This is the lowest policy rate recorded by the country since September 2022 when rates were raised by 50 basis points to 4.25
percent. The goldilocks rate or “sweet spot” for policy rates, Remolona said, may be closer to 4 percent now compared to the initial assessment of 5 percent. Given this, See “BSP cuts,” A2
JAPAN CLOSELY MONITORING PHL ANTI-CORRUPTION PROBE By Malou Talosig-Bartolome
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APAN is closely monitoring the Philippine government’s ongoing anticorruption investigation into flood control projects, a senior official from the Japanese Embassy said. Naobumi Yokota, Minister for Economic Affairs at the Japanese Embassy in Manila, said that, so far, no Japanese-funded infrastructure projects in the country have been linked to the corruption allegations. “Japan continuously reviews the implementation of its Official Development Assistance [ODA] in the Philippines,” Yokota told members of the Rotary Club of Manila during a regular meeting on Thursday. President Ferdinand Marcos Jr. ear-
lier revealed that funds intended as the Philippine government’s counterpart for ODA projects were allegedly diverted to budget insertions backed by lawmakers for the 2025 national budget. He warned that some ODA-funded projects could be at risk of cancellation due to the lack of local counterpart funding. Japan remains the Philippines’ top ODA donor, supporting major infrastructure initiatives such as the Metro Manila Subway and the North-South Commuter Railway. Yokota said Japan welcomes the Philippine government’s efforts to investigate and address corruption. He also noted that during a bilateral ministerial meeting held in September, See “Japan,” A2
BRIDGE OVER TROUBLED CLASSROOMS On their backs, they carry both their children and their dreams—crossing a river that has long tested their courage and faith in a better future.
For nearly two decades, parents and students from Sitio Dagat-Dagatan in Cainta have risked their lives wading through strong currents and climbing makeshift ladders just to reach Muntindilaw Elementary and High School in Antipolo. The closure of their fragile wooden bridge for safety reasons has left families stranded, forcing them to take longer and costlier routes—an added burden to those who only wish to send their children safely to school. BERNARD TESTA
Lim: I used wrong data on market loss By VG Cabuag & Samuel P. Medenilla
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ROTARY CLUB OF MANILA WELCOMES JAPANESE ENVOY Board Legal Adviser Carlos G. “Caloy” Serapio, Hon. Naobumi Yokota, Minister for Economic Affairs of the Embassy of Japan in the Philippines and Guest of Honor and Speaker, and Rotary Club of Manila (RCM) President Raoul C. Creencia share a light moment during RCM’s 9th Weekly Membership Meeting held on Thursday, October 9, 2025, at the Manila Polo Club in Makati City. NONOY LACZA
ECURITIES and Exchange Commission chairman Francis E. Lim on Thursday said he made a mistake when he said the corruption issue have wiped out about P1.7 trillion in market value of publicly listed companies. Lim said the information was “based on what I believed at the time to be a credible industry report. I have since learned that the report was fictitious. I deeply regret any confusion or concern that my statement may have caused.” “My sole intent was to underscore the vital importance of integrity in our markets and the devastating impact corruption can have on investor confidence,” Lim said. The P1.7-trillion market loss fig-
ure was denied by Frederick D. Go, Special Assistant to the President for Investment and Economic Affairs. Data from the Philippine Stock Exchange showed market capitalization fell to P19.12 trillion at the end of third quarter in September, down by 1.4 percent, from August’s P19.4 trillion. Go said Lim’s statement was based on a “confirmed fake news socmed [social media] post designed to catch attention and falsely sensationalize.” Go said he was able to personally talk to Lim on the matter, who also said that the statement was indeed based on misinformation. The spurious information was wrongfully attributed to S&P Global Market Intelligence, which disowned it.
“So, unfortunately, it happened, but it was confirmed by multiple sources that it was fake news, including the attributed source of the Socmed post. So, hopefully, let’s not be fooled by fake news,” he said in a press briefing in Malacañang on Thursday. Go did not comment when asked about the possible consequence Lim may face for the mistake. The economic aide, however, admitted that the country will face a “short-term challenge” from the government’s ongoing crackdown on anomalous flood control projects and other public works, which is currently being led by the Independent Commission for Infrastructure (ICI). While there was no steep 12-percent drop in the Philippine Stock Exchange Index as stated in the
false report, Go said there was a minimal decline in the index in August, when President Ferdinand Marcos initiated reforms in the Department of Public Works and Highways (DPWH). “For the period mentioned, which is August 11 to 29, the named PSE drop was only 1.6 percent, as a matter of fact, it was 1.58 percent. And the All Shares Index in our Philippine stock market of 282 companies, the drop was only 1.5 percent. And in terms of the market cap which is the click bait number of that fake socmed post, the drop po is only 1.4 percent,” Go said. In the long-run he said the anticorruption of the President including creating the ICI and naming Jesus Crispin “Boying” C. Remulla See “Lim,” A10
PESO EXCHANGE RATES n US 58.0970 n JAPAN 0.3807 n UK 77.9023 n HK 7.4659 n CHINA 8.1586 n SINGAPORE 44.8730 n AUSTRALIA 38.2511 n EU 67.5668 n KOREA 0.0409 n SAUDI ARABIA 15.4896 Source: BSP (October 9, 2025)