Accounts of contractors, DPWH execs frozen By Reine Juvierre S. Alberto
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ANK accounts of private contractors and officials of the Department of Public Works and Highways (DPWH) currently under investigation for suspected anomalies in government flood control projects are now frozen, following a petition filed by the Anti-Money Laundering Council (AMLC). In a press briefing on Tuesday, AMLC Executive Director Atty. Matthew M. David said the Court of Appeals (CA) has granted a freeze order on 135 bank accounts and 27 insurance policies of individuals and corporations allegedly involved in the irregular flood
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HEAVY STRIKES HIT GAZA CITY AS ISRAEL INTENSIFIES OFFENSIVE AMID MOUNTING INTERNATIONAL PRESSURE
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control projects. The order was granted on September 16, after the AMLC filed a petition on September 15, in line with the country’s anti-money laundering law. AMLC’s petition cited corruption-related offenses, such as violation of the Anti-Graft and Corrupt Practices Act and malversation, according to David. Under the freeze order, banks will now look into their systems and determine the amounts stored in the bank accounts, which will then be reported to the AMLC, David said. Moreover, the freeze order is a step toward the filing of appropriate civil and criminal cases, in-
cluding the retrieval of any funds moved before the freeze, against those found to have laundered illicit proceeds, David added. The freeze order will only be lifted if the owners of the bank accounts will file a motion to lift the effects of the freeze order over their accounts or assets. The Supreme Court will then determine if it is related to unlawful activity, corruption or violation of the Anti-Graft and Corruption Act. David said preliminary findings of the AMLC point to a possible money laundering scheme involving public funds intended to fund flood control initiatives. “Following the issuance of the
freeze order, the AMLC will still intensify its investigation to determine the full extent of the laundering activities and identify all parties involved in these flood control projects,” David said. In letter addressed to AMLC, DPWH Secretary Vince B. Dixon requested for the application of freeze orders to 20 DPWH officials and six private contractors. The 20 DPWH officials are: 1. Henry C. Alcantara, former Officer-in-Charge (OIC)—Assistant Regional Directo 2. Brice Ericson D. Hernandez, former OIC-District Engineer (DE 3. Jaypee D. Mendoza, former OIC—Assistant DE See “Accounts,” A2
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GOCC DIVIDENDS SEEN HITTING ₧157B BY DEC www.businessmirror.com.ph
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Wednesday, September 17, 2025 Vol. 20 No. 339
P25.00 nationwide | 2 sections 24 pages | 7 DAYS A WEEK
By Reine Juvierre S. Alberto @reine_alberto
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IVIDEND collections from government-owned and -controlled corporations could hit P157 billion by the end of the year, according to the Department of Finance (DOF).
On the sidelines of the GOCC Day 2025 in Malacañang Palace on Tuesday, Finance Secretary Ralph G. Recto said the DOF expects an additional P40 billion in dividends from GOCCs by the end of the year, on top of its P117-billion calculation. “It’s more or less P117 billion, but we expect an additional, too,” Recto told reporters. A total of 53 state-run firms were recognized during the GOCC Day for their dividend contributions amounting to P109 billion as of September 12. Land Bank of the Philippines was the top GOCC contributor with P33.5 billion in dividends, trailed by See “GOCC,” A2
HEALTH OUTLAYS SEEN RISING WITH HIGHER STATE SPENDING By Bless Aubrey Ogerio
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EALTH spending in the country is set to rise in the coming years, driven by increased public investment, according to a report by BMI, a Fitch Solutions company. The United Kingdom-based research firm said it revised its 2025 forecast for total health expenditure to 7.9-percent growth, following the strong increase in 2024 as reflected in the Philippine Statistics Authority data. “Additionally, the upward revision in government expenditure is also supported by the State budget for 2026, which sees the first increase in health budget allocation for four years, indicating the growing priority for healthcare in the Philippines even within the context of limited fiscal resources,” BMI said. Total health spending rose more than 17
percent last year, equivalent to 5.9 percent of gross domestic product (GDP). Meanwhile, the Department of Health (DOH) is seeking P320 billion, with emphasis on strengthening universal health care (UHC). Despite these gains, BMI maintained its 2024-2029 compound annual growth rate (CAGR) forecast for overall health expenditure at 7.6 percent. Private health spending was revised slightly lower to 7.5 percent CAGR over the same period. Out-of-pocket payments, it added, will continue to account for a large share of medical costs. The Philippines enacted its UHC law in 2019 to ensure affordable and accessible care, but reform momentum slowed as the Covid-19 pandemic exposed gaps in the system. The sector has since faced further strain from the exodus of nurses and See “Health,” A2
TARIFF TUG-OF-WAR Tugboats assist a container ship as it prepares to dock at the Manila International Container Terminal in the Philippine capital on April 8, 2025. The Bureau of Customs (BOC) on Tuesday told lawmakers that the government stands to lose an estimated P27 to P30 billion in revenues following the implementation of zero tariffs on certain commodities imported from the United States, such as automobiles, wheat, soy, and pharmaceutical products. Story in B3, Banking and Finance. AP/Aaron Favila
PHL to push multiculturalism at UNGA By Malou Talosig-Bartolome
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OREIGN Affairs Secretary Ma. Theresa P. Lazaro will represent the Philippines at the 80th United Nations General Assembly (UNGA) in New York next week, after President Ferdinand Marcos Jr. canceled his attendance to focus on urgent domestic concerns. Lazaro will lead the Philippine delegation during the UNGA HighLevel Week from September 21 to 27, where she is expected to affirm the country’s commitment to multilateralism and a rules-based international order amid growing calls for UN reform and geopolitical realignment. She is expected to deliver the speech during the UNGA on the
afternoon of September 25 (New York time). The DFA said the Philippines will also intensify its campaign for a non-permanent seat on the UN Security Council for 2027–2028, while advancing national priorities on climate financing, artificial intelligence governance, migration, biodiversity, and maritime security. The 80th UNGA session— dubbed “UN80”—comes at a pivotal moment for the global body. Member states are set to debate Secretary-General António Guterres’s sweeping reform plan, which aims to streamline UN operations and boost its relevance in maintaining peace and security. While some countries back the initiative, others have criticized it as rushed and overly focused on cost-
cutting. Lazaro is expected to join highlevel meetings on climate action, AI governance, and global migration, alongside foreign ministers, and heads of state from over 180 countries. Among the notable speakers are US President Donald Trump, French President Emmanuel Macron, UK Prime Minister Keir Starmer, Canadian Prime Minister Mark Carney, Ukrainian President Volodymyr Zelensky, and Israeli’s Prime Minister Benjamin Netanyahu. Macron, Starmer and Carney are among world leaders which signified intention recognize Palestine as a state during UNGA. The week also features key summits and commemorations, includ-
ing: • A UN climate summit on September 24 • A high-level meeting on nuclear disarmament on September 26 • A conference on antimicrobial resistance strategies • A September 30 session on the plight of Rohingya Muslims and other minorities in Myanmar Lazaro is expected to hold bilateral meetings to rally support for the Philippines’ Security Council bid and reinforce its positions on regional stability and sustainable development. This year’s theme, “Better Together: 80 Years and More for Peace, Development and Human Rights,” underscores the urgency of collective action as the UN faces mounting pressure to evolve.
PESO EXCHANGE RATES n US 57.2780 n JAPAN 0.3887 n UK 77.9439 n HK 7.3631 n CHINA 8.0475 n SINGAPORE 44.7380 n AUSTRALIA 38.1872 n EU 67.3990 n KOREA 0.0414 n SAUDI ARABIA 15.2705 Source: BSP (September 16, 2025)