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A victory for potential strongman Davao City Mayor Rodrigo Duterte is causing considerable anxiety in the business community and has already resulted in a downswing in the Philippines Stock Exchange index (PSEi), among other business indicators. 

Even before the money-laundering scandal involving the $81 million hackers stole from Bangladesh Bank, foreign banks had already been reducing money-transfer operations that were having an adverse impact on the remittance costs and flows of overseas Filipino workers (OFWs), Bangko Sentral ng Pilipinas (BSP) Gov. Amando Tetangco Jr. said. 

By Riza Lozada Manuel V. Pangilinan, chairman of the board of directors of the Manila Electric Co. (Meralco), has reminded the government that power interruptions remained a “cause for concern and visible indicators that much more needs to be done in the power supply chain.” 

By Lito U. Gagni  The Philippine Stock Exchange (PSE) tripping, with trade executions worth billions benefitting hackers and their sponsors, ATM (automated teller machines) illegally coughing out money at designated points in the country, and unfunded checks involving millions being cleared by no less than the Bangko Sentral ng Pilipinas (BSP).

By Luis Leoncio  The business sector does not seem comfortable with the prospect of Davao City Mayor Rodrigo Duterte succeeding President Aquino, as the peso and the stock index have been on a continued decline since he topped the pre-poll surveys that analysts attributed partly to increased political uncertainty. 

By Riza Lozada Globe Telecom is urging local government units (LGU) to assist it in providing fast and cheap Internet connection in the country. 

By Luis Leoncio The patience of the Bangladesh government over the recovery of the $81 million stolen from its central bank, Bangladesh Bank, is wearing thin. 

By Riza Lozada  The Securities and Exchange Commission (SEC) has reiterated that corporations are absolutely banned from providing political campaign donations after queries were again raised about top corporations funding the campaigns of candidates in the May 9 elections. 

By Jerry Maglunog  The Bangladeshi government may be in for a big disappointment over the amount the Philippines will surrender from what has so far been recovered of the $81 million that hackers stole from the Bangladesh Bank’s deposits in New York and laundered in the country’s casinos through the Rizal Commercial Banking Corp. (RCBC). 

By Luis Leoncio The Bangko Sentral ng Pilipinas (BSP), raising alarm over the wide-scale hacking of the voters’ database of the Commission on Elections (Comelec), has issued a memorandum to all local banks to strengthen their know-your-customer (KYC) practices and strictly apply these in every transaction they make to prevent the misuse of the stolen information for spurious financial transactions.