The Market Monitor Minding the Nation's Business

The Commission on Elections (Comelec) has launched a motu proprio investigation into the campaign finance records of candidates in the May 2022 polls, zeroing in on possible contributions from private contractors involved in government projects. Comelec Chair George Garcia said Friday the probe will cover Statements of Contributions and Expenditures (SOCEs) of both national and local candidates, amid allegations linking …

Energy Regulatory Commission (ERC) Chair Francis Saturnino Juan on Friday stressed the need to reset key components of electricity bills, saying rates for transmission, distribution, and generation charges have not been reviewed in more than 10 years. Speaking on Bagong Pilipinas Ngayon, Juan explained that generation charges take up the largest portion of consumer bills.  These were opened to competition …

The Sandiganbayan has acquitted former vice president Jejomar Binay, his son and former Makati mayor Jejomar “Junjun” Binay Jr., and several others of graft and related charges stemming from the controversial ₱2.2-billion Makati City parking building project. In a 202-page decision promulgated Friday, the anti-graft court’s Third Division ruled that the prosecution failed to prove guilt beyond reasonable doubt, clearing …

Senate Deputy Minority Leader Risa Hontiveros said Friday the Philippines has clear legal grounds to temporarily surrender Kingdom of Jesus Christ leader Apollo Quiboloy to the United States, where he faces serious criminal charges. Citing Article 11 of the PH-US Extradition Treaty, Hontiveros explained that a person facing prosecution or serving a sentence in the country may be surrendered for …

The Bureau of Customs (BOC) has destroyed five containers of illegally imported agricultural products at the Port of Subic, reinforcing its crackdown on food smuggling. Condemned on August 15 in a Subic, Zambales facility, the shipments contained frozen meat, fish, preserved fruits, vegetables, and other perishable goods.  The cargo was forfeited to the government for lacking a phytosanitary certificate, violating …

Agriculture Secretary Francisco Tiu-Laurel Jr. has urged lawmakers to amend the Rice Tariffication Law (RTL), warning that the measure in its current form has failed to protect local farmers and left the rice industry vulnerable to volatile global markets. In a presentation before the House Committee on Agriculture and Food, chaired by Quezon Rep. Wilfrido Mark Enverga, Tiu-Laurel described the …

The Department of Education (DepEd) and the Department of Transportation (DOTr) have formally launched a nationwide program granting 50-percent fare discounts for students using the Metro Rail Transit (MRT) and Light Rail Transit (LRT) systems. In a statement last week, the DepEd said the initiative will run until 2028, in line with President Ferdinand R. Marcos Jr.’s directive to help …

The ongoing crackdown on anomalous flood control projects (FCPs) has struck a national nerve, reaching a dramatic crescendo as President Ferdinand Marcos Jr. ordered the filing of graft charges against a contractor tied to a so-called “ghost” project in Bulacan. The President’s move came after personally inspecting another incomplete flood mitigation structure built with substandard materials—an ominous signal of how …

The Philippines’ balance of payments (BoP) position slipped into a US$167-million deficit in July, reversing the surpluses of ₱226 million a month earlier and ₱62 million in the same period last year, the Bangko Sentral ng Pilipinas (BSP) reported. BSP Deputy Governor Lyn Javier said the shortfall was mainly due to the national government’s drawdowns on its foreign currency deposits …

The Department of Migrant Workers (DMW) announced a major reform package on Friday to strengthen the protection of overseas Filipino domestic workers, highlighted by a wage hike from $400 to $500 a month. Migrant Workers Secretary Hans Leo Cacdac said the new pay floor, which takes effect 60 days from issuance, was finalized after six months of consultations and will …