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Legarda Slams ₱107B PDIC Fund Transfer as Unconstitutional

Legarda Slams ₱107B PDIC Fund Transfer as Unconstitutional

SEN. Loren Legarda said Friday that the remittance of P107.23 billion from the Philippine Deposit Insurance Corp. (PDIC) to the National Treasury should be scrutinized thoroughly. ​Legarda said the transfer, made under a special provision in the 2024 General Appropriations Act, was declared unconstitutional by the Supreme Court. She argued that the ruling underscores the “fundamentally flawed” nature of the remittance and raises serious moral and policy concerns about how the state handles trust funds intended for public protection. ​The amount was taken from the PDIC’s Deposit Insurance Fund, which is built from premiums paid by member banks and is intended solely to insure deposits and respond to bank closures. By law, the fund serves as a financial safety net for depositors in the event of bank failures. ​“PDIC funds exist to ensure deposits and protect ordinary Filipinos when banks fail,” Legarda said. “They are not surplus funds and should not be treated as general revenues, but reserves meant to ensure that depositors do not lose their savings.” ​Legarda cautioned that diverting deposit insurance reserves to the National Treasury — even if intended for development spending — could undermine confidence in the country’s deposit insurance system. She said this could weaken the financial safety net relied upon by small depositors, retirees, overseas Filipino workers and micro-entrepreneurs. ​The senator stressed that trust in the banking system depends heavily on the assurance that insured deposits are backed by adequate and untouchable reserves. Any perception that such funds can be repurposed for general spending, she said, risks eroding that assurance. ​Legarda drew parallels with a recent Supreme Court decision involving the Philippine Health Insurance Corp. (PhilHealth), where the high court struck down as unconstitutional the transfer of P89.9 billion in health insurance funds. The ruling, she noted, resulted in fewer resources available for health care services and sparked public debate over the safeguarding of social protection funds. ​“Whether it is health insurance or deposit insurance, funds collected and reserved to protect people in times of crisis must be respected as a trust,” Legarda said. “When these safeguards are weakened, the cost is ultimately borne by ordinary Filipinos.” ​Legarda called on the government to stop treating social protection reserves as general-purpose funds and urged Congress to review and correct policies that could weaken trust funds essential to maintaining public confidence in the financial system. ​“Our responsibility is not just to manage public finances, but to protect funds that people rely on in moments of crisis,” she said. “These reserves exist to provide security when it is most needed, and they must be preserved for that purpose.”

146 cops augmented to Leyte districts scarred by political violence

146 cops augmented to Leyte districts scarred by political violence

TACLOBAN CITY — In a move aimed at reinforcing security in areas long associated with politically motivated killings, the Police Regional Office 8 (PRO-8)in Eastern Visayas has redeployed 146 police personnel to Leyte’s third and fourth districts under its “Pulis sa Barangay” program. The redeployment, carried out on February 13, 2026, seeks to boost police visibility and strengthen grassroots security operations in districts that have, over the years, recorded a series of election-related and politically linked violent incidents. Of the total number, 112 personnel were assigned to Leyte’s 3rd District, covering the towns of Leyte, Villaba, Kananga, Palompon, and Tabango. […]... Keep on reading: 146 cops augmented to Leyte districts scarred by political violence

Hontiveros hopeful of antidynasty measure's passage

Hontiveros hopeful of antidynasty measure's passage

BACOLOD CITY – Senator Risa Hontiveros on Friday said she is hopeful the antipolitical dynasty measure will be passed by Congress in March, but called on local governments and civil society groups to keep their voices of support coming and sustained to boost its chances. “I am not yet optimistic, I am hopeful—that’s even stronger,” said Hontiveros, chairperson of the Senate committee on electoral reforms and people’s participation, who led a public consultation on the antipolitical dynasty bill at the Carlos Hilado Memorial State University, Alijis Campus here. READ: Hontiveros upbeat on passage of anti – political dynasty bill The […]... Keep on reading: Hontiveros hopeful of antidynasty measure's passage

COA files reports of P275M in DPWH ghost projects, deficiencies to Ombudsman

COA files reports of P275M in DPWH ghost projects, deficiencies to Ombudsman

MANILA, Philippines — The Commission on Audit (COA) filed four reports before the Office of the Ombudsman containing ghost projects, unauthorized relocations and questionable accomplishments such as payments for pre-existing structures, and serious documentation deficiencies estimated at P275 million by the Department of Public Works and Highways (DPWH). In a statement on Friday, COA said that these projects were implemented by the DPWH–Bulacan 1st District Engineering Office and awarded to SYMS Construction Trading and Wawao Builders, which have both been linked to the flood control scandal. Based on physical inspections, geotagged photographs, and historical satellite imagery, state auditors noted ghost projects or the absence of flood control or riverbank protection structures amid reports that the projects were completed or substantially accomplished. They also noted unauthorized relocation of sites, where in several instances, DPWH representatives allegedly led inspectors to locations different from those specified in approved plans and contracts, without revised plans or written authority. It also noted that there were payments for pre-existing structures, as satellite imagery showed that some riverbank protection structures already existed prior to the contract's effectivity, raising the possibility that payments were made for previous works; deficiencies in required documents, including as-built plans, detailed cost breakdowns, Statements of Work Accomplished, and approved master plans. "[These] were either incomplete or missing, undermining the credibility of reported accomplishments and payments," COA said. Among the projects flagged by COA include the construction of a reinforced concrete flood control structure at Sta. Monica, Hagonoy, Bulacan worth P67.55 million and a P39.6 million riverbank protection project in Malibong Bata, Pandi, Bulacan under SYMS Construction Trading. It also flagged the P72.37 million Phase IV Riverbank Protection Project in San Roque, Baliuag,  Bulacan and the P96.5 million flood control structure along the Angat River in Pulilan, Bulacan, which were under Wawao Builders. COA said those involved may face charges for violations of Republic Act 3019, or the Anti-Graft and Corrupt Practices Act, as well as malversation and falsification of documents under the Revised Penal Code. The audit body said additional reports may be filed with the Ombudsman as investigations continue, in line with President Ferdinand Marcos Jr.’s call for transparency and accountability in government spending. It also said that the filing of the cases underscored its commitment to transparency and accountability to ensure that public funds intended for flood mitigation are properly used.

Russian central bank cuts interest rate to 15.5% as growth slows

Russian central bank cuts interest rate to 15.5% as growth slows

MOSCOW, Russia — Russia’s central bank on Friday cut its benchmark interest rate to 15.5 percent from 16 percent as economic growth slows under the impact of the war in Ukraine and Western sanctions. Russia’s economy expanded by just 1 percent last year, a steep drop from growth of around 4 percent recorded in 2023 and 2024. Huge spending on its forces in Ukraine had initially spurred growth and helped Moscow buck predictions of economic collapse after it launched its offensive in 2022. READ: Ukraine at war: Battered by Russia and winter but unbending But the outlays pushed up inflation, while businesses […]... Keep on reading: Russian central bank cuts interest rate to 15.5% as growth slows

US consumer inflation eases more than expected to lowest since May

US consumer inflation eases more than expected to lowest since May

WASHINGTON, United States — Consumer inflation in the United States cooled slightly more than expected in January, government data showed Friday, as energy prices dipped. The consumer price index (CPI) rose 2.4 percent year-on-year, the Department of Labor said, down from December’s 2.7 percent and slightly below analysts’ median forecast. This was also the lowest level since May 2025. Affordability worries have come to the fore in recent months as price increases in areas like food have weighed on households, and as President Donald Trump’s tariffs flowed through the world’s biggest economy. Although tariffs have not triggered a broad inflation surge, […]... Keep on reading: US consumer inflation eases more than expected to lowest since May