Alan Cayetano: PH facing a 'crisis of trust' in gov't — ANC

[0:01] Opposition Senator Amy Marcos says the Senate Minority Block skipped her brother's State of the Nation address [0:06] because their members are upset at being persecuted by the administration. [0:11] But they attended the opening of the Senate's second regular session [0:14] where its agenda was unveiled by Senate President Sherwin Gatchalian. [0:19] The details in this report. [0:22] Senate President Sherwin Gatchalian sets the agenda [0:25] as he opened the second regular session of the 20th Congress in the Senate. [0:30] On top of that agenda, the timely passage of the 2027 National Budget. [0:36] The so-called Ginhawa Bill, which will make those earning $400,000 a year income tax-free. [0:43] It will also make overtime pay, holiday pay, night shift differential, hazard pay and service charge tax-free [0:51] while hiking the tax ceiling for bonuses. [0:54] Amendments to the Rice Tarification Law and Oil Deregulation Law. [0:59] Reforms in the Energy Regulatory Commission and Magna Carta for MSMEs. [1:04] And a 30-year infrastructure plan. [1:08] The national budget is our most powerful tool for stimulating the economy. [1:13] Its timely passage allows funding to reach critical services [1:16] and ensures that new projects can begin as scheduled and meet their deadlines. [1:22] Which is why Gatchalian wants an ad hoc committee in the Senate for better coordination. [1:27] His rationale is simple. People are suffering from the economy which has lagged. [1:32] Naririnig namin ang hinahing ng bawat Pilipino at nauunawaan namin ang bigat ng kanilang pang-araw-araw na buhay. [1:40] At the lower end of the revised range, annual growth would be the slowest recorded since 2009, excluding the pandemic. [1:49] These numbers are not abstract. [1:52] They translate into lower incomes, fewer job opportunities, and heavier burdens for families struggling to get by. [1:59] Before the opening, Senate Minority Leader Alan Peter Cayetano gave his own take on the country's problems. [2:06] We have a crisis of hope. Marami tayong inaarap na crisis ngayon, di ba? Crisis ng tiwala sa gobyerno. [2:15] The session was suspended after Gatchalian's speech to allow the senators to attend the joint session of the 20th Congress [2:22] for the President's penultimate State of the Nation Address. [2:26] Senator Aimee Marcos again skipped her brother's speech. [2:30] Kasamaan loob namin dahil pinagpukulong, pinakasunghan ang minority. Yun lang, parang di ko kaya. [2:41] Senator Aimee Marcos slams the President's announcement of looming charges against their cousin, former Speaker Martin Romualdez. [2:52] She believes this is a deception that ignores the possibility that a wider network of people may be involved in the government's flood control scandal. [3:01] The senator pointed to the President's previous challenge for corrupt officials to feel shame [3:06] and claim those who have no shame are being protected. [3:12] Davao Congressman Paolo Duterte criticizes President Marcos Jr.'s State of the Nation Address [3:16] for appearing to show compassion for ex-speaker Martin Romualdez, [3:21] but not the same level of concern for Filipinos burdened with high food and energy costs. [3:26] Congressman Duterte says Filipinos are not asking for sympathy for the powerful, [3:31] but for truth, accountability, and justice. [3:34] He says any State of the Nation Address will be incomplete in the people's eyes [3:38] as long as questions on flood control anomalies and other controversies remain unanswered. [3:44] Philippine President Marcos Jr. used his fifth sauna to highlight his administration's response [3:50] to the energy crisis resulting from the Middle East war. [3:54] He drew cheers for his call to remove systems loss charges in electricity bills [3:58] and his defense of the country's sovereignty in the West Philippine Sea. [4:03] Jervis Manahan reports. [4:04] At dumating na tayo sa punto na ayon sa ombudsman, [4:11] ay malapit na ang paghain ng patong-patong na kaso labang sa dating speaker. [4:17] Masakit man sa akin ito, ngunit kailangan natin gawin ang tama. [4:23] President Ferdinand Marcos Jr. opened his fifth State of the Nation Address with a bombshell, [4:28] an update with the cases to be filed against his cousin, [4:31] former House Speaker Ferdinand Martin Romualdez. [4:34] He stressed that he could put the country ahead of his own family. [4:37] The President also emphasized that his administration would not stop at nearly filing cases against corrupt officials. [4:43] Akibat ng mga naisampang mga kaso, [4:46] tiniyak ng inyong pamahalaan na mababawi mula sa mga nagsabwatan ang nakuha nilang pera ng taong bayan. [4:54] Halos 25 bilyong piso ang halaga ng nabawi, frozen at napreservang mga pera at ari-arian ng mga akusado. [5:03] Ang mahigit walong daang milyong piso dito ay agad natin nabalik sa Treasury. [5:11] He, however, did not mention former ally and fugitive ex-House Appropriations Committee Chairperson Zaldico, [5:18] who fled the country before charges could be filed against him and is now reportedly seeking political asylum in Europe. [5:24] Meanwhile, the administration's response to the recent oil crisis triggered by the war between the United States and Iran [5:31] also took center stage in Marcos' speech. [5:33] He enumerated the government's programs, including the fuel subsidy scheme for drivers, [5:39] cash assistance for low-income Filipinos, [5:41] and the suspension of tolls and other fees to help curb rising prices. [5:45] According to the President, the government has allocated 60 billion pesos this year [5:50] to ease the impact of the oil crisis on the country. [5:54] Ang pondo na naisalba natin na balak ibulsa ng mga tiwaling opisyal [5:59] ay sa taong bayan natin ibinubuhos. [6:02] Marcos also mentioned additional trains, new bridges, [6:06] the importation of additional oil supplies from other countries, [6:09] and assistance for OFWs stranded by the war in Iran so they could return home. [6:14] But it was the issue of taxes that drew the loudest applause from the audience. [6:19] Dagdagan natin ang mga manggagawang malilibre sa buwis sa kanilang kita. [6:24] Isasama na natin ang mga kumikita ng hindi lalagpas sa 350,000 pesos kada taon. [6:34] When it comes to the government's response to natural disasters, [6:38] the President urged Congress to review the National Building Code to strengthen the country's infrastructure. [6:43] In the agriculture sector, Marcos directed the continued expansion of the country's coconut industry. [6:49] He also promised to complete the distribution of land titles to agrarian reform beneficiaries this year. [6:55] But while both the Anti-Political Dynasty Bill and the Partidist Reform Bill [6:59] remain among his priority legislative measures, [7:02] the President did not mention either of them in this year's SONA. [7:05] In the energy sector, President Ferdinand Marcos Jr. said it is high time to remove system loss charges [7:11] and the value-added tax from consumers' electricity bills. [7:15] He called for amendments to the EPIRA Law or the Electric Power Industry Reform Act of 2001 [7:20] to prohibit the imposition of these charges. [7:23] Hindi naman kasalanan ng consumer kung bakit nagkaroon ng systems loss. [7:32] Kaya hindi naman tama na kailangan sila pa ang pagbabayarin dito. [7:36] To further reduce electricity costs in the country, [7:39] the President also said it is time to revisit the development of nuclear energy in the Philippines. [7:45] He also said the government has begun building hydrogen power plants, [7:49] which will serve as backup fuel sources for power facilities, especially in off-grid areas. [7:55] According to the President, the government targets to complete around 200 energy projects [8:00] before the end of his term, with 45 already completed and 31 more expected to be finished this year. [8:07] On the education sector, Marcos said, [8:09] the Department of Education has ensured that mechanisms and processes for reporting and responding [8:14] to bullying incidents, as well as other emergencies, are in place, functional and known to all. [8:20] The President also reiterated the promise he made during his previous State of the Nation address [8:24] that no teacher would retire with the rank of Teacher 1. [8:28] He said more than 80,000 public school teachers and school heads have already been promoted [8:33] under the Expanded Career Progression Program. [8:36] Marcos also said the Department of Public Works and Highways, [8:39] PAGCOR and local government units will help speed up the construction of new classrooms, [8:44] as well as address the classroom shortage. [8:46] The President said the private sector will also help to build 16,000 classrooms in Luzon [8:52] through public-private partnerships. [8:53] He also expressed support for artificial intelligence, [8:57] saying that 1.8 million individuals have already received training through various AI-related programs. [9:04] The President concluded his fifth State of the Nation address [9:07] by addressing the West Philippine Sea and the 2016 Arbitral Award [9:11] that invalidated China's claims in the South China Sea. [9:14] Let me remind our friends and our detractors, [9:20] Filipinos are a noble, kind, gracious, and great race. [9:26] We are not greedy, we are not racists, we are not liars. [9:32] He vowed to continue defending the Arbitral Award, [9:35] especially as the country recently marked its 10th anniversary. [9:38] According to Marcos, the Philippines has also strengthened its relations with other countries, [9:43] resulting, he said, in 23 free trade agreements that are already in force or still under negotiation. [9:51] He also highlighted what he described as the growth of Philippine exports and foreign investments, [9:56] attributing these to policies that improve the ease of doing business [10:00] and accelerate digital transformation to reduce red tape and corruption. [10:05] The President also cited the outcomes of the Philippines' chairmanship of ASEAN this year, [10:10] including the rice reserve system, the ASEAN power grid, [10:13] and the framework agreement on regional energy storage. [10:17] He also mentioned the controversial PAC Silica industrial hub, [10:20] which is being advanced under the PAC Silica initiative led by the United States. [10:24] The project has sparked intense discussions with many opposing it [10:28] over its potential impact on the environment, water resources, and indigenous peoples. [10:34] The President also highlighted plans to build the country's first spaceport [10:38] and conduct a sounding rocket launch test next year. [10:42] Cagayan is both geographically and economically primed to serve as our gateway to space [10:48] and host the country's first spaceport. [10:51] The President also discussed several healthcare initiatives, [10:54] including the expansion of the YACA program, [10:57] the increase in the number of tax-exempt medicines, [11:00] the implementation of zero billing, [11:02] the expansion of PhilHealth benefit packages, [11:04] and the streamlining of applications for medical assistance. [11:08] In his closing message, the President called on Filipinos to stand united. [11:12] Mga kapwa kong Pilipino, sa ganitong mga banta sa ating siguridad, [11:19] sa loob, at sa labas ng bansa, [11:22] tayo'y tumindig ng taas-noo at magkapit-bisig. [11:26] The President also vowed that in the final two years of his term, [11:30] he will complete the programs his administration started [11:32] and fulfill his promises to the Filipino people. [11:36] Jervis Manahan, ABS-CBN News. [11:38] Tonight, ex-Philippine House Speaker Martin Romualda says he's ready to prove his innocence [11:44] after President Marcos Jr. announced that corruption cases will soon be filed against him. [11:49] House leaders indicate they're not interested in reviving a probe of flood control corruption, [11:54] but will instead focus on legislation for cheaper electricity [11:58] and a social media ban on kids younger than 13. [12:02] Vivian Gullia has tonight's top story. [12:05] Dumating na tayo sa punto na ayon sa ombudsman, [12:11] ay malapit na ang paghain ng patong-patong na kaso labang sa dating speaker. [12:18] Masakit man sa akin ito, ngunit kailangan natin gawin ang tama. [12:23] Following these sharp words from his cousin during the State of the Nation address, [12:27] former House Speaker and later Representative Martin Romualda has issued a statement [12:31] saying he respects the President's remarks, [12:34] adding that he never asked for special treatment. [12:37] Romualda, who has been tagged in the flood control corruption scandal, [12:40] also insisted he has done nothing unlawful, and he is prepared to prove it. [12:46] Meanwhile, at least two House members expressed support for Marcos Jr.'s call [12:50] to remove the system's lost charge from consumers' electricity bills. [12:55] Biko Saropatili's Representative Tere Ridon says [12:57] Congress should prioritize and immediately pass legislation [13:01] prohibiting distribution utilities from recovering system losses [13:05] through consumers' electricity bills. [13:07] According to Ridon, the Energy Regulatory Commission must disallow recoveries [13:11] arising from inefficiency, poor system maintenance, electricity theft, [13:16] and other preventable causes, [13:18] and impose stricter efficiency and accountability standards on distribution utilities. [13:24] Akbayin Partilist Representative Shell Diokno also backs the removal of system's lost charge, [13:28] but added that value-added tax should also be reduced. [13:32] Akbayin Partilist Representative Percival Sandania also dismayed over the absence of the proposal [13:37] to remove VAT as well as the proposed legislated wage hike. [13:40] He says the President's sauna was short of the necessary solutions [13:44] to address the increasing cost of food and basic commodities. [13:47] Meanwhile, House Speaker Bojidi says the lower house is ready to translate [13:51] into legislation and concrete action the priorities outlined by the President in his sauna. [13:56] I hereby call the second regular session of the 20th Congress to order. [14:05] Ahead of Marcus' sauna, the House of Representatives formally opened on Monday [14:08] the second regular session of the 20th Congress, [14:12] which according to House Speaker Bojidi, [14:13] is an opportunity to acknowledge past shortcomings and address them. [14:18] During the first regular session, the lower chamber passed half [14:20] of the 52 priority measures of the Marcus Jr. administration [14:24] and both houses of the 20th Congress. [14:27] But only one was enacted. [14:29] House Majority Leader and Presidential son, Sandro Marcos, [14:32] admits the previous issue on the Senate leadership was a factor in that. [14:35] The more political gulo that there is, the less time there is to work. [14:39] I mean, everyone knows that, di ba? [14:41] So, but it's good that the Senate has now, you know, organized everything, [14:47] and I'm sure under the leadership of SP Gachalian, [14:49] the legislative mill will continue or will go back to functioning as efficiently as possible. [14:59] Marcos and Dee gave assurances the lower chamber's legislative work [15:02] and its deliberations on the proposed 2027 national budget [15:06] will be unhampered by the impeachment proceedings at the Senate. [15:09] Sa ating second regular session, [15:14] itutuloy natin ang pagtatrabaho para maisulong ang mga reformang [15:19] direktang tutugon sa mga pang-araw-araw na suliranin ng ating mga kababayan. [15:27] Prided natin maipasa ang Rice Industry and Consumer Empower Act [15:32] upang mapababa ang presyo ng bigas at mapalakas ang suporta sa ating pong mga magsasaka. [15:40] Ang mga amyenda sa Universal Health Care Act [15:45] upang maging dekalidad at abot kamay ang servisong pangkalusugan. [15:51] In his speech, the House Speaker called for the inclusion to the lead-up priorities [15:55] of a bill seeking to prohibit children under 13 years old [15:59] from creating, registering, and using social media accounts. [16:03] This, he said, will complement the bill passed by the lower chamber [16:06] against disinformation on digital media. [16:09] Congressman Marcos denied this seeks to censor the media. [16:13] I think what's important is to have necessary media participation [16:18] in order for those safeguards to at least, if not there already, [16:24] at least be introduced either in the Senate version or during the period of amendments. [16:29] But we are not here to censor anyone. [16:31] Sa kasamang palad, maging tayong mga matanda ay hindi na ligtas [16:38] sa mga maling impormasyon na nagiging sani ng pag-aaway at pagkakawatak-watak. [16:46] Huwag po sana nating hayaan ng ingay ng social media [16:51] ang humubog sa ating paniniwala. [16:54] Ang demokrasya ay nananatiling matibay kapag ang mamamayan ay sapat na may kaalaman [17:02] at bukas ang pag-iisip. [17:05] On calls for the House to resume its inquiry into alleged flood control anomalies, [17:10] Marcos said it should be left to the ombudsman and relevant bodies [17:12] since some House members are accused of involvement. [17:16] That's like asking a student to grade your own paper in an exam. [17:19] Diba? Kahit anong magiging resulta ng pag-iimbestiga kung i-resume sa lower house. [17:27] Ang sasabihin ng tao is, sangkot naman yung tao dyan. [17:30] Wala kaming tiwala sa report. [17:32] So let's leave the ombudsman and the necessary bodies to do that themselves. [17:41] On the proposed measures on SOGSC and legislated wage hike, [17:45] the House Majority Leader says he will first have to consult party leaders [17:48] to determine their chances of getting passed at the House of Representatives. [17:52] Vivian Gulia, ABS-CBN News. [17:55] Philippine police arrest dozens of protesters during anti-sona demonstrations in Quezon City. [18:02] Michael Deliso reports. [18:04] These individuals were among those arrested by police [18:14] amid the rallies in Quezon City [18:15] ahead of President Ferdinand Michaels Jr.'s State of the Nation address. [18:20] Six were caught by police making protest graffiti along Commonwealth Avenue. [18:24] Fellow protesters tried to pull them away from the police [18:27] and demanded an explanation [18:28] but they were unable to stop the arrests. [18:31] They were loaded onto a bus [18:33] and brought to the Batasan Police Station. [18:35] Sir, understand sila? [18:36] Masa minor sila? [18:37] Ah, may tingin ko mga minor eh. [18:39] Identify? [18:40] Ah, oo, nandun na. Binadala na. [18:42] Initially, ang information, [18:44] mga naka-block sila [18:45] tapos nagbabandal sa mga walls [18:49] dun sa may miral ko. [18:50] In total, Philippine National Police Chief General Jose M. Lanchel Artaris Jr. said [18:55] 51 individuals were arrested for various violations of Quezon City ordinances [19:00] during this year's sona. [19:02] 13 of those, however, were identified as minors. [19:05] We have a reason to have a valid arrest [19:08] and they were all posted because of violations of ordinances and special laws. [19:13] Particularly, RA 9003, BP 880, and local ordinances. [19:21] Lalo na, yung magtatakip ng muka. [19:23] Bawal naman magtatakip ng muka. [19:25] Lalo na, yung nangyari noong September last year. [19:30] Kinta niyo naman, di ba? [19:32] And ayaw natin payagan na sila pa ay magpatuloy na maggulo dyan sa kalsada. [19:39] At maapektuhan, of course, yung tahimik na nagpopotesta. [19:42] There were several instances of confrontation between police and protesters. [19:47] As early as 7 a.m., shoving erupted when police tried to push protesters back [19:52] to keep them from occupying the road. [19:56] Another confrontation broke out when the Bureau of Fire Protection put out a burning U.S. flag [20:01] as protesters condemned America's attacks on Iran, [20:04] the U.S.-led Pax Silica Hub in New Clark City, [20:07] as well as what they said was American influence over the policies of the Marcus administration. [20:13] This prompted authorities to alert the arresting team. [20:16] The organizers called the rally the people's sona, [20:25] which they said serves as a platform to present what they believe [20:29] is the true state of various sectors of society. [20:33] Among the main issues they raised were the skyrocketing fuel and electricity prices, [20:37] the lack of quality jobs, and low wages that they said have failed to keep pace [20:42] with the rising cost of living. [20:44] The protesters also condemned alleged cases of corruption and called for accountability. [20:50] Halos wala akong nakikitang pagbabago, puro lang pangako, [20:54] na talagang walang, kumbaga walang bitaw ngayon na sona niya ngayon. [20:58] Gumawa rin kami ng sarili naming sona. [20:59] Police were placed on full alert across Metro Manila for the sona [21:03] with support from various government units and agencies. [21:06] Security remained tight, [21:08] but authorities ensured traffic continued to flow along Commonwealth Avenue [21:11] despite the large gathering. [21:13] 5.20 in the afternoon, [21:15] the protests here along Commonwealth Avenue has just ended. [21:18] Now participants of this rally are carrying out organized dispersal. [21:21] Meantime, Bayan has deployed paralegal volunteers to the police station [21:25] to assist the arrested individuals. [21:28] Michael Delizzo, ABS-CBN News. [21:32] An explosion at the Philippine Justice Department in Manila [21:35] and the discovery of a suspected bomb near the Senate in Pasay City [21:39] prompt police to tighten security even further [21:42] for the President's State of the Nation address. [21:44] Jesse Cruzant reports. [21:48] Soldiers kept a tight watch on the Department of Justice [21:51] after an explosion took place outside the agency's compound early Monday morning, [21:56] the day of President Ferdinand Marquez Jr.'s State of the Nation address. [22:01] In an official statement, [22:02] the DOJ said the blast, [22:04] allegedly caused by an improvised explosive device, [22:07] occurred at exactly 12.17 a.m. [22:10] near the main gate of its building [22:12] along Padre Faura Street in Armita, Manila. [22:15] Signs of the blast remained visible [22:17] with the ground disturbed and rocks scattered around the tree. [22:21] The impact of the explosion also shattered the windows [22:24] of a vehicle parked inside the DOJ compound. [22:27] Fortunately, the DOJ said no one was hurt. [22:31] Personnel from the Philippine National Police Exposive Ordnance Disposal Unit [22:35] immediately responded to conduct a technical examination of the scene. [22:38] For the convening of the Congress... [22:40] Hours before the Senate opened its regular session, [22:42] authorities also recovered an IED [22:45] from the center island along Jokno Boulevard, [22:48] near the gate of the Senate, [22:49] just after 8 a.m. [22:50] The investigation found that a towing service employee raised the alarm [22:55] after spotting the suspected IED placed near a tree. [22:59] Responding police officers immediately secured the area. [23:02] Among the materials recovered by the Pasay City Police Explosive [23:05] and Ordnance Disposal Team were a 9-volt battery, [23:09] a blasting cap, a clock, [23:11] and a plastic container filled with a brown powdery substance. [23:14] Base po sa assessment na is nagawa, sir, [23:17] yun po yung mga ginagamit sa paggawa ng improvised explosive device, [23:22] pero doon po sa powdery substance is inaantay pa po natin yung resulta na ito. [23:28] Kung ano po itong substance na ito. [23:31] According to PNP Chief Police General Jose Melencio Nartates Jr., [23:34] there is a strong possibility the two incidents are connected. [23:38] A big possibility or probability is mag-cawag ngayon. [23:43] Malaki yung possibility. [23:45] EOD is conducting investigation, [23:48] pati yung ating investigator. [23:51] Yung IED na ito ay walang charts. [23:55] O ibig sabihin, wala siyang sharp nails. [23:58] Pang-terol lang, pang-tapot. [24:00] Nartates said the possibility of such incidents [24:03] had already been included in their security preparations. [24:06] Isa yan sa mga contingencies na ginawa natin. [24:11] Merong bomb threat, merong actual bombing, [24:15] and others. [24:17] May shooting. [24:18] Isa yun sa mga contingencies. [24:19] That's why nakaka-recover tayo ng mga ganyan. [24:23] Kaya nga lang, meron tayo, [24:26] I think past midnight, last night, [24:31] may relusutan tayong may sumabong. [24:34] Senate President Erwin Gatchalian strongly condemned the incident. [24:39] He also said they already have information [24:41] on who may be behind the incident. [24:44] May mga pangalan na lumalabas, [24:46] but hindi ko muna ma-disclose ngayon [24:48] dahil nag-investigate pa ang PNP. [24:50] Para sa akin, ano ito? [24:51] Sinadya. [24:52] Sinadyang guluhin ang pagbubukas ng zona. [24:55] Sinadyang maghasip ng takot. [24:57] Gatchalian added that the Senate [24:59] will not allow any act of intimidation [25:01] to disrupt its work for the Filipino people. [25:04] Gatchalian also called on the PNP [25:06] and other government agencies [25:08] to conduct a thorough investigation [25:10] to hold those responsible accountable. [25:13] In response, [25:15] the National Bureau of Investigation [25:16] raised its alert status to RED. [25:18] It also coordinated with other government agencies [25:21] to address possible threats [25:23] during the President's Sona. [25:26] Jesse Cruzat, ABS-CBN News. [25:28] Philippine Vice President Sara Duterte [25:31] says she will not step down [25:33] despite her ongoing impeachment trial. [25:36] She spoke at an event in London [25:37] where she said resigning would be a betrayal [25:40] of the 32.2 million Filipinos who voted for her. [25:44] Duterte dared her former ally, [25:46] President Marcos Jr., [25:47] to do whatever it takes to remove her from office. [25:50] The Vice President is abroad on travel leave [25:53] until the end of July. [25:55] Philippine shares joined a region-wide rally Monday [25:57] as investors cheered a pause in hostilities [26:00] between the U.S. and Iran. [26:02] Michelle Ong has Monday's Market Wrap. [26:06] Stocks gained Monday [26:08] as America paused an almost two-week run [26:10] of strikes against Iran, [26:12] triggering a relief rally across markets. [26:15] Brent crude dropping as much as 7.4% [26:17] to below $90 a barrel, [26:19] easing concerns about inflation. [26:21] Although, the global benchmark [26:23] is still up more than 50% this year. [26:25] The U.S. dollar, a safe haven, [26:28] also weakened against all of its G10 peers, [26:30] while gold is up 1%. [26:32] Here at home, Philippine shares joined [26:34] the regional upswing [26:35] as local investors awaited [26:36] the President's fifth State of the Nation address. [26:39] First, Metro Securities expects the Bores [26:41] to trade sideways with a downward bias this week [26:43] as geopolitics remain elevated. [26:46] Midweek focus then shifts [26:47] to the Fed's policy decision, [26:49] which is expected to set the tone [26:51] for global markets, [26:52] as well as the dollar-Philippine PESO exchange rate. [26:54] Locally, first-half earnings are front and center [26:58] and may even ease selling pressures [26:59] amid the challenging macro backdrop, [27:01] though another round of pump-price hikes [27:03] is likely to stoke fresh inflation concerns. [27:06] In corporate news, [27:08] BDO reports flat first-half earnings [27:10] of 40.7 billion PESOs, [27:12] supported by a 15% loan growth, [27:15] an 11% rise in net interest income, [27:17] and a 12% increase [27:18] in pre-provision operating profit. [27:21] It notes, asset quality also improved [27:23] as the NPL ratio declined to 1.64%, [27:27] with NPL coverage at 132%, [27:29] while strong capitalization was maintained [27:32] with a 13.1% set-one ratio. [27:35] The SEA-led bank, however, [27:36] notes provisions were increased [27:37] as a prudential measure [27:39] against evolving risks. [27:41] Meanwhile, Union Bank of the Philippines [27:43] closed the first half of the year strongly [27:45] with a net income of 6.9 billion PESOs, [27:48] up 113%, [27:49] as top-line grew 9% to 43.1 billion, [27:53] supported by expansion in consumer lending, [27:55] casa and fee income. [27:57] Net interest income grew by 8% [27:59] to 33.7 billion, [28:01] driven by loan expansion, [28:02] with consumer lending remaining [28:04] the primary growth engine [28:05] and accounted for 61% [28:07] of the bank's total loan portfolio. [28:09] Gross consumer loans of the group [28:11] grew by 10%, [28:12] led by credit cards and personal loans, [28:14] which collectively grew by 18%. [28:16] Net interest margin, [28:18] improved by 40 basis points [28:20] to 6.9% supported [28:21] by a 7% increase in casa balances. [28:25] Meanwhile, [28:26] non-interest income grew by 12% [28:28] to 9.4 billion PESOs, [28:31] primarily driven by higher fee income [28:32] from card-related fees, [28:34] wealth management, [28:35] bank assurance [28:36] and other everyday banking transactions, [28:38] benefiting from the bank's [28:39] 19.3 million customer base. [28:42] Finally, [28:43] Maynilad Water, [28:43] which went public just last year, [28:45] is joining the PSE index, [28:47] effective August 3, [28:48] replacing Converge ICT. [28:50] It will officially be part [28:51] of the 30-company index [28:53] of highly traded [28:54] and most capitalized listed companies [28:56] in the PSE. [28:57] The PSE cites its stellar [28:59] post-IPO share price growth [29:00] and the demand for its share, [29:02] allowing it to easily meet early [29:04] the market cap and liquidity criteria [29:06] for index membership. [29:08] Converge, on the other hand, [29:09] slides into the PSE mid-cap index, [29:11] which will also see the entry [29:12] of Felix Mining [29:13] and the removal [29:14] of Asia United Bank, [29:15] while Aboytis Equity Ventures [29:17] joins the PSE dividend yield index. [29:20] Michelle Long, ABS-CBN News.