'What is their evidence?': Palace challenges 'ex-Marines' testimonies of cash deliveries — ANC

[0:00] The self-confessed bagman of fugitive ex-Philippine Congressman Zaldico testified before a Senate inquiry on the flood control scandal. [0:09] The inquiry was led by the block of Senator Alan Cayetano, but this was dismissed by the block of Senate President Pro Tempore Sherwin Gachalian as bogus. [0:19] R.G. Cruz has tonight's top story. [0:21] The Philippine Senate is stuck on leadership stalemate with rival blocks led by Sen. Sherwin Gachalian and Alan Cayetano insisting they are the Senate majority. [0:32] Even before Sen. Sherwin Gachalian was sworn in as Senate President Pro Tempore and Designated Acting President, [0:38] his group received a letter from the last Senate President Alan Peter Cayetano announcing the senior year adjournment of the upper chamber. [0:45] This was followed by a notice from Cayetano that the June 4 hearing of the Blue Ribbon Committee will push through. [0:50] Another letter was issued by Cayetano insisting he is still Senate President. [0:54] Gachalian issued a memo Wednesday evening allowing employees to work from home and that no employee will be penalized if they avail of this. [1:00] Gachalian faced the media Thursday morning to assert his authority and legitimacy. [1:05] He was accompanied by Interior Secretary John Vic Rimulia when he asked to be present to ensure order. [1:10] He also issued an advisory allowing Senate employees to get off early. [1:13] Gachalian maintains there is no scheduled Blue Ribbon hearing. [1:16] Since the elected chairman, Sen. Erwin Tufo moved the inquiry to Monday next week. [1:20] But he did not stop senators from coming in to hold a meeting. [1:23] Dito building ng Senate President, ng Senate President Potempo, office to ng mga senador, so karapat dapat lang sila pumasok dito. [1:34] Meron tayong protocols for visitors and guests, so sundan lang yung protocols. [1:40] But for the Cayetano block, they remain in control of the upper chamber and they still occupy their leadership posts. [1:45] Kahit grade 1, marunong magbilang. Kailangan ng 13. So hindi, wala ho silang authority gawin yung mga ginawa nila. [1:55] The 1987 Philippine Constitution states, Article 6, Section 2, the Senate shall be composed of 24 senators. [2:02] May narinig ho kayong 22? Wala. 24. [2:05] Hindi nga AI. Hindi nagre-resign. At simple lang po, kung merong 13 na boto na makakapagbigay at iba po ang iba boto, I would be more than willing to yield my position. Been there, done that. [2:22] The hearing, led by Sen. Rodante Marco Lera, pushed through. [2:25] As Cayetano warned, those interfering with them will be penalized under the law. [2:29] The so-called former Marines, who claimed to have been employed by former lawmaker Zali Koh, testified on alleged massive payoffs to top government officials, including President Ferdinand Marcos Jr. and former House Speaker Martin Romualdez. [2:41] For the record, Sir President, alos lahat po ay personal na nakakaalam na silang lahat ay nag-deliver ng mali-malitang pera sa bahay o sa mga lugar na pag-aari ni former Speaker Martin Romualdez. [3:00] Para kanino naman yung dinalan ninyo? [3:03] Ang narinig ko po nun, Sir, ay para kay President Marcos Jr. [3:09] Yung time na dumating po kami, Your Honor, is sila-sila lang po. [3:12] Nauna po si Kong Sandro, then next po si President, then si First Lady po yung dumating. [3:18] The palace denies the allegations and pointed out no evidence was even presented. [3:23] Anong ebidensya? Pakita mo na nila ebidensya. Madali kasi magturo. [3:26] Lalo na kung ang balak mo lang naman talaga ay mangdiba at magsilbing isang obstructionist or destabilizer. [3:35] The resource persons also tagged Sen. Vicente Soto III, Erwin Tulfo, and former Sen. Antonio Trillanes IV in the alleged payoffs. [3:42] Nakalagay dito, nag-deliver kay Sen. Tito Soto. Pwede nyo bang i-verify? Totoo po ito at ay kwento nyo yung circumstance. [3:50] Advanced team kami, Your Honor. Nauna kami sa area kasi inadvise na kami ng team leader namin na magproceed na sa building ni Tito Soto sa Baclaran. [4:02] Nakapag-deliver po ko doon kay Sen. Erwin Tulfo ng dalawang bisis. Yung una po, dalawang malita, tapos yung pangalawa po, anin. [4:10] They also accused former incumbent lawmakers and even the media for saving cash. [4:15] Nagulat lang ako sa mga pangalan na ito. Letter J. Franz Castro. Nasa progressive block to. At nandito siya nung martes. Tapos Leila de Lima. Tapos may nakalagay dito sa polo club na bigay. [4:28] Nung sinasabi nyo rito na may mga malita ding na ibigay sa mga miyembro ng media. Wala kayong binanggit dito pero inaasahan ko na ididetalya ninyo kung sino-sino ang nabigyan. [4:41] The Gachalian bloc considers the hearing bogus and an unauthorized proceeding. [4:46] Meanwhile, the Duterte-led political party, Partido Democratico Pilipino, says it will file a petition before the Supreme Court to question the constitutionality of the Gachalian bloc's move to assume leadership. [4:56] The PDP argues 13 is the required number of votes for change in leadership in the upper chamber and not 12. [5:02] RG Cruz, ABS-CBN News. [5:04] But tension flared once again at the Philippine Senate as the bloc led by Senator Alan Cayetano held a hearing into the flood control vests with so-called former Marines as the resource speakers. [5:18] Cayetano is urging Malacanang to convince another senator to join his rival, which he calls a fake acting Senate president. [5:26] Victoria Tulad reports. [5:28] Anong ayos-ayos ng kausap eh. Tapos wala naman kayong sinabi, wala kayong binigay ng ibang memo na may pagbabago. So anong nangyari dyan? [5:39] I will relay your concern now. Right now, I will go to General Corpus. I will relay your concern. [5:47] But so far, the instruction for today is there is no hearing. [5:55] Meron pong hearing. Di ba sinabi ni Aspita Catano? [5:57] Staff of Senator Alan Peter Cayetano on Thursday questioned the Senate's office of the Sergeant-at-Arms after it supposedly blocked the entry of resource persons to their hearing on the flood control mess. [6:09] The OSA clarified, however, that the guests just needed to be registered to the visitor management system. [6:16] At past 9.30 a.m., Sen. Pia Cayetano and Robin Hood Padilla came to fetch the alleged 18 Marines and their counsel, Attorney Levito Baligod. [6:26] Cayetano put her arm around some of the men and started walking with them. [6:30] The commotion erupted when people suddenly started pushing, which involved Department of Interior and Local Government Secretary John Vic Remulia, Padilla, and some men. [6:40] Cayetano and the resource persons ran up to the session hall. [6:48] The hearing started after a few minutes. Remulia clarified that he did not block anyone and was only on his way out. [6:55] Wala na akong tatamihan eh. So if I had, if I had, kung tumabi ako, dito ako tatama eh, papunta sa door, sa pintuwal niya. Just look na din. [7:06] Natumabi na ako eh. [7:07] Siyempre, kasi maraming tao, nakakagulo eh. Ang importante, walang nagbuhat ng kamay. [7:14] During the hearing, the 18 alleged Marines recounted the times they delivered suitcases containing money to supposed houses of former House Speaker Martin Romualdez in McKinley, Makati and South Forbes Park, Makati. [7:28] Nakapag-deliver po kaming 26 maleta kay dating Speaker Romualdez. Sa bahay niya po dun sa Portinara Street po sa South Forbes. Nakapag-deliver din po ako sa Aguado, sa bahay din po niya dun sa Aguado sa Malacanang. At 32 paper bag po yun. [7:49] Senator Aimee Marcos also showed a photo of her nephew, presidential son and Ilocos Norte representative, Sandro Marcos, with one of the Marines. The photo was supposedly taken in a house in Ilocos in 2022. [8:03] May dala kayong mga maleta. Iniwanan ninyo dun? [8:06] Yes po, yun. [8:07] Kanino po? [8:10] Dyan po sa bahay po eh. Ang nag-receive po ma'am si Kong Sandro na po eh. [8:17] Money was also supposedly delivered to former Senator Antonio Trillanes IV. [8:21] Also named in the affidavit were congressmen who supposedly accepted money. One of the resource persons said they use a bulletproof van when they go to the House of Representatives. [8:33] Baligod, meanwhile, reiterated that the money delivered from September 2022 to 2025 would amount to 805 billion pesos, despite the doubts of Senator Panfilo Lacson. [8:45] Lacson said last March that with that huge amount, it would take more than four years to finish delivery. [8:51] You know, 20 na maleta times 3 sa isang linggo, 60 na maleta po yan. Then, apat na beses sa isang buwan po, kasi four weeks. So, 240 po na maleta sa isang buwan times 33 months. [9:13] Baligod also said the money did not just come from flood control projects. [9:17] Confidential funds ng iba't-ibang ahensya ng gobyerno. [9:22] Some of the men also said they assisted personnel from the International Criminal Court or ICC who came to the country in 2023 and 2024. [9:31] Ngayon, lumilitaw po sa inyong mga pahayag ngayon, individual and collective, ang mga ahensya ng gobyerno at mga operators ng gobyerno direct ang tumulong sa kanila. [9:44] During the hearing, Cayetano once again asserted that he cannot be replaced as Senate President because the block of Sen. Sherwin Gatchalian does not have 13 members. [9:56] He also called Gatchalian a fake acting Senate President. [10:00] So, Malacanang, yun lang advice ko sa inyo, hintayin nyo na makatrese, tawagin nyo yung special session. Pwede siguro tayo magpahiram ng isa para makatrese na sila. [10:10] Cayetano and Sen. Rodante Marcoleta hope to have another hearing next week. [10:16] Sen. Erwin Tulfo, the elected chairperson of the Blue Ribbon Committee of the Gatchalian Block, called the hearing illegal. [10:23] It's a sham hearing. Hindi naman recorded yun dahil illegal, diba? It was declared a no hearing today but on Monday officially. So ang purpose na yun to grandstand. [10:33] Included in the invited guests for June 8 are the 18 alleged Marines and former House Speaker Martin Romualdez. [10:41] Victoria Tulad, ABS-CBN News. [10:45] Philippine Senator Patrylo Lacson describes his colleague, Alan Cayetano, disgusting for dragging him into the flood control mess during a hearing with the self-proclaimed former Marines. [10:55] House impeachment prosecutors meanwhile believe they're also being linked to the corruption scandal to discredit them ahead of the impeachment trial of Vice President Sara Duterte. [11:05] Details in this report. [11:09] Philippine government officials linked to an alleged payoff scheme involving public infrastructure funds issue a wave of denials on Thursday. [11:17] They were accused by the so-called 18 former Marines who claimed to be the bagman of former House Appropriations Chairman Zaldico. [11:24] Among those who allegedly received cash-filled suitcases are former Senate President Vicente Soto III and Senator Erwin Tulfo. [11:33] Both have denied the claim with Tulfo poking holes on the testimonies of the so-called bagman. [11:39] He called the allegations of one of the ex-Marines Bernard Gumban a huge lie and described the proceedings as a bogus Blue Ribbon Committee hearing. [11:48] Tulfo also questioned the supposed impartial investigation of the inquiry led by Senator Rodante Marcoleta. [11:55] The senator pointed out Marcoleta's allies at the Senate appear to be safe but critics are fair game. [12:01] Soto also denied allegations he received flood control kickbacks. [12:06] Did you receive any money from former Congressman Zaldico? [12:10] If you're talking of 2024, I was not a government official. That came out a long time ago but I didn't want to dignify the bogus statement, the bogus hearing. [12:22] Former Senator Antono Trillanes IV also denied getting cash from COO. [12:26] He was accused by the ex-Marines of receiving cash allegedly to bribe representatives of the International Criminal Court. [12:33] Trillanes says he will file another complaint against the group for repeating the allegations. [12:37] Former Blue Ribbon Committee Chairman Panfilo Laxon slammed Cayetano for dragging his name in what he described as a bogus hearing and called the former Senate president disgusting. [12:49] House lawmakers tagged in the alleged payoffs also denying the accusations. [12:54] These include members of the House Prosecution Panel for the Impeachment Trial of Vice President Sara Duterte such as Representatives Jervil Luistro, Laila Dilima, Joel Chua and Terry Redon. [13:05] Luistro and Dilima say they have filed libel and cyber libel complaints against their accusers. [13:12] They are one in saying that the accusations are false, politically motivated and aimed at discrediting the House Prosecution Panel ahead of the impeachment trial. [13:21] The director of the National Bureau of Investigation cites a relative of one of the 18 supposed former Philippine Marines who claims the group was paid by a former congressman to testify about alleged flood control anomalies. [13:39] Zian Ambrosio reports. [13:41] The National Bureau of Investigation is opening a probe into the 18 supposed Marines who claim to have delivered cash-filled suitcases to top government officials. [13:51] NBI Director Melvin Matibag says a relative of one of the former soldiers has come forward and revealed that each of the alleged Marines were paid P5 million pesos in exchange for testifying about the flood control mess. [14:04] PINANGALANAN SI DATING CONGRESSMAN MIKE DEFENSOR NA SIY NAG-OFFER NANG HALAGA NANG FIVE MILLION PARA MAGING TISTIGO NGA LUMABAS PANG PRESS CONFERENCE. [14:16] Kaya naman, ginawa namin, kinuha na namin ng statement dito at firmado, recorded yung statement nitong individual na ito, nandito sa amin. [14:24] According to the unnamed witness, his relative told him they will come out in public to talk about alleged corruption involving the former House Leader Zaldi Kohl in exchange for the cash. [14:34] The NBI had earlier summoned the former soldiers and their lawyer, Attorney Levy Baligo. [14:39] Natapos na damin yung pag-imbestiga sa kanila, pinatawag namin yung labing walo, natanong namin isa-isa at na meron na kaming dokumento, recorded yung pagtatanong sa kanila. [14:51] However, during the investigation, only three of the former soldiers signed their affidavits. [14:57] The NBI did not disclose the specific findings of its earlier investigation. [15:01] The Bureau, however, says, with this new testimony, investigators will summon the former soldier, identified by the witness, as well as former Congressman Mike Defensor. [15:12] Nagpa-issue ako ng sabpina para imbistehan ulit yung membro ng 18 Marines na binabanggit ng individual, [15:19] at saka si Ginoong Mike Defensor pinapa-sabpina ulit namin dito para mag-appear, [15:25] para magbigay linaw dun sa testimonyang binigay nitong individual na related dun sa 18 Marines. [15:31] Defensor has denied the allegations. [15:34] Huwag mong sayangin ang punto ng gobyerno para patahimikin yung mga nagsasalita. [15:39] Gamitin mo ang resources ng NBI, ang poter ng NBI para imbistigan ang totoong issue. [15:46] Kung verified yung iyong impormasyon, ibig sabihin bilang investigator, no, NBI, [15:54] ibig sabihin you have a reasonable ground to believe na yung nagsabi sa'yo ay totoo. [16:01] Pumunta ka dito under oath at pagkakataon mo ngayon makaharap si Congressman Mike Defensor at yung 18. [16:10] Matibag says he is prepared to appear before the Senate if formally invited by the True Blue Ribbon Committee. [16:16] Zee Ann Ambrosio, ABS-CBN News. [16:22] The names of two post-war Philippine Senators have been frequently mentioned in relation to the current power struggle in the Philippine Senate. [16:30] The story and relevance of the case of former Senate Presidents Jose Avellino and Mariano Cuenco. [16:36] In this report from Katrina Domingo. [16:40] This is in full accord with the ruling of the court in Avellino v. Cuenco [16:45] that an absolute majority of 12 out of the 23 members can constitute a constitutional majority of the Senate for quorum purposes. [16:56] This is the case that Senator Sherwin Gatchilian's block has been using to explain why there was sufficient legal basis for the election of new Senate officials [17:04] after Sen. Alan Peter Cayetano and 10 other Senators did not show up in the Senate plenary on the last session day this month. [17:12] Jose Avellino and Mariano Cuenco were Senators in the post-war Senate of the Philippines. [17:17] Senate President Jose Avellino and nine other Senators walked out mid-session [17:21] after Sen. Lorenzo Tañada sought to deliver a privileged speech to bear Avellino's alleged corrupt practices. [17:29] The 12 lawmakers who remained in session decided to declare all Senate positions vacant [17:33] and hoisted Sen. Mariano Jesus Cuenco as acting Senate president. [17:39] Cuenco's camp asserted that 12 Senators are already considered as the majority, [17:43] especially as Sen. Vicente Soto was in the hospital while another Sen. was overseas. [17:49] Avellino's camp questioned the move before the Supreme Court. [17:53] But magistrates ruled that 10 Senators cannot override the actions of 12 others [17:58] as Cuenco's group holds the bigger number and therefore a constitutional majority. [18:03] For former law school Dean Melencio Santa Maria, the high court's decision in the Avellino v. Cuenco case [18:08] is already a long-recognized jurisprudence in the Philippines. [18:12] Noting that even Sen. Alan Peter Cayetano, Pia Cayetano, and Loren Legarda [18:17] did not even question the ruling when it was enforced during the May 5, 2015 session of the 16th Congress [18:24] when quorum was declared with only 12 Senators in plenary. [18:28] Meron pong basihan sa batas ito. [18:31] Sapagkat sa ating constitution, ang nakalagay, pagdating sa Senado, [18:36] ang pagboboto ng isang Senate president, dapat bumoto ang all members of the Senate. [18:45] Yung 13 quorum na sinasabi ng constitution, e yun lang ang pagboboto sa Senate president. [18:50] Malikanyang also cites the Avellino v. Cuenco ruling as its basis for recognizing Gatchalian's block [18:57] as the legitimate new leaders of the Senate. [18:59] May inelect ba ng Senate president? Di ba wala? [19:04] Pero noong nagkaroon ng quorum, pwede silang gumawa ng transaksyon. [19:08] At legal ang pagdeklara na bakante lahat ang elected Senate positions. [19:16] Yan din ang ginawang aksyon ni dating Senate President Franklin Drilon [19:22] na nagdeklara siya noong 2015 ng quorum ng 12. [19:28] Wala naman naging pagtutol dito, wala naman naging ginawang aksyon na sinampa sa Korte Suprema. [19:35] So yan ang nasusunod na jurisprudence sa ngayon. [19:38] But Law School Dean Ralph Sarmiento says, [19:41] while Gatchalian's block clearly had a quorum during the June 3, 2026 session [19:45] after Senator Cheez Escudero's sudden attendance, [19:48] the Senate rules require the vote of all its members [19:52] when electing a new Senate president pro tempore. [19:55] Rule 2, Section 2, then provides the officers of the Senate [19:59] shall be elected by a majority vote of all its members. [20:04] Quorum authorizes the Senate to do business. [20:07] But quorum alone does not automatically supply [20:10] the number of votes needed to elect a Senate officer. [20:15] Amid the continuing saga in the Senate, [20:17] Various legal experts agree that it is now up to the Supreme Court [20:21] to decide which faction is the legitimate block occupying the Senate leadership. [20:27] Katrina Domingo, ABS-CBN News. [20:32] Malacanang says, Philippine President Marcos Jr. [20:34] is inclined to call for a special session [20:37] to allow the Senate to do its legislative work during its senior year adjournment. [20:42] Palace Press Officer Claire Castro says, [20:44] The President will immediately act on a special session request [20:48] from the block of Senate President Pro Tempore Sherwin Gatchelian, [20:51] whom it recognizes as the chamber's de facto leader. [20:55] The two-day gridlock at the Senate has delayed the passage of key bills [20:58] and the promotion of military generals. [21:01] Hindi po na isang Pangulo na magkaroon ng pag-antala sa trabaho ng Senado. [21:09] Provided lamang po ang official request ay dapat po rin na [21:13] kinapapalooban ng valid grounds for the calling of a special session. [21:18] The Philippines loses to Kyrgyzstan in its bid for a seat [21:24] on the United Nations Security Council. [21:26] Malacanang believes the weeks-long Senate deadlock [21:29] has damaged the country's image. [21:32] Manila has been campaigning for a seat on the UN Security Council since 2013. [21:39] Lahat ng political tensions, nakaka-apekto ito. [21:45] At ito ang nakikita ng buong bayan at buong mundo [21:48] sa impresyon dito sa Pilipinas. [21:52] So, nagiging negatibo dahil sa mga ingay na ito [21:55] na karamihan naman ay mga obstructionists, [21:59] katulad ng pag-describe ng Pangulo. [22:02] The Office of the Philippine Ombudsman [22:04] files graft and malversation charges [22:06] against contractors Curley and Sara Diskaya [22:09] over alleged anomalies in a flood control project in Kalumpit, Bulacan. [22:13] Eight public works officials also face complaints. [22:17] St. Timothy Construction, which is owned by the Diskayas, [22:19] had bagged the project for the rehabilitation of a river structure [22:22] along Bulusan, Kalumpit. [22:25] The project was worth over 53 million pesos. [22:28] Public works chief Vince Dizon says the government took time [22:31] to build a strong case, [22:32] while the Ombudsman maintains the evidence [22:34] supports criminal prosecution. [22:37] Curley Diskaya is under Senate custody, [22:40] while Sara Diskaya is detained in Cebu on a separate case. [22:45] Philippines, Senator Jingoy Estrada refuses to enter a plea [22:48] in the graft case he faces over the flood control mess. [22:52] His co-accused, former public works chief Manuel Bonoan, [22:55] skipped his arraignment, citing serious medical concerns. [22:58] Cassandra Salonga has the full story. [23:03] Philippine Senator Jingoy Estrada was not physically present [23:06] for the reading of the charges in his graft case [23:09] before the 2nd Division of the Sandigan Bayan. [23:12] According to his lawyer, the senator is suffering from osteoarthritis, [23:16] so the court allowed him to attend via videoconference. [23:30] Estrada refused to enter a plea, [23:32] so the court entered a not-guilty plea on his behalf. [23:36] The court also denied the senator's omnibus motions [23:39] to dismiss the criminal information filed by the Office of the Ombudsman [23:43] to suspend the cases or to remand them back to the Department of Justice [23:47] and the Ombudsman for reinvestigation. [23:50] The court said there was no sufficient basis to dismiss the case. [23:54] The defense argued that there was a certification [23:57] from the Senate Legislative Budget Research and Monitoring Office, [24:01] stating that there is no record of any insertion made by Estrada [24:04] in the 2025 national budget. [24:06] But when the court asked for the document, [24:08] the defense failed to present it and it was also not furnished to the prosecution. [24:13] The court also said Estrada had already submitted a counter-affidavit to the DOJ, [24:18] which negates the defense's argument that he was not given the opportunity [24:22] to answer the allegations against him before the case was filed. [24:25] Meanwhile, his co-accused former DPWH Secretary Manuel Bonoan [24:29] was not able to attend the arraignment. [24:31] According to a letter submitted by his lawyer to the court, [24:34] the former secretary is suffering from type 2 diabetes, [24:38] spinal pain, chronic kidney disease, carcinoma, prostate cancer, [24:43] and acute coronary syndrome. [24:45] Bonoan earlier filed a motion for hospital arrest due to his high blood pressure. [24:50] He is currently staying in a hospital in Makati City. [24:54] Meanwhile, three of Estrada's co-accused from DPWH-NCR [24:57] entered not guilty pleas to their plunder and graft charges [25:01] before the Sandigan Bayan 5th Division. [25:03] However, Estrada and Bonoan's arraignment was reset to June 30, [25:07] pending resolution of their motions. [25:10] During the hearing, Estrada also withdrew his motion [25:12] to be transferred to the PNP custodial Center in Camp Crame. [25:16] His lawyer said the senator will comply with the court's commitment order [25:20] to be placed at the Quezon City Jail in Payatas, [25:23] where former Senator Ramon Bonavilla Jr. is also currently detained. [25:27] According to the PNP, Camp Crame can no longer accommodate high-profile detainees. [25:32] Estrada also filed a motion to be allowed to post bail in his non-bailable plunder case, [25:37] arguing there is no strong evidence against him. [25:40] However, Estrada later withdrew the motion after the court reminded him [25:44] that he had not been arraigned before the 5th Division, [25:46] so pursuing the motion to fix bail would be tantamount [25:49] to abandoning his earlier motion to dismiss his plunder case. [25:52] The prosecution was given 10 days to respond to the motions filed by Estrada and Bonoan. [25:58] Cassandra Salonga, ABS-CBN News. [26:02] The local bourse tracked Wall Street's losses, putting an end to a three-day rally. [26:06] The details in this report. [26:10] Asian markets retreated from record highs on Thursday [26:13] as optimism on the AI trade faltered [26:15] and investors grew more concerned over tensions between the U.S. and Iran. [26:19] Philippine shares also breaking three straight sessions of gains. [26:24] For the day, the PSE index was lower by 0.7 percent, closing at 59.11. [26:29] I think, you know, given everything, given the macro backdrop, [26:33] this is what you would expect to see in our financial markets. [26:39] Every time it becomes very, very concentrated in the AI and AI-adjacent names, [26:47] the Philippine stock exchange actually underperforms. [26:52] But like what I mentioned at the onset, [26:54] it's not just endemic to the Philippine stock exchange. [26:59] In corporate stories, Cebu-based fuel retailer Topline [27:03] launching its Series A perpetual preferred shares offer. [27:06] Fixed initial dividend rate was set at 9.13 percent per annum [27:09] for Top A1 shares and 9.59 percent per annum for Top A2 shares. [27:15] Offer period kicks off today until June 16th [27:17] with listing at the PDEX-Ide on the 26th. [27:21] Meanwhile, Security Bank inks a partnership [27:23] with two AC Health subsidiaries for its dealer financing program. [27:26] Under the initiative, accredited dealers and distributors [27:30] will gain access to working capital and inventory financing solutions.