Flexing under Fissure | T.I.O. # 119
We're cooked... geographically and politically.
Hello, Overloaders!
Earthquakes here, volcanoes there—Taal’s rumbling, Bulusan’s grumbling, Kanlaon is chiming in! Welcome to life on the Pacific Ring of Fire 🔥, where the ground has a way more active social calendar than we do! 😂
That’s why Laguna Governor Sol Aragones decided to hit pause on face-to-face classes until the end of this month, switching every school to Alternative Delivery Mode (ADM).
Because, unlike typhoons ⛈️, quakes and eruptions don’t send advanced memos. You don’t know if the worst will happen tomorrow—or in the next five minutes.
Some people might call her cautious, others might call it crazy 🤪. But when the earth itself is doing the cha-cha, you can’t blame anyone for wanting to keep anyone safe.
Meanwhile, LGUs are prepping their Go bags and vital care kits because they fear for the Big One in the Metro. Pets are included. 🐕🐈
Fresh Shoots (Deliverables)
📢 Heads up! Our Monthly Sundry Survey is currently underway, and we’ll be diving into the results of one key section of the data as a blog post next week! Stay tuned for the insights! 📊💡
Philippine News
Tremors and Triggers
When Laguna’s governor abruptly ordered a suspension of face-to-face classes until the end of the month to brace for potential seismic activity, the Department of Education (DepEd) sounded a firm warning. Rather than applaud the caution, DepEd urged local offices to tread carefully—highlighting that class suspensions should be reserved only for serious safety threats and must be backed by structural inspections and contingency plans.
Ghost Flood Controls
🚧 ICI Watch
The Independent Commission for Infrastructure (ICI) plans to file 15-20 corruption cases within a month after uncovering 421 “ghost” flood control projects nationwide. Of nearly 8,000 inspected, these nonexistent projects—261 in Luzon, 109 in Visayas, and 51 in Mindanao—were purely paper schemes.
Backed by the PNP, AFP, and NBI, the ICI is securing solid cases against those responsible, dating back to 2016.
Former Speaker Martin Romualdez has been questioned over allegations related to the scheme, while Budget Secretary Amenah Pangandaman was also summoned to clarify the fund flows.
The initial complaints are headed to the Office of the Ombudsman, potentially igniting the most significant anti-graft campaign in infrastructure history.
😹 Congressmeow gets lost!
Cavite Rep. Francisco “Kiko” Barzaga, aka “Congressmeow,” became the talk of social media after he hilariously admitted getting lost on his way to Sunday night’s anti-Marcos protest outside Forbes Park, Makati—his viral blunder coming amid an ethics case against him in Congress and as police blocked the exclusive village’s gates in anticipation of the rally.
Other Political News
ICC Watch
The ICC’s Pre-Trial Chamber I has denied ex-President Rodrigo Duterte’s interim release, citing him as a flight risk due to his political power and explicit threats from his daughter, Vice President Sara Duterte, to “break him out.” Age and health were deemed insufficient reasons to overlook the risk of witness intimidation.
Meanwhile, Chief Prosecutor Karim Khan was disqualified from the war crimes case over a conflict of interest, stemming from his prior communications with victims’ groups, raising questions about bias. A deputy prosecutor now oversees the case, marking a setback for Khan, who had already stepped back earlier this year amid unrelated sexual misconduct allegations.
New face in the PCO
Former journalist and Cainta Mayor Mon Ilagan has been appointed as an Undersecretary for Operations to oversee operational matters. He brings experience from his time at the Department of Transportation (DOTr), but will not be replacing Claire Castro, who remains the Palace press officer and spokesperson. 🇵🇭
Other PH Politics News
Senator Sherwin Gatchalian slammed the Presidential Communications Office (PCO) for funneling P124 million into a Government Communication Academy in Bukidnon—a move he says is “far outside its core function.” The PCO, admitting it was a stretch, plans to hand over the nearly finished building to a local state college, dodging accusations of a “white elephant” project.
International News
US News
Former President Joe Biden is undergoing radiation and hormone therapy for aggressive prostate cancer, his team announced this week. Diagnosed in May, Biden’s treatment began in Philadelphia and is said to be going well. The former president remains positive and grateful for public support, as doctors expect the five-week therapy to boost his fight against the disease.
Last Friday, a massive explosion at the Accurate Energetic Systems plant in Humphreys County killed 16 people and left the local community reeling. The military-grade explosives facility was obliterated, with shockwaves felt miles away, and no survivors were found. Investigators are still combing through the wreckage for clues as authorities work to piece together the cause of one of the region’s worst industrial disasters.
🌐 Other International News
Democracy champion Maria Corina Machado has won the Nobel Peace Prize for her fearless stand against authoritarianism in Venezuela. Despite political threats and exile, Machado unified Venezuela’s opposition and became a global icon for democratic resilience—reminding the world that the fight for free elections is far from over.
In Peru, Congress has ousted Dina Boluarte after failing to control spiraling crime and corruption. Rising millennial congress chief José Jerí, just 38, was sworn in as the country’s eighth president in nine years. Jerí vows a “war on gangs” and a stable transition before elections in April, as Peru hopes for order after years of chaos.
In Madagascar, youth-led protests over power outages, soaring prices, and corruption have triggered their worst political crisis in years. The military seized power after violent clashes left dozens dead and drove President Andry Rajoelina to flee. Frustrated by failed leadership, young activists fueled nationwide unrest. The military has established a transitional government, promising elections within two years, but Rajoelina’s fate remains uncertain.
Seeds & Brackets (Sports)
Playoffs of Sportsballs
⚾The Slugball Sprint
It’s a sprint to four wins in these League Championship Series! Who’s going to make the World Series? The pressure is on! 🔥
ALCS (After Game 2): (1) Blue Jays vs. (2) Mariners. Mariners lead, 2-0! 🤯 The game is underway, and as of this writing, the Blue Jays have a 20% chance of advancing to the World Series. (They would finish this Saturday, Philippine time.)
NLCS (After Game 2): (1) Brewers vs. (3) Dodgers. Dodgers lead, 2-0! 🚨 The Brewers have a 37% chance to advance to the World Series. (They’ll make it on Tuesday.)
🏈The Handegg Saga (NFL)
Week 6 is done, a third complete — and the playoff race is tightening! 🔥 About eight teams look like legit contenders for Super Bowl LX, with fans whispering about a dream matchup: Pittsburgh Steelers vs. Tampa Bay Buccaneers.
They won’t meet in the regular season, but imagine the stakes if they met under the Super Bowl lights — Steelers’ six rings vs. Buccaneers’ two. Two powerhouse legacies, one epic showdown that’s never happened… yet.
🏒 Puck Updates (NHL)
With at least three games played for each team, we can safely assume the early Stanley Cup matchup could be: Dallas Stars vs. Carolina Hurricanes.
They’ll meet each other twice: next week and in January.
🏀Pinoy Collegiate Hoops
UAAP Season 88 is heating up as Round 1 wraps this Sunday — and all eyes are on a potential NU vs. UST Finals showdown 👀. Round 2 schedules? Still TBA, but expect intensity to rise once teams return to the court.
Meanwhile, over at NCAA Season 101, the league’s tournament format is different (not Final Four as UAAP), but it’s racing to finish before Christmas break! 🎄 Leading the pack are the Perpetual Help Altas in Group A and the San Beda Red Lions in Group B. They’ll both meet on October 29.
Other Sports
🎾Alex Eala Watch
Our phenom is continuing her rise, smashing a new career-high World No. 54 in the latest WTA rankings. 🚀
Her Asian swing is in full gear, with three straight WTA 250s lined up. Eala opened her campaign at the Japan Women’s Open, where she suffered an early Round of 32 exit against Czech rising star Tereza Valentova (No. 78), 6-1, 6-2.
Next up, she’s heading to Guangzhou before wrapping up her tour in Hong Kong.
🥊 MMA
Charles Oliveira electrified his home crowd in Rio by submitting Mateusz Gamrot with a rear-naked choke in 2:48 of round two of their UFC Fight Night main event in the lightweight division, extending his records for most UFC finishes and submissions, then immediately called for a BMF title showdown with Max Holloway in a raucous Brazilian homecoming.
🎱 Billiards
Filipina billiards champs Chezka Centeno and Rubilen Amit just made history—both now hold multiple WPA Women’s World 10-Ball Championship titles after facing off in a dramatic all-Pinay finals showdown. Centeno clinched gold, Amit took silver, and together they’re proving the Filipino women’s billiards rivalry is world-class and fierce.
The Breakthrough (Science News)
🦋 A monarch butterfly got a second chance thanks to a wing transplant at Sweetbriar Nature Center, Long Island, New York. Using a donor wing from a deceased butterfly, rescuers performed the delicate operation in minutes—no pain, just pure flight!
The Trading Field (Business News)
📉 SEC Chair Francis Lim accidentally spread fake news—citing a bombshell P1.7-trillion “market wipeout” due to ghost projects and corruption. Turns out, the real figure from the PSE was just ₱185 billion—still hefty, but nowhere near Trillion Territory. Lim quickly apologized for the error, while the PSE urged Filipinos to double-check viral numbers before panicking.
Ground Waves (Media & Tech News)
📱 Samsung was hit with a $445.5 million jury verdict after a Texas court found its Galaxy phones and laptops infringed four wireless patents owned by Collision Communications, covering 4G, 5G, and Wi-Fi tech. Samsung plans to appeal, but the decision marks another huge patent case loss for the company.
📺 MTV is officially shutting down five iconic music channels—MTV Music, MTV 80s, MTV 90s, Club MTV, and MTV Live—by the end of this year. The decision marks the end of MTV’s era as the original 24/7 music video broadcaster, driven by audiences switching to streaming platforms like YouTube and TikTok. Only the main MTV channel will remain, focusing on reality and entertainment shows instead of music videos1.
🎬 Gossip Grounds (Showbiz)
International
🎙️ Comedy legend and late-night talk show host Conan O’Brien is in Manila, filming for his HBO Max travel series “Conan O’Brien Must Go.” Fans spotted him in Bonifacio Global City, snapping selfies, meeting locals, and soaking up the tropical vibe for the show’s new season.
Local
The 48th Gawad Urian Awards took place last Saturday with the following:
Best Picture: Alipato at Muog
Best Actor: Dennis Trillo (Green Bones)
Best Actress: Arisa Nakano (Kono Basho)
Best Director: Arlie Sweet Sumagaysay & Richard Jeroui Salvadico (Tumandok)
Big Winners: Tumandok (4 awards), Alipato at Muog (3), Green Bones (2)
Lifetime Achievement: Dante Rivero
MMFF 2025 Update: The Metro Manila Film Festival unveiled the final four films of its official “Magic 8” lineup! Joining previously announced titles are Sigrid Bernardo’s I’mPerfect, Mae Cruz-Alviar’s Love You So Bad, Jeffrey Jeturian’s UnMarry, and Kip Oebanda’s Bar Boys: After School. Genre highlights include comedy, youth romance, and drama sequels—plus star power from Angelica Panganiban, Lorna Tolentino, Bianca De Vera, and more. The MMFF Parade of Stars rolls out Dec. 19, with screenings and the annual Gabi ng Parangal kicking off on Dec. 25 and 27!
French-Filipino businessman Christophe Bariou and actress Nadine Lustre are fighting back after rejecting a ₱50 million extortion linked to local officials over their opposition to the Union-Malinao Bridge in Siargao. Bariou reports escalating harassment—including business inspections, permit holds, and staff bullying—aimed at pressuring their support for the project and politicians. They have filed corruption cases with the Supreme Court and the Ombudsman, with Lustre stating, “We don’t make deals with corruption... ever.” ⚖️ They urge national agencies to investigate the cycle of political greed impacting the island. 😠
Resting Grounds (Obituaries)
Field Notes (Weekly Column): Stepping down from a fake, “enormous” claim
Hours after our last issue’s introduction, Securities and Exchange Commission (SEC) Chair Francis Lim retracted his claim that the Philippine Stock Exchange (PSE) lost a staggering ₱1.7 trillion in three weeks, linked to “ghost flood projects” exposed in recent corruption scandals.
The problem: the number wasn’t real; it was fictitious. According to the PSE President, the actual loss during that period was ₱185 billion — just over a tenth of Lim’s claim.
For a regulator responsible for investor confidence and market integrity, this is a serious misstep.
A costly misstatement
Let’s be clear: the error wasn’t about a stray decimal point or a typo in a PowerPoint slide. Lim cited the ₱1.7 trillion figure as fact at a high-profile financial forum — a figure so enormous it instantly stirred in newsrooms and trading floors.
Hours later, he backtracked, apologizing for “believing a fake report” and regretting the confusion caused. The PSE issued a clarification, stating losses were much smaller and fundamentals remained stable.
Yet, the damage was done. Confidence—markets’ fragile currency—suffered not from the actual losses but from who made the claim. When the SEC chief, guardian of truthful disclosure, falls for fake news, what does that say about the integrity of our financial system?
Fake news from the top
This is more than a gaffe. It highlights a deeper problem: how easily misinformation can creep into the highest echelons of government.
If an SEC chair can publicly cite an unverified figure — without checking it with his own market analysts, the PSE, or the central bank — what’s to stop other officials or media outlets from doing the same?
In a world where data drives capital and perception drives risk, the truth is not optional. Just one inflated number from a trusted source can spark unwarranted panic, skew valuations, and sway monetary decisions.
It’s quite ironic: someone whose role is to protect investors from false claims ends up falling for one himself.
Was it malice or negligence?
To be fair, there is no evidence that Lim acted out of malice. He didn’t make up the number himself; he was misled by a false report. Still, negligence at that level is almost as dangerous as intentional deceit.
Lim, a seasoned corporate lawyer and former PSE president, understands the significance of every figure he shares. “₱1.7 trillion” isn’t just a casual number; it’s about 6% of the country’s entire GDP2. Quoting such an enormous loss without thorough verification is a reckless oversight.
Intent may determine morality, but negligence defines accountability. And accountability, in a regulatory institution, is essential and non-negotiable.
Should he resign?
Calls for Lim’s resignation are now swirling. Some say it’s only fair: the SEC’s moral authority rests on credibility, and credibility once broken cannot be patched with apology. Others feel that resignation would be too harsh — that one mistake, however costly, should not erase decades of service.
Let’s weigh both sides.
The case for resignation is quite clear. The SEC chair is not a political figure who can get away with hyperbole; he is a regulator bound by precision. The public relies on him to safeguard integrity in markets; once that trust is shaken, even unintentionally, his moral standing becomes untenable.
Resigning would send a strong message: accountability still matters. It would show that leaders accept responsibility for their mistakes and that protecting the integrity of financial institutions is more important than personal pride. It could be a difficult, but ultimately cleansing, reset.
On the other hand, the case against resignation hinges on practicality. The SEC needs stability. Lim’s tenure, though marred by this misstep, has also seen modernization efforts and reforms. Forcing him out may stall these initiatives and create a power vacuum that could unsettle investors even more. If he can demonstrate transparency, launch internal reforms, and personally lead fact-checking safeguards, perhaps redemption is possible.
But redemption has conditions: full disclosure of how the error happened, independent investigation, and a tangible plan to rebuild trust. Without those, his apology rings hollow.
What “amounts” matter
Some might shrug and say, “What’s the big deal? ₱1.7 trillion, ₱185 billion — both are huge numbers anyway. Does it really make a difference?”
For those feeling disillusioned or jaded, these amounts are indeed significant—they could help feed the hungry, build more classrooms, or strengthen our defense capabilities.
But here’s the thing: its accuracy builds trust. In finance, “millions” and “trillions” aren’t just throwaway numbers; they influence markets, shape policies, and impact people’s livelihoods.
When the top regulator accidentally inflates a figure by over a trillion pesos, it feeds the perception that official statements aren’t always reliable. That perception can be quite damaging. Once investor confidence is shaken, it’s much harder to regain than any billions that might be lost.
Accountability versus continuity
The question, then, isn’t just whether Lim should resign, but what his decision — to step down or stay on — truly signifies.
If he chooses to resign voluntarily, it would send a message that the Philippines still values honesty among its public officials. It could also help restore some of the moral credibility that the SEC lost during this whole fiasco.
On the other hand, if he decides to stay, he must do so with a clear commitment to systemic change — turning this embarrassing moment into an opportunity to implement stricter communication protocols, greater transparency, and genuine public accountability. Anything less might suggest denial rather than a real effort at reform.
Even if he remains in his position, his credibility will forever be somewhat overshadowed by the “₱1.7 trillion” incident. Every future statement he makes will be carefully scrutinized, and every number cited will be double-checked. In the world of finance, trust once broken is tough to rebuild fully.
The broader lesson
Ultimately, this episode exposes a national malaise: our tolerance for “approximate truth.” We often shrug off inaccuracies, share unverified data, and wonder, “What’s the difference?” But in governance, the difference is everything.
When regulators struggle to distinguish between fake and real information, markets will step in—whether through capital flight, decreased investor interest, or waning confidence in Philippine institutions.
Lim’s mistake, though perhaps born of carelessness, is a reminder that truth in public service is not self-correcting. It requires vigilance, humility, and a willingness to take responsibility when we falter.
Final word
Francis Lim’s apology is commendable. But apologies alone are not enough to buy back trust. The SEC’s credibility is too vital to hinge on one man’s contrition.
If he truly believes in the institution he leads, he should recognize that sometimes the most loyal act is to step aside. His resignation — not as an admission of guilt, but as a sign of responsibility — could do more to restore investor confidence than any press release or policy reform.
Because in governance, as in the markets, confidence is based on one thing: the truth. And when the truth is misrepresented by a trillion pesos, the difference isn’t small — it’s everything.
📢 Before You Go: Mic’s Not Off Yet
Sam YG and the rest of the crew are returning for one final hurrah with “Last Night Out” on November 10! 🎉 This special one-night event is the definitive farewell to the iconic radio program “Boys Night Out” (BNO) from Magic 89.9.
Since the toxic management in that radio station didn’t greenlight a final regular episode earlier this month, this is the chance to join the hosts for a night of pure nostalgia and give the show the proper, epic send-off it deserves. Details coming soon. 📻👋
Ingat. Trangkaso szn is happening.
~Timow
Which was their shtick when it was launched in 1981!
The country’s estimated nominal GDP for this year will be P28.5 trillion.