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LATEST COMMENTARY

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FIVE THINGS TO KNOW

Afternoon7-minute read

ABOUT DECLARING AN AMBASSADOR PERSONA NON GRATA

Several lawmakers want Chinese Ambassador Jing Quan sent home. The Chinese Embassy has challenged them to follow through. That exchange leaves an ordinary reader with a reasonable question: if our own officials say an ambassador should leave, why is he still here?

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7:23 AM5-minute read

ABOUT LINO CAYETANO AND THE CHANGE AT THE PCO

President Ferdinand Marcos Jr. announced on October 11 that Lino Cayetano would replace Dave Gomez at the Presidential Communications Office. He said Gomez had been bypassed by the Commission on Appointments and that the change would be formalized when they returned from Singapore.

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6:10 PM4-minute read

ABOUT THE DISPUTE OVER CHANGING THE ORDER OF IMPEACHMENT WITNESSES

The argument at Thursday’s impeachment hearing was about which witness the prosecution could present next. It began with an absent lawyer and became a dispute over preparation and notice. Understanding the exchange helps explain why a courtroom can pause even when the parties, documents and another potential witness are already in the building.

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3:01 PM3-minute read

ABOUT MARK VILLAR’S MOVE TO THE SENATE MAJORITY

Senator Mark Villar has formally left the Senate minority and joined the majority. The October 8 move strengthens the bloc supporting the chamber’s leadership and gives Villar two significant positions. Its implications for Sara Duterte’s impeachment trial, however, require more than counting political allies.

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9:56 AM4-minute read

ABOUT THE MANAGER’S CHECKS AND THE QUESTIONS OVER SARA DUTERTE’S SALN

A bank balance can fall even when the value represented by the money has not disappeared. That distinction sits behind the prosecution’s questions about manager’s checks in Sara Duterte’s impeachment trial. To understand the October 7 testimony, we need to follow the instrument, the person entitled to its value and the declaration of assets for the relevant year.

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9:08 PM3-minute read

ABOUT WHAT COA’S REJECTION OF THE OVP APPEAL MEANS

COA has rejected the request to reconsider the ₱73.287-million disallowance involving the Office of the Vice President’s December 2022 confidential expenses. The October 5 resolution became public on October 7. Its significance is easier to understand when the amount, the audit finding and the available legal remedies are kept separate.

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7:47 AM3-minute read

ABOUT WHAT BANK SECRECY PROTECTS IN AN IMPEACHMENT TRIAL

The arguments over bank records in Sara Duterte’s impeachment trial involve several protections. The privacy of a peso deposit, the protection of a foreign-currency deposit, and the confidentiality of a report sent to the AMLC come from different rules. Understanding those differences helps explain what the court has allowed and what remains in dispute.

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8:43 AM8-minute read

ABOUT THE AMLC RECORDS IN SARA DUTERTE’S IMPEACHMENT TRIAL

₱4.4 billion is a figure that can dominate a conversation before anyone asks what it counts. AMLC Executive Director Ronel Buenaventura presented that approximate total in the Senate impeachment court on October 5, covering reported transactions involving Vice President Sara Duterte and her husband, Manases Carpio. He also explained that a bank correction had reduced the earlier figure of ₱6.7 billion.

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6:44 PM5-minute read

ABOUT THE COINS.PH CASH-IN RESTRICTION AND WHAT USERS SHOULD CHECK

If you use Coins.ph to receive money or pay bills, a failed cash-in can disrupt plans for the day. Coins.ph has announced that some incoming peso services are temporarily unavailable following a BSP directive to improve its internal controls. Its advisory also identifies services that existing customers can still use.

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12:00 PM5-minute read

ABOUT THE PROPOSED RULES ON SECONDHAND PHONES

A secondhand phone can put a useful device within reach of someone who cannot afford a new one. The problem comes when the buyer has no clear information about where it came from, what condition it is in, or who will fix it if it fails.

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8:35 PM6-minute read

ABOUT THE SUPREME COURT’S DECISION ON THE IMPEACHMENT VOTE THRESHOLD

The Supreme Court dismissed three petitions on September 30 challenging how the Senate impeachment court would count the votes needed to convict Vice President Sara Duterte. The dismissal leaves the Senate’s September 23 ruling in place, but it needs to be read carefully. A case can be dismissed because it does not meet the requirements for the Court to hear it, without settling whether the challenged action is constitutional.

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6:12 AM6-minute read

ABOUT WHAT BASTE DUTERTE SHOULD HAVE CHECKED AS MAYOR

Davao City Mayor Sebastian “Baste” Duterte told the Senate impeachment court on September 29 that he had been unfamiliar with GenCorp Industries Inc. before it came up in the proceedings. He also said he did not know about Vice President Sara Duterte’s declared business interest in the company.

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10:45 PM7-minute read

ABOUT THE OCTOBER WATER-RATE INCREASES

Metro Manila households served by Maynilad and Manila Water will see slightly higher water charges beginning October 1. The announced increases are small for many residential customers, but the figures vary by concessionaire and consumption level. That makes it easy to misunderstand a notice expressed only in centavos per cubic meter.

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7:21 AM6-minute read

ABOUT THE NOTE HANDED TO GIBO TEODORO IN SEOUL

Defense Secretary Gilberto “Gibo” Teodoro Jr. was answering questions at the Seoul Defense Dialogue on September 8 when a man handed him a note. He read it aloud, challenged its rejection of the 2016 South China Sea ruling and objected to being interrupted that way.

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9:55 AM8-minute read

ABOUT EL NIÑO AND PREPARING FOR LESS RAIN

It can be raining outside while PAGASA warns about El Niño. That can sound confusing when the immediate problem is a wet road or a flooded field. The two warnings describe different periods: the weather happening now and the rainfall conditions that may develop over the coming months.

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5:30 AM8-minute read

ABOUT THE NEW ARREST WARRANTS AGAINST ZALDY CO, MARTIN ROMUALDEZ AND TWO OTHERS

The Sandiganbayan has ordered the arrest of Zaldy Co, Martin Romualdez and two other accused in the plunder case filed on September 7. By Monday evening, authorities had served Romualdez's warrant and carried out booking procedures at Cardinal Santos Medical Center in San Juan. His arrest is a confirmed development; it does not establish that his three co-accused are also in custody.

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3:15 PM8-minute read

ABOUT THE PLUNDER CASE AGAINST MARTIN ROMUALDEZ

The Office of the Ombudsman filed a plunder case against former House Speaker Martin Romualdez at the Sandiganbayan on September 7 over his alleged involvement in flood-control kickbacks. The accusations have now reached the court that will handle the criminal case. Romualdez denies wrongdoing and remains presumed innocent.

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1:18 PM7-minute read

ABOUT THE NEW SWS POVERTY NUMBERS

Self-rated poverty and food poverty declined in June, but the figures also show how many Filipino families remain under pressure and why lower household budgets do not necessarily mean life became cheaper.

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2:02 PM11-minute read

ABOUT THE CHILDREN'S SOCIAL MEDIA SAFETY ACT

House Bill No. 9965 would bar children below 13 from having social media accounts, require parental consent for users aged 13 to 17, regulate platform algorithms, and impose fines reaching P50 million. It is still being deliberated in the House.

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12:02 PM7-minute read

ABOUT THE SEALED BIR BOX

Marcos authorized the BIR to comply with the Senate subpoena. That did not open the records to the public or prove the unexplained-wealth allegation.

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MCT READER PULSE · MCT-PULSE-2026-015

MCT READER SURVEY

Dapat bang ideklara ng pamahalaan ng Pilipinas na persona non grata si Chinese Ambassador Jing Quan at hilingin sa China na pauwiin siya?

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This is an informal survey of people who choose to participate. It is not a scientific or nationally representative sample.

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October 20, 2026 · Morning6-minute read

ABOUT THE SSS'S ₱40-BILLION PAPER LOSSES

You see SSS contributions come out of a payslip, or set aside money to pay them yourself. Then you read that the fund has almost ₱40 billion in paper losses.

An older Filipino woman reviewing papers at home beside the MCT headline about SSS paper losses.
Cover illustration. Not a photograph of a named SSS member or an actual account statement.

Does that mean the money is gone? And if it has not been lost through a sale, why did the auditors raise a warning?

Both questions deserve more than "paper lang."

1

THE ₱40 BILLION IS A DROP IN THE VALUE OF CERTAIN INVESTMENTS

COA's 2025 audit records ₱39.994 billion in unrealized losses on a category of SSS share investments, up from ₱11.6 billion in 2021. Its June 30, 2026 audit letter reports a 245-percent increase. [COA 2025 audit, opening letter (PDF pages 1–2)](https://www.sss.gov.ph/wp-content/uploads/2026/09/Item-10.a.-Annual-Audit-Report-on-the-SSS-for-the-Years-Ended-Dec-31-2025-and-2024-2_Compress_1.pdf)

This is not a finding that someone withdrew ₱40 billion from an SSS account. It is also not the value of the entire pension fund. It concerns investments whose market values had fallen.

WHAT TO WATCH

These are audit figures for 2025, not a measurement of what the same holdings are worth this morning.

2

"PAPER" DOES NOT MEAN THE FALL IN VALUE IS IMAGINARY

Imagine buying a share for ₱100. Its market price falls to ₱70, but you keep it. You have not sold it at a ₱30 loss. The share you hold is nevertheless worth less at that point.

It might recover. It might fall further. Calling the loss unrealized describes the position; it does not promise a recovery.

A pension fund invests over a long period, so selling every time prices fall would not automatically protect members. But holding an investment also needs a reason. "We have not sold" cannot, on its own, tell us whether keeping it is a sound choice.

WHAT TO WATCH

That is why the discussion has to move beyond whether the word "paper" makes the headline sound less alarming.

3

COA ASKED FOR CLEARER RULES ON WHEN MANAGERS MUST ACT

The audit points to a lack of formal stop-loss thresholds and calls for clearer loss limits, rules for raising concerns with senior officials, and documented decisions. It also recommends regular checks of how investments would fare in market downturns. [COA 2025 audit, opening letter (PDF pages 1–2)](https://www.sss.gov.ph/wp-content/uploads/2026/09/Item-10.a.-Annual-Audit-Report-on-the-SSS-for-the-Years-Ended-Dec-31-2025-and-2024-2_Compress_1.pdf)

These recommendations are not simply an instruction to sell everything that falls. COA also asks managers to explain decisions to retain investments after loss thresholds have been breached, including the expected recovery and the approval behind the decision.

WHAT TO WATCH

The question is whether the fund had clear safeguards and used them. A policy on paper is not enough if nobody can show when it prompted a review or a change.

4

SSS HAS AN ANSWER, BUT THE FIGURES NEED THE SAME TIME FRAME

SSS has defended its long-term investment approach. In its statement reported by BusinessMirror, it points to dividends and realized gains from major holdings, and says the pension fund remains able to meet its obligations. [SSS response reported by BusinessMirror](https://businessmirror.com.ph/2026/10/15/hounded-by-paper-loss-issue-sss-sticks-to-guns/)

That explanation belongs in the story. A company's share price can fall while it continues paying dividends. Looking only at the price decline can leave out part of what an investment earned.

The reverse is also true: citing dividends does not automatically answer every concern about a falling investment. We cannot subtract gains earned over many years from a loss measured at one date and call the comparison settled.

WHAT TO WATCH

Members need a clear account of the purchase cost, current value, income received, time held and reasons for keeping the investment.

5

MEMBERS DESERVE RECORDS, NOT PANIC OR BLANKET REASSURANCE

The audit finding does not establish that pensions are about to stop. SSS's assurance does not erase the weaknesses COA identified. [COA 2025 audit, opening letter (PDF pages 1–2)](https://www.sss.gov.ph/wp-content/uploads/2026/09/Item-10.a.-Annual-Audit-Report-on-the-SSS-for-the-Years-Ended-Dec-31-2025-and-2024-2_Compress_1.pdf)

WHAT TO WATCH

The same audit letter gives an unmodified opinion on the fair presentation of the financial statements while listing findings that need immediate action. Those two things can exist together. Fairly presented accounts are not a promise that every investment decision was good.

BOTTOM LINE

The follow-up should be specific: What safeguards have changed? Who checks investments that keep losing value? When may managers continue holding them, and who signs off? How will members know whether the changes are working?

For members, "nothing to worry about" is not a report. Neither is "the money is all gone."

The useful answer shows what happened, what remains at risk and what the people handling the fund have done about it.

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