THE Presidential Palace on Wednesday said Education Secretary Juan Edgardo M. Angara and Information and Communications Technology Secretary Henry Rhoel R. Aguda remain part of President Ferdinand R. Marcos, Jr.’s Cabinet, denying rumors that the two officials were set for removal over alleged links to the widening graft scandal in public works projects. Palace Press […]THE Presidential Palace on Wednesday said Education Secretary Juan Edgardo M. Angara and Information and Communications Technology Secretary Henry Rhoel R. Aguda remain part of President Ferdinand R. Marcos, Jr.’s Cabinet, denying rumors that the two officials were set for removal over alleged links to the widening graft scandal in public works projects. Palace Press […]

Angara, Aguda still in Cabinet, Palace says amid fallout from graft scandal

2025/12/10 21:44

THE Presidential Palace on Wednesday said Education Secretary Juan Edgardo M. Angara and Information and Communications Technology Secretary Henry Rhoel R. Aguda remain part of President Ferdinand R. Marcos, Jr.’s Cabinet, denying rumors that the two officials were set for removal over alleged links to the widening graft scandal in public works projects.

Palace Press Officer Clarissa A. Castro said both men attended Monday’s Legislative-Executive Development Advisory Council (LEDAC) meeting and separately briefed the President on their programs, countering claims that they were on the way out.

“They are not leaving because they were with us at the LEDAC meeting, and they also presented their projects during a private meeting with the President,” she told a news briefing in Filipino. “We deny the reports.”

Asked how Mr. Marcos views the performance of his Cabinet amid a string of resignations tied to the procurement controversy, Ms. Castro said he remains “content” with the officials who remain on board.

“We have witnessed successive calamities and storms, yet they remain in their posts and continue to assist our fellow citizens,” she said. “As long as they stay in their positions, his trust in them remains.”

She declined to say whether further dismissals or replacements are in the works. “At this time, we have no update to provide,” she said.

The administration has been trying to contain the fallout from a months-long probe into anomalies in flood control contracts, which has triggered suspensions, resignations and the freezing of assets linked to lawmakers and contractors.

The issue has deepened political fractures and complicated Mr. Marcos’ efforts to stabilize his team ahead of the 2026 budget cycle.

The first Cabinet reshuffle came in May 2025, when Mr. Marcos sought courtesy resignations from all Cabinet secretaries after the administration-backed senatorial slate suffered losses in the midterm elections.

The move led to the exit of Environment Secretary Ma. Antonia Yulo-Loyzaga and the reassignment of others, including Raphael M. Lotilla, who shifted from the energy portfolio to the Department of Environment and Natural Resources.

In July, Mr. Marcos disclosed what he described as collusion among lawmakers and contractors to secure billions of pesos in kickbacks from public works projects, triggering a second round of Cabinet changes.

The disclosure was followed by claims from Party-list Rep. Elizaldy S. Co, who alleged the President was tied to about P100 billion in questionable budget insertions for 2024 — an accusation Mr. Marcos has repeatedly rejected.

The President’s remarks in his fourth state of the nation address set off more departures. Public Works Secretary Manuel M. Bonoan resigned soon after, while Executive Secretary Lucas P. Bersamin and Budget Secretary Ame-nah F. Pangandaman stepped down “out of delicadeza” after accusations raised by resigned lawmakers.

Mr. Marcos then tapped former Finance chief Ralph G. Recto as his executive secretary and appointed Frederick D. Go to lead the Finance department. Ms. Pangandaman was replaced by Budget Undersecretary Rolando U. Toledo as officer-in-charge while deliberations on the 2026 spending plan proceed.

Mr. Angara has been accused of inserting questionable projects into past national budgets during his time in the Senate, while Mr. Aguda faces allegations involving irregular procurement practices among his staff.

Under Mr. Aguda’s watch, 19 government websites were defaced in protest-linked cyberattacks in September, though he said there was “no evidence of a data breach.”

Both Cabinet members have denied all the allegations. — Chloe Mari A. Hufana

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UK crypto holders brace for FCA’s expanded regulatory reach

UK crypto holders brace for FCA’s expanded regulatory reach

The post UK crypto holders brace for FCA’s expanded regulatory reach appeared on BitcoinEthereumNews.com. British crypto holders may soon face a very different landscape as the Financial Conduct Authority (FCA) moves to expand its regulatory reach in the industry. A new consultation paper outlines how the watchdog intends to apply its rulebook to crypto firms, shaping everything from asset safeguarding to trading platform operation. According to the financial regulator, these proposals would translate into clearer protections for retail investors and stricter oversight of crypto firms. UK FCA plans Until now, UK crypto users mostly encountered the FCA through rules on promotions and anti-money laundering checks. The consultation paper goes much further. It proposes direct oversight of stablecoin issuers, custodians, and crypto-asset trading platforms (CATPs). For investors, that means the wallets, exchanges, and coins they rely on could soon be subject to the same governance and resilience standards as traditional financial institutions. The regulator has also clarified that firms need official authorization before serving customers. This condition should, in theory, reduce the risk of sudden platform failures or unclear accountability. David Geale, the FCA’s executive director of payments and digital finance, said the proposals are designed to strike a balance between innovation and protection. He explained: “We want to develop a sustainable and competitive crypto sector – balancing innovation, market integrity and trust.” Geale noted that while the rules will not eliminate investment risks, they will create consistent standards, helping consumers understand what to expect from registered firms. Why does this matter for crypto holders? The UK regulatory framework shift would provide safer custody of assets, better disclosure of risks, and clearer recourse if something goes wrong. However, the regulator was also frank in its submission, arguing that no rulebook can eliminate the volatility or inherent risks of holding digital assets. Instead, the focus is on ensuring that when consumers choose to invest, they do…
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BitcoinEthereumNews2025/09/17 23:52