Latest news with #MetroManila
South China Morning Post
8 hours ago
- Business
- South China Morning Post
US sanctions Philippine tech firm over ‘pig butchering' scams that took US$200 million
A Philippine tech company has been sanctioned by the United States for allegedly enabling online romance scams known as 'pig butchering', which US authorities say led to more than US$200 million in losses reported by victims linked to the company's infrastructure. Advertisement Funnull Technology Inc, a content delivery network provider based in Metro Manila's upscale Bonifacio Global City (BGC) district, was sanctioned last week by the US Treasury Department, along with Chinese national Liu Lizhi, described as one of its administrators. According to the department, Funnull's infrastructure supported more than 332,000 domain names linked to websites masquerading as legitimate cryptocurrency investment platforms. These platforms were part of a global network of online scams that 'systematically targeted and exploited vulnerable individuals', US officials said. On average, victims lost more than US$150,000 each, the treasury said. Pig butchering scams typically involve trafficked workers assuming fake identities to lure victims into online relationships. Photo: Handout Tammy Bruce, spokeswoman for the US State Department, said the US 'will go after those who misuse virtual currencies and internet services to perpetrate fraud and other crimes'.
South China Morning Post
10 hours ago
- Business
- South China Morning Post
US sanctions Philippine tech firm over ‘pig butchering' scams that duped victims of millions
A Philippine tech company has been sanctioned by the United States for allegedly enabling online romance scams known as 'pig butchering', which US authorities say led to more than US$200 million in losses reported by victims linked to the company's infrastructure. Advertisement Funnull Technology Inc, a content delivery network provider based in Metro Manila's upscale Bonifacio Global City (BGC) district, was sanctioned last week by the US Treasury Department, along with Chinese national Liu Lizhi, described as one of its administrators. According to the department, Funnull's infrastructure supported more than 332,000 domain names linked to websites masquerading as legitimate cryptocurrency investment platforms. These platforms were part of a global network of online scams that 'systematically targeted and exploited vulnerable individuals', US officials said. On average, victims lost more than US$150,000 each, the treasury said. Pig butchering scams typically involve trafficked workers assuming fake identities to lure victims into online relationships. Photo: Handout Tammy Bruce, spokeswoman for the US State Department, said the US 'will go after those who misuse virtual currencies and internet services to perpetrate fraud and other crimes'.
Forbes
a day ago
- Business
- Forbes
Billionaire Anthoni Salim-Backed Maynilad Water To Raise $694 Million From Philippine IPO
A Maynilad water treatment facility. Courtesy of Maynilad Water Maynilad Water Services—controlled by Indonesian billionaire Anthoni Salim-backed Metro Pacific Investment—will raise 38.6 billion pesos ($694 million) from its IPO. Under the IPO, which was approved by the Securities and Exchange Commission on Friday, Maynilad Water will sell 1.9 billion shares in a primary offering at 20 pesos apiece. The maiden share sale includes an over allotment option of up to 249 million shares and a preferential offer of up to 24.9 million shares. Maynilad Water—which provides water utility services to 17 cities and municipalities in western Metro Manila and parts of Cavite province, south of the capital—will use the IPO proceeds to upgrade its facilities and expand its water output. Apart from the sale of primary shares, Maynilad Water Holding—which counts Metro Pacific, tycoon Isidro Consunji's DMCI Holdings and Japan's Marubeni Corp. among its shareholders—will sell 354.7 million shares at the IPO price, raising an additional 7.1 billion pesos in a secondary offering. The offer period will run from July 3 to 9, with listing on the main board of the Philippine Stock Exchange scheduled on July 17, the SEC said. It will be the largest Philippine IPO since the listing of instant noodle giant Monde Nissin, which raised $1.1 billion in a maiden share sale in 2021. BPI Capital, HSBC, Morgan Stanley and UBS are the IPO's joint global coordinators and joint bookrunners, according to the statement. Maynilad Water's net profit rose 17% to 3.6 billion pesos in the first quarter as sales rose 6% to 8.6 billion pesos. It reported a record full-year net profit of 12.8 billion pesos in 2024. Metro Pacific, which is helmed by tycoon and CEO Manuel Pangilinan and taken private in 2023, also has interests in hospitals, tollroads, agriculture, as well as electricity generation and distribution. Outside of Metro Pacific, Salim's First Pacific also has stakes in Philippine telecom giant PLDT and Philex Mining Corp. With a net worth of $12.8 billion, Salim and his family are among the richest in Indonesia. The family also has stakes in Infofood, Indonesia's largest noodle maker, as well as banking, retail and coal and his siblings had a networth of $3.4 billion, the fifth richest in the Philippines. DMCI, which started as a construction company founded by his father in 1954, has expanded to coal and nickel mining, residential development, power generation and cement manufacturing.
CNA
a day ago
- General
- CNA
Philippines, EU to set up security and defence dialogue
The Philippines and the European Union have agreed to start a dialogue on security and defence. Top diplomats from both sides said new solutions are needed to tackle emerging threats, including cyberattacks and foreign interference. This dialogue will build on a partnership and cooperation agreement established in 2012, which entered into force in 2018. Buena Bernal reports from Metro Manila.
CNA
5 days ago
- Business
- CNA
Marcos' Cabinet revamp: Officer who led Duterte arrest named new Philippine police chief
Philippine President Ferdinand Marcos Junior is replacing his police chief as part of a Cabinet revamp. Police Major-General Nicolas Torre III will head the National Police from next month. He rose to prominence in March, when he led the arrest of former President Rodrigo Duterte on a warrant from the International Criminal Court. The Marcos administration has also confirmed that the entire economic team and the secretaries of defence, justice and interior will be retained. Buena Bernal reports from Metro Manila.
