Siloam Hospital under CVC, one year later
CVC Capital Partners took controlling ownership of Siloam Hospital (SILO) from Lippo Group little less than one year ago. That time, CVC paid Rp2,850 per share. On Tuesday (Aug 19), Siloam, the largest hospital chain in private sector, closed at Rp2,230, inched up 0.45% only. CVC, accordingly, has recorded loss of 21.8%.
Big illusions (2)
“One of our schools in Jakarta is a recipient of the MBG (free meal) program. We have politely refused the program because the students come from middle-up income families. The local government officers, however, insisted that we should take the program or our operations will be seriously hurt,” said principal of a foundation.
Populist fiscal politics in RAPBN 2026
Indonesia’s draft state budget for 2026 (RAPBN 2026) is both ambitious and politically calculated. On paper, it looks disciplined: revenue is targeted at Rp3,147.7 trillion, expenditure at Rp3,786.5 trillion, leaving a deficit of Rp638.8 trillion, or 2.48 percent of GDP—well within the 3 percent fiscal threshold. The government even pledges to reach a balanced budget by 2027–2028. Yet beneath these tidy macroeconomic numbers lies a striking populist agenda—one that risks repeating Indonesia’s old patterns of fiscal politics, while neglecting the country’s digital future.
A Monument without flights
When former President Joko Widodo inaugurated Dhoho International Airport in Kediri in April 2024, it was hailed as a milestone for regional connectivity. Built entirely with private funding from PT Gudang Garam Tbk (GGRM) through a public-private partnership scheme, the airport was designed to reduce the burden on Juanda International Airport in Surabaya and spur economic growth in southern East Java. With a 3,300-meter runway capable of handling wide-body aircraft and a modern terminal infused with Javanese cultural motifs, the facility represented both ambition and innovation.
Big illusions
So, looks like that Prabowo administration is moving in the opposite directions to what most initially thought. With ‘continuation’ campaign tagline and some new flagship programs, some predicted an expansionary State budget, supported by statements from Prabowo’s brother Hashim Djojohadikusumo about possible change in the 3% budget deficit cap.
Prajogo-Hapsoro partnership
Mining contractor PT Petrosea (PTRO), controlled by Prajogo Pangestu, and natural gas distribution firm PT Rukun Raharja (RAJA), controlled by Hapsoro (husband of Puan Maharani, speaker of the House of Representatives/DPR, daughter of PDIP matriarch Megawati Soekarnoputri) acquired 100% stakes in two oil and gas services firm, Hafar Group.
Prabowo’s less commitment for new capital city
Pretty much as predicted, President Prabowo reduced further funding commitment from the State for the development of the new capital city (IKN) Nusantara in East Kalimantan as he prioritizes on own signature programs, especially the free meal, three million homes per annum, and cooperatives.
Targeting The Hartonos (BCA)?
Duta Palma is taken. The assets have been handed over to newly established state company Agrinas. Riza Chalid is being investigated, some of his assets have been seized, where people close to the power are said behind the manoeuvre to take over the oil trading business. Wilmar Group is not taken yet, but has been forced to place Rp11 trillion in escrow account for the cases being investigated.
Genta, Coretax, and the ADB Loan
Indonesia’s tax administration has entered a high-stakes phase. In August 2025, the Directorate General of Taxes (DJP) made headlines with two intertwined developments: the introduction of Genta, a self-service tool for downloading taxpayer data from Coretax, and the securing of a US$500 million loan from the Asian Development Bank (ADB) to modernize the tax system. On paper, this looks like progress. In reality, the road ahead is strewn with technical, institutional, and political landmines.
Illusory gains
Composite index of Indonesia Stock Exchange (IHSG) closed at new ‘record’ of 7,931 on Thursday (Aug 14), gaining 10.7% year-to-date and making it one of the best performing stock markets in the region. This, however, was attributable to sky-high gains of overvalued stocks.