Category: Business Mirror

THE Bureau of Immigration (BI) on Wednesday announced the arrest of two high-profile Korean fugitives who are being pursued by authorities for their alleged involvement in illegal gambling operations across Asia.

The BI identified the suspects as Seo Hyemi, 38, and Park Unbae, 48.

Seo was arrested along Ayala Avenue, Makati City, while Park Unbae was captured along Teodoro Evangelista Street in Parañaque City, in separate operations by the BI-Fugitive Search Unit (FSU) last week.

Based on the information provided by Korean authorities to the BI, Seo is behind the operations of 23 online gambling platforms, including websites offering sports betting and casino-style games such as baccarat and Powerball.

She was the subject of an Interpol Red Notice issued in May 2025, following an arrest warrant from the Incheon District Court for violations of South Korea’s National Sports Promotion Act, including running unlicensed gambling websites and laundering proceeds.

The BI-FSU said Seo oversaw recruitment, managed player accounts, and promoted websites that catered to thousands of bettors.

She entered the Philippines in September 2021 as a temporary visitor and is already overstaying.

She is listed under both a BI blacklist and watchlist order.

On the other hand, Park is wanted by the Busan District Court and Eujeongbu District Court for setting up illegal gambling operations and violating the National Sports Promotion Act of South Korea.

An Interpol Red Notice was issued against him in August 2025.

According to authorities, Park and his accomplices operated a website that allows its users to place wagers on global sporting events, offering hundreds of games and processing winnings and payments.

Park arrived in the Philippines on March 31, 2023, and is also overstaying.

He is also listed under a BI blacklist and watchlist order.

Both fugitives were immediately transported to the BI Warden Facility in Bicutan, Taguig City, for booking, documentation, and verification, pending deportation proceedings.

‘These operations send a clear message: the Philippines is not a safe haven for foreign fugitives,’ BI Commissioner Joel Anthony Viado said.

Marking the start of a new era in the healthcare industry, the Philippines’ leading HMO, Maxicare Healthcare Corporation, along with Maxicare Clinics and Maxicare Insurance, is now synergizing a fully integrated health and wellness ecosystem under one group: the Maxicare Group.

This reinforces the company’s commitment to continue delivering complete care that is simple and accessible for individuals, families, and companies nationwide.

As a trailblazer in the healthcare industry, Maxicare Group’s consistent innovation in its products and services affirms its commitment to advocating for Filipinos’ healthcare needs. The start of synergizing the health plans, clinics, and insurance aligns with their mission of delivering quality healthcare to the public and, at the same time, helping them secure their finances, being with them at every stage of their lives.

Alongside this, Maxicare Group also unveiled its refreshed logo, a symbol of its renewed purpose and forward-looking vision. The Maxicare Group logo represents its mission as a health maintenance organization focused on care and well-being. The use of royal blue reflects trust, professionalism, and stability, which are essential values in the healthcare industry. At the center of the logo, the letter ‘X’ is creatively formed as a human figure, symbolizing vitality, life, and the people Maxicare Group serves. This new design choice underscores the brand’s human and customer-centric approach and its commitment to supporting every individual’s health journey with compassion and reliability.

More than a rebrand, this synergy strengthens the Group’s promise to synergize every Filipino’s health and wellness needs from proactive and preventive care to financial security. Members also get seamless access to quality healthcare from a growing network of nationwide Maxicare Primary Care Clinics, over 22,000 physicians, and more than 1,000 hospitals and partner facilities.

‘Uniting our health plans, clinics, and insurance under the Maxicare Group is just the first step to make healthcare simpler, accessible, and tailor-fit for every Filipino, enabling them to live their best lives,’ said Raymond Hernandez, Chief Customer Officer of Maxicare Group.

FILIPINO women are the most dependable borrowers in the country’s microfinance sector, according to industry leaders at a forum hosted by the Asian Institute of Management Wednesday.

At a panel at the second day of the Asian Forum on Enterprise for Society (AFES) 2025, executives from leading microfinance institutions said women consistently repay loans on time, make strategic financial decisions, and play a central role in managing household finances-especially in low-income communities.

‘In the 38 years of CARD MRI’s existence, we’ve proven that women are driving household finances,’ Jean Pauline Landicho, Director for Partnerships at CARD MRI, said. ‘We call our members ‘nanays’ or mothers because we know that when you give the penny to women in the family, they turn it into income-generating activity.’

Christian Paolo Allan Guanzon, President and CEO of GoodDeal, shared that even for motorcycle or OFW financing, husbands often consult their wives before applying.

‘During the pandemic, 70% of our women borrowers repaid their loans on time. They wanted to keep access to credit. That’s long-term thinking,’ he added.

Antonio ‘Tony’ Itchon, President of BDO Network Bank, added that while most of their borrowers are women, about 25% are men-often married or living with their mothers.

‘We see the same pattern in our demographics,’ Landicho confirmed.

Tackling ‘5-6’ Lending: From Exploitation to Innovation

Panelists also addressed the widespread use of ‘5-6’ loans-an informal lending system deeply embedded in many Filipino communities.

The name ‘5-6’ comes from its basic structure: for every ?5 borrowed, the borrower must repay ?6, often through daily or weekly payments. That’s a 20% interest charge on top of the principal, translating to an annualized rate of up to 240%.

While often criticized for predatory practices, microfinance leaders acknowledged that 5-6 lenders have historically filled a gap left by formal institutions.

‘Maybe 90% of our communities wouldn’t be around today without 5-6 lenders,’ said Antonio Itchon of BDO Network Bank. ‘They stepped in where banks and government failed. Now it’s our job to displace them with better, safer alternatives.’

Christian Paolo Allan Guanzon of GoodDeal added that 5-6 lenders operate with speed and minimal paperwork, often handing out cash or goods without asking questions.

‘They absorb risk because they lack information. If we can reduce that information gap, we can offer lower interest rates,’ he explained.

Examples include using supplier receipts or telco data as alternative credit indicators-especially for borrowers without bank accounts or formal IDs.

‘We convinced one financing company to accept proof of purchase instead of bank statements. That’s how we help the agriculture sector access fair credit,’ Guanzon said.

CARD MRI’s approach also counters 5-6 practices by offering unsecured loans, transparent interest rates, and weekly financial literacy sessions.

‘We don’t require collateral. Just basic documentation, consent from the spouse, and a commitment to learn,’ Landicho said.

Microfinancing 2.0: Fintech for Financial Inclusion

The panel explored ‘Microfinancing 2.0’-a tech-driven model that uses AI, mobile apps, and alternative data to evaluate borrowers and disburse loans faster.

Guanzon cited telco-based scoring as a breakthrough, showing 85% accuracy in predicting repayment behavior.

Itchon emphasized the importance of physical reach, noting that BDO Network Bank now operates over 600 branches in underserved areas.

‘Sometimes, the answer isn’t an app. It’s a teller with a belt bag collecting deposits in the market,’ he said.

Resilience in Crisis

Despite global economic slowdowns, the Philippine microfinance sector remains strong.

‘We grew fastest during COVID,’ said Itchon. ‘When others pulled back, we pushed forward.’

Guanzon added that household consumption is still rising, driving demand for financing. ‘Filipinos are still buying appliances, gadgets, and motorcycles. That keeps microfinance active.’

Landicho noted that CARD MRI’s layered structure-NGOs for ultra-poor clients and banks for growing microenterprises-helps them reach the hardest-to-serve communities.

‘We’re built for resilience,’ she said.

Despite the rising costs for medical emergencies, only 20 percent of Filipinos have enough emergency funds to cover expenses for more than three months.

According to the Purple Report, many Filipinos only have savings of up to P50,000, an amount that is not enough to cover unexpected expenses. The Purple Report reveals the state of financial preparedness among Filipinos. It is a study commissioned by EastWest Ageas insurance and was conducted by NielsenIQ, a global consumer intelligence company.

For the majority of Filipinos, long-term financial planning often takes a backseat as 30 percent of their salaries go to basic household expenses.

‘This makes it difficult for people to set aside funds for a rainy day, as a huge chunk of their budget goes to day-to-day concerns like food, rent, transportation, and mortgage,’ EastWest Ageas said.

Stay prepared

Nevertheless, Filipinos still recognize it is important to stay prepared, as it can ease their worries about unexpected situations. In fact, 52 percent are concerned about the health of their loved ones, and 24 percent worry about critical illnesses and the large medical expenses tied to them.

Based on a recently released study from the Philippine Statistics Authority (PSA), ischemic heart disease is the number one cause of death in the country. However, the average Filipino would not be able to shoulder this, with the average treatment cost of more than P690,000.

While government-mandated health and welfare services may cover this, their assistance does not extend to the breadwinner’s possible loss of income. This leaves Filipinos without the adequate buffer they need to recover financially.

Despite growing awareness to prepare for emergencies, getting started is far from easy, as Filipinos still need to plan around their current day-to-day needs.

How ready are Filipinos to be ready?

According to the PURPLE Report, Filipinos become better financial planners as they grow older. Some Filipinos aged 40 and above have reported that they have more than three months’ worth of emergency funds. This trend reflects an improved financial stability as Filipinos age, especially since younger groups report that they have a shorter financial buffer than their older counterparts.

However, the journey towards financial preparedness faces several challenges such as economic pressures like inflation and income instability. To get through emergencies, Filipinos would often rely on their personal savings, receive support from their families and communities, and take out loans from informal channels.

While these highlight Filipinos’ innate resilience, resourcefulness, and generosity, they study said they also show their vulnerability when emergencies arise. ‘Thus, Filipinos need the extra support to help them get through these struggles without compromising their goals,’ the company said.

Rising to the readiness challenge

While Filipinos are practical, the report urged them not to have to forego financial planning to prioritize current needs.

‘Both should come hand-in-hand, partnered with the right tools and financial literacy programs, tailored insurance solutions, and inclusive savings programs, ‘the insurance firm said.

‘The challenge of readiness can be addressed with education, access, and empathy. Every Filipino deserves to have a life that is secure, access to effective and affordable healthcare, and wealth that works for them. By aligning services and solutions with people’s financial needs, more Filipinos can think beyond today and prepare for a better tomorrow,’ EastWest Ageas said.

PRESIDENT Ferdinand Marcos Jr. remains optimistic the country can still reach its economic targets for 2025 with increased government spending as well as the projected rise in consumption during the holidays and exports during the last quarter of the year, according to Malacañang.

This, even if the Department of Economy, Planning, and Development (DEPDev) already said it will be ‘very challenging’ for the country to achieve even the lower range of its gross domestic product target this year of 5.5 percent, due to disappointing economic growth in the third quarter of the year.

It noted the economy must grow by 6.9 percent in the last quarter to achieve at least the 5.5 percent GDP target this year.

Last week, the Philippine Statistics Authority (PSA) reported that GDP from July to September was only at 4 percent-the slowest pace since 2021.

Palace Press Officer Claire Castro said Marcos still has not ruled out achieving 5.5 percent to 6.5 percent annual GDP growth this year, despite the impact of the anti-corruption probe as well as the series of natural disasters, which hit the country in previous weeks.

‘The belief is still there. The belief is still there, so we can do it,’ she said in Filipino in a press briefing in Malacañang last Tuesday.

Citing the projection from the Department of Budget and Management (DBM), she said they expect economic growth to pick up as the government spends its P1.31-trillion programmed budget from October to December.

The funds will be used for priority initiatives of the Marcos administration including health, education, and infrastructures.

‘The President’s order is to use the 1.307 trillion program budget correctly so that business sectors can see that the government is spending correctly and this will boost the economy and consumption and investment,’ Castro said.

Holiday spending and increase in exports, she said, will also help propel the country’s economic growth during the last quarter of the year.

DEPDev said the ongoing investigation on anomalous flood control projects, which started last August, has resulted in a slowdown in the progress in public works.

In October, DBM reported that capital outlays dropped P112.9 billion, which is 10 percent lower compared to the same period last year. It attributed the downturn to ongoing validation of public works by concerned government agencies.

ARELLANO University put an end to San Sebastian College’s two-game win streak following a 78-71 win in the National Collegiate Athletic Association Season 101 men’s basketball tournament at the San Juan Arena on Wednesday.

The Chiefs not only halted the Golden Stags’ momentous run, but they also rose to third place in Group A with a 4-6 record.

‘We got No. 2, now getting No. 3 looks achievable,’ Chiefs coach Chico Manabat said.

Arellano University now sits closely behind defending champion Mapua (5-5) while University of Perpetual Help is still alone at the top with an 8-2 card.

The Stags ended their stellar string of wins which included victories over Letran (6-4) and the Altas.

T-Mc Ongotan dominated anew for the Chiefs with 25 points, six rebounds, two assists, two steals and a block, while Renzo Abiera helped the cause with 20 points.

Oneil Castor and Christian Ricio finished with 19 and 14 points, respectively, for San Sebastian and reigning Collegiate Press Corps Player of the Week Jhuniel Dela Rama dropped 11 points and six rebounds.

THE Philippine gaming sector’s revenues slipped to P94.51 billion in the third quarter of 2025, as stricter e-wallet controls and online reforms tempered electronic games’ share of the industry’s earnings.

According to the Philippine Amusement and Gaming Corporation (Pagcor), the country’s gross gaming revenues (GGR) fell 0.10 percent to P94.51 billion from July to September 2025 from the P94.61 billion in the same period last year.

‘The delinking of e-wallets resulted in a short-term decline in activity toward the latter part of the quarter,’ Pagcor Chairman and Chief Executive Officer Alejandro H. Tengco said. ‘However, these measures are vital to protect players and ensure secure, transparent transactions.’

Pagcor data showed that licensed casinos accounted for the bulk of gaming revenues, contributing P45.56 billion or 48.20 percent of the total GGR.

However, this dropped by 10.2 percent from P50.72 billion in the third quarter of 2024.

Before, the electronic games (e-games) sector-consisting of e-bingo, e-casino, sports betting and online poker, among others-made up more than half of the total GGR due to its accessibility.

Despite the stricter regulations imposed on the industry, revenues from the e-games still rose by 17.4 percent year-on-year to P41.95 billion from P35.71 billion. E-games now contributed 44.4 percent of the total GGR in the third quarter of 2025.

Tengco said the growth in the sector was mainly due to strong July 2025 figures, as revenues in August and September declined following the mandatory delinking of e-wallets from legitimate gaming platforms.

‘The figures reflect an industry that is adjusting to necessary safeguards,’ Tengco noted.

Meanwhile, Pagcor-operated casinos saw an 11.6-percent decline in revenues, down to P3.22 billion in the third quarter this year from P3.64 billion a year ago. This makes up 3.4 percent of the GGR pie.

Likewise, revenues from bingo operations slipped by 6.2 percent year-on-year to P3.79 billion from P4.52 billion, accounting for 4 percent of the GRR during the quarter in review.

Although some gaming segments posted a downward trend and adjustments in the online digital payment ecosystem take place, Tengco remains optimistic that the industry will regain momentum.

This, as players adapt to new e-wallet protocols and authorities strengthen enforcement measures against illegal gambling portals.

UNIVERSITY of Santo Tomas (UST) snapped its four-game skid in University Athletic Association of the Philippines Season 88 mens basketball action with a 107-97 victory over cellar-dwelling University of the East (UE) Wednesday afternoon at the SM Mall of Asia Arena in Pasay.

The Growling Tigers, reeling from consecutive narrow defeats to Adamson University and University of the Philippines, leaned on the balanced offensive effort from Nic Cabañero, Gelo Crisostomo and Nigerian center Collins Akowe to secure their first win in over a month.

Their last victory came after a 5-1 start to the season.

UST had last triumphed over Far Eastern University on October 15 but went into a tailspin afterward with its scheduled rematch last Sunday postponed due to Super Typhoon ‘Uwan.’

With this morale-boosting win, the Growling Tigers climbed to solo fourth in the eight-team standings with a 6-5 record, creating separation from fifth-placed Ateneo (5-5) and sixth-placed Adamson University (5-6).

‘Credit to the players for overcoming adversity, they stuck together,’ said UST assistant coach Japs Cuan as head coach Pido Jarencio has yet to appear in a post-game press conference during the team’s six wins this season.

Kent Pastrana, meanwhile, unleashed a career-high 35 points as UST secured a playoff for a twice-to-beat advantage in the women’s tournament with a commanding 125-50 victory also over UE.

Following up on a 25-point performance against UP last November 5, Pastrana raised the bar and hit 13-of-21 from the field while with 12 rebounds, five steals, two assists and one block.

She finished with an efficient plus-50 rating in 18 minutes and 51 seconds of action.

‘I am so happy with my performance today,’ Pastrana said. ‘I give it my best every game and, of course, as a leader.’

The Growling Tigresses remained unbeaten through 11 games and are boasting an average winning margin of 37 points per contest.

LAWMAKERS from the Makabayan bloc on Wednesday challenged the House leadership and the Senate to prove their commitment to pass a genuine anti-political dynasty law, warning against another round of ‘legislative theater’ that has repeatedly killed reform bills over the decades.

The group said it remains skeptical despite Speaker Faustino Dy III’s vow to support the Anti-Political Dynasty Act, stressing that ‘history has shown political dynasties themselves have blocked genuine reform.’

‘We challenge the House leaders to prove their sincerity by supporting and fast-tracking House Bills 209 and 4784-a true anti-political dynasty measure with clear and uncompromising provisions,’ the bloc said in a statement.

The Makabayan lawmakers explained that their measures would prohibit any person from holding or running for national or local office simultaneously with another relative within the fourth degree of consanguinity or affinity.

They also ban immediate succession of relatives to an incumbent’s post to prevent the continuous control of political clans over public offices.

The bloc also pointed to the Senate as a major obstacle, noting that ‘the irony is not lost’ that several senators belong to political families. ‘Those who benefit from the system will never voluntarily dismantle it,’ they added, citing the Marcos and Duterte clans as among ‘the worst iterations’ of political dynasties in the country.

A 2025 UNDP report by political scientist Temario Rivera found that 94 percent of Philippine provinces are dominated by political families, with an average of 2.3 dynasties per province.

‘The goal is clear-to return government to the people, not to the few,’ the group said. ‘Nearly four decades have passed since the Constitution prohibited dynasties, yet Congress has failed to pass an enabling law, allowing families to monopolize power and perpetuate inequality.’

In a related move, members of the Akbayan Reform Bloc filed House Bill 5905, another comprehensive Anti-Political Dynasty Bill, seeking to fully implement Article II, Section 26 of the 1987 Constitution.

The measure, authored by Akbayan Reps. Chel Diokno, Perci Cendaña, Dadah Kiram Ismula, and Dinagat Island Kaka Bag-ao, aims to prevent the concentration of political power within families and open leadership opportunities for ordinary citizens.

‘Ordinary Filipinos shouldn’t have to fight political dynasties just to serve their communities. They’re not the real dragons that need slaying,’ Bag-ao said. ‘For me, the real dragons are poverty, inequality, and underdevelopment. This bill ensures that capable leaders from communities can tackle those challenges without being blocked by inherited power.’

The filing comes amid the continued dominance of political dynasties in the Philippines. According to the Ateneo Policy Center, dynasties increased from 19 percent of all elected positions in 1988 to 29 percent in 2017, adding roughly 170 positions per election cycle. By 2019, families holding multiple simultaneous elected offices continued to grow, reflecting entrenched power across local and national levels.

Studies show the impact on governance and development is significant. A 2015 Philippine Institute for Development Studies report found dynasties concentrated in the poorest provinces, often reinforcing weak institutions, persistent poverty, and limited economic opportunities.

The bill defines political dynasties clearly and specifies prohibited familial relationships among candidates and elected officials. Its authors said the measure is designed to broaden leadership, open democratic spaces, and give reform-oriented leaders a fair chance to serve.

Party-list Rep. Leila de Lima of Mamamayang Liberal, who also filed HB 2131, or the ‘Anti-Political Dynasty Act,’ welcomed Dy’s statement of support for the measure.

However, de Lima urged the House leadership to move beyond promises and press the President to certify both bills as urgent.

The overall transmission rate this month went up by almost 8 percent to P1.5105 per kilowatt hour (kWh) up from the P1.3998/kWh, due to higher charges from ancillary services (AS), the National Grid Corporation of the Philippines (NGCP) said Tuesday.

Transmission rates make up of ancillary service (AS) and transmission wheeling rates.

Transmission wheeling rates refer to what the NGCP charges for its core service of delivering electricity, while AS rates cover the pass-through costs of services sourced from the Reserve Market (RM) and from providers with bilateral contracts with NGCP to stabilize the grid during power supply-demand imbalances.

For the October supply month, NGCP Assistant Vice President and Regulatory Management Head Julius Ryan Datingaling said power consumers will see a slight increase in transmission rates in their November 2025 bills due to higher AS rates, which rose by P0.0997/kWh, from P0.6546/kWh in September to P0.7542/kWh in October, representing a 15.23-percent increase.

NGCP said it does not earn from AS and does not benefit from any change in AS prices, as these are remitted directly to generation companies with bilateral contracts with NGCP, and to the Independent Electricity Market Operator of the Philippines (IEMOP) for AS sourced from the RM.

Meanwhile, NGCP’s transmission wheeling rate increased by just P0.0034/kWh, from P0.5920/kWh in September to P0.5953/kWh in October, equivalent to a 0.57 percent increase.

NGCP Spokesperson Cynthia Alabanza said the increase in transmission wheeling rates has no effect on NGCP’s revenue as its income is cap-limited by the Energy Regulatory Commission.