Category: Business Mirror

Senator Mark A. Villar strongly condemned the shooting incident at Ateneo de Zamboanga University on Tuesday that left two students dead, expressing grave concern over another case of violence inside a school and renewing his call for stronger measures to protect students nationwide.

According to initial reports, the shooting occurred at around 8:30 a.m. inside the school premises. Two students died in the incident, including the alleged shooter, while two other individuals were reportedly injured. Authorities are continuing their investigation to determine the full circumstances surrounding the shooting.

‘Lubos tayong nalulungkot at nababahala sa nangyaring pamamaril sa loob mismo ng isang paaralan sa Zamboanga City. Mariin nating kinokondena ang anumang uri ng karahasan sa ating mga paaralan. We extend our deepest sympathies to the families who lost their loved ones, and we pray for the recovery of those injured and for the entire school community affected by this tragedy,’ Villar said.

The senator stressed that the incident is particularly alarming because it happened in a place where children are supposed to feel safe and protected.

‘Walang magulang ang dapat matakot na baka hindi na makauwi nang ligtas ang kanilang anak mula sa paaralan. Schools must remain safe spaces where our children can learn, grow, and pursue their dreams without fear,’ Villar said.

Villar said the incident underscores the need for a comprehensive approach to school safety that goes beyond responding to violence after it happens. He stressed the importance of stronger security measures, early threat detection, emergency preparedness, guidance services, psychosocial support, and timely intervention for students.

‘Hindi na natin maaaring hintayin na may masaktan o mawalan ng buhay bago tayo kumilos. We need to identify threats early, strengthen security in our schools, and make sure that students have access to the guidance and support they need. Prevention and early intervention must be at the heart of our response,’ Villar said.

The senator renewed his push for Senate Bill No. 2321, or the proposed LIGTAS Act, which seeks to establish a comprehensive safety and security framework for basic education institutions nationwide. The measure includes stronger threat assessment and reporting mechanisms, closer coordination between schools and law enforcement agencies, emergency response protocols, parent notification systems, first-aid preparedness, regular emergency drills, and crisis counseling.

Villar also cited Senate Bill No. 2133, or the proposed Students’ Guidance Counseling Act, which seeks to strengthen guidance and school-based mental health services and provide students with greater access to qualified professionals, preventive programs, referral mechanisms, and appropriate intervention.

‘School safety is not only about securing our gates and classrooms. Kailangan din nating magkaroon ng sistema na kayang makakita ng warning signs at mga taong handang makinig, gumabay, at tumulong sa ating mga estudyante bago pa lumala ang isang sitwasyon,’ Villar said.

‘Every tragedy inside a school demands more than our sympathy-it demands action. We must strengthen both the security and support systems in our schools so that every Filipino student can learn and return home safely to their family,’ Villar added.

From intelligent technology and electrified mobility to lifestyle-driven experiences, OMODA and JAECOO is responding to the evolving needs of Gen Z consumers worldwide

As International Youth Day approaches, the influence of younger consumers on the global automotive industry continues to grow. For Gen Z, vehicle purchasing is increasingly about more than specifications and performance. Intelligent technology, personalization, sustainability, connectivity, and the ability of a vehicle to complement different lifestyles are becoming important considerations in the mobility experience.

Guided by its vision to ‘Co-Create a Beautiful Life with Young People,’ OMODA and JAECOO is responding to these evolving expectations through a multi-dimensional strategy built around driving quality, intelligent technology, electrification, and lifestyle-oriented mobility.

From efficient hybrid powertrains and intelligent cockpit technologies to battery-electric vehicles, the brand continues to develop solutions designed for diverse mobility scenarios and the expectations of a new generation of consumers.

Super Hybrid System: Long Range and Efficient Performance for Everyday Adventures

For young consumers balancing urban commutes, weekend trips, and more adventurous lifestyles, a refined driving experience combined with efficient energy use is an important consideration. OMODA and JAECOO’s fifth-generation Super Hybrid System (SHS) covers both plug-in hybrid electric vehicle (PHEV) and hybrid electric vehicle (HEV) applications, combining power and efficiency through intelligent energy management.

The technology is designed to support a wide range of driving scenarios, from daily city travel and intercity journeys to longer road trips and outdoor exploration.

In closed-track tests conducted at the UTAC Millbrook Proving Ground in the UK, the JAECOO 7 SHS-P achieved a combined range of 828 miles, or approximately 1,333 kilometers, exceeding its official WLTP rating by 11.14%. The OMODA 7 SHS-P achieved a range of 770 miles, surpassing its WLTP figure by 10%.

These results highlight the potential of hybrid technology to provide the combination of efficiency, range, and versatility sought by consumers with active and diverse lifestyles.

Since its launch in January 2025, JAECOO 7’s cumulative sales in the UK have surpassed 46,000 units.

The brand’s growing global product portfolio has also continued to gain momentum. In July 2026, JAECOO 5 recorded monthly sales of 24,639 units, while JAECOO 7, equipped with SHS, recorded monthly sales of 19,533 units. Together, the two models contributed more than 44,000 units during the month.

Beyond products, OMODA and JAECOO is also exploring ways to connect technology with cultural and lifestyle interests. In July, the brand launched a global cross-industry collaboration with the mythological epic film The Odyssey, connecting the spirit of exploration with the multi-scenario capabilities of hybrid mobility and creating a communication platform that speaks to younger audiences.

Intelligent Mobility: Creating a More Personalized and Connected Driving Experience

As digital natives, Gen Z increasingly expects technology to be intuitive, personalized, and relevant to their daily lives. For many young consumers, the vehicle is becoming more than a means of transportation-it can serve as an extension of their digital lifestyle and a connected ‘third living space.’

OMODA and JAECOO is responding through the development of intelligent cockpit technologies designed to make mobility more intuitive, convenient, and personalized.

OMODA 4, which made its Southeast Asian debut in Indonesia in July, features a distinctive ‘Cyber Mecha’ design and a technology-focused cockpit concept. It is equipped with the ByteDance Seed large language model, supporting five languages and collaboration among 10 intelligent agents. The system enables natural voice interaction and personalized experiences, moving beyond conventional command-based interaction toward more scenario-based intelligent services.

The model is also planned for introduction in the Saudi Arabian market, supporting the brand’s continued expansion and its efforts to bring intelligent mobility experiences to consumers in different markets.

From Southeast Asia to the Middle East, OMODA and JAECOO continues to expand its intelligent technology offerings, demonstrating its efforts to adapt mobility experiences to different markets and the evolving expectations of younger consumers.

Born Green: Accelerating the Transition Toward Sustainable Mobility

For younger consumers, sustainability is increasingly connected to everyday lifestyle choices. As awareness of environmental issues grows, electrified vehicles and lower-carbon mobility solutions are becoming an increasingly important part of the automotive landscape.

With its ‘Born Green’ positioning, OMODA and JAECOO continues to invest in hybrid and pure electric technologies, expanding its electrified vehicle portfolio to support diverse mobility needs.

In July 2026, OMODA and JAECOO recorded global sales of 69,739 units, representing a year-on-year increase of 148.9%. New energy vehicles accounted for 56,587 units, up 298.6% year on year and representing 81.1% of total sales.

The continued growth of hybrid and pure electric vehicles highlights the increasing importance of electrification within the brand’s global product strategy.

As of the end of July 2026, OMODA and JAECOO’s cumulative global sales for the year reached 448,849 units, supporting its long-term ambition of reaching annual sales of one million units by 2027.

Connecting Technology, Sustainability, and the Lifestyle of a New Generation

On International Youth Day, the changing influence of younger consumers on the automotive industry is increasingly evident. Gen Z is looking beyond traditional vehicle specifications and increasingly seeking mobility products that deliver meaningful experiences, intelligent connectivity, personal expression, and sustainable value.

OMODA and JAECOO is responding to this shift by combining driving quality and efficiency through SHS, intelligent mobility through connected cockpit technologies, and sustainable transportation through hybrid and battery-electric solutions.

By continuing to develop technologies around real-world lifestyles and diverse mobility scenarios, OMODA and JAECOO aims to build stronger connections with young consumers worldwide and contribute to a new generation of mobility that is diverse, intelligent, connected, and more sustainable.

Home Depot Inc.’s results beat estimates in the latest quarter, a sign that spending on improvement projects is holding up despite high borrowing and housing costs.

Comparable sales, which measure results at stores open for at least a year, rose 1.7 percent during the period ended August 2, better than the average of analyst estimates and the highest since late 2022. Adjusted earnings also surpassed expectations.

The stronger-than-expected report shows the company’s moves have helped to blunt the impact of a housing market that’s weighed down by high home prices and interest rates. The strategy includes expanding its fast-growing business serving professional contractors and building out its e-commerce offerings.

Home Depot is also appealing to consumers that are carrying out smaller projects-like repainting rooms or adding new plants to their gardens-instead of doing major remodels.

The company’s shares rose 0.8 percent in pre-market trading in New York on Tuesday. They’re down 1.8 percent this year through Monday’s close, compared with the 13 percent advance of the SandP 500 Index.

Home Depot experienced healthy demand across the US and product departments during the quarter, Chief Financial Officer Richard McPhail said in an interview. Portable power tools were especially popular. Live plants, patio products and grills sold well among everyday shoppers while demand for plumbing and electrical supplies and hand tools was strong among professional contractors. A heat wave in July boosted sales of air conditioners and fans.

While US households continue to spend on essentials, many are cutting back on discretionary and big-ticket items. The Iran War has exacerbated consumers’ challenges, sparking renewed inflation concerns and pushing up mortgage rates to the highest level in more than a year. Home prices have also been driven up by a supply shortage and higher material costs.

The broader housing market has not yet picked up due to concerns around affordability, borrowing costs and consumer uncertainty and the outlook remains uncertain, McPhail said. He added that ‘frozen conditions’ persist for large home improvement projects.

‘Our customer’s message to us has been consistent with respect to what they’re seeing in their world’ with more uncertainty and worries over inflation and fuel costs, he said.

Home Depot is confronting these challenges as Chief Executive Officer Ted Decker takes temporary medical leave for the next few months. McPhail and Senior Executive Vice President Ann-Marie Campbell are assuming Decker’s responsibilities on an interim basis.

Executives have previously said that they don’t expect to see notable improvements across the housing market in the near term unless mortgage rates decline and income levels rise more significantly. Still, they’ve touted their long-term growth prospects due to pent-up demand for home upgrades.

The Atlanta-based company maintained its full-year guidance, noting that tariff refunds are expected to partially offset ‘unplanned fuel, energy, and other product input costs’ during the current fiscal year.

Home Depot is the first of a group of big-box retail earnings this week that includes Target Corp. on Wednesday and Walmart Inc. the following day.

SM Prime Holdings Inc. on Tuesday said there is strong demand for the premium suites of its Mall of Asia facility in Pasay and Cebu Arena, which was launched in July.

Available exclusively to brands and corporations through a minimum one-year lease, the 40-square-meter suites are designed to accommodate up to 30 guests, featuring lounge and theater-style seating, a private restroom, dedicated VIP access, high-speed Wi-Fi and prime views of live events.

Partners have the option to tailor their suites with branded furnishings and installations to give their guests a distinctive experience.

At SM Seaside Cebu Arena, suite holders also enjoy exclusive access to six multipurpose function rooms, providing an ideal venue for meetings, corporate events and other business engagements.

‘Premium suites have become a popular feature at leading sports and entertainment venues worldwide because they elevate the live event experience,’ SM Prime President Jeffrey C. Lim said.

‘They also give businesses a more engaging way to connect with clients, partners and employees.’ In comparison, large-scale entertainment venues, such as Madison Square Garden, The O2 Arena and Mercedes-Benz Arena Shanghai offer private suites in a variety of formats and configurations.

In the Philippines, SM Prime pioneered the premium suite concept with the opening of SM Mall of Asia Arena in 2012, introducing the first corporate hospitality offering of its kind in Southeast Asia.

Since then, SM Prime has steadily upgraded its facilities and services to meet the evolving needs of its suite holders.

SM arenas provide advance event advisories, direct office ticket delivery, dedicated suite attendants and customized menus from Premiere Café and accredited caterers.

Early suite partners at SM Seaside Cebu Arena include Bai Hotel, Cebu Landmasters Inc., Cokaliong Shipping Lines, Dynamic Power Marine and Industrial Hardware Inc., Nature’s Spring, Skyrise Realty and Development Corp. and the University of Cebu.

Among its valued suite holders are Aboitiz Group, ABS-CBN, Cignal TV, Citicore Renewable Energy Corp., Coca-Cola, Globe Telecom, Meralco, Nestlé Philippines, Philippine Airport Ground Support Solutions (PAGSS), PLDT, Power Stroke Motor Products Corp., PremiumLeisure Amusement Inc., San Miguel Corp., Solaire Resort Entertainment City, Sun Life Philippines, The Mont Property Group Inc., Unilever Philippines and Visa.

RIC farmers to soon sell fresh produce through the RIC Daily Fresh digital storefront on GrabMart, supported by digital training under Grab Asenso Learning Caravan

DAVAO CITY, Philippines, 18 August 2026 – Grab Philippines, the Rural Improvement Club (RIC) Davao City Federation Inc., and the Davao City Government, through the City Agriculturist’s Office (CAgrO) and with the support of the Sangguniang Panlungsod Committee on Cooperative Development and People’s Participation, have forged a partnership to help local women farmer-entrepreneurs reach more consumers and access new markets through on-demand grocery delivery.

Under the partnership, produce from participating farmers of RIC, a women-led federation involved in farming, livelihood development, and community crafts, will soon be available through an offline store at Agdao Public Market and on GrabMart through a dedicated digital storefront called RIC Daily Fresh.

The storefront will allow Davao households to purchase locally grown produce directly from farming communities while giving farmers an additional channel to promote their products, respond to consumer demand, and generate income.

The initiative seeks to address common barriers faced by small farming communities, including limited market visibility, fragmented selling channels, and difficulty connecting directly with consumers.

Grab Asenso: Digital Diskarte, Grab’s tech and AI enablement program for MSMEs, will also support the partnership by equipping the women agri-preneurs with practical skills in product presentation, digital marketing, order management, customer engagement, and online marketplace operations. The learning session for RIC farmers is co-facilitated by the International Trade Centre, a joint agency of the United Nations and the World Trade Organization.

The training is intended to complement existing farm-to-market systems and help farmers adapt to changing consumer habits and digital channels of commerce.

‘Digitalization should not require MSMEs to build every capability from the ground up,’ said Grab Philippines Vice President for Cities RJ Cabaluna. ‘By opening existing digital roads to farming communities, we are reducing the cost, complexity, and distance that often stand between local producers and economic opportunity. We see this pilot farm-to-market partnership with RIC and the Davao City LGU as a model for how technology, government, and communities can work together to make growth more inclusive.’

‘For RIC, progress means giving women the confidence, knowledge, and decision-making power to turn local resources into sustainable livelihoods,’ said Josie S. Osorio, President, RIC Davao City Federation, Inc. ‘We see RIC Daily Fresh as an opportunity for our members to lead together, understand their customers better, and build an enterprise that creates lasting value for their families and communities.’

Davao City Mayor Sebastian Z. Duterte underscored the importance of the partnership to the city’s farm-to-market vision. ‘We affirm and advance the opportunities of our farmers and producers that extend beyond supply and production continuity. It is by adopting a new marketing strategy through GrabMart – a digital storefront that allows farmers and merchants to sell fresh produce, generate income, build linkages with consumers, boost market visibility, and promote competitiveness of farm-to-market opportunities in today’s evolving agricultural landscape. We thank RIC and Grab Philippines for this meaningful project, which will enable our farmers to expand their horizons, broaden their knowledge, and immerse themselves in innovative and modern marketing approaches.’

‘Our role in government is to make it easier for community enterprises like RIC to grow and participate in new markets,’ said Davao City Councilor Al Ryan Alejandre, Chairperson of the Committee on Cooperative Development and People’s Participation. ‘We will continue to support the women of RIC as they strengthen their federation, navigate local business processes, and expand their market presence. Their forthcoming space at Agdao Public Market will serve as an important physical hub for their operations, while GrabMart opens another channel for them to reach consumers across the city. By connecting these opportunities, we are helping our local agri-entrepreneurs build more sustainable and competitive livelihoods.’

The Davao City Agriculturist’s Office will provide technical and institutional support to ensure that the initiative complements the city’s agricultural development programs.

‘A strong agricultural system must consider the entire journey of produce, from what farmers plant to how their harvest reaches the market,’ said Dr. Antonio R. Obsioma, Acting Department Head, Davao City Agriculturist’s Office. ‘Better market access and information can help farmers anticipate demand, make more informed production decisions, and reduce the risk of produce being left unsold. This pilot gives the city another tool to build a more responsive and efficient local food system.’

The partnership forms part of Grab’s efforts to help more livelihood groups and small enterprises participate in the digital economy. It also highlights the role of a whole-of-community approach – cooperation among government, community organizations, and the private sector – in expanding economic opportunities for agricultural communities.

To strengthen enforcement of solid waste management regulations and promote uniformity among local government units (LGUs) in Metro Manila, the Metropolitan Manila Development Authority (MMDA) announced that the Metro Manila Council (MMC) is set to implement a Garbage Single Ticketing System.

MMDA Chairman Atty. Romando Artes welcomed the proposal, noting that stronger and more harmonized enforcement could help reduce the amount of garbage reaching waterways and drainage systems, which can contribute to flooding.

‘The proper management of solid waste is not only an environmental concern but also a critical part of our flood mitigation efforts. We support initiatives that will strengthen discipline, harmonize enforcement, and encourage every Metro Manila resident to take responsibility for their waste,’ Artes said.

The proposal was made by Las Piñas City Congressman Mark Anthony Santos, who emphasized the need for a unified system of penalties and enforcement against improper waste disposal.

Santos said a single ticketing system would help establish a more coordinated approach to enforcing waste management rules across the metropolis.

‘We need a unified and consistent system that will make enforcement more effective while reminding our constituents that proper waste disposal is a shared responsibility,’ the lawmaker said during the Metro Manila Council meeting held today at the MMDA Headquarters in Pasig City.

Also tackled during the press briefing was the P5,000 anti-littering fine across all LGUs, while Municipality of Pateros imposes a P2,500 penalty.

Those who fail to pay may be required to render community service. The initiative depends on the passing of local ordinances.

Meanwhile, San Juan City Mayor and MMC President Francis Zamora reiterated the importance of developing an Integrated Drainage Master Plan among Metro Manila LGUs to address flooding through a coordinated, region-wide approach.

‘Flooding does not stop at city or municipal boundaries, making it necessary for us, LGUs, to work together in planning and improving drainage systems, waterways, pumping stations, and other flood-control infrastructure,’ Zamora explained.

Artes said that the MMDA is already working closely with the Department of Public Works and Highways (DPWH) on efforts related to drainage and flood management.

‘The MMDA and DPWH are already working together on this. We are continuously reviewing our flood-control and drainage systems to determine what needs to be improved and upgraded,’ Artes said.

Zamora also requested assistance from the MMDA in conducting regular dredging operations along the San Juan River, emphasizing the importance of maintaining the waterway’s capacity and improving water flow, particularly during periods of heavy rainfall.

The council also discussed the government’s ongoing proposed waste-to-energy initiatives, which aim to explore ways of converting waste into usable energy while reducing the volume of garbage that ends up in landfills.

During the meeting, DPWH Undersecretary Emil Sadain also presented the proposed Parañaque Spillway Project, a flood-control initiative intended to improve the conveyance and discharge of excess floodwaters and help reduce flooding in vulnerable areas.

In a separate assistance measure, the MMDA announced that they will provide free towing services for vehicles today only, including trucks, that were submerged in floodwaters or stranded due to flooding.

The MMDA said affected motorists may coordinate directly through the official MMDA social media accounts to request assistance. The free towing assistance is available until today, August 18, 2026, only.

‘Overwhelmed’

Following the heavy rainfall, which ‘overwhelmed’ waterways in Metro Manila last Monday and submerged many of its parts in floods, the Department of Public Works and Highways (DPWH) announced the region’s new flood control master plan is expected to be completed this year.

Public Works Secretary Vivencio ‘Vince’ B. Dizon made the announcement in a press briefing in Malacañang last Tuesday, where he disclosed the new flood control mitigation measures will include the construction of a water detention basin in Quezon City to prevent the overflow of San Juan River.

‘The logic behind this is to capture and store floodwaters in detention basins we plan to build before they spill into the San Juan River,’ Dizon said in Filipino.

He said they are now considering building the new structure at the Barangay Kaingin Bukid in Quezon City located upstream of the San Juan River. It will be funded under the proposed 2027 National Expenditure Program (NEP).

DPWH noted that the measure will complement its ongoing dredging of the San Juan River to expand the volume of the crucial waterway.

‘The hope is that once constructed, these basins will temporarily hold the floodwaters before they flow downstream, allowing us to discharge the water into the San Juan River only after its water level has receded,’ Dizon said.

The DPWH chief said they are now coordinating with the Quezon City local government unit to secure the right of way for the said project and National Housing Authority to relocate communities, which will be affected by the said initiative.

Biggest mistake

The agency is currently updating its flood control masterplan to include changing needs of local government units (LGU) amid the increasing volume of rains from the changing climate.

‘We do not take action on these matters without the knowledge of the LGUs or in a way that is inconsistent with their master plans; specifically, the drainage master plan-and even the projects proposed in the 2027 budget-all require certifications from regional and local development councils as well as the LGUs,’ Dizon said.

‘I think the biggest mistake or shortcoming [of the previous administration] in the past was the failure to coordinate DPWH projects with local governments,’ he added.

DPWH is targeting to complete the new masterplan within the year. It is currently using the masterplan, which was crafted during the Aquino administration, when DPWH was still under the helm of former Public Works Secretary Rogelio L. Singson.

SOUTHEAST Asia’s digital finance boom will stall unless governments and industry players invest in shared infrastructure-digital identity, payment rails, and real-time fraud intelligence-that allows financial services to remain affordable, trusted, and sustainable.

According to Maya Bank Inc. President and CEO Simeon Angelo S. Madrid, the region has made significant strides in digital payments and account access, but warned that access alone is not the end goal.

‘Access is necessary, but an opened account or downloaded app is not yet a financial outcome,’ Madrid said. ‘Real progress is when people can transact reliably, save regularly, borrow responsibly and become more resilient to financial shocks.’

To get there, he said, governments and shared infrastructure providers should invest in capabilities that benefit the entire ecosystem: digital identity, payment and settlement infrastructure, real-time fraud intelligence, trusted data-sharing standards, and reliable connectivity.

Stronger common foundations, Madrid argued, reduce friction and system-wide costs, freeing individual providers to channel their investments into better products and services.

‘Strong shared infrastructure creates a foundation on which providers can compete more effectively on price, service, reach and innovation,’ he said.

Madrid cited digital identity as an example, saying it can ease onboarding and curb fraud when it is trusted, reusable, privacy-protecting, and interoperable. Open finance, he added, can widen customer choice-provided consumers genuinely control their data and clear standards govern consent, security, liability, and portability.

On pricing, Madrid said affordability is essential to financial inclusion and consumer trust, but should be weighed alongside transparency, reliability, safety, and choice.

Digital financial services, he noted, require continuing investment in cybersecurity, fraud prevention, settlement and reconciliation, customer support, system resilience, compliance, and product development.

‘Consumers should have access to affordable and transparent services, but affordability does not mean every provider must arrive at the same price,’ he said. ‘Different institutions operate under different licenses, business models and cost structures. What matters is that consumers receive fair value, strong protection, reliable service and continued innovation.’

Madrid also pressed regulators across the region to keep rules clear on desired outcomes, proportionate in implementation, and predictable over time, saying this gives institutions the confidence to keep investing.

‘A progressive regulatory environment sets strong standards and clear outcomes, then gives institutions room to innovate and compete within those guardrails,’ he said, adding that consumer protection and innovation need not be competing objectives.

For the Asean, Madrid said the long-term opportunity lies in strengthening the common digital foundation while preserving the diversity of institutions and business models that have expanded access across the region.

‘Payments and financial services are already becoming more connected across Asean,’ he said. ‘The next step is making sure trust, identity, data, and consumer protection can move with them.’

The Office of the Ombudsman on Tuesday announced that the four former security escorts of ex-Ako Bicol party-list Rep. Zaldy Co may face criminal charges, including plunder, after their recanted their previous statements linking former House Speaker Martin Romualdez in the multi-billion flood control scandal.

At a press briefing, Assistant Ombudsman Jose Dominic Clavano IV disclosed that the Ombudsman has yet to receive an official copy of the recantations of Co’s former bodyguards.

However, Clavano noted that the supposed recantations were already attached to the counter-affidavit submitted by Romualdez last August 7 in response to the plunder, graft, bribery and money laundering charges filed against him for allegedly manipulating and pocketing funds intended for flood control projects of the government from 2022 to 20225 amounting to at least P56 billion.

The case against Romualdez is currently undergoing preliminary investigation before the Office of the Ombudsman.

Romualdez’s camp, according to Clavano, has asked the panel handling the preliminary investigation for extension to file a supplemental counter-affidavit Clavano said the panel has yet to decide whether to grant the defense addition time to file the supplemental counter-affidavit.

‘There are indications that the panel of investigators may implead as part of the plunder charge the former security escorts of Zaldy Co, four of whom recently allegedly recanted their earlier statement implicating former Speaker [Martin] Romualdez, Co, and other officials in the alleged cash deliveries at the heart of this case,’ Clavano said.

‘But for all intents and purposes, the investigators do plan to include them as part of the charge because if they will not become witnesses for the prosecution, then they are merely respondents in a crime where they delivered billions of pesos to the respondents in this case,’ he added.

It may be recalled that the Ombudsman has tagged Romualdez as ‘the central figure in a scheme built on the diversion of public funds meant for flood control projects.’

In elevating the complaint to the preliminary investigation stage against Romualdez, the Ombudsman gave weight to the sworn statements of eight of the 18 former soldiers who formerly served as Co’s security escorts.

The Ombudsman said Co’s former bodyguards gave firsthand accounts about the amounts delivered from Co to Romualdez believed to be kickbacks from flood control projects.

The witnesses, according to the Ombudsman, were present, moved with Co, and witnessed the exchange of money firsthand.

The Ombudsman also noted that the affidavits of the bodyguards are corroborated by an independent evidentiary trail – from money exchange companies to bank transfers to shell companies – all using personalities tied to Romualdez.

However, four of the security escorts recanted their affidavits a day before Romualdez filed his counter-affidavit allegedly due to monetary considerations.

Clavano said lawyer Levito Baligod, who serves as legal counsel for Co’s former security personnel, has turned over several evidence including a flash drive containing video recordings to prove that there was money involved over their decision to withdraw their sworn affidavits.

‘If we can show na may consideration yung pag-recant nila, then it will only bolster our position that these affidavits, yung unang affidavit ay totoo talaga,’ Clavano said.

A ‘massive’ financial education campaign must be rolled out in the Philippines to shield consumers from fraud amid the advent of artificial intelligence-enabled technologies, according to the head of the fintech industry group in the Philippines.

FinTech Alliance.PH Chairman Lito M. Villanueva said during a forum last Tuesday the campaign must be geared toward consumers.

‘If you’re talking about who’s the weakest link in terms of the entire ecosystem around cyber fraud, definitely one loophole is consumer protection, or the consumers themselves, because in Filipino, ‘budol’ is real, right?’ Villanueva added.

He said that such a campaign is all the more needed ‘because of the advent or the proliferation of agentic AI or AI-enabled technologies.’

‘Ordinary consumers would not be able to determine what’s real and what’s not, right?’ he added.

Villanueva said this responsibility falls on the shoulders of industry players.

‘That’s really the challenge amongst players in the industry. If there is one thing or commonality across all competitors in the industry, that is really about sharing fraud data insofar as helping to combat fraud as an industry,’ he added.

According to Villanueva, cybersecurity issues should be ironed out alongside gaps or barrier to scale inclusive digital finance if the country wants to embrace digital transformation.

‘It’s definitely not just on data infrastructure, not just on enabling regulatory framework, but also cybersecurity,’ he said.

According to Villanueva, issues on cybersecurity must be faced head-on because ‘if you are to look at statistics right now, you’ve seen double-digit growth year-on-year in terms of cyber fraud.’ He cited the Anti-Financial Account Scamming Act (Afasa) as one of the ‘good interventions’ to address the so-called gaps.

Villanueva said that efforts must go beyond the law, reiterating the ‘practical’ need to have a ‘massive’ financial education campaign.

He, however, didn’t explain how ‘massive’ this campaign should be.

The figures are staggering yet strangely invisible: P50 billion-yes, billion with a ‘b’-vanished from the pockets of Overseas Filipino Workers and their families in 2024 alone. Not lost to fraud, not stolen through theft, but quietly extracted through foreign exchange markup fees that most recipients never even knew they were payingOur OFWs have long been celebrated as ‘modern-day heroes,’ and for good reason. Their remittances constitute a critical lifeline for the economy, consistently ranking among the largest sources of foreign currency inflows and keeping millions of households afloat. Yet while we honor their sacrifice with rhetoric, we have allowed a predatory practice to flourish that siphons off a significant portion of their hard-earned income before it even reaches their families.

The mechanics of this extraction are deceptively simple. When an OFW sends $1,000 home, traditional banks and remittance institutions apply a markup of 3 to 5 percent on the exchange rate-pocketing roughly P3,000 that should have gone to groceries, tuition, or medicine. Across millions of transactions annually, these percentages compound into the estimated P40 billion lost by personal customers, with another P10 billion disappearing from MSME transactions.

What makes this situation particularly egregious is the veil of opacity surrounding it. According to Wise Philippines, only 21 percent of Filipinos engaged in international transactions are aware that these markups exist. The vast majority remain in the dark, believing they are receiving the ‘real’ exchange rate while institutions quietly pad their margins.

The argument from traditional financial institutions-that these markups represent legitimate costs of currency conversion and risk management-rings hollow in an era of real-time global transactions and digital clearing systems. The 3 to 5 percent premium may have been justifiable decades ago when international transfers required manual processing and significant hedging. Today, fintech shows cross-border transfers can be done for a fraction of these costs; persistent margins suggest institutional inertia-protected by consumer ignorance and regulatory indifference.

The economic implications extend beyond individual households. That P50 billion represents purchasing power permanently removed from the Philippine economy-money that could have stimulated local consumption, funded small businesses, or spent for education. The multiplier effect of this lost capital across thousands of communities is incalculable.

So what is to be done?

First, the BSP and relevant financial regulators must mandate transparency in remittance pricing. Financial institutions should be required to disclose the total cost of transactions-including the exchange rate markup.

Second, financial literacy programs should also cover how international transfers work. OFWs attend pre-employment orientation seminars-an ideal chance to teach them how to compare remittance options and spot hidden fees. Knowledge is the best protection against exploitation.

Third, policymakers should explore frameworks that promote competition in remittances. Fintechs like Wise, which offer transparent mid-market exchange rates, show that lower-cost options are available. Lowering barriers to entry for qualified providers with strong security standards would pressure traditional institutions to cut markups or risk losing market share.

Finally, OFWs and their families must vote with their wallets. The P50 billion figure represents collective power-power that can be redirected toward institutions that offer fairer rates. Comparing remittance services should be as routine as checking prices at the local market.

Our modern-day heroes deserve better than to have their sacrifice diminished by hidden fees and opaque practices. It is time to address this issue head-on and ensure that every peso an OFW sends home goes directly to the family who earned it.