Category: Business Mirror

THE volume of digital payments already reached 64.7 percent of retail transactions in 2025, surpassing the targets set under the government’s economic blueprint, according to the Bangko Sentral ng Pilipinas (BSP).

At the Development Budget Coordination Committee (DBCC) briefing before the House Committee on Appropriations last Monday, BSP Deputy Governor for Monetary and Economics Sector Zeno Ronald R. Abenoja said the central bank has observed that more Filipinos continue to participate in the formal financial system.

According to Abenoja, central bank data shows increasing use of payments through InstaPay, PESONet, and person-to-merchant QRPh. He said the increased use highlights the ‘continued momentum’ on the adoption of electronic payments channels in the country.

Equally important, Abenoja said, is that the growing adoption of digital payments generates what the BSP called ‘network externalities.’ He explained the latter means that the value and convenience of domestic electronic payment channels increase as more consumers, more merchants, and more financial institutions participate in the financial ecosystem.

The chart presented by Abenoja during the briefing showed that the share of digital payments to total retail payments by volume grew from 20.1 percent in 2020 to 30.3 percent in 2021, 42.1 percent in 2022, 52.8 percent in 2023, 57.4 percent in 2024 and 64.7 percent in 2025.

Under the Philippine Development Plan (PDP) 2023-2028, the government set the following targets for the share of volume of digital payments to total retail transactions: 50 percent for 2023; 52 to 54 percent for 2024; 54 to 58 percent for 2025; 56 to 62 percent for 2026; 58 to 66 percent for 2027; and 60 to 70 percent for 2028.

A separate statement issued by the central bank Monday afternoon quoted BSP Governor Eli M. Remolona Jr. as saying that ‘a lot of the growth is due to our insistence on interoperability, ensuring that a growing number of businesses and service providers are on one system.’

‘That brings in more users, which makes the network more valuable for everyone in it, including consumers, businesses, banks, e-wallets, and other platforms,’ Remolona added.

Data from the BSP’s ‘2025 Report on the Status of Digital Payment in the Philippines’ showed that the continued growth of digital payments in the country was supported by a 69.4-percent increase in digital payment accounts and a 36.3-percent rise in merchant locations or business outlets that accept digital payments.

Likewise, the central bank said that QR Ph transactions exceeded debit and credit card transactions for the first time in 2025, ‘reflecting a growing preference for interoperable, account-based payments.’

A total of 2.47 billion QR Ph transactions worth P1.16 trillion were processed during the year, the BSP statement read.

The BSP added that PESONet transactions have surpassed check payments, reflecting the ‘growing use’ of electronic fund transfers for business and personal transactions.

‘The BSP expects the momentum for digital payments to continue, aided by policies meant to make electronic payments more accessible and affordable,’ read the central bank’s statement.

One of these policies is embodied in BSP Circular 1238. The latter pushes for reasonable transfer fees, requiring that fees charged for transferring funds from one bank or e-wallet provider to a different financial institution ‘should not be materially different’ from the fees charged for transfers within the same institution.

Remolona said the BSP continues to work closely with industry and government partners to expand digital payments ‘to benefit more Filipinos and the economy as a whole.

Traditional locks have served Filipino homes for generations, but in today’s fast-moving world, they’re simply not enough.

Burglaries, lost keys, unauthorized copies, and no way to monitor who enters your home are all limitations of the old-fashioned key lock. More and more Filipinos are waking up to the fact that it’s time to upgrade, and MGS is making that transition easier, smarter, and more reliable than ever.

Here are 7 compelling reasons to make the switch today.

1. You’ll Never Get Locked Out Again

With multiple unlocking methods- fingerprint, PIN code, face recognition, RFID card, remote app unlock, and a mechanical key backup-an MGS smart lock gives you so many ways to access your home that being locked out becomes virtually impossible. No more calling a locksmith at midnight because you lost your keys.

2. Know Exactly Who Enters Your Home

Traditional locks can’t tell you who used them or when. MGS smart locks keep a detailed access log on the MGS SMART App; every entry is recorded with a timestamp. Whether it’s your household helper, your kids coming home from school, or a delivery person, you’ll always know what’s happening at your door.

3. Grant and Revoke Access Remotely

Away on a business trip? Need to let a repairman in? With MGS’s remote unlock and user management, you can open your door from anywhere in the world using your mobile phone. You can also add new users or remove old ones in seconds; no need to change locks when a helper leaves your employ.

4. Eliminate the Risk of Duplicate Keys

Traditional keys can be copied at any hardware store without your knowledge. Smart locks eliminate this risk. Access is managed digitally; fingerprints, PINs, and cards can be added or removed only by authorized administrators. Your security stays in your hands.

5. Perfect for Multiple Users and Properties

Managing a family home, a rental property, or a business? MGS smart locks are designed for multi-user environments. You can set different access levels for different people, schedule access windows (e.g., people can only enter between 8am-6pm), and manage multiple properties from one app.

6. Backed by Lifetime Technical Support and a Two-Year Warranty

Most traditional locks come with zero after-sales support. MGS gives you lifetime technical support and an up to two-year product warranty, so you’re never alone if something goes wrong. Their professional installation team, nationwide delivery network, and responsive customer service set a standard that the traditional lock market simply cannot match.

Explore and make a switch to MGS Smart Locks today by visiting mgshome.ai or MGS Philippines on Facebook, Instagram, and TikTok for more smart lock tips and recommendations.

THE Department of the Interior and Local Government (DILG) has ordered all its offices nationwide to put up prominent displays of ‘Bawal ang Red Tape’ materials where business transactions are being facilitated.

The directive is in support of the Anti-Red Tape Authority’s (Arta) intensified campaign against fixers and fixing activities.

Through a memorandum, the DILG directed the display of the anti-red tape signage in strategic and conspicuous areas of its central and regional offices, as well as on the Department’s website and official social media channels, as part of a broader information campaign against fixing and illegal government transactions.

‘Red tape has no place in the DILG. We, therefore, want these signages seen by everyone as part of our commitment to efficient public services,’ the DILG said.

Following Arta’s latest directives on the Campaign Against Fixers and Client Satisfaction Measurement, DILG offices were also urged to intensify public awareness of existing anti-red tape policies, particularly measures against fixers, while strengthening transparency in government transactions.

The Department likewise ordered the display of updated anti-fixing information, education, and communication (IEC) materials and the official harmonized Client Satisfaction Measurement (CSM) survey in conspicuous areas to encourage the public to provide direct feedback on government services.

‘As the government heightens awareness of safeguards against corruption, we also encourage the public to report incidents of illegal transactions to combat fixing through Arta’s channels,’ the DILG said.

The intensified campaign comes as the DILG recorded a 99.50-percent client satisfaction score in its 2025 CSM Report, reflecting positive public reception of the Department’s implementation of streamlined services for both internal and external clients.

The DILG said strict compliance with the guidelines forms part of Arta’s Report Card Survey (RCS) 2.0, which measures government agencies’ implementation of Republic Act No. 11032, or the Ease of Doing Business Law, and their compliance with service procedures under their respective Citizen’s Charters.

‘All of these will be tracked by the Compliance Monitoring and Evaluation Office [CMEO] through surprise inspections and spot monitoring to ensure sustained compliance with the law and the related guidelines,’ the DILG said.

The Department said the campaign aims to make legitimate government transactions easier and more transparent while closing opportunities for fixers and other illegal practices.

‘With these mechanisms in place, we remain committed to safeguarding public trust in government through upholding swift, hassle-free, and customer-friendly service delivery for the Filipino people,’ the Department added.

WITH the economy’s gears moving far from full capacity and inflation expectations remaining anchored, Standard Chartered Bank expects monetary authorities to keep policy rate unchanged for the rest of the year, but noted that the central bank may be leaning towards a hawkish hold, rather than completely relaxing given upside risks to inflation.

‘In terms of the [Bangko Sentral ng Pilipinas] BSP itself, at the moment, my call, which I think is probably non-consensus, is I don’t expect the BSP to hike in August or for the rest of the year, for this year,’ Standard Chartered Bank Plc Senior Economist Jonathan Koh said during a virtual briefing last Friday.

While Koh expects the key interest rate to be kept unchanged at 4.75 percent, he recognizes ‘that it’s going to be a very close call.’

‘I think the BSP is still going to remain hawkish,’ added Koh, also the lender’s foreign exchange analyst for Asean.

Because growth is ‘really slow’ and demand inflation is soft, Koh said the central bank could look past supply-side driven inflation as long as inflation expectations remain anchored.

‘So from that perspective, because the output gap is negative, I do expect the BSP to remain on hold,’ added Koh.

Output gap

AS earlier explained by the central bank, output gap-measured as the difference between the actual and potential output-is a summary indicator of the relative demand and supply. That gap is being monitored by the BSP to assess the degree of demand-based inflation pressure.

The central bank explained that if the output gap is positive over time, prices will begin to rise in response to demand pressures. Similarly, if actual output falls below potential output over time, reflecting ‘economic slack,’ prices will begin to fall to reflect weak demand relative to supply.

In his explanation during a forum last Friday, BSP Governor Eli M. Remolona Jr. cited the 3.2 percent gross domestic product growth in the second quarter, which is way below the 2.3 percent outturn.

‘What’s also true is we’re below potential. Our potential [growth] may be 5 percent to 6 percent; close to 5.8 percent. Because we’ve been doing 5.8 percent in recent years, …we have what’s called an output gap: the difference between our potential and our actual growth. That matters for monetary policy.’

Remolona thus noted that with a negative output gap, this means that monetary authorities have ‘become less aggressive in terms of raising the policy rate in order to tame inflation.’

‘So we take account of both the weakness of our growth as well as our expectations of inflation,’ the BSP chief added.

According to Koh, the weak second-quarter GDP outturn points to increasing downside risks to domestic demand and raises the potential growth cost of further tightening.

Meanwhile, July inflation provided ‘nascent’ signs that price pressures may be moderating, with headline inflation easing to 6.2 percent year-on-year from 6.4 percent and core inflation moderating to 4.2 percent from 4.4 percent.

Toss-up

KOH opined, however, that one month of softer inflation ‘does not yet establish a sustained disinflationary trend, particularly as both measures remain above BSP’s target range.’ ‘We therefore expect a close decision between a hike and a pause,’ he added.

Koh said the August decision may depend on global oil prices and the performance of the Philippine peso in the upcoming weeks, ‘as renewed pressure on either could worsen the inflation outlook and increase the risk of second-round effects.’

At the June meeting of the Monetary Board (MB), he said the BSP governor noted that de-anchoring of inflation expectations was not a ‘significant’ concern at that time.

As such, Koh said the recent slight moderation in inflation may provide the BSP some room to assess the effects of its April and June rate increases.

‘However, persistent above-target inflation and upside risks to inflation from El Niño and minimum wage increases (suspended until 13 August) mean its communication is likely to remain hawkish,’ he added.

Unpredictable opponent

DURING the same forum last Friday, Remolona said the central bank is looking at inflation expectations and how other items in the consumer price index respond to the continuing global shocks.

He said these will affect the central bank’s policy strategy.

But with the growth and inflation numbers, Remolona said he thinks monetary officials ‘need a more convincing downward trend for inflation before we can relax.’

‘Of course the weaker growth that we’re seeing means we can be less aggressive in trying to tame inflation. But in the face of an unpredictable opponent, oil prices for example, we need to keep our eye on the ball,’ the central bank governor added.

The BSP has raised the key interest rate by a total of 50 basis points since the start of the conflict in the Middle East on February 28, delivering two separate quarter-point rate hikes at the MB’s rate-setting meetings held on April 23 and June 18.

These policy actions brought the target reverse repurchase rate to 4.75 percent.

Ralph Lauren welcomed guests to The Ralph Lauren Centre Court Suite at The Championships, Wimbledon, in July.

Guests were invited to experience the newly debuted The Polo Bar by Ralph Lauren at Centre Court, bringing the sophisticated warmth of the New York institution to the tournament’s historic grounds for the first time. Guests enjoyed classic cocktails and thoughtfully curated details throughout while watching the Gentlemen’s Singles Semi-finals.

Notable guests include, Dustin Hoffman, Keira Knightley, Richard E. Grant, Kento Kaku, Lesley Manville, Felicity Jones, Luke Thompson, Joe Locke, Rashida Jones, Ezra Koenig, Ananya Panday, Mia Armstrong, Bassel Khaiat. All the guests were dressed in Ralph Lauren.

In the Philippines, Polo Ralph Lauren is exclusively distributed by Stores Specialists Inc., and is located at Shangri-La, Greenbelt 5, Rustans Makati, Solaire, and the newly opened Rustans Cebu Store.

Polo Ralph Lauren is also available online through www.lazada.ph, www.shopee.ph, www.zalora.ph, and www.rustans.com.

THE Development Bank of the Philippines (DBP) announced it is undertaking an aggressive deposit generation campaign to widen its funding base to support its various lending activities.

DBP President and CEO Michael O. de Jesus announced that the state-owned lender has launched a ‘Save 2 Win’ promotion to generate fresh deposits from both individual and institutional depositors to expand in financing activities geared towards high-impact developmental projects.

According to De Jesus, the campaign is expected to widen DBP’s deposit base, which grew by 15.51 percent to P413.41 billion in the second quarter of the year from P357.91 billion for the same period last year.

He added that the campaign offers cash prizes of up to P250,000 to winning individual depositors and gift certificates to winning institutional depositors, which also aims to promote greater financial inclusion, especially among underbanked and unbanked segments of the population.

‘We believe every deposit entrusted to DBP will help strengthen its capacity to finance transformative projects that will support economic growth, create jobs, and improve the lives of communities across the country,’ de Jesus was quoted in a statement as saying.

‘We hope to inspire more Filipinos to save not only for achieving their personal financial goals but also for contributing to nation-building and achieving sustainable progress,’ he added.

The ‘Save 2 Win’ promo is open to eligible depositors in all DBP branches nationwide and will run until December 31, 2026. Mechanics of the promotion can be accessed through the DBP website, read the lender’s statement.

Thirty years after it was first staged at the main theater of the Cultural Center of the Philippines (CCP), Philippine Ballet Theater’s Andres KKK will be revisited and performed by a new generation of all-Filipino ballet artists.

Three very special performances are scheduled this weekend at the Rockwell Proscenium Theater, and major artistic collaborators Gener Caringal (choreography) and Jesse Lucas (music) are expected to grace the much awaited shows, with highly anticipated performances by the exceptional dancers of the highly-touted Philippine Ballet Theater.

And for the mostly student population in the university belt, there will also be special free shows on August 26 and 27 at the University of the East Theater, to be performed by the members of the UE Silanganan Dance Troupe.

Multi-awarded composer Jesse Lucas shared that he was only 27 years old when Caringal sought him out to create the music for this historical production on the life and times of Philippine hero Andres Bonifacio. ‘It was the beginning of our long creative partnership, and the many years of our many wonderful collaborations also strengthened our friendship and solidified our respect for each other’s artistic pursuits and undertakings.’

Unforgettable ballet productions of the Lucas-Caringal tandem include Sarimanok, Chanted Journeys and Darangen ni Dantugen for Philippine Ballet Theater, and the widely praised dance-musical of Ballet Philippines in 2003 which we were able to watch, Darna.

Lucas believes that music, whether created for theater, film or ballet, becomes timeless when it is able to blend authenticity and universal human experiences with a strong narrative. ‘Music has the power to shift the perspectives of people and communities. When music corresponds with a particular scene, whether it is on the big screen or a performance stage, and it allows the audience to be immersed in that particular moment and its setting, then it becomes truly effective because the emotions are raw and real, and the music allows these emotions and the other visual components to resonate with the audience.’ Lucas, his compositions and musical creations have been recognized locally and overseas, including the Gawad URIAN, the Young Critics Circle, Aliw Awards, and the Gawad Tanglaw. In 2010, he was elevated to the FAMAS Hall of Fame in the Film Music category. He also took home the Best Music trophy at the 2005 Screamfest International Film Festival in California.

For Andres KKK, which premiered at the CCP in 1996, Lucas took off with the basic narrative structure that Caringal gave him, including the important timestamps. ‘My inspiration built up as I worked on the music, where I combined chants, indigenous local instruments and synthesizers, at a time when electronic technology in music was still relatively new.’

Lucas said that he is more than excited to watch a new generation of ballet dancers interpret the music he created, under the artistic direction of Ronilo Jaynario, with choreography by Caringal.

From the early days when he first took on the challenge of creating music about one of the Philippines’ most colorful historical heroes, Lucas has made sure that his compositions remain relevant and relatable to both performers and audiences alike. And just like how art, dance and music evolve, who knows when the next great leap for the well-loved and celebrated composer Jesse Lucas will come.

Nearly 3,800 disadvantaged workers in Legazpi City will be given temporary jobs as heavy rains increase the need for drainage clearing, sanitation and repairs in local communities.

The Department of Labor and Employment (Dole) said 3,786 beneficiaries will work for 10 days under its Tulong Panghanapbuhay sa Ating Disadvantaged Workers (Tupad) program.

The project has a total cost of P18.74 million, with each worker set to receive P4,550 for the 10-day work period, along with personal protective equipment and group accident insurance.

Beneficiaries will be deployed across 35 barangays to declog canals and drainage systems, maintain community gardens and tourism sites, and conduct sanitation and dengue-prevention activities.

Others will undertake minor repair and maintenance work in school facilities.

The emergency employment initiative comes as heavy rains and other weather disturbances heighten the risk of clogged drainage systems and create sanitation and safety concerns in communities.

Weather disturbances can also affect classrooms and other public spaces, prompting the government to use temporary employment both as income support and for cleanup work.

Labor Secretary Francis N. Tolentino led the orientation of beneficiaries of the Kalinigan Para sa Ligtas na Legazpi 2026 project at the Embarcadero de Legazpi on August 17.

‘Tupad means the government is fulfilling its commitment to help you with your livelihood,’ Tolentino told beneficiaries.

Tolentino also urged beneficiaries to extend the spirit of the program beyond the government-funded work by helping their own communities.

‘We need to unite-help our fellow barangay residents, help our neighbors, help our families, and most of all, help our one beloved nation, the Republic of the Philippines,’ he said in Filipino.

DOLE said the project is part of the government’s disaster preparedness and recovery efforts, using emergency employment to provide immediate income while helping restore safe and functional public spaces.

The agency also said it is working with the Technical Education and Skills Development Authority (Tesda) to help individuals in the province establish small businesses.

Food security, sustainable energy and resilience programs are the appropriate programs to meet the challenges of government and business in the Zamboanga Peninsula, one of the economically struggling regions in the country.

This was highlighted during the Regional Science, Technology, and Innovation Week (RSTW) in the Zamboanga Peninsula as the Department of Science and Technology (DOST) said it supported ongoing initiatives in these three sectors.

The RSTW events in the region were held in Dipolog City early this month.

‘The Zamboanga Peninsula has already shown us what is possible when government, academe, industry, and local communities unite around science, technology, and innovation [STI] to ease local concerns through collaborative action,’ said Science Secretary Renato U. Solidum Jr.

Solidum said that interventions for efficient and sustainable agricultural production with greater value are ‘already underway’ for the region’s farmers and fishermen. The DOST has rolled out assistance on minimizing post-harvest losses and improving productivity in both rice processing and aquaculture to lessen the challenges brought by soaring prices and insufficient agricultural investment.

‘Farmers are yielding more, fisherfolk are increasing their returns, entrepreneurs are expanding into high-value goods, and consumers are accessing safer food,’ he said, citing Food and Agriculture Organization findings that noted that almost five in every ten Filipinos face moderate to severe food insecurity, the highest rate in Southeast Asia.

He said sustainable energy source should work hand-in-hand in the Zamboanga Peninsula to take advantage of the region’s industrial base in wholesale and retail, including motor vehicle maintenance. The DOST has said the region has strong talent and industrial capacity enough to drive e-mobility through electric vehicles (EVs).

The DOST said Dipolog City has one unit of converted tricycle (c-trike), while Dapitan City will receive more besides the six e-trikes and two CharM EV charging stations turned over last year. Moreover, Zamboanga Peninsula is set to advance e-mobility innovation and technical skills through the C-Trike Kit Developer and Training Center, which Solidum noted is being discussed with the Technical Education and Skills Development Authority (Tesda).

‘We are preparing for its establishment to strengthen science and technology services, as well as the deployment of e-tranvia in Dipolog and e-trike in Dapitan, creating opportunities for cleaner and more sustainable mobility,’ said Science Undersecretary for Regional Operations Sancho A. Mabborang.

Solidum also emphasized that natural hazards disasters were the common challenge of the Philippines, the Zamboanga Peninsula included, yet he said the region has demonstrated critical leadership in preparedness.

Across the region, he said 44 local governments have adopted DOST-developed disaster risk technologies and 43 local resolutions have institutionalized science-backed risk reduction. ‘True resilience is not built after a disaster strikes; it is established long before. Every investment made in science today prevents catastrophic loss tomorrow,’ Solidum said, citing Zamboanga Peninsula as the first region in the Philippines to complete all the modules of the Rapid Earthquake Damage Assessment System (Redas) platform.

Redas is a DOST-developed software that performs hazard monitoring, database development, simulation, and impact assessment on various natural hazards such as earthquakes, floods, severe winds, tsunamis, and lahars.

Defense spokesperson lawyer Michael Poa on Monday said that the filing of the second perjury complaint by Vice President Sara Duterte against Ramil Madriaga, who claimed to be her former bagman, does not have a major impact on the impeachment trial.

In a press briefing shortly after the Day 16 of the trial, Poa stressed that the defense remain focused on upcoming cross-examinations in the impeachment proceedings, even if the prosecution plans to include Madriaga, who faced the second perjury complaint filed by Duterte at the Taguig City Prosecutor’s Office.

‘We don’t see any major impact pagdating sa atin, we don’t see any major impact on the impeachment trial. Meaning, ang ibig sabihin non, if they are not present…we will have to cross-examine in accordance with our plan,’ Poa said.

‘Sa atin naman, yan naman ay nakahain pa lang sa fiscal no? So for evaluation pa ‘yan. So sa atin, we will just go on with our plan na kung ipepresent naman sila [Madriaga], meron kaming plinano diyan pagdating sa cross-examination,’ he furthered.

Madriaga faced another perjury complaint, under Article 183 of the Revised Penal Code, in connection with his supplemental affidavit dated April 11, 2026.

The first perjury complaint against Madriaga was filed in March.

In an affidavit submitted to the Office of the Ombudsman, Madriaga claimed he had delivered large sums of money to various individuals, as instructed by the Vice President.

Duterte denied giving Madriaga ‘instructions of any kind’ and that she visited him in prison, nor have spoken to him.