Category: Business Mirror

Washington’s announcement that it is slapping fresh tariffs on goods produced by forced labor added another layer to global economic uncertainties-fueling the demand for safe-haven dollar assets and dragging the Philippine peso to a new record low on Friday.

Data from the Bankers Association of the Philippines (BAP) showed the local currency closed at P61.847 against the greenback on Friday. This is 9.7 centavos weaker than its previous finish of P61.75 on Thursday.

Jonathan L. Ravelas, senior adviser at Reyes Tacandong and Co., said attributed this to ‘rising crude oil prices as US and Iranian attacks escalated and new tariffs, renewing inflation concerns.’

Asked about how the new tariffs announced by the United States government would fuel demand for the safe-haven currency, Ravelas told the BusinessMirror: ‘In simple terms, tariffs can strengthen the US dollar because they reduce demand for imported goods, which means fewer dollars are sent overseas.’

At the same time, he said, tariffs can push up inflation in the US, making the Federal Reserve more cautious about cutting interest rates.

‘Higher US interest rates relative to other countries tend to attract global capital into dollar assets, boosting demand for the US dollar,’ he added.

For his part, John Paolo R. Rivera, Senior Research Fellow at Philippine Institute for Development Studies (PIDS) said the peso’s drop to a new record low was largely driven by ‘external factors.’

‘Geopolitical tensions and trade policy uncertainties have also contributed to risk aversion, putting pressure on emerging market currencies, including the peso,’ Rivera told this newspaper on Friday.

Moving forward, the PIDS senior research fellow said the peso may remain under pressure in the near term as long as global uncertainties persist.

‘But I expect movements to remain broadly market-driven rather than disorderly,’ added Rivera.

Within the trading day, the peso traded from as strong as P61.78 to as weak as P61.85 per dollar.

According to the Office of the United States Trade Representative (USTR), Washington announced that failure to impose and effectively enforce a prohibition on the importation of goods produced with forced labor would warrant a 10 percent or 12.5 percent tariff on 60 trading partners, subject to ‘certain product exemptions.’

The USTR said the top 60 US trade partners cover 99.4 percent of US imports.

The Social Housing Finance Corporation (SHFC) and the Department of Human Settlements and Urban Development (DHSUD) continue to advance its mission of providing security of tenure to more Filipino families as it expands the implementation of the Enhanced Community Mortgage Program (ECMP) nationwide.

Under President Ferdinand Marcos, Jr.’s Expanded Pambansang Pabahay para sa Pilipino (4PH) Program, implemented by DHSUD led by Secretary Jose Ramon Aliling, over P23 million in financial assistance was recently released to support the acquisition of community lands in Palawan and Camarines Norte.

In Barangay San Pedro, Puerto Princesa City, the Divine Mercy Homeowners’ Association, Inc. (HOAI) received more than P17 million for the purchase of the land occupied by 119 families. Representing SHFC President and CEO Federico Laxa, Palawan Branch Manager Jesus Eden Cidro led the ceremonial check awarding on July 20.

Meanwhile, on July 21, the Goldenspringville HOAI in Barangay Borabod in Daet municipality was awarded more than P5 million to finance the acquisition of the land occupied by its 55 member-beneficiaries, bringing them closer to securing legal ownership of their homes.

Laxa underscored that the ECMP continues to transform the lives of underprivileged communities by making the dream of homeownership attainable. ‘The ECMP is more than a housing initiative-it is a program that gives Filipino families security of tenure, dignity, and the opportunity to build a better future in a community they can truly call their own,’ he said.

The awarding of checks reaffirms SHFC’s commitment to empowering organized communities through accessible housing finance, enabling informal settler families to collectively acquire the land they have long occupied. Beyond providing financial assistance, the ECMP promotes transformative approach by integrating site development.

To date, 47 ECMP projects have been approved since the program’s launch in July last year, benefiting more than 8,100 families nationwide. SHFC continues to evaluate project applications, ensuring that qualified communities receive timely support toward secure, affordable, and sustainable housing.

SHFC remains steadfast in supporting more communities on their journey toward secure homeownership, helping build resilient communities where Filipino families can live with stability, dignity, and hope.

For more information on SHFC projects and application procedures, the public may visit www.shfc.gov.ph or call (02) 5322-7300.

SENATE Majority Floor Leader Juan Miguel ‘Migz’ Zubiri on Tuesday laid out his legislative agenda on firearms policy before industry stakeholders at the 32nd Association of Firearms and Ammunition Dealers of the Philippines (AFAD) Defense and Sporting Arms Show (DSAS) at the SMX Convention Center in Pasay City, balancing expanded gun rights with stricter accountability for negligent owners.

Zubiri told AFAD’s annual gathering that he has two priority bills-Senate Bill No. 1555, which would strengthen self-defense protections; and Senate Bill No. 1897, a revised set of amendments to the Comprehensive Firearms and Ammunition Regulation Act.

Under SB 1555, forced or illegal entry into a home, vehicle, or place of business would create a legal presumption of unlawful aggression-shifting the burden of proof away from the defender.

‘In times of danger, a person has only a few seconds to act,’ said Zubiri, stressing that the bill is not a license for violence but a protection for those unlawfully attacked.

SB 1897-previously vetoed but now revised-proposes expanded exemptions for threat assessment certificates, higher ammunition caps (250 rounds for regular license holders and 2,500 for sports shooters), a shortened election gun ban (45 days before and five days after), simplified ownership transfers upon death or incapacity, and a one-year amnesty for license registration or renewal.

The amendments also aim to cut red tape in defense manufacturing under the Self-Reliant Defense Posture program.

Addressing the recent shooting incidents, Zubiri drew a sharp line between responsible owners and negligent ones.

‘This was not the fault of responsible gun owners,’ he said, blaming the tragedy on owners who failed to secure their firearms under Section 9 of RA 10591.

He pledged to impose criminal liability and stiffer penalties for such negligence, arguing the current penalty of prisión correccional .

‘I don’t think this is equivalent to the lives of the children who died,’ he said. ‘We must make those gun owners accountable, they didn’t pull the trigger, but their negligence paved the way for the tragedy to happen.’

The DSAS, organized by AFAD headed by Alaric ‘Aric’ Topacio is the longest and premier firearms exhibition in the country.

The trade show ends Saturday at the SMX Convention Center, Mall of Asia Complex.

Financial crises are often remembered for how they changed daily life for Filipinos. Prices climbed, jobs became harder to find, businesses struggled to stay open, and families had to make difficult choices just to stretch their budgets.

Behind those everyday experiences were financial shocks that tested the country’s economy and exposed weaknesses in its financial system.

Over time, each crisis left lessons that shaped how the Philippines prepares for the next one. Banks became more tightly regulated, government agencies strengthened their oversight, and new safeguards were introduced to help prevent problems from spreading across the financial sector.

In commemoration of its 33rd anniversary, the Bangko Sentral ng Pilipinas (BSP) celebrated its journey on July 3 with the launch of ‘Risk and Resilience in the Philippine Financial System: How Much Has Changed?’ Co-edited by Dr. Ramon Moreno, senior consultant to the BSP Research Experts Panel and former visiting professor of economics at the University of the Philippines, and Assistant Governor Veronica B. Bayangos.

Established on July 3, 1993, under the 1987 Constitution and the New Central Bank Act of 1993, the BSP became the country’s central monetary authority, succeeding the Central Bank of the Philippines, established on January 3, 1949.

The transition ushered in a new framework for monetary policy and financial supervision aimed at promoting price and financial stability.

According to Dr. Eli M. Remolona Jr., the seventh Governor of the BSP and Chairman of the Monetary Board, the book was launched to highlight the role that narratives play in shaping financial markets, noting that people respond not only to economic data but also to information they receive from friends, traditional media, and, increasingly, social media.

‘It tells the stories behind some of the most important financial crises in our history, and those stories matter,’ Remolona said.

He added that how narratives spread is key to understanding the evolution of financial crises, warning that one of the greatest risks is the false sense of security created by overly reassuring narratives.

‘How much has changed?’

Divided into seven chapters, the book revisits major episodes that defined the Philippine financial landscape-from the debt and banking crises of the 1980s to the Asian Financial Crisis, the Global Financial Crisis, the COVID-19 pandemic, and other periods of economic stress.

Rather than simply recounting these events, the publication examines how each one influenced policies that continue to underpin financial stability today.

The opening chapter, written by Moreno and Bayangos, examines how the Philippine financial system became more resilient from the 1970s to the 2020s. It explains that earlier crises were more severe because of high public and external debt, heavy reliance on foreign borrowing, weak financial regulation, and limited safeguards.

The authors said later economic shocks, including the COVID-19 pandemic, had a more limited impact as stronger fiscal management, tighter banking regulation, higher foreign exchange reserves, and improved capital and liquidity buffers strengthened the country’s ability to withstand crises.

The chapter also notes that reforms, together with the banks and large conglomerates that managed funding pressures and bad loans, helped contain financial stress. However, the authors caution that underdeveloped capital markets, the complexity of large business groups, and governance issues in infrastructure projects remain as challenges to the financial system’s resilience.

The book also looks back at one of the country’s most difficult economic periods. In the second chapter, Justin Ray Angelo J. Fernandez and Remolona examine La Década Perdida, or the ‘Lost Decade,’ the debt crisis that swept Latin America and also ensnared the Philippines.

The authors say the country’s growing reliance on borrowing from abroad and its weakening debt position made it especially vulnerable when both local and global economic shocks hit in the early 1980s.

Using economist Hyman Minsky’s financial instability framework, they trace how years of rising debt eventually led to the country’s 1983 debt moratorium and years of slow economic growth.

Although debt restructuring under the Brady Plan eventually restored investor confidence and allowed the country to borrow from international markets again, the authors say the episode highlighted the importance of keeping debt at sustainable levels, building financial buffers during good times, and fixing financial problems before they worsen.

Another chapter revisits a lesser-known but defining moment in Philippine financial history, the 1981 default of businessman Dewey Dee. After leaving the country with P700 million in unpaid obligations, Dee’s default represented less than one percent of total private-sector credit at the time.

Yet it triggered the closure of 16 commercial banks, 12 investment houses, and 17 other financial institutions as confidence evaporated and funding across the financial system quickly dried up.

Author Johnny Noe E. Ravalo says the crisis exposed weaknesses that went far beyond a single corporate default. Limited regulatory oversight, inadequate credit information, weak risk monitoring, and the lack of a system for identifying risks that could spread across the financial sector allowed uncertainty to escalate quickly.

The episode showed how the failure of a single borrower could trigger wider financial problems when banks and financial institutions were closely connected, and there was little information available about underlying risks.

More than four decades later, Ravalo says those lessons remain relevant. While the Philippine financial system is now stronger and more advanced, he noted that managing risks that could spread across the financial system remains an ongoing challenge as markets become more interconnected.

He adds that while the next ‘Black Swan’ event cannot be predicted, strengthening risk monitoring remains essential.

The fourth chapter turns to the 1997 Asian Financial Crisis, which abruptly ended the region’s rapid economic expansion and exposed weaknesses in many financial systems.

Written by Diwa C. Guinigundo and Faith Christian Q. Cacnio, the chapter explains how the rapid opening of financial markets, large inflows of foreign capital, and weak financial safeguards left many economies vulnerable to currency crashes, banking problems, and deep economic downturns.

Although the Philippines was affected, the authors say it weathered the crisis better than many of its neighbors. Earlier banking and debt reforms, cautious lending, lower corporate debt, and steady remittances from overseas Filipinos helped cushion the economy.

They also credit timely government policies, including a flexible exchange rate, stricter banking rules, and measures to manage foreign exchange risks, with helping restore market confidence.

The next chapter shifts to the 2007-2009 Global Financial Crisis, which began with the collapse of the United States housing market before spreading across the world.

In their contribution, Dante B. Canlas, Hazel C. Parcon-Santos, and Jose Adlai M. Tancangco explained why the Philippines avoided the recession experienced by many advanced economies.

According to the authors, reforms introduced after the Asian Financial Crisis strengthened the country’s defenses. A stronger banking sector, tighter supervision, healthier bank finances, higher foreign exchange reserves, and local banks’ limited exposure to the risky US mortgage investments that triggered the crisis helped shield the country from the worst of the global turmoil.

These strengths were reinforced by the BSP’s quick response, including providing liquidity to banks, cutting policy rates, lowering reserve requirements, carrying out foreign exchange operations, and granting temporary regulatory relief, alongside economic stimulus from the national government.

The sixth chapter examines how those years of reform were put to the test during the COVID-19 pandemic, which caused the country’s deepest economic contraction since World War II.

Written by Zeno Ronald R. Abenoja, Veronica B. Bayangos, and Dennis D. Lapid, the chapter explains how a stronger financial system helped banks withstand the economic shock despite business closures, income losses, and widespread uncertainty.

The authors say lower interest rates, liquidity support, and temporary regulatory relief helped keep the financial system stable and prevented wider financial problems. While these measures also resulted in higher public debt, lower bank profits, and an uneven recovery, they accelerated the country’s shift toward digital financial services.

The chapter argues that resilience today depends not only on strong financial buffers but also on the ability of government agencies and financial institutions to respond quickly and adapt to technological change.

The final chapter shifts the focus to smaller financial incidents that tested public confidence in banks and other financial institutions.

Veronica B. Bayangos, Elisha G. Lirios, and Benjamin E. Radoc Jr. argue that while these incidents did not grow into full-scale financial crises, they exposed weaknesses that led to important reforms.

Drawing lessons from bank holidays, investment fund scares, and governance issues, the authors explain how each episode led to stronger capital and liquidity standards, tighter governance rules, better coordination among regulators, and a more forward-looking approach to supervision.

Banks also strengthened their internal controls and crisis response plans, improving their ability to stop problems from spreading across the financial system.

‘By understanding how these past crises unfolded, we become better equipped to question optimistic narratives, detect risks earlier, and respond more effectively when the next shock comes,’ Remolona said. ‘The numbers will always matter, but so will the stories we tell about them.’

‘Progress, But Challenges Remain’

Meanwhile, Moreno said the book’s title, How Much Has Changed?, is meant to encourage readers to reflect on whether the Philippine financial system has truly transformed over the decades or whether some challenges have remained unchanged.

‘If you read the book, you may find that both answers are true,’ he said.

While the country has made significant progress since the financial crises of the 1980s, he said, persistent structural issues continue to hinder its long-term economic advancement.

Moreno noted that during the 1970s and 1980s, policymakers in the Philippines and many other countries had a limited understanding of how financial vulnerabilities accumulated and how risks could be managed.

By contrast, he said the country’s ability to withstand economic shocks had improved considerably by the late 2010s.

He attributed this to several reforms, including the establishment of the BSP in 1993, the adoption of inflation targeting, stronger financial regulation and risk management, declining public and external debt from the mid-2000s to 2019, the buildup of foreign exchange reserves, and the country’s attainment of investment-grade credit ratings.

Despite these gains, Moreno said recurring challenges continue to constrain the Philippines’ ability to break out of the so-called middle-income trap, a situation in which many developing economies struggle to advance to high-income status.

Citing World Bank data, he said only 34 countries have moved from middle-income to high-income status since the 1990s, while 108 economies have remained in the middle-income bracket.

Although the Philippines’ recent graduation to upper middle-income status is a welcome milestone, he stressed that reaching the high-income category will require sustained effort.

‘Philippine growth fell behind that of its Asian peers at the time of the debt crisis of the 1980s, and the Philippines has not fully caught up since,’ Moreno said.

He said severe financial crises remain difficult to predict and are often driven by external shocks, such as the global financial crisis and the COVID-19 pandemic, which are largely beyond the control of policymakers.

‘Governance also remains an ongoing concern,’ Moreno noted. ‘Some countries have advanced despite weak governance, but the evidence suggests that economic growth and investment are slower and riskier when such problems pass a certain threshold.’

Moreno said the Philippines has built a stronger and more resilient financial foundation over the years, but preserving those gains will depend on ensuring that the lessons from past crises are not forgotten.

‘The book is an effort to highlight some of these lessons and to remind us that much work remains to ensure the progress we have achieved is sustained,’ he said.

uring lessons

Taken together, the seven chapters portray the Philippine financial system as one shaped not by the absence of crises but by the lessons they left behind.

While globalization, digitalization, and financial innovation continue to introduce new sources of risk, the book argues that resilience is built through continuous reforms, stronger institutions, and the ability to adapt before vulnerabilities escalate into full-blown crises.

NXLED tries to bounce back from its opening setback as it faces a Capital1 side missing its starting wingers when the Premier Volleyball League On Tour resumes Saturday at the Chavit Coliseum in Vigan City, Ilocos Sur.

With Bella Belen and newcomers Vanie Gandler and Erika Santos away on national team duty, the Solar Spikers will turn to rookie draft No. 2 overall pick Detdet Pepito, who is set to make her much-anticipated debut in the 4 p.m. showdown against the talent-laden Chameleons.

Despite the absence of key wing attackers, Capital1 remains formidable with a deep middle rotation anchored by Cherry Nunag, Ezra Madrigal, KC Galdones, Pauline Gaston and Pia Abbu.

Pepito, a decorated collegiate standout, is expected to provide an immediate boost while teaming up with Roma Mae Doromal and Rachel Jorvina to strengthen Nxled’s defensive rotation.

Capital1 will also showcase second-round pick Khy Cepada, who joins a wing corps led by Trisha Genesis, Ysa Jimenez, Leila Cruz, Sydney Niegos and France Ronquillo.

The Chameleons counter with a loaded lineup featuring former Cignal standout Jackie Acuña, MJ Phillips, Krich Macaslang, Aduke Ogunsanya and veteran Aby Maraño in the middle, while banking on the explosive wing combination of Brooke Van Sickle, Myla Pablo, Jonah Escamillan and Lyann De Guzman. Chiara Permentilla and EJ Laure.

Nxled also enters the match with greater urgency after absorbing a four-set defeat to Creamline in its opening assignment in Ilagan City last July 9.

The 6:30 p.m. match also promises plenty of intrigue as last year’s On Tour champion PLDT finally opens its campaign against Choco Mucho.

On paper, the High Speed Hitters appear deeper and more experienced, with Savi Davison, Kim Dy, Kath Arado and Majoy Baron, leading a roster further bolstered by draft pick No. 7 Fianne Ariola and free agency signing Joan Monares.

Choco Mucho, meanwhile, continues to cope with the absence of national team standouts Sisi Rondina, Eya Laure and Dawn Catindig, placing greater responsibility on No. 3 overall pick Tin Ubaldo, Isa Molde, Jewel Encarnacion, Kat Tolentino, Caitlin Viray and Dindin Manabat to keep the Flying Titans competitive.

The PVL On Tour Showdown heads to South Cotabato for the first time on August 1, with Nxled taking on Galeries Tower at 4 p.m. and Akari battlingChoco Mucho at 6:30 p.m. in Polomolok.

Rainy weather can make even the most beautiful scenes appear dull and muted, leaving photos that look different from what people see in person. To help users capture and transform those moments, the vivo X300 FE introduces AI Creation, an AI-powered imaging feature that enhances photos before and after they are taken.

Building on vivo’s imaging expertise, the vivo X300 FE combines ZEISS professional imaging with the new AI Creation algorithm, allowing users to reshape scenes and apply different visual styles with a single tap, without the need for third-party editing applications.

Watch the hands-on video below to see the vivo X300 FE’s AI Creation features in action: Captured in Bonifacio Global City (BGC), Metro Manila, the sample images demonstrate how overcast weather can affect the appearance of photos. Using AI Creation, the vivo X300 FE offers two ways to enhance images, either before pressing the shutter or after the photo has been captured.

Feature 1: Choose scenes before taking a photo

Users can open the Camera app in Landscape and Night mode and tap the AI icon to access AI Style Filters. Selecting Morning Glow, one of the filters, applies a warm lighting effect during capture, transforming a gloomy cityscape into a brighter scene with a single press of the shutter. Meanwhile, using AI Creation mode allows users to choose from multiple AI styles, including Underwater, Dream, and Glow, each displayed as a preview thumbnail for easy selection.

Feature 2: Reimagine photos after capture

For existing photos, users can open an image in the Gallery, tap AI Creation, and choose from multiple AI styles, including Travel, Landscape, Fantasy, Stage, and Cyberpunk. After tapping Generate, the vivo X300 FE recreates the image with a new visual style in just moments.

Slim design, powerful AI Creation

The vivo X300 FE is powered by the Snapdragon 8 Gen 5 processor and features a ZEISS co-engineered camera system to deliver a smooth AI imaging experience. Measuring 7.99 mm thin and weighing 191 g, the smartphone combines advanced imaging capabilities with a lightweight design for users who want professional-quality photography in a compact device.

The vivo X300 FE is available in Mist Purple and Luxe Black for Php 54,999. It is available at vivo concept stores, vivo e-store, and official vivo stores on Shopee, Lazada, and TikTok Shop.

For more information, follow @vivo_philippines on TikTok, Facebook, Instagram, and X, or visit the official vivo website.

AS impeachment proceedings and partisan feuds continue to capture national attention, Citi Philippines CEO Paul Favila has offered a sobering counter-narrative. The perpetual controversies surrounding the Vice President and the political machinations within the Senate, while headline-grabbing, pale in comparison to a more insidious challenge: the nation’s enduring dependence on fuel imports. Favila’s assessment reflects how international investors actually view the country. While domestic audiences obsess over the impeachment trial and the latest political maneuverings, global capital is looking at a different metric entirely-energy security, or rather, the lack thereof.

The observation cuts two ways. Philippine economic policy has long been a prisoner of political cycles-every new administration reshuffles infrastructure, incentives, and regulations to suit its agenda. But Favila’s April meetings in New York, held amid escalating Middle East tensions, revealed something telling: global investors have learned to look past political theater. What actually erodes their confidence is structural vulnerability.

Favila’s comparison to other Asian nations is particularly instructive. He notes that while political chaos exists everywhere-‘parliamentarians throwing chairs at each other’-these countries have managed to progress economically despite their governance theatrics. The Philippines, however, has allowed politics to ‘seep into’ economic decision-making in ways that create genuine vulnerability.

The country’s reliance on imported fuel affects everything from electricity prices to transportation costs to manufacturing competitiveness. When global energy markets convulse, the Philippine economy absorbs the shock immediately. Domestic firms face higher operating costs. Consumers see inflation in food and basic goods. The central bank faces impossible choices between controlling inflation and supporting growth.

What makes Favila’s critique sting is his assertion that ‘politics does not know how to run an economy.’ This is not a call for authoritarianism or technocratic rule; rather, it is an indictment of how our political culture has consistently prioritized short-term partisan gains over long-term economic resilience. Energy policy, in particular, has suffered from decades of political interference, regulatory uncertainty, and populist pricing mechanisms that have discouraged the very investments needed to reduce import dependence.

The message to policymakers should be clear: investors are willing to tolerate political noise, but they will not tolerate structural economic fragility. The impeachment trial may make for compelling television, but it is the nation’s fuel import bill that determines whether factories stay open, whether jobs are created, and whether the Philippines can finally achieve the sustained growth that has eluded it for generations.

The irony is that political stability and energy security are not mutually exclusive; they are mutually reinforcing. A nation that controls its energy destiny is a nation that can weather political transitions without economic trauma. Conversely, a nation that remains dependent on foreign fuel will find that every political crisis becomes an economic crisis, and every economic shock becomes political ammunition.

Favila’s warning should serve as a wake-up call. The Philippines can survive political drama-other nations have proven that. What it may not survive is another decade of energy dependence masquerading as economic policy.

The challenge, then, is to take politics out of the economy where it matters most: in the structural decisions that determine whether the country controls its own destiny or remains hostage to global energy markets. That is the battle worth fighting. Everything else is just noise.

Senator Mark A. Villar, Principal Author of the Anti-Financial Account Scamming Act (AFASA), welcomed the law’s latest gains, saying it is now producing concrete results in the country’s fight against online financial crimes.

One year after AFASA took effect, the Bangko Sentral ng Pilipinas (BSP) reported that the Philippine National Police (PNP) has already filed more than 500 cases against scammers, fraudsters, money mules, and individuals involved in financial account scams.

‘Bilang Principal Sponsor ng AFASA noong 19th Congress at Chairman ng Senate Committee on Banks, Financial Institutions and Currencies, ipinasa natin ang batas na ito upang tulungang mabawi ang perang na-scam sa mga biktima ng financial crimes.’ Said Villar.

‘Mahigit 500 kaso na ang naisampa laban sa mga scammer-patunay na may pangil na ang AFASA. Bilang Principal Author ng batas, ikinagagalak kong makita na mas mabilis nang nakakakilos ang ating mga law enforcement agencies upang habulin at papanagutin ang mga kriminal na nagnanakaw ng pinaghirapang pera ng ating mga kababayan,’ he added.

The senator said AFASA was crafted not only to strengthen the government’s campaign against online financial crimes but also to ensure that banks and financial institutions adopt stronger safeguards to protect their clients.

Under AFASA, banks and other BSP-supervised financial institutions were given until June 2026 to upgrade their systems and implement stronger fraud management measures, including advanced fraud detection and enhanced authentication for high-risk transactions. With the compliance period now over, financial institutions that fail to meet these security requirements may be held liable for unauthorized transactions resulting from their noncompliance and could be required to reimburse clients for losses arising from scam incidents that occur due to the banks lack of fraud management systems.

Senator Villar also emphasized that the AFASA law also gives victims faster remedies by allowing banks to immediately place temporary holds on suspicious transactions, preventing stolen funds from being withdrawn while investigations are ongoing.

‘Hindi lamang pagpaparusa sa mga scammer ang layunin ng AFASA. Mahalaga ring matulungan agad ang mga biktima. Kaya binibigyan ng batas ng mas mabilis na paraan upang maharang ang mga kahina-hinalang transaksyon at mapigilan ang tuluyang pagkawala ng kanilang pinaghirapang pera,’ Villar said.

The senator reaffirmed his commitment to ensuring the full implementation of AFASA to strengthen public confidence in the country’s digital financial system.

‘Habang patuloy na nagbabago ang teknolohiya, kailangan ding patuloy na umunlad ang ating mga batas. Bilang Principal Author ng AFASA, sisiguraduhin nating ganap itong maipatutupad laban sa mga online scammer at mapanatili ang tiwala ng publiko sa ating digital financial system, Asahan nyo rin po ang patuloy nating pagsusulong ng mga batas at reporma para sa mas ligtas na banking sector sa bansa’ Villar concluded.

Lately, the concept of Dunning-Kruger effect has been bandied around locally. The idea was to embellish their discourse to prove a point. David Dunning and Justin Kruger are two scientists from Cornell University, who in 1999 tested participants in the area of logic, grammar and humor! Back then, I wondered how the respondents fared in the test. Apparently, those who performed in the bottom quartile rated themselves above average.

The examiners attributed this tendency to ‘metacognition,’ a process that can be explained away as ‘thinking about your thinking,’ not exactly à simple act.

Do our senators think about their thinking? In the act, what do they achieve?

One of the most terrifying prospects is that if, for example, politicians were game enough to participate in the experiment, it is possible that they reach conclusions and errors but due to their incompetence, they may not realize it at all. It is as if you know but you do not know. It is a painful ending.

At the core of these difficulties is confidence. We put a lot of premium on it that we cannot lose face; we put on the mask of confidence at the expense of truth. There is also this common perception that our skills and talent in one domain or area can be transferred to another, as if genius is a moveable feast. Or that, our skills as a professor of philosophy can be moved into the area of post-modern literature. Imagine an individual like this. The Dunning-Kruger effect says this can bring about overconfidence. Depending on the system in which certain individuals operate, the end-product is arrogance.

There are studies indicating that, following Psychology Today, the Dunning-Kruger effect points to à compelling fact-overconfidence is strongest among the worst performers. The context for this is in the domain of chess.

We can simplify the Dunning-Kruger effect as a cognitive bias.

This bias says individuals with limited knowledge have the tendency to exaggerate their own know-how in an area. I particularly like the metaphor of Mount Stupid. Think of a real mountain. À peak. On the summit of that Mountain Stupid is overconfidence, which you arrived at after learning a small amount of knowledge about a topic. Because you have arrived at the peak, you develop this illusion that you have gained enough mastery about the subject matter. This is part of the confidence curve, which includes the Valley of Despair, in which, confidence about a knowledge sinks (knowledge about other politicians?). Then there is the third, the Slope of Enlightenment, where we expect our leaders to continue to study if only to match what they know.

There is a much-quoted line from David Dunning, which says: ‘Not knowing the scope of your own ignorance is part of the human condition. The problem with it is we see it in other people but we don’t see it in ourselves.’

The more I go deeper in these studies, the more I fear that we may be creating multiple echo chambers. I would like to bring down the topic to the level of local politics, where these concepts could matter. Will our local leaders care? May they discuss the implications of these tests and implications?

Given the antiseptic and non-judgmental nature of these tests, will they find humor in the social experiment? We can test Senator Aquino, for example, in tandem with Senator Gatchalian and let them see the humor in questions that aim to validate concepts of looking into the nature of their ‘thinking about their thinking.’ There will be no pressure to excel, but simply to rethink. It should be fun.

Two senators can face each other and measure their ‘confidence’ and ‘overconfidence.’ Who knows these concepts of overconfidence and confidence may not exist among our senators, afterall tests have crucial cultural component to it.

This will be our learning as members of the civil society and their lessons as our esteemed politicians.

Who remembers Caligula and his ‘foolish Roman Senator’?

Caligula was always portrayed as a stuttering, dumb emperor. But, seated or standing with his foolish Senator, Caligula was either a madman or the most enviable Satirist. His foolish Roman Senator, after all, was a horse, fitted with the most expensive jewels. His name was Incitatus. Caligula did not only want him elevated to the Senate; the emperor was on his way to making Incitatus into a Consul.

Historians remained conflicted as to whether all these grand and silly plans were realized. These could have been metaphors. Or hallucinations.

If there’s one conclusion that we, modern man and ancient thinkers, can agree upon is that the act of Emperor Caligula to make his horse Incitatus into a Senator is to mock the Senate and its lack of power and to show his contempt for the institution.

Do we have the chance to do this? Do we have Incitatus in our midst?

UNDEFEATED University of Santo Tomas (UST) and College of Saint Benilde (CSB) set up a championship clash after sweeping their respective rivals in the knockout semifinals of the Shakey’s Collegiate National Invitationals on Friday at the Ninoy Aquino Stadium.

The Golden Tigresses bagged their sixth straight win in as many games after a quick work of Letran, 25-10, 25-19, 25-12, for a breakthrough finals appearance, while the Lady Blazers crushed Australian guest team Southern Storm Melbourne, 25-19, 25-23, 25-11.

The winner-take-all championship is slated Sunday at the Playtime FilOil Arena in San Juan.

Camila Bartolome paced the Lady Blazers, who also beat the Australians in their elimination round meeting last Thursday in four sets, with 14 points on 12 kills, one ace and one kill block.

‘I think our composure led us to the victory…even though our coaches are mad at us, we still kept out poise,’ Bartolome said.

Fionna Inocentes finished with 11 points while Mhonniecka Soliven and Mary Grace Borromeo added eight and seven points each for CSB.

Team captain Regina Jurado smashed 11 of her 12 points on attacks and added three digs to lead the UST, which hammered the Lady Knights with 32 kills.

‘I don’t give in to the pressure of being the team captain,’ Jurado said. ‘I can play my game freely with the team.’

Marga Altea led UST’s block party as the Golden Tigresses scored 11 kill blocks to frustrate Letran.

Altea had four kill blocks to go with nine kills to finish with 13 points while Poyos scored 10 in the penultimate playdate of the tournament.

The Tigresses uncorked a 9-2 blast to turn a slim 11-8 lead in the third set into a 20-10 advantage with Jurado scoring off a kill to give UST a 22-11 lead.

Leonilyn Padilla answered for Letran before the Tigresses scored the match’s closing three points capped by the Lady Knights’ last of 27 errors.

No Letran player reached double-figure scoring with main gunner Verenicce Colendra limited to only seven points.

Reeza Abayon added five for the Lady Knights, who will try to salvage a podium finish on Sunday erun Colleges swept Ho Chi Minh City Volleyball Club, 25-19, 25-17, 25-19, to finish fifth.

Jasmine Salvani led Enderun’s assault by pounding 10 kills and landing five aces in a 15-point outing while Althea Botor added 13 points on 13 spikes and two aces.

Fatima Medina scored eight for the Lady Titans, who punished Ho Chi Minh City’s spotty service reception with 10 aces.

Le Thi Diem Phuong was the lone Vietnamese in double figures with 16 points as Ho Chi Minh City dropped all of its six outings.