Category: Business Mirror

Rizal Commercial Banking Corporation (RCBC) is accelerating the future of banking by expanding its Banking-as-a-Service (BaaS), API, and ecosystem banking capabilities, enabling financial services to become seamlessly embedded into the digital platforms where people live, work, shop, travel, and transact.

As embedded finance reshapes the global financial services landscape, RCBC continues to pioneer innovations that remove friction from banking, strengthen financial inclusion, and create new opportunities for businesses, fintechs, merchants, and consumers to participate in the rapidly evolving digital economy.

This vision was highlighted by RCBC Executive Vice President and Chief Innovations and Inclusion Officer Lito Villanueva during the LEAP East Conference in Hong Kong, where he joined global industry leaders from Thunes, HSBC, and Global Payments to discuss how embedded finance is redefining customer relationships, digital commerce, and the future of financial services.

The panel underscored that banking is increasingly becoming invisible, embedded directly into digital experiences rather than confined within traditional banking channels. The conversation explored how value is shifting from simply enabling payments to creating trusted ecosystems that connect banks, fintechs, merchants, governments, and consumers through seamless digital experiences.

‘Banking is no longer a destination. It is becoming an embedded capability that enables commerce wherever customers are,’ said Villanueva. ‘The future belongs to ecosystem banking, where financial services are integrated seamlessly into everyday digital experiences through secure APIs, strategic partnerships, and interoperable digital infrastructure.’

RCBC has been at the forefront of this transformation through its Banking-as-a-Service platform, enabling fintechs, digital platforms, enterprises, and ecosystem partners to integrate banking capabilities directly into their customer journeys. Through secure APIs, partners can embed account opening, digital payments, collections, fund transfers, virtual accounts, lending, identity verification, and other financial services without having to build banking infrastructure from the ground up.

The Bank’s growing API ecosystem powers collaborations across digital commerce, mobility, government services, remittances, transport, and financial inclusion, allowing organizations to accelerate innovation while delivering frictionless customer experiences.

RCBC’s embedded finance initiatives likewise include its U.S. Virtual Account solution, which allows customers and businesses to receive U.S. dollar payments through dedicated U.S.-based accounts without maintaining a physical bank account in the United States. The Bank has also expanded the use of payment tokenization, replacing sensitive card credentials with secure digital tokens that enhance security while enabling seamless online, mobile, and contactless payment experiences.

Further demonstrating its commitment to customer-centric digital innovation, RCBC is among the first banks in the Philippines to offer unlimited free person-to-person fund transfers through both InstaPay and PESONet via its RCBC Pulz and RCBC DiskarTech mobile banking platforms. Through this pioneering FREEmium proposition, millions of loyal customers can transfer funds digitally without paying transaction fees, making everyday banking more affordable while accelerating the country’s transition toward a cash-lite economy. The initiative reflects RCBC’s belief that digital financial services should not only be secure and convenient but also accessible and inclusive for every Filipino.

These innovations complement RCBC’s flagship digital platforms, including RCBC Pulz, DiskarTech, and ATM Go, which collectively demonstrate how digital banking, financial inclusion, agency banking, and embedded financial services can work together within a unified ecosystem. Together with its Banking-as-a-Service platform and expanding API capabilities, RCBC is enabling financial services to become an integral part of commerce, mobility, government services, digital marketplaces, and everyday life.

According to Villanueva, embedded finance represents far more than a technological evolution. It fundamentally changes how financial institutions create value in a platform-driven economy. ‘The next generation of banking will not be defined by standalone banking applications, but by trusted ecosystems where financial services are embedded into platforms that millions already use every day,’ Villanueva said. ‘Institutions that embrace openness, interoperability, and collaboration while maintaining the highest standards of security, compliance, and customer trust will lead the future of financial services,’ Villanueva added.

RCBC continues to deepen strategic partnerships with global payment networks, fintech companies, technology providers, merchants, and public sector institutions to accelerate innovation across payments, digital identity, embedded lending, open finance, and cross-border financial services. These initiatives reinforce the Bank’s vision of creating a connected, inclusive, and borderless financial ecosystem that empowers consumers, businesses, and communities alike. As digital commerce continues to evolve, RCBC remains committed to building the financial infrastructure that powers the next generation of digital experiences while strengthening the Philippines’ position as one of Asia’s leading digital banking and fintech innovation hubs.

‘Embedded finance is not about banks disappearing,’ Villanueva concluded. ‘It is about banks becoming more relevant than ever by powering the ecosystems that will define tomorrow’s digital economy. At RCBC, we are committed to making banking invisible where it should be, accessible where it matters most, and valuable to every Filipino.’

‘Global platforms such as LEAP provide valuable opportunities to exchange ideas, learn from other markets, and showcase how collaboration can accelerate financial inclusion and digital transformation,’ he added.

LEAP East marked the conference’s first edition outside Saudi Arabia, bringing together more than 25,000 participants, including over 400 exhibitors, 250 startups, and 250 investors, to discuss emerging technologies shaping the future of digital commerce, artificial intelligence, fintech, and cross-border financial services across Asia.

RCBC has continued expanding its digital banking ecosystem through innovations such as RCBC Pulz, RCBC DiskarTech, and RCBC ATM Go, supporting the country’s growing shift toward digital payments and financial inclusion.

A family living wage has moved into discussions between labor groups and the Department of Labor and Employment (DOLE) as the Trade Union Congress of the Philippines (TUCP) pressed for a clearer benchmark in determining workers’ pay.

During a meeting with Labor Secretary Francis N. Tolentino, TUCP proposed discussing the guiding principles for determining a family living wage, alongside other long-running labor concerns.

‘We are with you in that aspect; that is part of the Constitution, the terminology of living wage,’ Tolentino said in response.

TUCP also raised freedom of association, security of tenure, certification elections, maritime voluntary arbitration and collective bargaining agreements during the talks.

Among the measures it sought support for were House bills that would strengthen union formation and rationalize government intervention in labor disputes.

Other proposals would remove dismissal and imprisonment as penalties for workers who participate in strikes.

Labor representatives also brought up legislation needed to implement International Labour Organization (ILO) Convention No. 190, which addresses violence and harassment in the world of work.

Talks, likewise, covered ILO Convention No. 188 on work in fishing and Convention No. 193 on decent work in the platform economy, both of which Tolentino supported.

Concerns involving workers in the electric cooperative and sugar industries were also discussed, with labor officials providing updates on issues raised by TUCP.

Tolentino told the group that the department would remain open to criticism and concerns from workers.

‘If we make mistakes, criticize us. I’ve been trying to be very transparent. If you have any concerns, just let me know,’ he said.

THE National Student Athletes Championship (NSAC) World Invitational presented by the Philippine Sports Commission (PSC) will bring together eight teams from the Philippines, Japan, Taiwan and Australia for a three-day competition beginning Friday at the PhilSports Arena.

University of Santo Tomas (UST), San Beda, Jose Rizal University (JRU) and Far Eastern University (FEU) will vie against the Fighting Eagles Nagoya and Tenri University from Japan, National Formosa University from Taiwan and Elite Stacks AUS from Australia in the tournament organized by Asiabasket.

PSC chairman Patrick ‘Pato’ Gregorio welcomed the staging of the international tournament and the opportunities it creates for Filipino student-athletes.

‘The NSAC World Invitational gives our student-athletes an opportunity to compete against international opposition here at home and gain valuable experience that can contribute to their development,’ Gregorio said.’ The PSC is pleased to support initiatives that create more meaningful competitive opportunities for Filipino athletes.’

Asiabasket Founder and CEO Jai Reyes said the tournament reflects the organization’s goal of creating more opportunities for Philippine basketball to engage with international competition.

‘The NSAC World Invitational is a reflection of our vision to elevate Philippine collegiate basketball beyond our borders,’ Reyes said. ‘We want to provide our student-athletes with the opportunity to compete against quality international programs while showcasing the talent, passion, and competitiveness of Philippine basketball on a larger stage.’

The eight-team tournament will follow a knockout format with classification games, ensuring each participating team plays three games.

JRU faces Elite Stacks AUS, San Beda takes on National Formosa University, UST meets Tenri University,and FEU battles Fighting Eagles Nagoya on opening day.

Mobile services provider Smart Communications, Inc. (Smart) underscored its commitment to advancing the Philippine gaming industry as the main presenter of the recent Philippine GameDev Expo (PGDX) 2026, where it showcased its partnership with Blacknut, bringing the country’s first cloud gaming platform to Smart and TNT subscribers.

Held last July 24 to 26 at the SMX Convention Center Manila in Pasay City, the country’s premier game development and gaming event brought together developers, publishers, creators, and gaming enthusiasts. As the event’s main presenter, Smart highlighted how its partnership with Blacknut, value-packed Power All offers, and world-class mobile network are enabling the next generation of digital entertainment.

Through its partnership with Blacknut, Smart and TNT subscribers can conveniently access Blacknut Cloud Gaming at blacknut.com/p/smart and instantly play more than 1,000 premium console- and PC-quality games on their smartphones-without the need for expensive gaming hardware or lengthy downloads. Weekly subscriptions start at just Php145 and can be conveniently charged to prepaid load following a simple OTP verification process.

‘Gaming continues to be one of the fastest-growing passions among Filipinos, and Smart is committed to enabling richer digital experiences through reliable connectivity and meaningful partnerships like Blacknut,’ said Lloyd R. Manaloto, FVP and OIC of Smart.

‘Our participation at PGDX reflects our commitment to supporting the local gaming community while making innovative gaming experiences more accessible to more Filipinos,’ he added.

Throughout the three-day expo, visitors experienced Blacknut Cloud Gaming firsthand at the Smart booth, instantly playing premium console- and PC-quality games on their smartphones. The booth also featured interactive activities where attendees had the chance to win exclusive prizes, including gaming skin codes.

During the event, Smart also highlighted its value-packed Power All offers, which provide generous open-access data for today’s digital lifestyles – from cloud and mobile gaming to streaming, content sharing, and staying productive for work or school.

Smart’s participation in PGDX strengthens its thrust to build a more complete gaming ecosystem by combining reliable connectivity with innovative entertainment services that bring premium gaming experiences within reach of more Filipinos. Smart continues to empower Filipino gaming enthusiasts to level up their gaming experiences anytime, anywhere powered by its award-winning mobile network, which was recently recognized for Best Mobile Video Experience and Best Mobile Latency in the Philippines.

Senator Mark A. Villar is pushing to remove the 12-percent Value-Added Tax (VAT) imposed on system loss charges in electricity bills, saying consumers should not be taxed for electricity they did not actually consume.

Villar filed Senate Bill No. 2392, which seeks to exempt the system loss component charged by distribution utilities and electric cooperatives from VAT by amending Section 109 of the National Internal Revenue Code. The measure covers recoverable technical and non-technical system losses allowed by the Energy Regulatory Commission (ERC) under the Electric Power Industry Reform Act of 2001.

‘Simple lang ang prinsipyo natin: kung hindi naman nakonsumo ng consumer ang kuryente, hindi siya dapat singilin ng buwis para rito. Mataas na nga ang binabayaran ng ating mga kababayan sa kuryente, may systems loss pa na hindi naman nila kasalanan. Kaya dapat nating alisin agad ang mga dagdag na singil na maaari namang bawasan,’ Villar said.

System loss refers to electricity that is lost before reaching consumers. This includes technical losses that naturally occur as power travels through the distribution system, as well as non-technical losses caused by factors such as electricity pilferage, inaccurate metering, unmetered consumption, and human error. Allowable system losses may currently be passed on to consumers and typically account for around five to six percent of an electricity bill, according to the explanatory note of Villar’s bill.

The proposal comes amid renewed efforts to bring down electricity costs in the country. The ERC has similarly recommended removing VAT on system loss charges, arguing that the tax should apply to electricity actually consumed by customers rather than power lost within the distribution system.

Senator Villar adds that the proposal is particularly timely as Filipino households continue to contend with high electricity costs. He also cites alarming data that the Philippines is among the highest electricity rates in ASEAN as of June 2026 and as well as among the highest in Asia.

‘Hindi makatarungan na ang consumer na nga ang sumasagot sa system loss, papatawan pa ito ng VAT. We have to make electricity charges fairer and ensure that every peso paid by Filipino families corresponds as much as possible to the electricity and services they actually receive,’ Villar stressed.

The senator added that even modest reductions in monthly electricity bills can provide meaningful relief when accumulated across millions of households, particularly for low- and middle-income families whose budgets are already stretched by everyday expenses.

‘Sa bawat bawas sa singil sa kuryente, may dagdag na puwedeng ilaan ang pamilya para sa pagkain, pamasahe, gamot, at edukasyon. This is a practical reform that can translate directly into savings for our consumers,’ Villar said.

A milestone is unfolding for Alas Pilipinas at the FIVB Volleyball Girls U17 World Championship, a remarkable feat from a team still in its development stage, built on barely a week of training and limited resources.

Caera Celis, Xyz Rayco, Jhaynna Bulandres, Sharina Lleses, Princess Manzano, Nadeth Herbon, Resty Olaguir and the rest of the squad have pushed through adversity as Alas Girls marched on to the Round of 16, the best-ever finish by any Philippine volleyball team at a world championship.

The Alas Pilipinas Girls thus surpassed the Bryan Bagunas-led squad that fell just short of that stage at 19th spot in the FIVB Volleyball Men’s World Championship last year in the Philippines, and the team which placed 18th in the 1974 FIVB Women’s Volleyball World Championship in Mexico.

On the strength of two huge victories over world No. 8 Mexico and No. 20 Tunisia, plus a gritty stand in a 19-25, 16-25, 25-22, 25-19, 11-15 loss to world No. 12 Venezuela on Tuesday at the Liceo Mixto San Felipe, Alas Pilipinas Girls marched into the knockout phase alongside powerhouse teams China, USA, Korea and Poland.

Team manager Karl Chan noted that the challenges for youth players are much tougher than for elite squads due to scarce resources and limited scouting information, among others.

‘These are teens, playing at this high level for the first time, they face a lot of unknowns. You have to learn every step of the way, facing teams you don’t know,’ Chan said. ‘Unlike at the seniors level, more or less you’ve seen them play somewhere.’

Captained by Megan Hernandez and also featuring Irish Mahinay, Taj Teves, Jello Mauricio, Madele Gale, Frances Ramos and Jhenica Sadia, Alas U17 cam still achieve more, with several days of competition left.

They seek a place in the last eight when they take on South Korea on Wednesday in Los Andes.

The coaching staff said it’s an unexpected feat, noting that after securing the World Championship berth with a fifth-place finish in the Asian Volleyball Confederation U16 Women’s Championship in November last year, plans for a long training camp were dashed by leadership changes and management woes in the Philippine National Volleyball Federation.

‘It’s fulfilling to see these kids succeed and achieve more, because it’s the start of their journey in international volleyball,’ Chan said. ‘We’re looking forward to seeing these 14 players be future national team players in the senior level.’

Head coach Edwin Leyva credited the players for adapting quickly, from coping with chilly 4-degree temperatures to learning on the fly against teams they have previously seen only on video.

‘China is clearly on a different level. But against the rest of the pool, I believed we had a chance, if only we had more time to train and gel,’ Leyva said. ‘Still, they’ve matured a lot playing matches at this level. You see them crying out of frustration one night and then coming back to fight hard the next afternoon. Assistant coach Oliver Balse agreed, saying that the team that will enter the Round of 16 will be a much different squad.

‘What we aimed for was one set at a time, and we will continue to do so as the tournament progresses,’ Balse said.

The team, supported by the Philippine Sports Commission, Philippine Olympic Committee and Asics, went from tears to cheers as they pushed Venezuela hard a day after a heartbreaking four-set loss to No. 6 Peru.

Celis had 24 points from 22 attacks and two aces, while Xyz Rayco delivered 19 from 17 attacks, a block and an ace as the Philippines closed pool play with a 2-3 win-loss record.

Bulandres, a starter in the previous matches, proved effective off the bench as she came up with timely hits in the third and fourth sets, scoring eight on six attacks and two blocks.

Venezuela, which finished pool play with a 3-2 record, got 27 points from Colina Lezama Yalesca Lileagne, and 15 from Amanda Estefania Pacheco Gonzalez. They face Chinese Taipei in the Round of 16.

THE Commission on Elections (Comelec) said a further delay in the barangay and Sangguniang Kabataan elections (BSKE) beyond the second quarter of 2027 could disrupt preparations for the 2028 polls.

Comelec Chairman George Erwin M. Garcia said the poll body could still handle a reset to around May 2027, but pushing the elections further would leave too little time for preparations for the 2028 polls.

‘If it goes beyond May 2027, it appears that we really can no longer do it because preparations for the 2028 elections may already be compromised,’ Garcia said.

Comelec hopes the Congress can decide by September whether the BSKE scheduled for November 2 will proceed.

Garcia said lawmakers are expected to hold hearings this month on several measures seeking to move the elections, giving the poll body little room to wait as preparations continue.

‘If they finish the hearings in August, we hope that by around September there will already be some news for us,’ he said.

He clarified that the Comelec was not setting a deadline for Congress, but was flagging the point at which another postponement would begin to affect preparations for the next national elections.

‘If the elections really will not push through, we hope it will be very clear by September,’ Garcia said.

For now, Comelec is pushing ahead with preparations for the polls and is already about 90 percent to 95 percent ready.

Garcia said suspending preparations while the postponement bills remain pending would be impractical since most materials and equipment could still be used even if the polls are moved.

Some costs, however, would be difficult to recover, particularly overtime expenses for Comelec personnel and supplies with limited shelf lives.

Ballots already printed for the November 2 elections may still be used under a new Comelec resolution if the polls are reset, while other election forms and materials may likewise be carried over.

Garcia said a one-year postponement could also require at least P3 billion in additional funding as voter registration would have to reopen and the number of registered voters continues to increase.

Patrick Coo (left) stand on the podium with his Men Elite silver medal with back-to-back gold medalist Asuma Nakai (center) and bronze medalist Ryo Shimada both of Japan. Coo- 23, a bronze medalist in the same event last year and at the Hangzhou 2023 Asian Games-is bound for the Aichi-Nagoya 20th Asian Games with Incheon 2024 gold winner Daniel Caluag.

Vice President Sara Duterte’s defense panel on Tuesday called out House private prosecutor Amando Ligutan over a Facebook post on the rules governing cross-examination, arguing that public comments made during an ongoing impeachment trial violate the decorum expected of lawyers appearing before the impeachment court.

During Day 15 of Duterte’s impeachment trial, lead defense counsel Sheila Sison raised Ligutan’s post, which read: ‘A principle lawyers and law students know by heart: misleading questions are not allowed in cross-examination.’

‘I surmise that this has something to do with the exchange between private prosecutor Attorney [Lorna] Kapunan and defense counsel Attorney [Kristine] Ferrer on the matter of cross-examination,’ Sison said.

Sison said she found it ‘troubling’ that a member of the prosecution would make such a post in the middle of the proceedings, particularly after it was picked up by a news organization.

‘As far as I know, the impeachment court is also a court of decorum,’ she said.

Sison cited Rule 18 of the Senate impeachment rules, which she said prohibits trial participants, particularly lawyers and counsel, from making public statements or social media comments discussing the merits of an ongoing case.

While acknowledging that Ligutan should be given an opportunity to explain the post, Sison described it as being in ‘bad taste’ and inappropriate toward a fellow member of the Bar.

‘Even if we sit on opposing sides of this hall, we remain members of the Bar,’ she said. ‘And as officers of the court, we owe each other respect.’

Sison maintained that Ferrer had merely asserted during the proceedings that leading questions are permissible on cross-examination and objected to public statements that could suggest otherwise about the defense’s handling of the case.

Meanwhile, defense spokesperson Michael Poa defended Sison’s decision to raise the matter before the impeachment court, noting that Ligutan’s post had already circulated on social media.

‘She felt the need to raise that kasi kumalat siya sa social media. I also respect Atty. Ligutan kasi di siya nakapagsalita kanina. Pero di na ako magsasalita since Atty. Sison has already expressed her stand. I will not add fuel to the fire,’ Poa said at a press briefing.

Indonesia is battling a surge in forest fires as a developing El Niño threatens to bring even drier weather and intensify risks at the peak of its dry season.

The Forestry Ministry’s fire-monitoring platform SiPongi has recorded 1,612 hotspots so far in this month, up sharply from 758 in all of July. It’s already the highest August number in three years, and outbreaks typically peak in September.

However, it is still well below the August levels recorded during the severe fire seasons of 2015, 2019 and 2023.

Hotter temperatures and extended droughts globally, often amplified by increasingly severe El Niño weather patterns, are making blazes more intense and harder to contain. Major fires have already burned this year across Canada and the US, as well as France, Spain, Greece and Australia.

In addition to the devastation wrought, severe fires in Indonesia threaten to blanket neighboring countries in thick clouds of smoke. The Association of Southeast Asian Nations’s weather-monitoring center is warning of an increasing risk of trans-boundary haze as hotspot numbers spike.

Indonesia is entering its most dangerous period for fires, with the dry season expected to peak between now and September. A prolonged drought and intense heat in the country is directly linked to the strong and developing El Niño, which is also threatening crop losses and water shortages, according to the Australian Bureau of Meteorology’s latest tropical climate update. The dry conditions are forecast to last into early 2027 across large swathes of Indonesia, the bureau said.

The damage is already mounting. More than 107,000 hectares burned across the country from January through June, up 120 percent from the same period in 2019, according to Indonesian government data. About 54 percent of that was in designated forest area. The major palm-producing provinces of West Kalimantan and Riau, along with East Nusa Tenggara, recorded the largest burned areas, together accounting for about half the national total. A separate blaze around Mount Bromo in East Java forced the closure of the popular tourist destination.

The government is stepping up efforts to contain the fires, focusing on six priority provinces in the peat-rich regions of Sumatra and Kalimantan, where blazes can burn underground for weeks and produce thick haze, according to the National Disaster Mitigation Agency, known as BNPB.

About 48,000 personnel have been deployed to fight blazes and cool burned areas to prevent flare-ups across Riau, South Sumatra, Central Kalimantan and Jambi, with five helicopters conducting water-bombing operations, BNPB said in a statement late Monday. Another 21 water-bombing helicopters, 12 patrol aircraft, and two cloud-seeding planes are on standby, and a further eight water-bombing helicopters are due to be added, BNPB said.

‘On peat land in particular, ground crews still need to sweep the area and extinguish remaining fires to ensure the fire is completely out,’ Suharyanto, head of the agency, said in the statement.