Category: Business Mirror

RCBC Executive Vice President and Chief Innovation and Inclusion Officer and FinTech Alliance.PH Founding Chairman Lito Villanueva shared key insights on the future of financial technology following his participation in the Visa Payments Forum 2026, held from June 9 to 11 at the Moscone Center in San Francisco, California.

The annual gathering brought together financial institutions, technology companies, developers, merchants, and industry leaders from around the world to discuss emerging trends shaping the future of payments, commerce, and digital finance.

Villanueva joined global discussions on payment technologies, artificial intelligence, cybersecurity, fraud prevention, digital commerce, and cross-border financial services.

Among the key themes discussed during the forum were the evolution of customer experiences through personalization and rewards, the growing adoption of generative artificial intelligence, the need for stronger fraud and security frameworks, the transformation of cross-border payments, and the increasing importance of global interoperability in financial services.

Reflecting on the discussions, Villanueva said the conversations extended beyond payments and offered valuable insights into the broader direction of the global fintech industry.

‘What struck me was how the conversation was not just about payments. It was about the future of commerce, trust, technology, and global connectivity,’ Villanueva said.

He noted that many of the trends highlighted at the forum are already becoming increasingly relevant across the Philippines and the ASEAN region.

‘These priorities strongly resonate with what we are seeing across the Philippines and ASEAN. AI is rapidly transforming customer experiences. Stablecoins are moving from concept to reality. Cross-border payments continue to become faster and more interconnected. At the same time, trust, security, and financial inclusion remain at the heart of sustainable innovation,’ he added.

Drawing from discussions at the forum, Villanueva said the Philippine fintech industry is entering a critical stage of development after successfully bringing more than half of adult Filipinos into the formal financial system.

He emphasized that the next phase of growth would require greater investments in trust, security, interoperability, and customer-centric innovation to sustain momentum and reach the remaining unbanked population.

‘The challenge before us is no longer simply adoption. It is ensuring that innovation translates into meaningful impact, greater trust, and broader access to financial services for every Filipino,’ he said.

Villanueva also noted that developments in artificial intelligence, stablecoins, digital identity, and cross-border financial infrastructure are expected to shape future conversations at the upcoming ASEAN Fintech Summit and other regional industry platforms.

In a world of geopolitical turmoil and economic uncertainty, new data from the Bangko Sentral ng Pilipinas shows that the Filipino spirit abroad remains strong. Though growth appears to slow, the $14.11 billion they sent home in the first five months of 2026 reflects the deep resilience and sacrifice of our OFWs. Despite inflation and global instability, OFWs have kept their families afloat. The 2.5 percent rise in remittances-the highest ever for this period-means millions of households can breathe easier, children can stay in school, and local economies can keep moving.

It is true that the 2-percent growth rate in May was the slowest in four years, but economists point to a confluence of factors-higher living costs abroad, a sluggish global economy, and the persistent shadow of the Middle East conflict. However, to focus solely on this ‘softer’ pace is to miss the forest for the trees. As Jonathan L. Ravelas,senior adviser at Reyes Tacandong and Co., aptly noted, the purchasing power of the dollar has improved against the peso. This means OFWs can send fewer dollars while delivering the same, or even higher, peso value to their families. The system is adapting, and the families back home continue to receive the support they need.

This is the ‘bigger picture’ we must appreciate. Despite the conflict in the Middle East-a region historically crucial to our OFW population-remittances have not collapsed; they have grown. This speaks to the diversification of our OFW workforce across different regions and the unshakeable cultural imperative to provide for family, come hell or high water.

The contributions of our OFWs extend far beyond household consumption. As PIDS senior research fellow John Paolo R. Rivera points out, these cash inflows serve as an ‘important buffer’ for the country’s external position. At a time when the global economy is fragile, the steady flow of dollars helps stabilize the peso, shores up our gross international reserves, and, most importantly, fuels consumer spending-which accounts for at least 70 percent of the economy.

Yet, we cannot afford complacency. The slowdown is a warning signal. The rise of geopolitical tensions, specifically the possibility of a US-Iran escalation, presents a clear and present danger. As UBP’s chief economist Ruben Carlo Asuncion warns, the risk to OFW employment and deployment in the Middle East could become more visible in the months ahead. We must brace for the possibility that current resilience may be tested.

It would do well for the government to double down on efforts to diversify the deployment of our OFWs, ensuring they are not overly exposed to a single volatile region. It must also provide better financial literacy programs to help families make the most of their remittances, turning consumption into investment.

The message is clear: remittances are no longer growing as rapidly as before, but they remain remarkably resilient and dependable. That resilience is a privilege we should never take for granted. To the 10 million OFWs who keep our nation afloat, we salute your courage and thank you for your sacrifice.

THE world stops when football’s World Cup final is on.

All eyes are on it.

Even babies stop to cry to watch it.

It overshadows, wipes out, every sport action that crosses its path.

Everything takes the back seat, including the British Open.

Ryan Fox’s winning 12-foot birdie became merely an asterisk, on the very day Spain and Argentina were to battle for football’s most coveted piece of hardware.

It didn’t matter that Fox, the irreverent Kiwi, became only the third man from New Zealand to win the oldest golf tournament on its 154th edition at Royal Birkdale, England.

By one shot, that is, over American Cameron Young.

As in Spain’s 1-0 win over Argentina in a stunner that gave Spain only its second World Cup trophy since it beat the Netherlands in the 2010 final.

Thousands packed the Metlife Stadium in East Rutherford, New Jersey, USA, to watch the 104th game of the five-week tournament hosted by the United States, Mexico and Canada.

Global entertainers graced the game and performers included Madonna, Justin Bieber, BTS and many others even as President Trump braved boos by a sell-out crowd that bought tickets as pricey as $197,000 each.

Because of its smashing hosting success, organizers will again have three countries for the World Cup in Morocco, Portugal and Spain in 2030 for the greatest sporting show on earth next only to the Olympic Games.

About 1.5 billion more fans watched Spain defeat Argentina on TV in the quadrennial event, many feeling terribly dejected over Lionel Messi’s somewhat messy performance for Argentina.

But asphyxiating defense choked the 39-year-old Messi’s offense, literally transforming the game’s greatest player from a somebody to a nobody.

Palpably spoiled was Messi’s supposed spectacular farewell game after becoming the only man to play in three successive World Cup events.

Will Yamal Lamini, the 19-year-old sensation from Spain, surpass Messi’s feat?

If it were boxing, Spain was the aggressor, continuously pummelling Argentina right from the opening bell.

Argentina was always on the defensive end, not given even a decent inch to attack as it appeared endlessly cornered against the ropes.

One mistake, grievous to say the least, and Argentina was gone.

Ferran Torres, getting a pass from Nico Williams, thumped an eight-yarder on the 106th minute and Spain was champion again.

One pass.

One goal.

One glory.

The Spanish flag flew proudly as the world was applauding.

The beauty of Spain’s victory wasn’t merely highlighted by the brutal strangling of Messi but also by stifling Argentina’s windpipes.

Spain trusted its system the way a pilot leaned on his plane’s cruise-control mode.

And, yes, champions are at their best when under pressure. That was Spain in this singular moment of truth.

As one sage puts it: To be under pressure is a pleasure.

Discipline defined Spain’s triumph as its winning goal summed up the champion’s classic courage from start to finish.

Stars, like Messi, lose their sheen over time.

No reign lasts forever.

Still, for Messi, blunted in his dream to make his country a repeat champion since Brazil in 1962, the loss was no reason to ‘cry for me, Argentina.’

For, the truth is, Spain never left the game. Never missed a beat for 106 minutes.

THAT’S IT Happy birthday to the July ladies of this deadline beater: Soly (July 23), Aya (July 9) and Malaya Sol. Greetings, too, New Zealand-based Danny ‘Sir John’ Isla, who brought a bouquet of flowers for Malaya Sol the day she was born at St. Luke’s on July 21, also Sir John’s natal day. Cheers!

The Philippine Stock Exchange Inc. (PSE) is increasing the minimum unimpaired paid-up capital stock requirement for the bourse’s trading participants, or the brokers.

‘To ensure systemic stability and index against inflation, the exchange proposes a phased increase in the unimpaired paid-up capital requirement,’ the PSE said in its consultation paper.

The PSE said it wants to see trading unimpaired paid-up capital requirement raised to at least P50 million by end-December 2027.

By December 31, 2028, trading participants not meeting the P100-million minimum unimpaired paid-up capital requirement will be required to increase their surety bond to P20 million from the current P12 million. By December 31, 2029, the unimpaired paid-up capital should be at least P10 million.

Since the minimum unimpaired paid-up capital for broker-dealers was last adjusted in 2010, the market has seen a substantial growth in transaction sizes, volumes, inflation and systemic risks.

Under the 2009 PSE Rules Governing Trading Rights and Trading Participants, an entity applying to be a trading participant, which will not be able to meet the P100-million unimpaired paid-up capital requirement, should have a minimum unimpaired paid-up capital of P20 Million. This was increased to P30 million effective December 31, 2010.

In addition, the 2015 implementing rules and regulations of the Securities Regulation Code requires existing broker-dealers allowed to defer compliance with the P100-million unimpaired paid-up capital requirement to file a surety bond of not less than P10 million for brokers and not less than P2 million for dealers.

The Bureau of Customs (BOC) intercepted P23.27 million worth of misdeclared frozen agricultural products and foodstuffs from China in its bid to combat smuggling and safeguard the public.

A statement issued by the BOC on Tuesday said it seized five containers stored with illegally imported peeled chicken breast, skinless chicken breast, frozen pigeon, Peking duck, frozen duck meat and other frozen food items.

The shipments have an estimated value of P17.030 million, with corresponding duties and taxes totaling P6.238 million, for a total value of P23.268 million.

These were initially declared as various food products, including Fu Hua Lao Jiang Brand Classic Squid Ball, Fish Tofu, Fish Roe Balls and Qianye Tofu, among others.

According to the BOC, the shipments were flagged through Customs intelligence, risk assessment and profiling.

Three pre-lodgment control orders and two alert orders were issued subsequently.

Warrants of Seizure and Detention were likewise issued against the shipments for violations of Republic Act No. 10863, or the Customs Modernization and Tariff Act, in relation to Republic Act No. 10611 or the Food Safety Act of 2013.

Moreover, the shipments are also subject to investigation for possible violations of Republic Act No. 12022, or the Anti-Agricultural Economic Sabotage Act, since the aggregate value of the goods exceeded the P10 million threshold for large-scale agricultural smuggling.

Customs Commissioner Ariel F. Nepomuceno said the BOC will strengthen its coordination with the Department of Agriculture in preventing the entry of smuggled agricultural products that threaten food safety, biosecurity and the livelihood of local farmers and producers.

‘Operations like this demonstrate that law enforcement becomes more effective when our agencies work together,’ Nepomuceno said. ‘We will not allow products that are deliberately misdeclared to evade regulations and the corresponding taxes to slip through.’

The BOC has carried out 523 seizure operations in the first four months of 2026, resulting in the interception of P9.534 billion worth of smuggled products.

The latest seizure adds up to the P271 million worth of seized agricultural products during the four-month period.

THE Bangko Sentral ng Pilipinas (BSP) is reminding BSP-Supervised Financial Institutions (BSFIs) to strengthen anti-money laundering (AML) and counter terrorism and proliferation financing (CTPF) measures for customers engaged in casino junket operations (CJO).

The central bank defined CJOs as ‘companies and persons who arrange gaming-related services for high-value patrons, including travel arrangements, credit extension, and gaming room bookings.’

In a guidance paper titled ‘Risk Management Practices for Customers Engaged in Casino Junket Operations,’ the BSP provides safeguards to prevent BSFIs from being used as channels for money laundering, terrorism financing, proliferation financing (i.e., funding the development and spread of weapons of mass destruction), and other illicit activities.

The guidance paper, the BSP said, identifies red flags associated with CJOs, such as unusual cash movements, complex ownership structures of corporate clients, and layered transactions.

Layered transactions, the BSP explained, refer to a series of fund transfers or financial activities that may ‘obscure the source, ownership, or movement of funds, making it more difficult to determine their underlying purpose or origin.’

BSP Deputy Governor for Financial Supervision Sector Lyn I. Javier emphasized that financial transactions linked to CJOs ‘can pose elevated money laundering risks.’

‘We identify the best practices and red flags BSFIs need to watch out for to be strong partners in our shared goal of curtailing crime and safeguarding the integrity of the financial system,’ Javier emphasized.

The document recommends measures to strengthen risk management in five areas: board and senior management oversight; money laundering and terrorism financing prevention program; client acceptance and identification; ongoing monitoring and suspicious transaction reporting; and, self-assessment and training.

According to the BSP, the paper also highlights ‘existing good practices’ that the central bank suggests BSFIs maintain.

‘These include enhanced due diligence for high-risk clients, automated transaction monitoring, client link analysis, independent verification with regulatory agencies, and participation in information-sharing initiatives,’ the BSP noted.

The guidance paper is based on the BSP’s review of selected banks with exposure to CJOs and junket players’ transactions, the central bank said.

THE P6.7 billion in alleged financial transactions linked to Vice President Sara Z. Duterte and her husband, Atty. Mans Carpio, could have funded key government programs benefiting millions of Filipinos, a House of Representatives prosecutor said on Tuesday.

House lead prosecutor on unexplained wealth and Party-list Rep. Terry L. Ridon of Bicol Saro highlighted the scale of the amount under scrutiny in Impeacment Article II by comparing it to potential public spending.

‘An amount this large could finance assistance for 1.6 million families, fuel subsidies for 1.3 million drivers, hospital expenses for 1.9 million patients, and college education for more than 893,000 students,’ Ridon said.

The Senate sitting as an Impeachment Court earlier granted the prosecution’s request to subpoena specific bank records and documents from the Anti-Money Laundering Council (AMLC), finding them sufficiently definite, relevant, and material to the unexplained wealth allegations against Duterte.

‘P6.7 billion in total transactions, P4.4 billion in inflows,’ Ridon noted.

The court directed banks, the AMLC, and the Bureau of Internal Revenue (BIR) to submit the requested records or appropriate returns by July 30.

‘From now until July 30, the prosecution will be watching closely – not to catch fish or sharks, but a whale of evidence,’ Ridon said.

The P6.7 billion figure refers to cumulative financial transactions identified in AMLC reports over nearly two decades, not a single account balance.

‘Over almost 20 years, transactions of a scale comparable to government funds moved through the bank accounts of the Duterte-Carpio spouses,’ he added.

Article II accuses Duterte of failing to fully disclose her wealth and of accumulating assets allegedly disproportionate to her lawful income during her years in public service.

‘They are government officials, lawyers, and individuals linked to struggling businesses – yet the scale of their bank transactions rivals that of government funds,’ Ridon said.

‘That is the essence of the unexplained wealth charge against the Vice President,’ he added.

THE prosecution said it will present complex financial records in a way that ordinary Filipinos can understand as they evaluate whether Duterte betrayed public trust.

House prosecutor Party-list Rep. Leila de Lima of Mamamayang Liberal emphasized that the presentation is not only for senator-judges but also for the public.

‘What’s important is that the public truly understands-not just the senator-judges,’ de Lima said.

She said the prosecution plans to present a witness who will consolidate and explain the Vice President’s Statements of Assets, Liabilities and Net Worth (SALNs), income tax returns, bank records, corporate interests, and AMLC documents once subpoenaed records are produced.

‘There will be a witness who will tie everything together and explain it all,’ she said, declining to identify the individual ahead of the presentation.

De Lima said the financial evidence will help determine whether the issue involves mere accounting complexities or conduct affecting Duterte’s fitness to remain in office.

‘It is important for the public to know what is happening-what evidence is being presented,’ she said.

She added that the evidence must ultimately answer whether Duterte can still be trusted with public office.

She said the evidence must answer the broader constitutional question of whether Duterte can still be entrusted with public office.

‘So the public understands why we say this is a betrayal of public trust,’ de Lima said.

The prosecution maintained that impeachment is not purely judicial in nature, as it evaluates accountability and fitness for office – not just criminal liability.

‘That is the core question: Is there a betrayal of public trust?’ she said.

‘We are making sure that everything we present is understandable even to ordinary citizens,’ she added.

Help

Subpoenaed bank, tax, and corporate records will help determine whether Duterte’s assets are consistent with her lawful income, de Lima said.

She explained that the inquiry will compare the couple’s financial activity and combined assets with Duterte’s SALNs and income tax returns.

‘We will look at the bank transactions, the financial activities involving the vice president and her husband, and their combined assets. Then we will determine whether all these were disclosed in the SALN,’ she said.

The impeachment court ordered the submission of records involving Duterte, Carpio, their accounts, and companies linked to their financial interests.

‘That’s why we are examining the income tax returns and BIR records, as well as corporate interests-to determine the true sources of income and what qualifies as lawful earnings,’ de Lima said.

However, de Lima said underlying bank records are still needed to identify specific deposits, withdrawals, inflows, and outflows.

‘We have to establish the lawful earnings and then the combined assets, the totality of the assets,’ she stressed.

The bank documents are expected to show whether the transactions cited in AMLC reports were supported by legitimate income sources.

‘This will allow us to determine whether these are supported by lawful income or are manifestly disproportionate,’ she said.

She said the final comparison will also establish whether the assets and transactions were accurately reflected in Duterte’s sworn declarations.

‘And whether these were actually reflected and declared-most likely not,’ De Lima said.

The Department of Information and Communications Technology (DICT) is seeking around P2.7 billion in next year’s national budget to sustain and expand the government’s digitalization program.

DICT Undersecretary for E-Government David Almirol Jr. said the agency has yet to settle on a final figure, but estimated that the eGov program’s overall requirement for 2027-covering cloud services, cybersecurity tools, programmer salaries, and system sustainability-would reach about P2.7 billion.

Of that amount, at least P800 million would go to the eGov PH Super App alone, excluding cloud costs.

‘We are being extremely thrifty,’ Almirol told reporters on the sidelines of the eGov Hackathon on Tuesday, noting that the government’s past digitalization projects often ran into billions of pesos. ‘We can see that digitalization doesn’t actually need to be expensive. If you know how to optimize and avoid repeating processes and systems, it will really come in under budget.’

Almirol said he is hopeful that the government will soon put a line item on eGov itself, drawing confidence from Republic Act 12254, or the E-Governance Act, which established e-government as a distinct program with its own dedicated budget.

The new law opened two additional funding channels for eGov. The DICT can now draw from the Spectrum Fund administered by the National Telecommunications Commission (NTC)-previously earmarked solely for the Free Wi-Fi program-to support eGov’s sustainability.

The agency is also now authorized to enter into business-to-business contracts with other government agencies, offering itself as a managed services provider in lieu of expensive private or overseas contractors. Revenue generated from these engagements can be retained in a sustainability fund under the new law.

‘It’s cheaper, and the money stays within the government,’ Almirol said.

The undersecretary said the DICT built all 28 of its digital platforms in-house, without outside contractors, but conceded that the agency can no longer sustain the workload on its own. He said it is time to craft a transition plan that would allow startups and the broader information technology community to help maintain and enhance the systems, strengthen security, and review the platform architecture.

‘There needs to be someone to sustain what we’ve started, or else everything we built will just crumble,’ he said.

Hackathon to draw more ideas for eGov

On Tuesday, the DICT challenged hackathon participants to create practical tools that can simplify government transactions, improve coordination among agencies, and provide faster and more responsive public services.

To date, some 1,300 government systems have been integrated into the eGov platform. DICT Secretary Henry Aguda said transactions on the eGov PH app have reached 900,000 daily.

‘But we have a long way to go to improve. In the spirit of digital bayanihan, let us all work together to improve government services,’ Aguda said.

Data presented at the hackathon showed the eGov PH app has logged more than 61 million total downloads, while digital national identification transactions have surpassed 300 million-alongside 92 million digital national IDs issued.

The government’s paperless push has likewise recorded over 950 million eGovDX transactions, 36 million issued digital documents, and 48 million e-signatures, while 95 percent of tax payments and 97 percent of customs payments are now made online.

Philippine Airlines (PAL) said on Tuesday it will acquire 15 Boeing 787-10 Dreamliner aircraft-its first order from the American planemaker in nearly two decades-as the flag carrier moves to renew its widebody fleet and expand long-haul operations.

The flag carrier signed a memorandum of understanding with Boeing for the fuel-efficient jets, with purchase rights for five more, during the Farnborough International Airshow in the United Kingdom. Deliveries are expected between 2031 and 2034, with the first aircraft arriving in 2031.

Similarly, PAL tapped GE Aerospace to supply the GEnx-1B engines that will power the new fleet, covering the 15 firm orders and the five optional aircraft. ‘This investment manifests our confidence in the future of Philippine Airlines and the continued growth of air travel,’ said Lucio C. Tan III, president and chief operating officer of PAL Holdings Inc., adding that the 787-10 will strengthen the carrier’s medium- and long-haul fleet while supporting its sustainability goals. The order ends a 19-year gap since PAL last bought Boeing aircraft, and coincides with the 80th year of the airline’s partnership with the manufacturer. PAL remains the only Philippine carrier flying Boeing jets for commercial passenger service.

Boeing Commercial Airplanes President and CEO Stephanie Pope said the deal deepens a partnership spanning eight decades, with the manufacturer set to deliver ‘advanced-technology airplanes’ connecting the Philippines to Asia and beyond.

Tan said the carrier is confident the GEnx engines will deliver the performance needed as PAL expands its international network.

Passengers on the new jets can expect larger windows, higher cabin humidity, quieter interiors, and the airline’s latest-generation cabin products.

Last month, PAL announced that it will resume operating nonstop flights between Manila and Dubai beginning October 2.

The flag carrier will initially operate four weekly flights between Manila and Dubai, restoring direct air links between the Philippines and one of the Middle East’s most important commercial and travel gateways. PAL plans to progressively increase frequencies back to daily service as operational considerations allow.

The resumption of Dubai flights will strengthen connectivity for overseas Filipinos, business travelers, tourists, and cargo customers traveling between the Philippines and the United Arab Emirates. Dubai also serves as an important gateway to destinations across the Middle East, Africa, and Europe.

The restoration of nonstop services also comes as travel between the Philippines and the United Arab Emirates becomes more convenient for many Filipino travelers. Eligible Filipino passport holders may now obtain a visa-on-arrival in the UAE if they hold a valid visa, residence permit, or Green Card issued by the United States, the European Union/Schengen Area, Australia, Japan, Singapore, South Korea, Canada, or New Zealand.

Meralco refused to become victim of upset-conscious Blackwater in the ongoing Season 50 Philippine Basketball Association Governors’ Cup.

Chris Newsome uncontestedly made the go-ahead basket off Chris Banchero’s assist just 3.6 ticks left on the way to Meralco’s narrow 116-114 victory over Blackwater on Tuesday for back-to-back triumphs at the Ynares Sports Center in Antipolo City.

It was Meralco’s second win after three games.

After RK Ilagan’s back-to-back baskets including a tough layup and a game-tying basket with 1:31 left in the game, Ilagan tried his best to save his team after Newsome’s basket but his effort came to naught as the ball hit his foot upon dribble that cost them the game as time expired.

Antonio Hester piled up 25 points to lead the Bolts, who drew 16 points each from Newsome and Banchero.

Sedrick Barefield posted 29 points and Kentrell Barkley got 28 points and 10 rebounds, and Ilagan added 20 points, four rebounds and four assists to lead the Bossing, who fell to 2-1 record.