Category: Business Mirror

Players from Thailand, Indonesia, India, Australia, Chinese Taipei, Korea, Malaysia, Hong Kong, China, and the Philippines battle for honors in the Oscar J. Hilado J60 World Tennis Championship at the Rizal Memorial Tennis Center.

The first leg is set July 20-26 and the second leg slated July 28 to Aug. 2.

Stefi Marithe Aludo, who together with Tennielle Madis swept last year’s doubles titles, will lead the Philippines’ campaign in the Under-18 competition along with John Kendrick Bona.

Also seeing action are Jana Jelena Nicole Diaz, Louraine Jallorina, Erynne Francesca Ong, Ayl Xyza Gonzaga, Mikaela Rose Ngu and Katlyn Ann Bugna in the girls division, and Loucas Sebastian Go, Kenzo Marcus Brodeth, Miguel Ricardo Lagac III and Gavin Kraut in the boys division.

Past champions include Alexandra Eala, Francis Casey Alcantara, John Bryan Otico, Arthur Craig Pantino and Khim Iglupas.

Organized by Phinma Corp., Phinma Foundation, Inc., and the Philippine Tennis Academy, the annual tournament, on its 18th year, has been renamed in honor of Phinma Corp. Chairman Emeritus Oscar J. Hilado, following his passing in 2025, in recognition of his contributions to Philippine tennis.

THE Philippine Amusement and Gaming Corp (Pagcor) has ordered casino operators to strengthen their anti-money laundering and countering the financing of terrorism (AML-CFT) frameworks after completing its latest sector-wide risk assessment.

The country’s gaming regulator also warned that the industry’s controls must keep pace with risks linked to VIP gaming, junkets, electronic gaming and cross-border transactions.

In an advisory that formally circulated Pagcor’s second casino sector AML-CFT risk assessment, covering the period from 2021 to 2024, the agency said casino operators are required to be on the guard against AML-CFT.

An article in the gaming newsletter GGR Asia said that all Pagcor-licensed gaming operators are expected to review and update their institutional AML-CFT risk assessments, incorporate the report’s findings into their compliance frameworks, and assess whether existing policies, procedures and controls remain appropriate for their risk profiles.

The advisory added that future supervisory activities would take into account the extent to which operators had incorporated the assessment’s findings into their risk management and compliance programes.

Casinos and other gaming establishments that fail to ‘reasonably consider the assessment’ would be subjected to Pagcor’s supervisory and enforcement actions, it added.

The agency assessed the Philippine casino sector as facing a high money laundering risk and a medium-high terrorism financing risk.

It said casinos remained materially exposed to proceeds from serious crimes because of high-value transactions, cash-intensive operations, VIP (very important person) and junket business, electronic gaming and remote channels, even though no confirmed terrorism-financing case involving a Pagcor-regulated casino was identified during the assessment period.

The regulator said operators should strengthen customer due diligence and enhanced due diligence measures, including beneficial ownership verification, source-of-funds and source-of-wealth reviews, politically exposed person screening, and sanctions checks.

Pagcor also called for enhanced oversight of VIP, junket, remote and other high-value customer relationships, alongside stronger monitoring of unusual buy-ins, rapid redemptions, minimal-play activity and cross-channel movement of funds.

It urged licensees to improve customer-level data aggregation so suspicious patterns could be detected more effectively and customer activity reconstructed when required.

For terrorism financing risks, Pagcor said operators should treat it as a distinct component of their institutional risk assessments rather than merely an extension of money laundering risk.

The regulator also urged additional staff training for frontline, cage, surveillance, electronic gaming and compliance personnel to improve detection of lower-value or indirect terrorism financing indicators.

Pagcor said the assessment would also guide its own supervisory priorities, with greater attention to higher-risk licensees, junket and VIP arrangements, cash and chip movements, electronic gaming operations and reporting quality.

The agency stated that operators should focus on ensuring controls are effective in practice, rather than relying solely on formal policies and procedures.

Other Pagcor-regulated entities that do not conduct gaming operations but provide services to licensed gaming operators, should use the latest recommendation ‘as guidance in their group-wide risk assessments and in designing controls that support the AML-CFT obligations of Pagcor-licensed gaming operators,’ the agency stated.

THE Association of Firearms and Ammunition Dealers of the Philippines Inc. (AFAD) will officially open the 32nd Defense and Sporting Arms Show (DSAS) on Wednesday at the SMX Convention Center at the Mall of Asia Complex.

Senate President Pro Tempore Juan Miguel ‘Migz’ Zubiri will lead the opening ceremony as guest of honor.

For more than three decades, the show has served as the country’s premier firearms exhibition and the flagship event of AFAD, bringing together the firearms industry, government agencies, sports shooters, collectors, retailers, manufacturers, distributors and responsible firearm owners to promote responsible gun ownership, public safety and continued industry development.

This year’s event also highlights AFAD’s long-standing legislative advocacy for policies that protect the rights of responsible, law-abiding firearm owners while encouraging the growth of the Philippine firearms industry.

AFAD President Alaric ‘Aric’ Topacio stated that the organization feels honored to welcome Zubiri as AFAD acknowledges the senator as a leading supporter of responsible firearm ownership in the country.

He serves as the main author of significant changes to firearms laws. And these amendments have made it more practical for lawful firearm owners to comply with regulations and have supported the ongoing expansion of the firearms sector.

‘Senator Migz Zubiri has consistently listened to the concerns of responsible firearm owners and the firearms industry,’ Topacio said. ‘His legislative work reflects the principle that the law should focus on criminals and illegal firearms and not create unnecessary burdens for citizens who faithfully comply with existing laws.’

THE Bureau of the Treasury (BTr) partially awarded bids for the 4-year Treasury bonds (T-bonds) on Tuesday as investors sought higher risk premiums amid the renewed Middle East tensions.

Average yield on the 4-year debt papers climbed by 37.9 basis points to 7.195 percent from the previous 6.816-percent rate last June 23.

That is also higher by 13.5 basis points than the secondary benchmark rate of 7.060 percent for the same tenor.

The Treasury accepted yields ranging from a low of 7.1 percent to a high of 7.228 percent.

Unwilling to pay too much, the Treasury only awarded P25.071 billion out of the P30 billion it intended to borrow for the day.

The auction was still 1.5 times oversubscribed, as bids for the government-backed securities reached P47.624 billion.

Yields edged higher as tensions in the Middle East persist, as well as oil price risks and interest rate concerns, cloud investors’ outlook, Jonathan A. Ravelas, senior adviser at Reyes Tacandong and Co., noted.

Armed strikes exchanged by the United States and Iran went on for 10 days straight despite mediators seeking to revive a truce the two countries signed on June 17.

‘At the same time, inflation and borrowing requirements remain on the market’s radar. As a result, investors sought higher returns before committing funds,’ Ravelas added.

Inflation slowed to 6.4 percent in June from 6.8 percent in May and 7.2 percent in April. However, local pump prices will increase this week, with diesel rising by P10.68 per liter, driven by fresh tensions in the Middle East.

‘These renewed inflation risks could push inflation higher,’ Ravelas said.

He noted that the Treasury’s decision to make a partial award was a ‘prudent move’ to avoid locking in expensive borrowing costs.

‘The Treasury’s decision signals that it has sufficient funding flexibility and can afford to wait for better market conditions, helping keep debt servicing costs in check,’ Ravelas explained.

Next week, the Treasury will auction 91-day, 182-day and 364-day Treasury bills (T-bills), as well as 3-year and 20-year bonds.

The government aims to raise up to P1.120 trillion from the local debt market this third quarter, of which P700 billion will come from T-bonds and P420 billion from T-bills.

For full-year 2026, the Treasury will borrow a total of P2.682 trillion domestically. The national government’s outstanding debt climbed to P18.546 trillion as of end-May.

Phoenix Super LPG looks to extend its winning streak to four games when it faces winless Rain or Shine on Tuesday in the PBA Season 50 Governors’ Cup at the Ynares Sports Center in Antipolo City.

The Fuel Masters, fresh off an 81-78 victory over Commissioner’s Cup champion Barangay Ginebra, take on the Elasto Painters at 7:30 p.m.

‘We are happy we are racking up wins,’ said Phoenix coach Charles Tiu. ‘We hope to sustain the run and sneak into the playoffs. But we cannot take anyone lightly, especially Rain or Shine, which is looking for its first win.’

Phoenix has opened its campaign with victories over Magnolia, Meralco and Ginebra. Import BJ Johnson has averaged 27.6 points and 9.6 rebounds, while Jason Perkins is averaging 15.0 points and Ricci Rivero 14.0.

Gian Mamuyac will face his former team for the first time since being traded to Phoenix last week.

Unbeaten Blackwater goes for its third straight win when it takes on Meralco at 5:15 p.m.

The Bossing have opened with victories over Rain or Shine and Magnolia behind the strong play of import Kentrell Barkley, who is averaging 27.5 points, 13 rebounds and 6.5 assists. RK Ilagan has also been solid with 21.5 points per game, while Sedrick Barefield and rookie Dalph Panopio continue to provide support.

‘My players are having fun. Let us have fun and play as hard as we can,’ Blackwater coach Patrick Aquino said.

Meralco enters the game with a 1-1 record after losing to Phoenix before bouncing back with a win over Rain or Shine.

A LAWMAKER is pushing for the passage of a bill that seeks to modernize the Philippine Blood Center (PBC) and strengthen its role in ensuring timely and safe access to life-saving blood services.

Parañaque Rep. Brian Yamsuan said converting the PBC into an institution with administrative autonomy and stable funding would allow it to effectively address the country’s persistent shortage of blood supply, particularly during disasters and public health emergencies.

‘The Philippine Blood Center currently operates without a legislative charter, and its budget remains limited for it to properly perform its functions as the national service facility for blood collection, testing, distribution, and other blood-related services. It is very important that it be given enough funds and authority because of its extremely critical role in saving lives,’ Yamsuan said.

‘As the country celebrates National Blood Donors Month to raise awareness about voluntary blood donation and recognize selfless blood donors, we should, likewise, put equal focus on the need to institutionalize a national blood center to promote the uniform implementation of standards for blood safety and availability,’ he added.

To address these gaps, Yamsuan filed House Bill 7871, which seeks to institutionalize the PBC and provide it with an initial funding of P100 million.

The PBC was established in 2005 through an administrative issuance of the Department of Health (DOH) to serve as the national service facility for blood collection, testing, processing, storage, and distribution, as well as donor recruitment and training.

Despite these vital functions, the PBC operates without a legislative charter. Thus, its existence, authority, organizational structure, and funding remain dependent on administrative issuances and executive priorities.

‘The PBC was established twenty-one years ago, yet up to now, many of our countrymen depend on the Philippine Red Cross if they need blood for critical surgeries, diseases, and traumatic injuries. This is because the PBC lacks the funds and authority to implement its functions,’ he added.

Yamsuan said institutionalizing the PBC through HB 7871 will ensure the center has sufficient funding necessary for it to invest in modern technologies and infrastructure and sustain a nationwide blood donor mobilization drive to fill the country’s annual requirement of one million units of blood.

To bring blood services closer to underserved communities, the bill also provides for the establishment of regional blood centers that would be fully coordinated with the PBC to ensure that their operations remain aligned with national standards and policies.

‘This approach promotes equity in accessing blood services and will dramatically improve response times during emergencies. It will also strengthen capacities at the local level for blood collection and other blood services and enhance preparedness during public health crises and disasters when rapid mobilization is critical,’ Yamsuan said.

Yamsuan said this network would improve access to blood services, enhance local capacities, and ensure faster response during emergencies and disasters.

He added that the proposal aligns with World Health Organization recommendations, which call for a nationally coordinated blood system backed by a legislative framework to ensure the safety, quality, and adequate supply of blood and blood products across the country.

LOCAL government employees, including barangay workers, stand to receive higher pay after the Department of Budget and Management (DBM) approved the implementation of the third tranche of salary increases.

The DBM has issued Local Budget Circular No. 172, which provides the guidelines for the implementation of the third tranche of the salary hike for local government personnel under Executive Order (EO) No. 64, Series of 2024.

All LGU personnel, whether regular, contractual or casual, elective or appointive, and full-time or part-time, as well as barangay personnel receiving monthly honoraria, will be granted a salary increase.

Consultants and experts engaged for specific projects, job-order and contract-of-service workers, laborers paid on a piecework basis and student workers and apprentices are not included in the salary adjustment.

According to DBM, LGUs may either fully adopt the salary schedule, implement the schedule corresponding to their income classification, or adopt lower but uniform salary rates if funds are insufficient or if necessary to comply with personnel services limits.

LGUs must also ensure that they can fund on a ‘sustainable basis’ the increased salaries, along with the bonuses and incentives and contributions to government-mandated benefits.

The DBM said the funding for the salary adjustments, honoraria increases and related expenditures will come exclusively from local government funds and must comply with the personnel services limitations prescribed under the Local Government Code.

The third tranche of the salary increase may only be implemented by the LGUs if they have already implemented the second tranche salary schedule for at least one year.

The third tranche must likewise remain in effect for a minimum of one year, the DBM said.

The pay adjustment forms part of the government’s four-year salary increase program for civilian government workers.

EO No. 64, issued in August 2024, updated the salary schedule for civilian government personnel as part of efforts to maintain a competitive, effective and sustainable compensation system in the public sector.

THE Court of Appeals (CA) has affirmed the ruling issued by the Regional Trial Court (RTC) of Antipolo City, Rizal which found Robinsons Land Corporation negligent in operating a walkalator in one of its shopping malls that caused damage to a customer and trauma.

In an 11-page decision penned by Associate Justice Ronaldo Roberto Martin, the CA’s Twelfth Division, however, dismissed the appeal filed by Bernadette Reyes, a board examiner of the Philippine Regulatory Commission, seeking moral and exemplary damages against Robinson.

The CA held that the trial court correctly ruled that Reyes is only entitled to actual damages.

‘Considering that petitioner did not sustain any physical injuries as a result of respondent’s negligence, she is not entitled to moral damages. Hence, she is likewise not entitled to any exemplary damages,’ the CA said.

In the assailed July 4, 2024 decision and order dated October 18, 2024 of the Muntinlupa RTC, the trial court merely ordered Robinson to pay Reyes actual damages in the amount of P11,000 plus addition award of actual damages in the amount of P3,000 representing the value of Reyes’ footwear which was damaged during the incident.

This prompted Reyes to elevate the case before the CA seeking to recover additional compensatory damages including moral and exemplary damages, and attorney fees.

The CA ruled that Reyes sustained damages as a result of the incident since her shoes were destroyed and she underwent several counselling sessions to address her trauma.

It was also established based on record, according to the appellate court, that Robinson was negligent in operating the walkalator.

The CA noted that Robinson admitted that when a patron is using its walkalator with a filled pushcart, the pushcart may obstruct one’s vision such that it would be difficult to see the end of the walkalator’s metal conveyor flooring while simultaneously dislodging the pushcart and stepping off the machine.

‘Further, it is without question that since the Mall is open to the public, a variety of patrons, including senior citizens, persons with disabilities, and other persons with vision or mobility issues, use the walkalator,’ the CA said.

‘Thus, it was incumbent upon the respondent to implement reasonable safeguards and precautions to ensure that patrons, especially those with limited vision or mobility, would be able to use the walkalator safely,’ it added.

While respondent claims that the advisory it posted in front of the walkalator adequately disproves petitioner’s claim of negligence, the CA said ‘such a meager precaution falls short of the care and caution expected from the former under the circumstances.’

The CA pointed out that Robinsons failed to prove that the advisory was already installed before the incident.

The appellate court added that the sign could easily be overlooked by an ordinary patron because it was not noticeable.

‘To reiterate, the incident would not have occurred if respondent had implemented the proper safeguards and precautions in operating the walkalator,’ the CA said.

In her complaint, Reyes claimed that the incident happened on April 5, 2018 at Robinsons Metro East Mall.

After shopping for groceries, Reyes said she took the walkalator from the basement level to the ground floor and that when she was nearing the top of the said walkalator, it suddenly jerked causing both her Crocs shoes to be sucked into the machine.

The petitioner added that her ordeal elevated her heartbeat and deeply embarrassed her especially when the other mall patrons stared at her.

Reyes said she tried to push the walkalator’s ‘stop’ button after standing up, but that the machine continued moving.

She also asserted that the incident traumatized her, thus, she underwent counseling sessions with a psychologist.

THE Department of Labor and Employment (DOLE) said there is no legal basis to suspend the second tranche of Metro Manila’s daily wage increase after the Foundation for Economic Freedom (FEF) urged the government to defer its implementation.

The group argued that postponing the remaining P25 increase would help temper inflationary pressures and ease the burden on businesses, particularly micro, small and medium enterprises.

Labor Secretary Francis Tolentino, however, said wage orders issued by the Regional Tripartite Wages and Productivity Boards take effect in accordance with the Wage Rationalization Act once the required legal process has been completed.

‘We respect the views of all stakeholders,’ Tolentino said in a text message.

‘However, under the Wage Rationalization Act, wage orders issued by the Regional Tripartite Wages and Productivity Boards take effect in accordance with the law, and there is no legal basis for their suspension or postponement once the prescribed process has been complied with,’ he added.

The labor chief said the country’s tripartite wage-fixing mechanism already provides employers, workers and government representatives the opportunity to weigh economic conditions before wage orders are approved.

‘We remain committed to balancing the welfare of workers, the sustainability of businesses, and the country’s overall economic competitiveness through the established tripartite wage-fixing mechanism,’ Tolentino said.

Metro Manila’s wage order grants an P85 daily increase to minimum wage earners, with the adjustment split into two tranches.

The first P60 increase will take effect on July 25, while the remaining P25 is scheduled for implementation on January 1, 2027.

Republic Act No. 6727, or the Wage Rationalization Act, authorizes regional wage boards to determine minimum wage adjustments after consultations with labor, employers and government representatives.

The FEF earlier warned that proceeding with the second tranche could do ‘more harm than good,’ saying higher labor costs could outweigh the expected benefits if inflation continues to ease.

Trkiye has been given a seat at ASEAN’s many tables – joining heavyweight dialogue partners that already include the United States, China, Russia, the United Kingdom, Australia, Japan, and South Korea – a move that expands the bloc’s reach and underscores its growing ties with Euro-Atlantic allies.

With Turkiye accepted as the bloc’s newest dialogue partner, ASEAN foreign ministers decided to lift the moratorium in accepting new dialogue partners.

Foreign Affairs Secretary and ASEAN Foreign Ministers’ Meeting (AMM) Chairperson Ma. Theresa Lazaro also announced Tuesday that ASEAN also granted Germany and Qatar Sectoral Dialogue Partner status, reflecting the bloc’s widening external network.

‘These developments demonstrate the continued confidence of our partners in ASEAN. We also view this as a positive step in realizing the aspirations laid down in the ASEAN Community Vision 2045,’ Lazaro said.

Trkiye’s Fast Track

Trkiye’s upgrade is notable for its speed. After acceding to the Treaty of Amity and Cooperation (TAC) in 2010, it was conferred Sectoral Dialogue Partner status in 2017.

Less than a decade later, ASEAN approved its request to become a full Dialogue Partner in 2026 – one of the fastest progressions in ASEAN’s partnership history.

According to Malaysia’s Bernama news agency, Malaysian Foreign Minister Datuk Seri Mohamad Hasan said Turkiye had already accepted the dialogue partner status last year. But ASEAN leaders forwarded the decision to the ASEAN secretariat and foreign minister to decide because the bloc still has a moratorium on accepting new dialogue partners.

Trkiye’s admission adds to the roster of NATO states already embedded in ASEAN’s framework.

The United States, Canada, and the United Kingdom are long-standing Dialogue Partners.

France and Italy hold Development Partner status, a status conferred in 2020. Their cooperation focuses on practical projects – energy efficiency, maritime waste management, mine action, gender equality, and MSME access – but does not yet extend to full participation in ASEAN’s political-security mechanisms.

Benefits of Dialogue Partner Status

Being an ASEAN Dialogue Partner confers significant privileges:

– Participation in ASEAN-led mechanisms such as the ASEAN Regional Forum (ARF), East Asia Summit (EAS), and ASEAN Plus Three (APT).

– Comprehensive cooperation across political-security, economic, and socio-cultural pillars.

– Annual summits and ministerial meetings with ASEAN leaders, providing a platform to shape regional policy.

– Strategic action plans aligning external partners with ASEAN’s integration and development goals.

– Enhanced trade and investment opportunities through closer frameworks.

ASEAN’s Expanding Network

The ministers also expressed full support for the 50th anniversary commemoration of the TAC on July 24, when Poland, Romania, Sweden, and Lithuania – all NATO members – are expected to accede to the treaty formally.

ASEAN also adopted the Guidelines on Modalities for Engagement with High Contracting Parties to the TAC.

The guidelines establish a framework for practical cooperation between ASEAN and TAC signatories to strengthen political, economic, and socio-cultural ties.

The 59th AMM continues this week with ASEAN’s engagements with Dialogue Partners, the ASEAN Plus Three (APT), the ASEAN Regional Forum (ARF), the East Asia Summit (EAS), and the TAC’s golden anniversary activities.