Category: Philippine Star

Filipino consumers and businesses lost an estimated P50 billion to foreign exchange markups on cross-border transactions in 2024, according to global payments firm Wise.

This is significantly higher than the P8.37 billion estimated a year earlier, which covered consumers alone. The losses were driven largely by forex markups embedded in conversion rates, which many customers may not immediately see when sending or receiving money across borders.

Wise Philippines country manager Areson Cuevas said consumers typically pay around three to five percent in fees and foreign exchange markups compared to Wise’s average cost of about 0.5 percent.

‘For 2024, the estimate is P50 billion for both personal and business customers,’ he said during a media briefing yesterday. ‘It’s a waste. That P50 billion should have been in people’s pockets to pay for their daily needs, but it just went to intermediaries.’

Cuevas said the difference could translate into substantial savings for consumers, particularly families dependent on remittances as well as small businesses dealing with overseas clients and suppliers.

He said Wise charges an average fee of about 0.5 percent for cross-border transfers, significantly lower than the three to five percent that the company estimates consumers typically pay through other providers.

The Philippines remains one of the world’s biggest recipients of remittances, providing a sizable market for companies seeking to lower the cost of moving money internationally.

Latest central bank data showed personal remittances grew by 2.6 percent to $15.74 billion from January to May compared to last year’s $15.34 billion.

Wise said a key challenge is that many consumers remain unaware of how forex markups affect the amount they ultimately receive.

He said Wise has been engaging regulators, industry participants and freelancers to improve transparency and encourage consumers to compare the actual cost of different cross-border payment services.

Cuevas said the Philippines remains an important market for Wise given the large Filipino population living overseas as well as the growing number of freelancers, travelers and businesses with international payment requirements.

Beyond traditional remittance recipients, Wise is also seeing changing behavior among Filipino customers as the peso weakens against the dollar.

Cuevas said more Filipinos are keeping funds in foreign currencies and delaying conversion into pesos until they need the money or see a more favorable exchange rate.

‘Unfortunately, the peso has been depreciating,’ Cuevas said. ‘So we see more Filipinos keeping their money in foreign currency and converting it to pesos when they actually need it, rather than when they receive it.’

Wise allows users to hold and transact in more than 40 currencies through its multi-currency account. Filipino freelancers, for instance, may receive payments in foreign currencies and choose when to convert these into pesos instead of automatically receiving the funds in local currency.

As it seeks to broaden its presence in the country, Wise is also in talks with more Philippine banks for potential partnerships involving its cross-border payments infrastructure.

The company already has a partnership with GoTyme Bank that allows customers to send money internationally using Wise’s infrastructure.

‘We are talking with other banks,’ Cuevas said, adding that Wise wants its payment network to extend beyond its own customer base by working with local financial institutions.

Cuevas also said the company is open to working with non-bank players, although it currently has no such partnership in the Philippines.

Foreign investment commitments approved by investment promotion agencies (IPAs) jumped by 68 percent in the second quarter from a year ago, with the bulk to go to manufacturing activities, according to the Philippine Statistics Authority (PSA).

Preliminary data from the PSA yesterday showed that total approved foreign investments in the second quarter amounted to P115.20 billion, higher than the P68.48 billion recorded in the same period of 2025.

The data is based on the reported approvals for the second quarter of the following IPAs: Authority of the Freeport of Bataan, Bases Conversion and Development Authority, Board of Investments, Bangsamoro BOI, Clark Development Corp., Clark International Airport Corp., Philippine Economic Zone Authority and Subic Bay Metropolitan Authority.

These foreign investment commitments reflect investor interest and may be realized in the future.

These are different from the foreign direct investments data released by the Bangko Sentral ng Pilipinas, which refer to investments already deployed in the country.

PSA data showed that the Netherlands was the largest source of foreign investment pledges in the second quarter, contributing P50.74 billion or 44 percent of the total.

This was followed by Germany with P18.05 billion (15.7 percent) and Singapore with P9.95 billion (8.6 percent).

By sector, manufacturing had the largest share amounting to P78.81 billion or 68 percent.

Real estate activities placed second with P11.09 billion (9.6 percent), followed by electricity, gas, steam and air conditioning supply with P8.81 billion (7.7 percent).

In terms of location, the Cordillera Administrative Region received the highest share of foreign investment pledges amounting to P55.74 billion or 48 percent of the total.

Central Luzon was the second biggest recipient with P36.81 billion (32 percent), followed by CALABARZON with P14.75 billion (12.8 percent).

Total approved investments from both foreign and Filipino nationals in the second quarter also jumped by 73 percent to P541.51 billion from the P312.87 billion in the same quarter of 2025.

These investments are expected to generate 32,167 jobs, down by 22 percent from the 41,203 jobs expected in the same period of 2025.

Around 85 percent or 27,266 of the jobs to be created are expected to come from the approved foreign investments.

For the first half, total approved foreign investments reached P169.98 billion, 76 percent higher than the P96.47 billion in the same period last year.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said that going forward, the government’s catch-up spending would improve investor confidence or sentiment and help boost economic growth.

‘If anti-corruption measures and other related priority reforms that further level up governance standards would be taken seriously, these would be the missing and remaining important catalyst that would help improve investor confidence or sentiment that, in turn, would also lead to more investments,’ he said.

Dinosaurs run wild in David Robert Mitchell’s new sci-fi survival movie “The End of Oak Street” starring Anne Hathaway and Ewan McGregor.

Anne and Ewan play Denise and Greg Platt, a suburban ’80s couple living along the titular street with their kids Audrey (Maisy Stella) and Brian (Christian Convery).

What the children don’t know is that Denise and Greg are having some marital woes which have been boiling now for the last few months.

But relationship troubles take a backseat when the Platts find their neighborhood somehow transported to the prehistoric age, and creatures of those era make their presence known to put everyone’s survival skills to the test.

“The End of Oak Street” serves as a return to the director’s chair after almost a decade for Mitchell, best known for his previous two features “It Follows” and “Under the Silver Lake.”

What the filmmaker does best in this comeback is scratching the itch many viewers have looking for an enjoyable dinosaur flick outside of the “Jurassic” franchise. The dinosaurs are the major pull of the movie, outside of its big-name lead stars, but Mitchell times their presence well to the point that their appearances are thrilling but never distracting.

The creative team has done an impressive job of giving these giant lizards unique looks that people have never seen before, even for species many will be familiar with.

Mitchell again manages to make the worldbuilding of his movie feel lived in, with neighbors who actually interact with each other and a sense of belonging within family units.

There is always a mystery to how Mitchell sets up his stories and that continues in “The End of Oak Street.” The filmmaker again shifts the focus away from the “how” and highlights the “what then,” giving the survival aspect much more weight.

It’s a credit to the talent of McGregor and Hathaway – the latter already into her fourth film of 2026 due to this movie’s numerous delays – as well as young actors Stella and Convery to deliver on Mitchell’s vision.

The film is a welcome sight following a string of blockbusters dominating the box office, even if it comes off as a cousin to not just a “Jurassic” spin-off but the “A Quiet Place” films or a lengthy “Twilight Zone” episode.

Dinosaurs rarely disappoint even if they have to be pulled from time, but families will always stick it out through the most trying times.

Conglomerate Ayala Corp.’s retail drive shifts to a higher gear with the establishment of a dedicated platform that will introduce and grow leading international consumer brands in the Philippines through long-term strategic partnerships.

Ayala, through ACX Holdings Corp., has launched ACX Retail, which aims to become the partner of choice for global consumer companies seeking sustainable and long-term growth in the Philippines.

‘At ACX, our role is to help exceptional brands succeed in the Philippine market by combining their strengths with our understanding of local consumers, our retail capabilities and the reach of the Ayala ecosystem,’ Ayala head of corporate strategy and business development Mark Uy said.

‘Our partnerships reflect our commitment to expanding consumer choice while contributing to the continued growth and competitiveness of Philippine retail,’ he said.

Ayala said the launch of ACX Retail reflects ACX Holdings’ broader strategy of building long-term partnerships with leading global consumer brands at a time when Filipino consumers are seeking greater choice, authentic international offerings and more differentiated retail experiences.

ACX Holdings has earlier announced strategic joint ventures with internationally recognized retail brands, including Anko from Australia, Makro from Thailand, Spinneys from Dubai and, recently, Musinsa Standard from Korea.

Building on these partnerships, ACX Retail will serve as a dedicated platform for bringing sought-after international brands across fashion, lifestyle and specialty retail to the Philippines.

Ayala said ACX Retail would take a deliberate approach to brand selection, prioritizing concepts that offer a strong proposition for Filipino consumers and the potential to build lasting relevance to the local market.

‘Filipino consumers are increasingly looking for quality, relevance and differentiated experiences. Our focus is to bring the right global concepts to the Philippines and build them into sustainable businesses that create long-term value,’ ACX Retail chief retail officer Rohit Kohli said.

For some teams, having a lengthy break is a good time to recharge amid a very tiring conference.

For the Magnolia Hotshots, though, it is a double-edged sword.

Following a slow start in the import-laden conference, Magnolia has won three straight games in the PBA Governors’ Cup, the latest of which was a 115-101 victory over the Phoenix Fuel Masters Wednesday evening at the Ynares Center in Antipolo.

But after this week, the PBA will have a few months’ break in time for the FIBA World Cup Asian Qualifiers and the Asian Games.

‘Too bad, magkaka-break kami ng nine weeks, no. Sayang yung momentum na nandoon na sana,’ Hotshots head coach LA Tenorio said after the game.

‘But again, we really focused on this game. We really needed this game, especially before the long break. Napakalaking bagay sa amin ito,’ he added.

At the start of the conference, Magnolia lost three of its first four games, including their first two contests.

And from that point on, the Hotshots have won by huge margins against Barangay Ginebra, the Meralco Bolts and Phoenix.

The squad is currently second in the standings in Group B.

Tenorio, though, stressed that he will let his players rest during the break.

‘But I told the players na part of being a professional is hindi kayo mawala sa kundisyon kasi mahaba. Ang sinabi ko sa kanila, kung sinong pinaka-smart dito sa break na ito sa mga teams, yun yung team na malaking chance to go to the playoffs,’ Tenorio said.

‘Because maraming pwedeng mangyari with this break. Ako, personally, I have to do my Gilas duties as an assistant coach this window and then Asian Games. But I know my players,’ he added.

‘Some of them will not go home, siguro mga one week or two weeks lang then they will start working already. Kasi they know the importance of this break and this conference for us.’

Magnolia is currently trailing Rain or Shine in Group B. The Elasto Painters are holding a 4-2 win-loss record.

The Hotshots are tied with Phoenix, with a 4-3 slate, while Blackwater Bossing is at 3-3.

Ginebra is currently fifth in group play with a 2-3 card, while Meralco is at the bottom with a 2-5 record.

The PBA will take a break from August 15 to October 6.

The next game day will be on October 7, and the Hotshots’ next game will be against Blackwater on October 9.

First, it was UAAP that lowered the boom on resigned Ateneo men’s basketball team coach Tab Baldwin. Then came DOLE that slapped a P4.9 million fine on Baldwin for Alien Employment Permit violations and another P4.9 million fine for failure to secure a certificate of exemption related to his foreigner status and receiving a salary for unauthorized work.

UAAP also meted a permanent ban on Baldwin from participating in and attending any league activity. Since it’s been established that Baldwin was ineligible to coach Ateneo, what are the repercussions on his record? Of course, this doesn’t disallow any other league from hiring Baldwin but who will want to employ him after an allegation of reckless imprudence leading to double homicide in the Aurora tragedy last June? Besides, he holds no employment permit and under the circumstances, wouldn’t be able to get clearance from DOLE because of his involvement in the deaths of two Ateneo players and alleged moral ineptitude.

Several team officials and coaches were named by UAAP as under suspension and banned from attending any league event or game. UAAP, however, didn’t suspend Ateneo from competing this season, sparing student-athletes who would’ve had to sit out the year. In 1994, UAAP suspended Adamson for a year after fielding an academically ineligible player Marlou Aquino. In 2006, UAAP suspended La Salle for a year due to the use of ineligible players, forcing student-athletes in all sports at both the junior and senior levels to take a hiatus. La Salle was never accused and brought up the matter on its own after reviewing the school’s academic files.

Unlike the merciless attitude towards Adamson and La Salle, UAAP held back on Ateneo. UAAP must have realized how heartless it was in the past and wouldn’t want that dark history repeated. In DOLE’s view, Ateneo wasn’t spared a P4.9 million fine for employing Baldwin without permits.

CIDG has recommended filing of criminal charges against Baldwin and eight Ateneo team officials. NBI has likewise pushed for the filing of homicide charges against Baldwin and 11 others. If convicted, Baldwin will face a long stretch in prison and pay a hefty fine. DOJ will now conduct its own investigation to determine probable cause to file charges.

While different agencies have issued statements on how they’re dealing with this tragedy, CHED has yet to announce its course of action. CHED had ordered a swift, impartial investigation of the incident and said it will ‘pursue the truth without exception, ensure that accountability is imposed where warranted and require corrective measures to prevent the recurrence of such tragedies.’ Will CHED issue sanctions or stay silent? Will the sanctions, if any, be far-reaching?

Several properties were damaged after a truck driver fell asleep, causing his vehicle to swerve into the opposite lane and crash into a sari-sari store, several vehicles, and a house in Sitio Dasuna, Barangay DAS, Toledo City, early Wednesday morning, Aug. 12, 2026.

The Toledo City Police Station identified the dump truck as a Howo dump truck driven by 30-year-old Peter Capampangan Obsioma, a resident of Barangay Cambang-ug, Toledo City.

Police said the truck was coming from Barangay Magdugo and was heading toward Naga City when the incident occurred.

Based on the initial investigation, Obsioma allegedly fell asleep while driving, causing the dump truck to swerve and enter the opposite lane.

The truck first sideswiped a sari-sari store before hitting a Yamaha motorcycle and a multicab, both of which were parked along the roadside.

The dump truck continued moving and eventually crashed into a house where several vehicles were parked in the garage.

Four motorcycles and a Toyota Fortuner were among those involved in the collision.

Police have yet to determine the total amount of damage sustained by the sari-sari store, house, and vehicles.

Obsioma also sustained injuries in the incident and was taken by the Barangay DAS Ambulance to the Toledo City General Hospital for medical examination.

Following the incident, police took the driver into custody while awaiting the filing of the appropriate charges.

The police investigation is ongoing to determine the complete circumstances surrounding the incident and the driver’s possible liability.

The House of Representatives under Speaker Faustino Dy III will soon start deliberations on the executive department’s proposed P7.2-trillion national budget for 2027.

Rep. Mikaela Angela Suansing, chairperson of the House appropriations committee, told reporters on Tuesday that budget hearings in her committee will start on Aug. 17 and end Oct. 9 when Congress takes a month-long Undas break.

Shortly after the Department of Budget and Management, led by Secretary Kim Robert de Leon, submitted the 2027 National Expenditure Program, Dy vowed that House officials will go over the proposed 2027 national budget with a fine-tooth comb.

Dy said they will use the safeguards the chamber adopted in 2025 to prevent a repeat of alleged questionable insertions and purported leakages, where the creation of a small committee was dispensed with.

‘Last year, we began implementing reforms such as the Budget Amendments and Review Subcommittee, or BARSC, and introduced the live-streaming of our bicameral meetings,’ the congressman from the 6th District of Isabela province said, referring to the House’s ‘open and transparent’ hearings.

The Speaker echoed President Marcos’ call against waste, improper spending and corruption, noting that every peso saved can be redirected toward classrooms, hospitals, food, jobs, agriculture and other services directly needed by Filipinos.

Suansing, from Nueva Ecija, said once again, there will be a ‘people’s budget review’ where non-government organizations and other concerned stakeholders meet lawmakers and raise questions about the budget process.

Meanwhile, Rep. Migz Villafuerte of the 5th District of Camarines Sur called on his colleagues for the swift approval of the official digital budget or ‘CADENA portal,’ which is crucial during this stage of the budget process, where proposed allocations of agencies will undergo scrutiny by legislators.

CADENA stands for Citizen Access and Disclosure of Expenditures for National Accountability – a digital transparency platform designed to publish and track Philippine government budget transactions.

The Commission on Higher Education will draw P56 million from the Higher Education Development Fund to keep hundreds of medical technology and pharmacy scholars on financial aid through the first semester of the next school year.

The commission announced Thursday, August 13, it will use the funding to cover the schooling of 238 scholars for the second semester of Academic Year 2025-2026, and 300 for the first semester of AY 2026-2027. This is under CHED’s “Scholarship Program for Future Medical Technologists and Pharmacists.”

CHED said in its news release that it turned to the HEDF after it “maximized available program funds” to prioritize 71 scholars from the poorest households. The rest, with financial requirements totaling P56.66 million, will be paid out of the HEDF.

This scholarship program by CHED gives financial assistance to qualified Filipino students taking BS Medical Technology/Medical Laboratory Science and BS Pharmacy at participating colleges and universities.

Under the program, scholars owe one year of government service for every year of scholarship they received, to be served after they pass their licensure exams and in line with Department of Health guidelines.

CHED said the arrangement helps augment the supply of licensed medical technologists and pharmacists in the public health sector.

Thirteen MTP-SP scholars are expected to graduate this academic year, specifically four from medical technology or medical laboratory science, nine from pharmacy.

A 2020 study by the i-Price Group found that medical technologists in the Philippines have the lowest compensation among ASEAN countries, earning around P29,444 monthly or P170 per hour.

The court order temporarily suspending the implementation of the daily minimum wage hike in Metro Manila is set to expire on Thursday, August 13.

Labor group Trade Union Congress of the Philippines said it is waiting to see if the Pasig City Regional Trial Court will grant the writ of preliminary injunction sought by construction companies Readycon Trading and Construction Corp. and R-II Builders Inc.

TUCP spokesperson Carlos Miguel Oñate told dzMM on Thursday that if the local court grants the injunction, the implementation of the wage hike will remain suspended indefinitely.

Meanwhile, Department of Labor and Employment Secretary Francis Tolentino explained on Wednesday, August 12, that only the court has the power to issue a clarificatory order, dismiss the case, or let the suspension lapse.

‘May mga clarificatory order siyang dapat gawin…’yung hakbangin kung ano ‘yung susunod ay magmumula sa Branch 152,’ Tolentino said.

(She has a clarificatory order to do…the next steps would come from Branch 152)

Tolentino said the labor agency does not have the power to simply order the implementation of the wage hike after the suspension expires.

‘Nakadepende sa kanya, pwede niyang i-dismiss ‘yon kung sasabihin niyang wala siyang jurisdiction,’ the labor secretary said.

This week, several labor groups have already filed a petition before the Supreme Court challenging the lower court’s suspension order.

TUCP said it is also considering taking the same action, depending on the Pasig court’s decision.

‘Hindi po ma-a-afford ng ating mga manggagawa na ma-indefinitely suspended po ‘yung kanilang P60 na wage increase,’ Oñate said.

(Our workers cannot afford to have their P60 wage increase suspended indefinitely.)