Category: Philippine Star

Newly-installed Cebu Archbishop Alberto Uy has directed a structural assessment of all churches and rectories under his archdiocese following the 6.9 magnitude earthquake that hit Cebu.

The newly-appointed prelate issued the instruction on Tuesday, September 30, after the earthquake, which damaged several churches in Cebu and left multiple deaths.

He also instructed parishes in the northern part of Cebu that were severely affected by the seismic activity to refrain from using their church buildings.

‘To the parishes in the North that have been gravely affected, you are asked to refrain from using your churches for the celebration of the Holy Mass until the proper experts have carried out the assessment and declared the structures safe for use,’ Uy’s statement read.

‘We continue to pray to our Loving Father for calmness and strength in the midst of these trials. We entrust ourselves, our families, and our communities into His merciful hands. May the Lord shelter us under His wings, protect us from every harm, and guide us to safety and peace,’ he added.

The Philippine Institute of Volcanology and Seismology (Phivolcs) initially recorded the earthquake at magnitude 6.7 but later revised it to 6.9.

The quake occurred at 9:59 p.m., with the epicenter located five kilometers deep, 21 kilometers northeast of Bogo City, Cebu.

Damaged churches. One of the damaged churches is the Sts. Peter and Paul Church in Bantayan Island, the oldest church in Visayas and Mindanao. Its top portion had collapsed.

The church was first built in 1580, while the construction of the current structure began in 1839 and was completed in 1863.

St. Martin de Porres Parish in Ilihan, Cebu, also suffered damage to its walls and roof, while San Juan Nepomuceno Parish in San Remigio, Cebu, sustained a ruined altar following the tremors.

The Archdiocesan Shrine of Santa Rosa de Lima also sustained substantial structural damage.

Casualties. According to a Facebook post by the Cebu People’s Action Center, 22 people have been confirmed dead after the earthquake.

However, the National Disaster Risk Reduction and Management Council reported that at least 26 people were killed and 147 others injured.

The National Bureau of Investigation in Central Visayas (NBI-CEVRO) has begun inspecting billion-peso flood control projects in Cebu’s 7th District amid growing questions over their scope and implementation.

On September 30, NBI agents visited Malabuyoc, particularly Barangays Mindanao, Montañeza, and Sorsogon, to check projects handled by QM Builders, Q Con (Quirante Construction Corp.), and Legacy Construction Corp.

DPWH engineer Jimmy Jacaban, who accompanied the agents, said at least six sections in Malabuyoc were already ‘good as done’ and had helped prevent severe flooding in low-lying areas.

Despite the controversy that triggered the ongoing investigation, local officials strongly defended the flood control initiatives.

Dumanjug Mayor Gungun Gica said the projects were long overdue for small towns in the district.

‘Ako as Mayor sa Dumanjug and part of the 7th District, I’m very proud nga natagad gayud ang mga problema sa distrito labi na sa among lungsod,’ he said.

He recalled the devastation of Typhoon Odette, which washed out national roads in Alegria and Malabuyoc, as well as earlier disasters such as Typhoon Sinyal in Ronda and Dumanjug, as proof of the need for flood mitigation.

‘Daghan ang nabuhat nga kaayohan sa flood control diri sa among distrito,’ he said, adding that lives have already been saved because of these projects.

Gica dismissed allegations of ghost projects. ‘Wala juy ghost project dinhi unya gitarong jud og trabaho,’ he said, noting that works in Dumanjug are either completed or ongoing.

Malabuyoc Mayor Erlinda ‘Edang’ Piedad also defended the P3.1 billion allocation for her town, the highest in Cebu.

‘Ang Malabuyoc dili mahitsura tungod sa Bagyong Odette,’ she said, recalling fatalities and houses swept away in 2020.

She stressed that the projects were implemented solely by the DPWH, not the local government.

‘Dili ang LGU ang implementing body ana. Si kinsa man sad kong mobabag or dili modawat sa mga proyekto ibubo sa Malabuyoc,’ she said, adding that drainage, seawalls, and flood control systems were badly needed.

‘Gamay tuod ang Malabuyoc nga population pero dako man sad mig sapa,’ she said.

DPWH mum on issue

While local officials were vocal, DPWH 7th District Engineer Edelberto Francisco declined to comment, citing what he described as a ‘gag order’ from Public Works Secretary Vince Dizon.

Reporters were instead given a ‘Media Registration Form’ requiring them to list questions or documents they wanted to access.

A DPWH personnel explained that under the new protocol, all media inquiries must first be endorsed by the district office to the regional office, which will then secure clearance from the central office.

Biggest allocation in Cebu

Government records show that Cebu’s 7th District cornered P12.06 billion worth of flood control works from 2022 to 2025-nearly half of the province’s total allocation.

Of 395 projects in Cebu, 162 were concentrated in the district. Malabuyoc received P3.1 billion for 38 projects, while Dumanjug got P2.18 billion for 29 projects.

The district covers Dumanjug, Ronda, Alcantara, Moalboal, Badian, Alegria, Malabuyoc, and Ginatilan.

Converge ICT Solutions Inc. has solidified its position as the broadband provider with the fastest speeds in the Philippines, but PLDT Inc. remains to be the most preferred among subscribers.

In Opensignal’s latest monitor for broadband quality, Converge turned in the quickest download speed of 56 Mbps, beating again Globe Telecom’s 53.6 Mbps and PLDT’s 53 Mbps.

Opensignal also named Converge as the provider to beat for video and reliability experience, as subscribers reported the best quality when doing basic tasks online.

PLDT registered the fastest upload speed of 42.3 Mbps, with Converge recording 39.6 Mbps and Globe putting in 36.9 Mbps. Opensignal measures upload speed as the amount of data per second that can be transferred from device to the internet.

Globe landed as the most consistent broadband provider with a score of 68.1 percent. This metric examines how fast a device meets basic requirements once connected to the internet.

PLDT remains to be the market leader in Philippine broadband, as it cornered 42 percent of all subscribers through its largely fiber network.

Opensignal principal data analyst Robert Wyrzykowski said PLDT has managed to maintain its market dominance through its widest fiber footprint and introduction of new services.

‘PLDT is the incumbent operator and market leader with its 42-percent market share – primarily over fiber – but is also serving customers on DSL and fixed wireless, the latter services under the Smart brand,’ Wyrzykowski said.

Converge, for its part, holds around 30 percent of the broadband segment.

Wyrzykowski said the company has seen the peak of its customer expansion in the early 2020s, but it is still increasing market share thanks to its network upgrades.

‘Converge controls nearly 30 percent of the fixed broadband market, with most customers using fiber-to-the-home, but some still use cable broadband. Its rapid market share growth through the early 2020s has slowed a bit, but they continue to take share,’ Wyrzykowski said.

For Globe, Wyrzykowski said the target appears to be growing in the low-cost market, where its GFiber Prepaid has gained more than 400,000 subscribers to date.

Right now, Globe controls 20 percent of the broadband market, offering wired and fixed wireless access, and it is upgrading its last-mile assets to fiber to improve connectivity.

Manny Pacquiao’s MP Promotions and Araneta City on Wednesday celebrated the 50th anniversary of the epic ‘Thrilla in Manila’ – one of the greatest boxing fights ever recorded on Earth at the heart of the Philippines – to also kick off a month-long countdown to a loaded world championship fight card on October 29 to further immortalize the duel’s legend.

MP Promotions, led by former senator, eight-division world champion and world boxing Hall of Famer Pacquiao and Irene Jose, COO of Uniprom as the entertainment arm of Araneta City, unveiled an exhibit featuring memorabilia from the classic heavyweight duel between Muhammad Ali and Joe Frazier at the Araneta Coliseum, now known as the Smart Araneta Coliseum.

With Ali and Frazier on the canvas, the Big Dome – at that time was one of the world’s largest indoor arenas – made the world stand still on Oct. 1, 1975, watched by more than 20,000 fans live and over a billion on TV and pay-per-view from all parts of the world.

Fifty years later, on October 29, the Philippines will commemorate that one-of-a-kind battle with a stacked card that includes Ali’s grand son Nico Ali Walsh.

Ali Walsh will clash with Thailand’s Patumpong Saengarun in a middleweight undercard bout, as WBC mininumweight champion Melvin Jerusalem stakes his belt against No. 2 contender Siyakholwa Kuse of South Africa in the main event. Other Filipino standouts like Olympic bronze medalist Eumir Marcial, former unified world champion Marlon Tapales and rising star Carl Jammes Martin are also in the fray of a super card featuring 11 fights so far.

VIPs, including the families of Ali and Frazier and current world champions, have also been invited to grace the event.

“We honor the moment that forever changed the Philippine sporting landscape and global culture. The world stood still in what became one of the most iconic battles in boxing history. It was more than just a fight. It was a poetry in motion. Two giants of the sport stepped into the ring not as opponents but as symbols of pride, determination and will to win,” said Jose.

“Under the blazing heat of Manila, Ali and Frazier gave everything they had for 14 unforgettable rounds and as we make the golden anniversary of this bout, we remember the night and we honor a generation who rewrote history. Let this milestone remind us that great moments in history never fade. They echo and stood through time.”

Pacquiao, born in 1978, wasn’t alive just yet back then but is taking pride and honor of organizing and leading the commemoration of Thrilla in Manila for its golden anniversary with a full backing from President Ferdinand “Bongbong” Marcos Jr., and Philippine Sports Commission (PSC) led by Chairman Patrick “Pato” Gregorio.

Malacañang has released a memorandum circular order for all agencies to highlight a sporting and cultural milestone that ‘placed the Philippines on the global stage’ for this month.

“Kinuwento lang sa akin at napaood ko lang sa replay ang Thrilla in Manila but now I’m blessed and happy na ako naman ngayon ang nagdala ng celebration of the 50th anniversaty nito. Honored and thankful to God for this blessing kasi alam naman natin na sa ang ating bansa ay nakilala sa sports, especially boxing. Nagkaroon tayo ng respeto mula sa buong mundo because of this sport,’ beamed Pacquiao, unarguably the greatest Filipino boxer in history.

“Dati, ako lang ang lumalaban dito sa Araneta pero ngayon, nagpo-promote na rin tayo ng big fights. I’m happy na kahit hindi pa tayo ipinapanganak noong time na ‘yun at kumbaga, tayo ang nagdala dito ngayon ng laban.”

Pacquiao, now 46 but has just unretired with a majority draw against Mario Barrios last July, once fought and won at the Big Dome in 2006 against Oscar Larios for the WBC title. Now coming back to the iconic venue as also a promoter, he’s hoping to produce the next world champions like him, Ali and Frazier.

The ICTSI Elite Junior Finals blasts off today at The Country Club in Laguna, featuring the best junior golfers from Luzon (North) and Visayas-Mindanao (South) in a Ryder Cup-style showdown.

The finals mirror the recently concluded Team Europe vs Team USA duel. The format includes Four-Ball (Best Ball) on Day 1, Foursomes (Alternate Shot) on Day 2, and Singles matches on the final day.

With 48 of the country’s top juniors competing, this promises to be a pressure-packed battleground of skill and willpower, with the three-day event open to the public.

Metro Manila’s urban landscape is often dominated by concrete, but Mapúa University is helping to change that by providing a research-based blueprint for revitalizing green spaces. The university’s commitment to urban greening is a core part of its mission to improve the quality of life, environmental health and biodiversity in densely populated areas.

As the Philippines’ leading engineering and technological institution, Mapúa equips its students with the skills and mindset to create sustainable urban solutions.

By introducing important insights such as Place Theory and placemaking principles-a design approach that prioritizes people over infrastructure, imparting latest global best practices and skills, emphasizing sustainability and motivating learners to spearhead research and initiatives that address environmental challenges, Mapúa has been at the forefront of balancing aesthetics with functionality.

The university’s work is exemplified by a recent thesis from architect Sharmaine Baes, who explored the potential of transforming underutilized urban spaces into green areas.

Her research, titled ‘Improving Quality of Urban Residual Spaces Through a Place Theory Approach: A Case Study of District 1, Pasay City,’ proposed converting “residual spaces”-such as vacant lots and plots under elevated infrastructure-into safe, vibrant public areas. This work has been presented as completion of her Master of Science in Architecture – Major in Urban Design program.

Baes’ study addressed the challenges of densely populated cities like Pasay by recommending underutilized residual areas as alternatives for parks and gardens. She proposed converting residual spaces, such as easements, vacant lots and plots under elevated infrastructures into safe, open areas with vegetation to reduce urban heat and provide areas for rest and recreation.

Her research, which included spatial analysis, site observations, stakeholder interviews and surveys, revealed that residents frequented residual areas for walking, resting, selling and socializing even if they were not safe, picturesque or accessible.

She, however, stated that by applying the Place Theory, an assessment framework, and participatory design from concerned communities, residual areas can be transformed into sustainable, vibrant public spaces that have site-specific facilities like pocket parks, open green spaces, modular libraries, mist-cooled waiting sheds, gender-inclusive comfort rooms and PWD-friendly amenities.

Architect Baes also integrated environmental sustainability into her work by introducing concepts like reverse vending machines and modular green infrastructure to promote recycling and climate resilience. Her proposal is not only practical but also highly replicable due to a newly developed Assessment Framework, which could serve as a catalyst for future urban policy reform if adopted by local government units (LGUs).

Mapúa University’s School of Architecture and Planning, Industrial Design and the Built Environment dean Dr. Junar P. Tablan affirmed Baes’ findings by saying that scaling up green spaces in Metro Manila is possible if done incrementally.

‘This can be included in the 25-year development plan for each LGU in Metro Manila. The realistic timeline for this to see significant results would be at least 10 to 20 years of strong enforcement and a strong campaign of environmental policies, as well as a cultural shift in how the spaces are being valued and utilized,’ said Tablan.

He also stated that the success of green space projects depends on local urban development policies, such as zoning reforms, public realm contributions and designated community gardens for food access and greenery, as well as the formal recognition of residual spaces as vital public infrastructure.

Urban greening initiatives would also prosper if they had the collaborative support of industry partners to provide technical expertise, local communities that will share lived insights which will inspire context-sensitive, inclusive designs and the academia to lead research, guide execution and evaluate impact.

Through research like Baes’s and the intentional efforts of institutions like Mapúa, urban greening is becoming a key priority on the national agenda.

Team North flexed its muscle across multiple divisions, seizing control of the competition with eight wins out of 12 matches in the opening Four-ball format of the ICTSI North vs South Elite Junior Championship at The Country Club here on Wednesday.

What began as a tightly contested showdown between Luzon’s finest junior golfers and the top talents from the Visayas-Mindanao region quickly evolved into a dominant performance by the North squad, which handled the pressure and pace of the day with poise despite the punishing heat.

As the dust settled at high noon, Team North established a commanding 8-4 lead – an emphatic opening statement in the season-ending showdown of a year-long junior golf tour that featured seven tournaments in each region. Played at some of the country’s premier championship courses, the tour culminates in this Ryder Cup-style North-versus-South battle.

Team North captain Francis Talion attributed their strong Day 1 performance to careful planning, preparation and a deep understanding of both their own players and the opposing team’s potential lineup.

‘Basically, we started by making critical projections on how the other team might compose their roster for Day 1 – that’s what we based our own lineup on,’ said Talion, who also took the time to study each of their players’ personalities and how well their playing styles would complement one another.

‘Of course, we didn’t just consider their skills, but also their personalities, to ensure strong on-court chemistry and effective partnerships,’ he added.

The girls’ 7-10 pairings struck first blood for Team North. Athena Serapio and Ronee Dungca delivered a strong 3 and 2 win over Soleil Molde and Claren Quiño, while Mavis Espedido and Tyra Garingalao overwhelmed Denise Mendoza and Francesca Geroy with a 4 and 3 victory. These early wins set the tone for the North’s momentum.

While the Four-ball format – where each player plays their own ball and the best score per hole counts – often introduces a layer of unpredictability, it was Team North that adapted best. The format rewards aggressive shot-making and strong chemistry between partners, creating opportunities for dramatic swings in momentum. But it was North’s consistency and composure under pressure that stood out, limiting the South squad’s chances to rally.

With Team North holding a commanding lead after Day 1, Talion hinted at minimal changes for Day 2, when action shifts to Foursomes, emphasizing the importance of team familiarity.

‘It’s all about chemistry. One of the key factors for Day 2 will be the lessons from today – what worked, what didn’t, and how the team handled different moments,’ said Talion.

‘We do have a few players who aren’t feeling 100%, so there will be some minor adjustments. But overall, we’ll aim to stay consistent based on their strong performance,’ he said.

Even in divisions where South showed flashes of resistance, North’s pairings remained in control. Zach Guico and Halo Pangilinan cruised to a 5 and 4 romp in the boys’ 7-10 division, toppling Lucas Revilleza and James Rolida.

South’s Ethan Lago and Kvan Alburo, however, foiled Zoji Edoc and Asher Abad, 3 and 2, in the other match.

In the boys’ 11-14 category, Zianbeau Edoc and Jacob Casuga outplayed South’s top gun Ralph Batican and Marcus Dueñas, 5 and 4, while Vito Sarines and Ryuji Suzuki smothered South’s Jared Saban and Ken Guillermo, 3 and 2.

The Sarines twins – Mona and Lisa – extended their winning streaks with impressive victories alongside different partners. Mona teamed up with Kendra Garingalao to edge out Brittany Tamayo and Kimberly Baroquillo, 2 and 1, while Lisa, paired with Alexie Gabi, matched the feat with a 2 and 1 win over Rafella Batican and Zuri Bagaloyos. Their performances secured yet another sweep for the North in the girls’ 11-14 category.

Team South staged a stunning comeback in the final match of the day, as Eric Jeon drained a clutch pitch-in birdie on the challenging No. 18. The dramatic finish lifted his pairing with Mhark Fernando III to a thrilling 1-up victory over North’s Zach Villaroman and Jakob Taruc.

Trailing by two with just five holes to play, Jeon and Fernando mounted a spirited rally in the closing holes to square the match after 17 holes before Jeon’s brilliant birdie sealed the deal on the final green, earning loud cheers from South supporters.

‘I hit a good drive, but my approach came up a bit short. Still, I read the line perfectly from 23 yards and pitched it in for birdie,’ said Jeon. His clutch finish and the dramatic turnaround could prove pivotal, giving South a surge of confidence and much-needed momentum heading into Day 2, especially after trailing by as many as six matches earlier in the day.

Patrick Tambalque and Kristoffer Nadales delivered the eighth win for North with an emphatic 5 and 3 romp over Alexis Nailga and Armand Copok in the other boys’ 15-18 match.

Meanwhile, the South’s girls’ 15-18 squad lived up to their promise of dominance, delivering a commanding shutout against the North. Crista Miñoza and Precious Zaragosa led the charge with a 6 and 4 rout of Rafa Anciano and Chloe Rada. Their momentum was mirrored by Tashanah Balangayan and Mikela Guillermo, who also posted a decisive 6 and 4 win over Levonne Talion and Tiffany Bernardino – completing the South’s emphatic sweep in the premier division.

Despite trailing by four points, Team South skipper Alfred Gaccion remained optimistic, expressing confidence in the team’s ability to bounce back in tomorrow’s alternate shot format.

‘We’ll be reviewing today’s pairings and likely making a few adjustments – minor changes that we believe will better suit our strategy for tomorrow,’ said Gaccion. ‘It’s definitely going to be a different setup with the alternate shot format.’

Although Team South was outshone in several areas, Gaccion acknowledged both the challenges and bright spots from the day’s performance.

‘We expected our 15-to-18 teams to step up, and they did – we’re pleased with how they performed,’ he said. ‘Unfortunately, a few of our key players just didn’t have their best day, and that certainly impacted our overall standing. But with some fine-tuning, we’re hopeful for a better outcome tomorrow.’

Despite the deficit, Gaccion emphasized that the team is far from finished.

‘We’re still in contention. We’ll try to bounce back tomorrow and hopefully do good,’ added Gaccion.

The Department of Economy, Planning and Development (DEPDev) vowed to intensify the monitoring and evaluation (M and E) of the country’s policies and programs to ensure these help improve the lives of Filipinos.

Speaking at the 12th M and E Network Forum, DEPDev Secretary Arsenio Balisacan emphasized how progress should be measured not just by growth figures, but by looking at the impact of government actions on ordinary Filipinos.

‘Impactful growth means better public services, more secure and sustainable livelihoods and stronger public trust in government. M and E plays a central role here. It helps us see whether commitments are being met, whether resources are used wisely, and most importantly, whether programs are delivering real benefits to our people,’ Balisacan said.

The recent enactment of Republic Act 12145, which reorganized the National Economic and Development Authority into the DEPDev, strengthens the development planning agency’s mandate for evidence-based policymaking.

During the M and E Forum, discussions covered how M and E can guide budget and planning decisions and ensure that evaluation findings are used to improve government programs and policies.

The event also emphasized how M and E can help bridge gaps between data and decision-making.

The DEPDev said institutionalizing M and E at the project and program level is also expected to strengthen accountability.

This has become more important amid recent corruption issues that have surfaced in the government’s flood control projects.

In addition, M and E is seen to help prioritize limited resources to maximize impact.

‘That is why this forum is so important. It brings all of us together to turn the President’s mandate into action-to ensure that growth and public expenditure are translated into measurable outcomes and tangible benefits for every citizen,’ Balisacan said.

The DEPDev, in collaboration with development partners, has been conducting several M and E initiatives across critical growth sectors, including agriculture, labor, health and social protection.

To expand the pool of evaluators in the country, the DEPDev said capacity-building initiatives are being undertaken in the regions, including the Bangsamoro Autonomous Region in Muslim Mindanao.

Balisacan said M and E should not just be a compliance tool, but a genuine driver of inclusive, resilient and sustainable development.

There is an interesting article published Sept. 29 on the IMF Blog, written by Mr. Jay Surti, that I wanted to highlight following Filipinos growing reliance on nonbank financing.

The article, titled ‘Explainer: Five Megatrends Shaping the Rise of Nonbank Finance,’ starts off with the observation that half of all financial assets worldwide are now held and intermediated by companies that are not classified and regulated.

The global financial crisis of 2008, he wrote, froze the financial system. Banks pulled back credit, families tightened their belts and companies laid off workers, leading to an extremely difficult moment for the financial services industry.

Today, he pointed out, the landscape of finance has changed, with different types of investors and firms providing businesses, consumers and governments with credit and liquidity.

More than a billion more people now have access to credit from new tech-based lenders. Families also have more options to finance purchases and to diversify retirement portfolios. Equity, fixed income and derivatives markets, he said, have all seen strong growth.

However, he noted, these developments have not been driven by banks, but by ‘nonbank’ financial institutions that have stepped up, increasing their share of global credit and finance from 43 percent during the 2008 crisis to nearly 50 percent by 2023, based on recent data.

Half of all financial services worldwide, Mr. Surti wrote, are now offered by companies that are not classified and regulated as banks.

Nonbank financial institutions, he said, encompass very different kinds of enterprises, and exact definitions vary. Broadly, the sector includes financial companies that provide credit, trading and investment services, but do not take deposits from the public or have accounts with the central bank.

That means, they are not covered by safety nets like deposit insurance and liquidity assistance which banks have access to in exchange for comprehensive prudential regulations.

Given the nonbanks’ size and importance, Mr. Surti warned, their growth also brings risks.

He cited the classic ‘run on a (non)bank’ scenario. Like banks, open-ended and money market funds make long-term investments, but promise customers the ability to withdraw at any time. During the early-COVID ‘dash for cash’ in 2020, Mr. Surti cited, some were running out of cash (a liquidity crisis) and needed help from central banks, including the Federal Reserve. While governments did not lose money, they did take on risk for these nonbanks.

Another scenario he cited is the ‘margin call plus contagion’ scenario. Borrowing on margin to make bigger bets enhances profits, but also raises risks. Some hedge funds and family offices (wealth managers focused on one or more wealthy families), he said, borrow large amounts of money with little collateral to bet on events like stocks or bond price swings.

In times of stress anywhere in the financial system, he said, the institutions the nonbanks borrow from often go from requiring too little collateral to requiring too much, amplifying risks for everyone.

If these bets go wrong, he warned, the nonbanks may collapse, triggering losses and illiquidity for their creditors and broader market stresses.

Thus, he highlights the need to protect the public by ensuring that the government gets more and better data. Nonbanks, he said, borrow heavily from banks and others in the financial system, yet their disclosure and reporting requirements are quite light.

Neither market participants nor financial regulators have a comprehensive view of the macro-financial stability risks arising from the sector.

Taxpayers, he said, are often called in to help out in times of stress, so they deserve to know more about the risks nonbanks take. When transaction information can’t be public for competitive reasons, it should be visible to regulators – and shared across borders.

The data gathered by government, he suggested, should be used to improve risk analysis. Regulators, he said, can also do more with the data they already have to map connections between banks and nonbanks, and among nonbanks. Using new models and technology can help them gain a better understanding of global financial risks.

Governments should also utilize risk analysis to strengthen supervision, Mr. Surti said, noting that as risks are better understood, national and international regulators can more quickly spot and intervene forcefully to make global finance less vulnerable to shocks.

Nonbanks, Mr. Surti explained, are a diverse group that needs to be better understood and to ensure that their riskiest activities are appropriately regulated to reduce potential risks to the financial system and economic activity while allowing space for dynamism and innovation in the provision of financial services.

Among the megatrends driving the growth of nonbanks, he said, are governments turning to new lenders, enhancing liquidity and holding down rates – new nonbank buyers for bonds such as US Treasuries provide additional liquidity, helping markets operate efficiently, which can help hold down the interest on national debt that taxpayers ultimately pay.

Mid-sized businesses, he said, have gained more access to funding, supporting economic activity, employment and financial resilience.

Private credit funds can provide funding for businesses that may be too large or risky for banks to lend to, but too small to issue their own bonds. Many such funds are managed by private equity firms, which in turn get financing from banks and other nonbanks.

These nonbanks – typically insurers, pension funds, sovereign wealth funds and endowments – that provide funding to private credit funds tend to have lower leverage and funding that is more stable over longer terms compared to banks.

So, they don’t have to pull funds back as quickly during times of stress, increasing the financial system’s resilience.

Credit, he noted, is available in a wider variety of amounts and durations, from longer-term auto loans, to ‘buy now, pay later’ loans, and small mobile money loans. Fintech lenders have driven this trend by pioneering new sources of data for underwriting and making servicing cheaper through automation, enabling firms to make smaller loans to more people. In emerging and developing economies, they have made mobile payments available to more people, and with a broader set of financial services following behind.

The Anti-Red Tape Authority (ARTA) and the British embassy in Manila yesterday signed an agreement aimed at enhancing regulatory quality and streamlining government processes in the country.

The memorandum of understanding (MOU) formalized a partnership in which the British embassy will provide technical assistance for ARTA’s regulatory initiatives, including the adoption of innovative frameworks, conducting regulatory impact assessments and participating in relevant capacity-building activities.

‘This MOU serves as a testament to the continuation and the expansion of a mutually beneficial relationship that has already yielded substantial outcomes,’ ARTA Secretary Ernesto Perez said in his speech during the signing ceremony yesterday.

‘It represents a shared commitment by the Philippines and the United Kingdom to move forward together in strengthening governance,’ Perez said.

Under the MOU, both parties will also collaborate on knowledge sharing through conferences, workshops and roundtable discussions, while ensuring alignment with national regulatory policies and international best practices.

The partnership also seeks to support regional initiatives such as the United Kingdom-Association of Southeast Asian Nations (ASEAN) Economic Integration Program.

This program aims to improve regulatory and standards systems in ASEAN member states, reduce red tape and create a more stable environment for business investment.

The MOU, effective upon notification by both parties that domestic requirements for its effectivity have been met, is set to remain in force until Oct. 31, 2026, with a possible extension of up to two years.

The agreement does not constitute a binding financial commitment but allows both sides to share costs for joint activities following government accounting rules.