Category: Philippine Star

The Philippines’ growing appetite for financial upgrades and tech innovation was very well evident at the fifth edition of the World Financial Innovation Series (WFIS) that took place on August 25 to 26.

Boasting C-suite titles, technology trailblazers and remarkable banking, financial services and insurance (BFSI) diversity, the two-day event hosted over 1,000 leaders from a broad spectrum of banks, insurance companies, micro-finance institutions, regulatory bodies and fintech companies across the nation’s financial ecosystem.

Held at the impeccable Manila Marriott, the event commenced with an opening ceremony led by Bangko Sentral ng Pilipinas Senior Director Dindo Santos. His address, while brief, provided foundational strategic insights and regulatory guidance for an audience encompassing the country’s foremost financial and tech pioneers.

His presence also reflected the BSP’s continued involvement in elevating the financial sector and shaping the platform’s long-standing mission.

What followed then were two days of intense discussions driven by some of the most influential leaders in the region’s banking, insurance and fintech ecosystem, who steered the narrative through interactive panel sessions, keynote presentations and fireside chats.

Some of the leading speakers included:

Dindo Santos, senior director, Bangko Sentral ng Pilipinas

Rolando Avante, president and CEO, Philippine Business Bank

Lilian Cruz, senior vice president and CIO, Land Bank of the Philippines

Lito Villanueva, chief innovation and inclusion officer, Rizal Commercial Banking Corporation

Angelo Madrid, president, Maya Bank

Alain Bert Regis, director, Bangko Sentral ng Pilipinas

For his part, Rolando Avante, president and CEO of Philippine Business Bank, stated, ‘Leaders from the nation’s technology and business sectors-including top banks, insurance companies, micro-finance institutions, regulatory bodies, and government authorities-came together to forge connections, spark collaborations, and shape the future of finance.’

From operational concerns and growth opportunities spanning autonomous decisioning, AI-powered lending, predictive analytics and human-centred AI to emerging threats like synthetic identities, deepfakes, and AI-enabled fraud, the agenda covered immense ground, and explored every crucial stakeholder concern.

The event was well supported by Cybercrime Investigation and Coordinating Center, FinTech Alliance PH, Government Service Insurance System, and Rural Bankers Association of the Philippines.

While theoretical frameworks and commercial vendor solutions often dominate mainstream discourse, the invaluable first-hand perspectives offered by senior voices from the nation’s central bank find little match elsewhere.

To sum it up, the wealth of actionable insights, along with the strong regulatory alignment fostered during the two days, set new benchmarks for implementation and collaboration across the Philippines’ BFSI sector, further solidifying Tradepass’ stellar reputation as the world’s no.1 events company.

While conversations both on stage and off plunged into the depths of the sector’s most pressing opportunities and threats alike, the exhibition floor played host to top-tier global tech innovators such as LUMIQ / AWS, Appian, Entrust, Island Credit Solutions (ICS), Personetics, SAS, EmbedIT, Fenergo, Mambu, Jumio, Sparkle Security, HyperVerge, Strada, Workday, VWO / ABTasty, Pega, Yubico, FinBox, Pine Labs, Akkuro.

Reiterating the platform’s stance on establishing the sector’s highest qualitative benchmarks, the summit culminated in the highly anticipated WFIS Awards 2026, a premier segment designed that honored exceptional institutional and individual leadership in the financial space.

With two days of high-value dialogue, actionable insights, and meaningful industry engagement, WFIS 2026 has reinforced its role as a catalyst for financial innovation and collaboration across the Philippines.

As the sector continues to navigate the opportunities and complexities shaped by AI, digital transformation, and an evolving threat landscape, the event leaves behind stronger industry connections, greater alignment, and a shared resolve to turn innovation into meaningful, measurable outcomes.

Sugar industry groups have called on Coca-Cola Europacific Aboitiz Philippines (CCEAP) to prioritize the use of locally produced sugar and domestic production amid concerns regarding the bottler’s decision to import some of its finished products.

In a joint statement, three umbrella groups, representing different interests in the sugar industry, raised concerns that CCEAP’s importation of some finished Coca-Cola original taste products could displace demand for local sugar.

They argued that this may affect thousands of livelihoods dependent on the sugar industry since the bottling firm is one of the biggest buyers of sugar in the country.

The appeal was issued by the Sugar Council, National Congress of Unions in the Sugar Industry of the Philippines and the Democratic Association of Labor Organizations.

The Sugar Council is composed of three sugar industry groups representing local sugarcane farmers: the Confederation of Sugar Producers Associations, the National Federation of Sugarcane Planters and the Panay Federation of Sugarcane Farmers.

The STAR broke the story that CCEAP has started to import some finished Coca-Cola original taste products from Indonesia to boost its local stocks and meet growing demand for its beverage items.

‘As Filipino consumers and workers sustain Coca-Cola’s market success, we urge the company to reciprocate by prioritizing our domestic sugar,’ the groups said in a recent statement.

‘Relying on imports directly threatens the livelihoods of our farmers, producers and labor sector. Ultimately, weakening this massive local workforce will erode the very purchasing power they need to buy Coke products,’ they added.

The groups said they are ‘dismayed’ over the recent industry developments, claiming that the importation made by CCEAP have ‘sparked serious concerns regarding the future of local producers and sugarcane laborers.’

‘It raises a critical and larger policy question. If our country has an adequate supply of locally produced sugar, should the government simply stand by while finished products containing imported sugar displace products that could – and should – be manufactured here using Philippine sugar and Philippine labor?’ they said.

The groups pointed out that the importation exacerbated the ongoing sugar industry ‘crisis’ that is caused by the red-striped soft scale insect infestations across various sugarcane farms.

‘Importing finished Coke products could well be the final nail in the coffin for the struggling sugar industry,’ the groups said.

CCEAP earlier denied that the importation of finished products had anything to do with the prevailing domestic refined sugar supply situation or its prices.

The company said that the importation was done to ensure supply reliability of its products with most if stocks sold in the market still being manufactured locally using domestic sugar.

Thai Sherman Santiwiwatthanaphong unleashed a blistering nine-under 63 yesterday to seize a two-stroke lead, while Yvon Bisera faltered on the closing stretch and slipped seven shots off the pace after 36 holes of the Kenda Tires TLPGA Open at the Taichung International Golf Club.

Santiwiwatthanaphong piled up nine birdies against no bogeys for an 11-under 133 total, leap-frogging from joint 17th into a commanding position in the NT$4-million championship co-sanctioned by the Taiwan LPGA Tour and the Ladies Philippine Golf Tour.

Local standout You Chiang Hou, who shared the first-round lead, stayed within striking distance with a 68 for 135, while South Korea’s Seulgi Jeong matched Santiwiwatthanaphong’s fireworks for most of the day, firing a 65 to join Hou at two strokes behind.

Following renewed talks on strengthening the country’s defenses against espionage, the Philippine National Police (PNP) is assessing its information security measures.

PNP chief Gen. Jose Melencio Nartatez Jr. issued the directive as the House of Representatives approved on final reading the proposed New Espionage Act, which seeks to update the legal framework covering classified information, national defense assets and sensitive government operations.

The review covers safeguards, accountability measures and personnel awareness programs.

Nartatez said police are backing efforts to protect classified information critical to national security while ensuring that the constitutional rights of people are respected.

‘Any proposed law that helps deter espionage and protects sensitive government operations is a welcome development provided it remains consistent with the Constitution and respects fundamental rights,’ he said.

The PNP is also strengthening its coordination with the National Intelligence Coordinating Agency, Armed Forces of the Philippines and other security agencies.

Participants in AI workshops for Philippine companies have reported cutting hours-long reporting and analysis tasks to minutes using commonly available AI tools, according to Jerry Ilao, creator of The 4A Blueprint, a practical AI adoption framework for Philippine businesses.

In Ilao’s in-house workshops, participants have reported redoing an inventory aging analysis in 3 minutes instead of 4 hours, a sales and collection report in 5 minutes instead of 5 hours, and a network sales report in 10 minutes instead of 6 hours.

The examples are participant-reported, the AI-assisted times include review and corrections and results vary by task.

“None of these people built an agent or automated anything,” Ilao said. “They took a report they already knew well, gave the same data to ChatGPT, Claude, Gemini, or Copilot, and compared the result with the version they built by hand. The benchmark is what made it meaningful.”

The 4A Blueprint maps AI adoption in four levels: Assistants, where people use AI to do their own work faster; Automation, where AI runs a set workflow on its own; Agents, where AI takes on a defined job within limits people set; and AI-First, where the business is built around AI.

Ilao’s principle is to meet the business where it is and start there. While many promote AI agents because they are exciting, he advises companies to start at Level 1, which he describes as the cheapest and easiest level to implement.

‘At Level 1, companies can start by training employees to use AI effectively, giving them access to approved tools, and putting a clear AI policy in place,’ Ilao said. ‘That is one of the fastest and lowest-cost ways to start improving productivity. Once the company is ready, it can move to automation and AI agents. But it does not have to start there.’

In one company workshop, 87% of participants said they were already using AI multiple times a week-the highest rate Ilao had seen across his workshops. Even so, many still discovered significant room to improve how they used AI assistants.

For Ilao, the lesson is clear: frequent AI use does not necessarily mean employees are maximizing the AI tools they already have.

As companies move from assistants to automation and agents, implementation complexity, governance requirements and operational risk generally increase. Ilao cautions companies against rushing into AI agents simply because they represent a more advanced level.

Across selected workshop sessions, participants’ average self-reported confidence in using AI at work moved from 3.22 to 4.26 out of 5, based on matched before-and-after responses.

Eighty-nine percent rated their AI-assisted output better than their usual work and 94 percent said they would use the approach again. These are self-reports , not measured productivity gains.

Ilao recommends four steps: pick one analysis the team has already completed manually; give AI the same data and question; include review time when measuring the result; and compare the AI-assisted output with the original.

The best prompts, Ilao adds, should be shared within the company. “A good prompt is not disposable,” he said. “Treat it as intellectual property, like an SOP. Later, the same logic can become a reusable AI skill or form part of an automated workflow or agent.’

The 4A Blueprint and its free five-minute assessment are available at jerryilao.com/4a-blueprint.

Budget deliberations for fiscal year 2027 of at least seven more agencies have been terminated by the House of Representatives, which is expected to finish such hearings this week before the General Appropriations Bill is approved on second reading early next month.

Among the agencies whose proposals and period of sponsorship and debate were finished were the Departments of Education (DepEd), Energy (DOE), Transportation (DOTr), Social Welfare and Development (DSWD), Energy Regulatory Commission (ERC), Civil Service Commission (CSC) and Commission on Higher Education (CHED).

DepEd’s budget allocation of P975.9 billion for next year under Secretary Sonny Angara got the House’s green light. This represents 13.55 percent of the proposed P7.2 trillion national budget for 2027, according to Rep. Maria Carmen Zamora.

‘Once again, this single largest allocation of any department in the government as part of the education sector, is consistent with the mandate of the Constitution. It affirms that this House continues to treat education not as an expense but as the nation’s most important investment,’ she said.

The House also terminated debates on DOE’s P5.58-billion allocation, DOTr’s P300.96 billion, DSWD’s P241.2 billion, ERC’s P944 million, independent constitutional CSC’s P4.04-billion budget as well as CHED’s P35.45-billion spending plans for next year.

DOE-ERC budget sponsor Rep. Arnie Fuentebella said the budget, including its attached agencies, is a forward-looking investment in the government’s capacity to ensure energy resilience amidst global uncertainties.

As for DOTr, Reps. Edwin Ongchuan and Reynante Arrogancia said the allocation is not only for infrastructure, but is also about making easier and efficient the travel time of the commuting public.

The P148.63-million 2027 budget of the Career Executive Service Board, which is under the CSC – has been approved, as lawmakers vow to support operations of human resource governance, professionalization, workplace cooperation and administrative justice.

So nice, he had to have it twice.

Carlos Yulo won another gold medal in the Asian Games, this time in vault, Friday afternoon at the Nagoya General Gymnasium in Japan.

Less than 24 hours after winning his first-ever Asian Games gold medal, Yulo has repeated after ruling the eight-man field.

Yulo tallied 14.733 in his first vault, and 14.466 in his second vault, for a total of 14.599.

But his win did not come without the audience holding their breath.

After Yulo’s dazzling routines, Iran’s Mahdi Olfati followed him.

A difficult routine, followed by an excellent landing, gave Olfati a 15.100 score in his first vault.

But on his second vault, the Iranian had a tough landing.

After a brief moment, judges scored it 5.2 for difficulty and 8.866 in execution, but he was given a 0.1 penalty for a score of 13.966.

In total, Olfati had a score of 14.533, good for silver.

Coming in third was Hong Kong’s Ka Ki Ng with a score of 14.116.

Following the event, the Philippines now has two gold medals in the Asiad, both courtesy of Yulo.

Still, the gold conquest for Yulo is not yet done. He could still have an Asian Games triple victory as he competes in the parallel bars later Friday.

The Philippines has received an additional 9,151 metric ton raw value (MTRV) quota for the export of raw cane sugar to the United States, according to the Office of the US Trade Representative (USTR).

In its latest notice, the USTR said it is allocating the remaining 55,993 MTRV in raw sugar volume to 28 countries, including the Philippines.

The US agency had given the Philippines a raw sugar export quota of 145,235 MTRV last July, bringing the country’s total export quota to 154,386 MTRV.

This forms part of the 1.12 million MTRV under the US’ tariff-rate quota (TRQ) system for the 2027 fiscal year, which is scheduled to run from Oct. 1, 2026 to Sept. 30, 2027.

The additional sugar allocation is the second largest quota issued by the USTR, following the Dominican Republic, which was given 11,931 MTRV.

Under Washington’s TRQ system, specific countries are allowed to export specific quantities of products to the US at lower tariff rates, providing wider access to Philippine-produced commodities.

Sugar Regulatory Administration (SRA) administrator Pablo Luis Azcona said the agency has sought an extension from the US government before it can make a formal commitment.

‘We need to monitor and verify our raw production,’ he added.

Azcona told reporters earlier that the country may not export raw sugar to the US for the incoming crop year due to a projected decline in sugar output, stemming from the effects of the red-striped soft scale insect (RSSI).

He noted that raw sugar production could decline by 10 percent to 1.66 million metric tons (MT) in the 2026-2027 milling season, lower than the 1.85 million MT produced during the 2025-2026 season.

The RSSI infestation continues to endanger the sugar industry, feeding on cane fluids and slashing sugar content by as much as 50 percent.

The country had previously opted out of exporting raw sugar to the US during the 2021-2022 and 2022-2023 crop years, amid insufficient local production.

The Department of Agriculture earlier allowed the export of 100,000 MT of raw sugar to the US during the 2025-2026 crop year to reduce an oversupply of sugar and ease declining farmgate prices.

The Philippines has shipped a total of 99,538 MT of raw sugar to the US during the 2025-2026 crop year, according to SRA data as of Sept. 6.

After three consecutive weeks of steep price hikes, diesel prices are expected to see a rollback of as much as P8 per liter by the end of September, the Department of Energy (DOE) said on Friday, September 25.

Kerosene is also expected to go down by P6 per liter, while the P0.90 per liter cut on gasoline is not yet certain.

DOE’s Oil Industry Management Bureau Director Rino Abad said the estimated price adjustments are based on the movements of global oil prices in the first four trading days.

‘Mataas pa rin ang tyansa ho talaga natin na rollback tayo sa diesel and kerosene. Sa gasolina, hindi ho tayo pa sigurado. Hintayin ho natin ‘yung Friday trading,’ Abad said in an interview with dzMM.

(Chances of having a rollback on diesel and kerosene remain high. On gasoline, we’re not yet sure. Let us wait for the Friday trading.)

Easing global prices

In a separate interview with dzBB on Friday, Abad said the potential decrease on local pump prices is brought by the easing movement in the global market as Saudi Arabia announced partial resumption of their oil export operations.

‘This week, announced by Saudi, na makakabalik na ‘yung 40% ng kanilang resumption of the export,’ Abad said. ‘Kumalma ‘yung market dahil nabalik ulit ang export galing ng Persian Gulf. At alam naman natin na ang kliyente ng Saudi is Asia Pacific.’

(This week, Saudi Arabia announced that 40% of its operations will resume. The market eased because exports from the Persian Gulf were brought back. And we know that Saudi’s client is Asia Pacific.)

In the last three weeks, local oil and fuel prices went up after the escalation of tensions in the Red Sea, and the reported damages on Saudi Arabia’s 1,200-kilometer pipeline that led to its temporary shutdown.

The damage affected the transport of crude oil in Yanbu on the Red Sea, which gives Saudi Arabia an alternative route to export oil without going through the Strait of Hormuz. Without this route, Saudi Arabia has fewer options to send crude to the international markets.

The Hormuz Strait remains heavily affected by the ongoing conflict between the United States-Israel and Iran.

PH bears ME conflict impacts

The Philippines, meanwhile, bears the impact of tensions as it imports 98% of its oil supply from the Middle East.

This week, the transport sector has renewed its calls for implementing a fare increase, but the government says it is considered a ‘last resort’ to avoid passing on the burden to commuters.

The Department of Finance, meanwhile, has signed a resolution recommending the excise tax relief on liquefied petroleum gas and kerosene, but left out diesel and gasoline over concerns of losing P12 billion per month in government revenues.

The excise tax suspension is yet to reach President Ferdinand Marcos Jr., who can either approve or disapprove the recommendation.

‘Children are not small adults. They have different physiology.’

This, according to Dr. Stuart Bennett, president and group CEO of The Medical City (TMC), is the very reason why children demand specialized, immediate care during critical moments. It is also what TMC aims to address in its dedicated Pediatric Emergency Care Unit, formally launched last September 7.

‘There’s this misconception that children are small adults when it comes to healthcare-which is really not the case. Children are very different. Specifically, they have what we call a lower physiological threshold,’ Dr. Bennett, who is an emergency medicine doctor himself, told Philstar.com in an exclusive interview at the sidelines of the launch.

He added that compared to adults, children don’t have a strengthened immune system yet: ‘What we could normally brush off as adults can actually make them very, very sick.’ Recognizing this, TMC went on to build an integrated pedia section within the Emergency Department. Moreover, the pedia ER is already ‘manned’ by pediatric doctors, right from the get go.

‘It’s not just about having a separate pediatric area, it’s really having it manned by pediatric doctors. We have our doctor-led triage, which is very important because then within the first 5 to 10 minutes, if the child is sick, they can be admitted directly into the hospital. If they’re really sick, they can go to the pediatric ICU,’ Dr. Bennett explained.

A streamlined ER journey for all patients

During the formal launch, TMC revealed that their doctor-led triage might be a first in the country as the station is normally managed by nurses.

Implemented under the leadership of Dr. Bennett, this has enabled the hospital to introduce their FastER System. It promises to complete emergency response within four hours-from the moment a patient comes in the ER until he is advised for admission or discharge.

This is a big improvement from the historical average of eight to nine hours.

To help understand the patient’s journey at TMC, Philstar.com also spoke to Dr. Lourdes Jimenez, MD, director of the Department of Emergency Medicine.

She explained that it begins at triage, where physicians-pediatric doctors for children-immediately evaluate patients. Next, they conduct a comprehensive assessment, order medications, and request necessary diagnostics.

To minimize waiting time, TMC incorporates point-of-care testing-cutting laboratory result turnaround times from up to two hours down to just 15 minutes-complemented by conveniently adjacent X-ray and CT scan facilities.

Once diagnostic results are in, doctors reassess the patient and reach a decision to admit or discharge within three to hours as part of TMC’s 4-Hour Promise.

Needless to say, these practices are being implemented at the Pedia ER with a 10-bed capacity and a child-centered, safe environment. Its dedicated zones include a child protection unit, nebulization area, breastfeeding room, and hydration area among others. As simple as cute animal wallpapers can lighten the mood for the kids and the parents too.

These according to Dr. Bennett are part of the hospital’s commitment to make their services accessible to more patients.

‘If you have any doubt, you should just come to the emergency department. If the child is not that sick, we will tell you within five to ten minutes. . . So you can relax, and probably, we’ll be able to send the child home,’ he said.

‘But if the child is really sick, then within the first five or ten minutes, they’ll be in the right place, and they’ll be safe,’ Dr. Bennett concluded.

In his speech, Dr. Ruben Kasala, TMC Ortigas’ executive vice president and CEO, said, ‘We are very proud to open our enhanced and redesigned pediatric emergency room. This in line with our commitment to make sure that our patients are served well in terms of clinical outcomes, patient experience, as well as the time that they are staying in the emergency room.’

He added, ‘I’m proud I’m very happy and I’m thankful to all the teams who worked on this.’

Also present at the launch was Pasig City Mayor Vico Sotto, signifying the ongoing partnership between the public and private sectors.

‘As someone who lives just down the road, our family has seen how The Medical City has really improved and upgraded itself in the last several years. So, we’re very happy to see these developments,’ Mayor Sotto said.

‘And of course, on the side of the local government unit, one of the things that we’re really trying to improve now is our healthcare provider network, and The Medical City is and will continue to be a big part of that,’ he added.