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Global payments firm Wise is in discussions with the Bangko Sentral ng Pilipinas (BSP) to strengthen transparency in remittance pricing, particularly on foreign exchange markups that may not be immediately apparent to customers sending money across borders.

Wise Philippines country manager Areson Cuevas said greater transparency remains one of the biggest challenges in lowering the cost of international money transfers despite existing BSP rules requiring financial institutions to disclose remittance charges.

‘We are in heavy discussions with the BSP on how to ensure that local participants or local banks in the Philippines show transparent rates whenever their customers do a remittance transaction,’ Cuevas said during a roundtable discussion.

He said Wise has a dedicated team engaging central banks and other regulators globally on policies aimed at making cross-border payment costs more transparent.

According to Cuevas, the BSP already has regulations requiring financial institutions to disclose information related to remittance transactions, although Wise wants greater awareness and implementation of the existing framework across the industry.

Under Section 298 of the BSP’s Manual of Regulations for Banks, banks providing overseas remittance services are required to disclose to senders and recipients the transfer or remittance fee, exchange rate and exchange rate differential or spread.

The rules define the exchange rate differential or spread as the foreign exchange markup, or the difference between the prevailing BSP reference or guiding rate and the exchange or conversion rate offered to customers.

Banks must also disclose other currency conversion charges, other related fees, the exact amount and currency to be received by the beneficiary and the expected delivery time.

A corresponding provision under Section 251-Q of the Manual of Regulations for Non-Bank Financial Institutions imposes similar disclosure requirements on BSP-supervised non-bank entities providing overseas remittance services.

Cuevas said Wise is not seeking an entirely new framework, but wants greater transparency under regulations that are already in place.

The push comes as Wise estimates that Filipino consumers and businesses lost around P50 billion to foreign exchange markups on cross-border transactions in 2024.

Cuevas earlier said average costs for moving money across borders remain at around three to five percent, compared with Wise’s average charge of about 0.5 percent.

Of the P50-billion estimate, around P10 billion represented losses incurred by personal customers while roughly P40 billion came from businesses, based on the company’s independent studies.

Cuevas said the amount could be reduced if customers are given clearer information on how much they are paying when converting currencies and sending money internationally.

Wise has also cited low consumer awareness as a hurdle, with only 21 percent of Filipinos aware that remittance transactions may include foreign exchange markups.

‘If you’re talking about the bottleneck, it’s really ensuring that the BSP or any other global central banks listen to our call to make sure that customers know what they are paying for when they do their remittances,’ Cuevas said.

Meanwhile, Wise is also looking to expand its digital payment options in the Philippines after introducing Google Pay integration last year.

Cuevas said connecting Wise to Apple Pay is also part of the company’s plans, although he declined to provide a timetable for a launch.

‘It’s in the plan. Hopefully, we can do it,’ Cuevas said.

As consumers grapple with the high cost of electricity, the Philippine National Police (PNP) is stepping up actions against people involved in theft and pilferage of distribution facilities and materials.

While maintaining that police units are aggressive in operations against electricity theft, PNP chief Gen. Jose Melencio Nartatez Jr. wants violators charged with stronger cases to ensure conviction.

‘The certainty of arrest and punishment is also a strong crime prevention measure because it sends a strong message that the rule of law always prevails,’ he said in a statement.

To ensure perpetrators are convicted, Nartatez said they are coordinating with the Department of Justice so the cases filed in court are strong.

Those arrested are charged for violation of Republic Act 7832 or the Anti-Electricity and Electric Transmission Lines/Materials Pilferage Act.

He said the initiative is needed to protect electricity distribution in the country for its critical role not only to the economy but also to consumers.

Nartatez said disruptions in the electrical supply will have negative effects not only to households and schools but also to the business sector.

‘Protecting power distribution and other critical infrastructure is part of the PNP mandate. We will make sure that this mandate is observed down to the municipal and city levels,’ he said.

Top Line Business Development Corp. is taking Light Fuels beyond its home base in Cebu, opening its first branded service stations in Negros Oriental.

The listed oil firm of Cebu’s Lim family has completed the renovation and rebranding of five fuel stations, adding an estimated 600,000 liters in monthly sales capacity to its network.

Located in Dumaguete City, Sibulan, Dauin, Valencia and San Jose, the stations comprise the second cluster of acquired sites rebranded by Top Line.

Top Line senior vice president and COO Brigitte Carmel Lim said expanding Light Fuels outside Cebu marks a significant step in the company’s growth strategy.

‘With the Negros Island region posting the third-fastest economic growth in the Philippines at 5.7 percent in 2025, we see continued potential for Light Fuels to grow its presence in the region,’ Lim said.

Beyond fuel, the stations offer fully automated motor wash systems that can clean motorcycles in about three minutes, while select locations also feature commercial spaces for lease.

Top Line intends to build on its Negros Oriental expansion by completing the renovation of two more batches of acquired fuel stations across Cebu, Leyte and Siquijor by year-end.

‘As we enter new growth areas, our goal is to provide motorists not only with reliable fuel access but also with convenient services that support their everyday mobility needs,’ Lim said.

Earlier this year, the company launched eight Light Fuels stations in northern Cebu, completing the renovation and rebranding of its first batch of acquired sites.

In the first half, the fuel retailer delivered a net income of P123.21 million, up by 61.6 percent from P76.26 million a year earlier.

Revenues surged by 94.2 percent to P3.84 billion from P1.97 billion, thanks to a stronger commercial fuel business.

The growth allowed Top Line to outpace its entire 2025 earnings of P120.3 million in just six months.

Senator Francis ‘Chiz’ Escudero emerged as the highest-rated senator-judge in the maiden Senator-Judge Scorecard of Pulso Intelligence, as he called on his fellow senator-judges to remain impartial and exercise ‘cold neutrality’ in deciding the impeachment case against Vice President Sara Duterte.

Escudero, who presides over the Senate sitting as an impeachment court, posted an overall score of 2.92 out of 3.00 in the nationwide survey conducted August 15 to 16.

He topped all three dimensions measured by Pulso Intelligence, receiving 2.89 for trust, 2.95 for performance and 2.89 for fairness.

But amid his top ranking, Escudero has repeatedly reminded his fellow senator-judges, as well as the prosecution and defense, of the gravity of their role in the historic proceedings.

He earlier stressed that removing an elected official from office is ‘among the most drastic acts our constitutional democracy can undertake,’ and urged everyone involved to approach the trial with prudence, caution and unquestionable impartiality.

Escudero also cautioned senator-judges, prosecutors and defense lawyers against making public comments on the merits of the case, emphasizing the need to observe the ‘cold neutrality of an impartial judge.’

Upon taking his oath as presiding officer, Escudero vowed to uphold the fairness and integrity of the proceedings and see the trial through to its proper conclusion ‘without fear or favor.’

The Pulso scorecard placed Sen. Christopher ‘Bong’ Go second with 2.86, followed by Alan Peter Cayetano with 2.85, Bam Aquino with 2.82 and Robin Padilla with 2.81.

At the bottom of the rankings were Joel Villanueva at 2.44, Migz Zubiri at 2.48, JV Ejercito at 2.51, Tito Sotto at 2.56 and Erwin Tulfo at 2.56.

The survey also found that 49 percent of respondents leaned toward acquitting Duterte, while 34 percent favored a guilty verdict and 17 percent remained neutral.

Pulso Intelligence clarified that the ratings measure public perception of the senator-judges’ trust, fairness and performance and are not intended to predict the outcome of the impeachment trial.

The polling firm said it will release an updated Senator-Judge Scorecard weekly throughout the impeachment proceedings, based on a weighted sample of 1,500 Filipinos of legal age nationwide.

The Philippine Stock Exchange Inc. (PSE) has given the green light to Robinsons Retail Holdings Inc. (RRHI)’s exit from the local bourse, marking the end of the Gokongwei-owned multi-format retailer’s nearly 13-year run as a listed company.

The PSE said it approved RRHI’s petition for voluntary delisting.

It has ordered the delisting of the company’s shares from the official registry of the exchange effective Aug. 31.

RRHI was removed as a constituent of three PSE indexes – PSE Dividend Yield Index, PSE MidCap Index and Services Index – effective July 16.

JE Holdings Inc.’s acquisition of common shares tendered pursuant to the tender offer conducted from May 25 to July 6, representing 21.54 percent of RRHI’s outstanding capital stock, has been effected through a block sale within the facilities of the PSE on July 13.

The acquisition resulted in RRHI’s public float decreasing to 0.31 percent of the company’s issued and outstanding capital stock.

The PSE suspended trading in RRHI shares after the crossing of shares, as the company’s public float fell below the exchange’s minimum public ownership requirement.

The tender offer, priced at P48.30 per share, was undertaken to voluntarily delist RRHI from the exchange.

RRHI voluntarily delisted from the PSE because market valuations no longer reflected the company’s intrinsic value.

RRHI listed its shares at the PSE on Nov. 11, 2013, raising P28.12 billion from the sale of primary and over-allotment shares during its initial public offering.

Senators from the majority bloc are willing to go overtime by holding regular legislative sessions in the morning and Vice President Sara Duterte’s impeachment trial in the afternoon up to midnight.

Sen. Panfilo Lacson revealed this consensus in the majority bloc’s group chat as the impeachment trial flips its current schedule from 10 a.m. to 2:30 p.m. to 2:30 p.m. to 7:30 p.m. starting next month.

They can even go up to 11 p.m. or close to midnight so they could comply with the agreed one witness per day rule, Lacson said over radio dwIZ yesterday.

The new schedule will take effect next week to allow the senators, prosecution and defense to maximize their time grilling witnesses, instead of being cut short in the afternoon to give way to the legislative sessions at 3 p.m.

‘Among us in the majority bloc, that is the common sentiment,’ Lacson said.

‘We could extend beyond the 7:30 p.m. adjournment and up to 10 p.m. or 11 p.m. if needed,’ he added.

Lacson said the new ‘practical’ schedule is ‘almost a certainty’ and that even members of the minority bloc welcome the idea.

‘It’s more practical,’ he said, noting that with the new schedule, regular plenary sessions will be held from 10 a.m. to 2 p.m.

Lacson, however, said the new schedule is open to changes if the situation calls for.

The impeachment may announce the new schedule tomorrow or Wednesday.

Defense ready

The defense panel is ready for the new schedule once it is put in place.

‘The defense will comply with whatever schedule the impeachment court may decide upon,’ defense spokesman Michael Poa said.

‘We are prepared to proceed in accordance with the court’s directives,’ Poa added.

Senate President Sherwin Gatchalian said it was Majority Leader Juan Miguel Zubiri who first proposed the new schedule.

He said the ‘one to sawa’ schedule will allow the court to make up for the cancelled trial dates due to the inclement weather the past two weeks and even finish the trial before year-end.

But Lacson said the trial could extend up to next year because of the number of witnesses to be presented in the four Articles of Impeachment on alleged bribery, confidential funds misuse, hidden wealth and grave threats.

On the renewed calls to lower the number to convict at 16 out of the 24 senators due to the absence of some senators, Lacson said it can only happen if a petition is filed before the Supreme Court.

The absent senators are Ronald dela Rosa, who is in hiding while facing charges before the International Criminal Court; Jinggoy Estrada, who is detained by the Sandiganbayan for plunder over alleged flood control kickbacks; Rodante Marcoleta, also in detention for plunder over undeclared campaign funds and Loren Legarda, who is out of the country on medical leave.

‘A lot of things can happen,’ said Lacson.

A police officer and two known illegal gun dealers were killed in an entrapment operation in Pagadian City before dawn Sunday, August 23, that went awry.

Officials of the Police Regional Office 9 and local executives in Pagadian City separately told reporters at noon Sunday that Major Aiman Khuzaimah Pantaran, chief of the intelligence unit of the Pagadian City Police Station, died from a gunshot wound to the chest.

The operation, which was planned by Pantaran and his subordinates, turned haywire when siblings Janie Bravo Gomez and Jerry Bravo Gomez pulled out guns and opened fire after realizing they were dealing with plainclothes police officers during the supposed firearms trade-off at Purok Malipayon in Barangay Dao, Pagadian City, Region 9.

Both of them had been repeatedly jailed early for various criminal offenses, according to local executives in Pagadian City.

Officials of PRO-9 and ranking members of the multi-sector Pagadian City Peace and Order Council said the duo, known peddlers of unlicensed firearms and traffickers of shabu and marijuana, also died from bullet wounds sustained in the brief shootout.

Pantaran and the two targets of the entrapment operation were declared dead on arrival by doctors at the Mendero Medical Center in Pagadian City, where police officers and civilian emergency responders brought them for treatment.

The slain gun dealers were reportedly linked to criminal gangs in Lanao del Sur province that units of the Police Regional Office-Bangsamoro Autonomous Region had neutralized in separate operations last year, with assistance from intelligence personnel of the Army’s 103rd Infantry Brigade under the 1st Infantry Division.

President Marcos has directed all national government agencies and instrumentalities to support the celebration of Philippine Creative Industries Month this September.

PCIM, pursuant to the Philippine Creative Industries Development Act, seeks to promote the country’s creative goods, products and services. It also aims to raise awareness of the sector’s contribution to nation-building and socioeconomic development.

Memorandum Circular 130, signed on Aug. 18, ordered all national government agencies to support PCIM, while local government units and the private sector are encouraged to participate in the activities under this year’s theme, ‘We Are a Creative Nation.’

The Department of Trade and Industry is tasked to work with the private sector and the academe in organizing the celebration, while the President directed the Presidential Communications Office to promote public awareness of PCIM’s activities.

The Philippine Development Plan 2023-2028 recognizes the promotion of tourism, culture and the creative industries as a key strategy for strengthening the services sector and building a distinctly Filipino brand of tourism and culture.

San Miguel-led Bank of Commerce (BankCom) is looking to tap the domestic bond market again later this year as it prepares to fund future growth while maintaining a cautious lending stance amid elevated interest rates and geopolitical uncertainty.

During an investment conference, BankCom chief financial officer Antonio Laquindanum said another bond issuance is planned for the second half after the lender raised P18 billion through its largest-ever bond offering in 2025.

‘We plan to have another bond issuance later this year. We believe these transactions have strengthened our funding profile, diversified our liabilities and enhanced our ability to support future growth initiatives with the bank,’ Laquindanum said.

The planned fund-raising comes as BankCom targets some loan growth by year-end despite weaker borrower appetite caused by high borrowing costs.

Laquindanum said the bank has deliberately slowed lending rather than compromise pricing, with profitability and returns taking priority over balance sheet expansion.

‘We still aim to try to achieve some growth over our loan balance at the end of last year. But at the same time, given our size, it’s a more important priority for us to maintain our margins and our return on equity,’ he said.

BankCom’s loan book and investment portfolio contracted slightly in the first half as the lender increased liquidity buffers amid volatility linked to tensions in the Middle East. The cautious stance, however, helped lift its net interest margin (NIM) to a record 4.68 percent from 4.35 percent at end-2025.

While funding costs and changing interest rate conditions could put pressure on margins in the second half, the bank expects its full-year NIM to remain above last year’s level.

BankCom is also banking on deeper penetration of the San Miguel Corp. ecosystem to drive medium-term growth.

As of June, the lender had onboarded more than 3,500 ecosystem accounts, equivalent to nearly 60 percent of an expanded target market of around 6,000 potential clients. Its previous target market was about 4,000 clients before the bank identified additional prospects through improved data analysis.

The bank plans to convert more of these accounts into borrowers and users of other products, including cash management, payroll and trade facilities.

BankCom is likewise prioritizing branch-lite units to broaden its network at a lower cost. These smaller outlets will primarily target areas with SMC ecosystem clients that are outside the bank’s existing footprint and may eventually be upgraded into full-service branches as demand grows.

For the first half, BankCom saw its net income rise by 13 percent to P2.11 billion from P1.86 billion in the same period a year ago. Its return on equity reached a record 11.56 percent.

Aug. 21 was the 43rd death anniversary of Benigno ‘Ninoy’ Aquino Jr. who was assassinated that day and became a national martyr. It was a relatively quiet celebration whose life has such meaning and relevance for today’s Philippines and the Filipino people.

The importance of Ninoy Aquino’s life cannot be separated from the history of Philippine democracy. His assassination did not immediately restore democracy but it changed the political atmosphere of the country. His death helped unite the different sectors of Philippine society opposing the martial law regime.

Ninoy Aquino remains especially relevant today because most of the problems he confronted during his lifetime have not completely disappeared. The Philippines continues to face issues involving corruption, political accountability, poverty, inequality, abuse of power, disinformation and the need to protect our democratic institutions.

This is especially important for young Filipinos who were born after martial law and after the assassination of Ninoy Aquino. For many of the younger generation, Ninoy can sometimes appear as a name in textbooks and as a person whose name is attached to an airport.

However, the continuing importance of the EDSA People Power Revolution and Ninoy Aquino’s martyrdom lies in the lessons present-day politicians and ordinary Filipinos can learn from.

Here are the lessons our politicians can learn from Ninoy’s life.

Courage in defending principles. A politician should not support something because it is popular or benefits his political career. Ninoy demonstrated that political leadership sometimes requires challenging powerful people. Present-day politicians should have the courage to criticize wrongdoing even when the person responsible is politically powerful or belongs to their own political group.

Putting public service above personal comfort. Ninoy had the opportunity to simply remain in exile. His return demonstrated that he believed political leaders must be directly involved in the problems facing the country. Today’s politicians can apply this lesson by spending more time understanding ordinary Filipinos and their problems, rather than remaining separated from the realities of poverty, unemployment, transportation problems, health care, flood control and other social concerns.

Respect for democracy. Ninoy advocated a peaceful solution rather than political violence. His undelivered speech emphasized his desire to pursue a peaceful path. Political disagreements today should be addressed through honest and peaceful elections, peaceful protests, a free and vigorous media and other democratic institutions. It is important that we continue to uphold and protect the rule of law.

Accountability. All the scandals happening today have demonstrated the utter lack of accountability of our government officials in the past. This should not happen anymore in the future. Politicians should remember that the public office is not personal property. It is still the people who should decide freely who should be their elected government officials. Politicians should also be reminded that criticism of their behavior is part and parcel of the democratic process. In a democracy, questioning government decisions is a vital way of protecting the interest of the people.

Faith in the Filipino people. Ninoy’s famous words demonstrate that he believed that the ordinary Filipino possesses enormous potential. In his undelivered speech, he said: ‘I return from exile and uncertain future with only determination and faith to offer – faith in our people and faith in God.’

Ninoy’s life does not only offer lessons for the politicians but also for ordinary citizens.

Participate in democracy. Voting should not be treated simply as choosing a candidate because of popularity, family name, celebrity status, money or political advertising. Citizens should choose based on the candidate’s records, policies, character and ability to serve.

Question disinformation. During Ninoy’s time, access to information was heavily restricted. Today, Filipinos have access to enormous information through social media. But that does not mean all information is accurate and true. A responsible citizen should always verify information and claims before sharing them.

Filipinos speaking up against injustice. Speaking up does not necessarily mean joining a political movement. It can mean reporting corruption to the media, defending someone who is being bullied, participating in community organizations, asking government officials difficult questions and refusing to spread lies about another person.

Ninoy teaches us not to lose hope in our country and our people. His most famous statement expressing this belief was ‘The Filipino is worth dying for because he is the nation’s greatest untapped resource.’

Each and every one of us can accept this challenge of personally doing something to improve the Philippines. Even students can apply Ninoy’s lessons by taking education seriously, rejecting cheating, helping classmates, researching history and becoming an informed voter. A business owner can apply them by treating employees fairly and giving decent wages.

For present-day politicians, Ninoy’s life teaches courage, accountability, democratic leadership and service to the people, rather than simply acquiring personal power.

Ninoy Aquino’s famous words ‘The Filipino is worth dying for’ can be answered by every Filipino who chooses honesty over corruption, truth over disinformation, service over selfishness and courage over fear.

Remembering Ninoy Aquino’s life is not only about remembering how he died. It is about remembering what he believed the Filipino people can become and asking what we are willing to do to make that belief a reality.