Canada, UK agree to establish trade working group, expand defense collaboration
OTTAWA – Canada and the United Kingdom agreed on Sunday to set up a trade working group which will submit its recommendations to the prime ministers of the respective countries within the next six months, a joint statement by the two governments said.
British Prime Minister Keir Starmer arrived in Canada for bilateral meetings with Prime Minister Mark Carney before the G7 leaders’ summit in Alberta from Sunday to Tuesday.
Mr. Carney has been reaching out to allies to strengthen and diversify the country’s trade as its industries, especially steel, aluminum and automobiles, face U.S. tariffs.
“We will establish a new structured UK-Canada Economic and Trade Working Group to deepen our existing trading relationship further,” the joint statement by the two prime ministers said.
The working group would seek to address market access barriers, expand arrangements into areas such as digital trade, and explore cooperation to develop critical minerals and artificial intelligence infrastructure, the statement said.
While the UK is an important trading partner for Canada, it represents only a small share of Canada’s exports. In 2024, the UK represented 3.6% of exports and 1.2% of imports for the country, according to the Conference Board of Canada.
Exports to the UK are mainly dominated by gold and energy products.
The joint statement also said that Canada would introduce legislation in the second half of the year to ratify the UK’s accession to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), a free trade group of 11 countries.
The group comprises Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, Vietnam and Canada.
The UK gained access to nine countries under the Indo-Pacific trade treaty last year and is still awaiting its ratification by Canada and Mexico.
The two countries will also expand defense collaboration including support for Ukraine, the statement said. – Reuters
World entering new era as nuclear powers build up arsenals, SIPRI think tank says
STOCKHOLM – The world’s nuclear-armed states are beefing up their atomic arsenals and walking out of arms control pacts, creating a new era of threat that has brought an end to decades of reductions in stockpiles since the Cold War, a think tank said on Monday.
Of the total global inventory of an estimated 12,241 warheads in January 2025, about 9,614 were in military stockpiles for potential use, the Stockholm International Peace Research Institute said in its yearbook, an annual inventory of the world’s most dangerous weapons.
Around 2,100 of the deployed warheads were kept in a state of high operational alert on ballistic missiles, nearly all belonging to either the U.S. or Russia.
SIPRI said global tensions had seen the nine nuclear states – the United States, Russia, the United Kingdom, France, China, India, Pakistan, North Korea and Israel – plan to increase their stockpiles.
“The era of reductions in the number of nuclear weapons in the world, which had lasted since the end of the Cold War, is coming to an end,” SIPRI said. “Instead, we see a clear trend of growing nuclear arsenals, sharpened nuclear rhetoric and the abandonment of arms control agreements.”
SIPRI said Russia and the U.S., which together possess around 90% of all nuclear weapons, had kept the sizes of their respective useable warheads relatively stable in 2024. But both were implementing extensive modernization programs that could increase the size of their arsenals in the future.
The fastest-growing arsenal is China’s, with Beijing adding about 100 new warheads per year since 2023. China could potentially have at least as many intercontinental ballistic missiles as either Russia or the U.S. by the turn of the decade.
According to the estimates, Russia and the U.S. held around 5,459 and 5,177 nuclear warheads respectively, while China had around 600. – Reuters
G7 needs to raise pressure on Russia, von der Leyen says
KANANASKIS, Alberta – More pressure must be exerted on Russia to secure a ceasefire in Ukraine, European Commission President Ursula von der Leyen said on Sunday, and urged the G7 nations to ramp up sanctions to achieve that goal.
Leaders of the world’s largest industrial nations are meeting in Canada’s Rockies with European countries seeking to keep the war in Ukraine firmly on the mind of U.S. President Donald Trump despite fighting breaking out between Israel and Iran in the Middle East.
With diplomacy at a standstill, the European Union is set to adopt a new sanctions package on Russia, but have so far failed to convince Mr. Trump – who has been reluctant to weigh on Russian President Vladimir Putin – to impose new U.S sanctions. Mr. Trump has said he did not want the sanctions to interfere with getting a ceasefire.
“We must put more pressure on Russia to secure a real ceasefire, to bring Russia to the negotiating table and to end this war, sanctions are critical to that end,” Ms. von der Leyen told a news conference before Britain, Canada, France, Germany, Italy, Japan and the United States begin talks on Monday.
“Last week, we put forward a proposal for an 18 sanctions package. I will invite all G7 partners to join us in this endeavor.”
Global attention has turned to the Middle East, where strikes by Israel on Iran have raised the risks of an escalation into a broader regional conflict. The subsequent oil price spike has added to concerns over the global economy.
Ms. Von der Leyen said that in talks with Mr. Trump on Saturday the two had agreed that like-minded countries should safeguard market stability, notably in the energy markets.
“We will also stay very vigilant (on) what the implications for the international energy markets are concerned,” she said.
Regarding trade negotiations with the Trump administration, she said she preferred a negotiated solution ahead of a July 9 deadline, but that the bloc was preparing contingencies in the event no agreement was reached.
Ms. Von der Leyen also spoke to Israeli Prime Minister Benjamin Netanyahu earlier on Sunday.
She reiterated Israel’s right to defend itself, but stressed that a diplomatic solution was the best option in the long-term to address Iran’s nuclear program.
“Iran is the principal source of regional instability, and we’ve always been very clear, Iran can never have a nuclear weapon,” she said.
“The recent events have underlined the increasing interlinks between the conflicts in Europe on one hand and the Middle East on the other hand. The same type of Iranian designed and made drones and ballistic missiles are indiscriminately hitting cities in Ukraine and in Israel.” – Reuters
Australia’s Albanese says he will press AUKUS, Indo Pacific security in Trump meeting
SYDNEY – Increasing the number of nuclear powered submarines operated by Australia, Britain and the United States will make the Indo Pacific more secure and was in the United States’ interests, Australian Prime Minister Anthony Albanese said on Monday.
Albanese will meet U.S. President Donald Trump for the first time on Tuesday in Calgary on the sidelines of the G7 meeting, with tariffs and Washington’s snap review of the AUKUS treaty to transfer nuclear submarines to Australia weighing on the talks.
“Having Australia, the United Kingdom and the United States all having increased nuclear-powered submarines, in our case conventionally armed, is something that will make the Indo Pacific area more secure,” Mr. Albanese told reporters in Calgary.
“That is in the interests of the United States,” he added.
Mr. Albanese said he will highlight to Mr. Trump the financial support Australia is providing to the U.S. industrial capacity to build new submarines under AUKUS, the access the U.S. submarine fleet will gain to maintenance yards in Australia, and the existing U.S. military presence in Australia’s northern city of Darwin.
Australia was a trusted U.S. partner in the Pacific region to promote peace and security, he said.
Mr. Albanese has rebuffed a U.S. request to commit to lifting defense spending from 2% to 3.5% of gross domestic product, saying instead Australia would spend what was needed for its defense capability.
Around 10% of Australia’s steel and aluminum is exported to the United States, and Mr. Albanese said he would also raise the issue of Mr. Trump’s tariffs on the sector, which Australia views as “acts of economic self harm”.
“Exports are still going in there, they are just paying more for them,” he told reporters.
Mr. Albanese met with Canada’s Prime Minister Mark Carney on Monday, and said they had discussed Canada’s interest in joining AUKUS’s so-called Pillar Two to develop advanced defense technology.
Australia wants to increase its defense relationships, including with Canada which was a long-term ally with shared values, Mr. Albanese said.
“In an uncertain world what people are looking for is certainty, relationships, trusted relationships, Australia and Canada are just such partners,” he said.
Mr. Albanese will also hold talks with the EU on a proposed defense pact, and seek progress on EU free trade talks.
An annual poll by the Lowy Institute think-tank released on Monday showed falling public sentiment in Australia towards the United States, with 36 per cent of people surveyed saying they trust the United States to act responsibly, a 20-point drop since last year. The poll showed two-thirds of respondents supported AUKUS. – Reuters
Planning a perfect wedding
Cocolife Ambassador shares tips on making a dream-come-true wedding
Weddings mark the beginning of a whole new chapter for couples. The perfect dream-come-true wedding is worth planning, as it is a once-in-a-lifetime event that celebrates the start of their journey together.
Dream weddings are achievable, especially when done right. More than just preparing for a memorable celebration, proper wedding planning is an investment in a couple’s dreams and shared life.
Kiefer Ravena — Filipino professional basketball player of Yokohama B-Corsairs in Japan’s B.League, former Gilas Pilipinas team captain, and Cocolife brand ambassador — recently got married to fiancée Diana Mackey and shares his tips for an efficient wedding planning.
Communicating effectively
First and foremost, effective communication is the cornerstone of successful wedding planning. For couples preparing for their big day, being on the same page is essential to ensure a smooth and enjoyable process. This means openly discussing and aligning each other’s visions, priorities, and expectations for the wedding.
Clear and honest dialogue helps avoid misunderstandings and prevents unnecessary stress. Transparency, active listening, and mutual respect create a strong foundation — not just for planning the event, but for the marriage itself. When differing opinions arise, approach them with understanding and a willingness to compromise. Finding the middle ground that satisfies both partners’ wishes strengthens teamwork and builds a shared sense of ownership over the celebration.
As with any lasting relationship, open and honest communication is not just helpful — it’s essential. It transforms wedding planning from a daunting task into a meaningful journey you navigate together.
Setting goals
Start with clear goals and a shared purpose in mind. Before diving into the details, couples should have an open conversation about their ideal wedding and identify what truly matters most to them. Defining the 4 W’s — what, why, where, and when — helps establish direction and clarity from the start.
Visualizing the celebration through inspiration boards, mood boards, or layout sketches can bring ideas to life and ensure both partners are aligned. Remember, investing in a wedding begins with a meaningful purpose. When guided by clear priorities, every decision becomes intentional — making the experience not only more personal but also financially worthwhile.
Smart financial planning
When planning a wedding, couples also need to consider their finances carefully. Discussing the wedding plan, setting a realistic budget, and defining financial goals are some of the essential steps in financial planning for the wedding. To manage finances efficiently, creating a budget is a must. It helps couples track their finances and make informed decisions throughout the process. Smart and realistic financial choices are a key to a successful wedding celebration.
The role of wedding coordinators
Every wedding is unique, and working with wedding coordinators who understand what a couple wants on their special day can make the planning process much more convenient. A wedding coordinator’s job is to manage the entire process — from planning to the wedding program and reception itself. Hiring a wedding coordinator reduces stress, saves time, and ensures that couples can enjoy their big day freely.
These tips can turn the wedding planning journey into a fun and enjoyable experience. Still, a wedding can become even more meaningful with a lasting gift couples can give themselves — something that goes beyond the celebration.
This is why Kiefer highly recommends Cocolife’s Flexi Investment Plan as an excellent option for couples who are already planning for their once-in-a-lifetime dream wedding together. It combines both investment and life insurance features, so you can start your new chapter feeling confident, protected, and financially prepared. Plus, it’s super flexible — you can customize it to match you and your partner’s lifestyle and future goals as a couple.
The Flexi Investment Plan comes with a range of helpful features designed to support couples at every stage. These include life protection, a mix of diversified investment options, flexible payment and withdrawal terms, opportunities for increased growth, and additional policy benefits. With payment periods from 5 to 20 years and coverage that lasts up to age 100, it’s a smart way to stay financially secure — so you can enjoy planning your wedding and looking forward to your future together with peace of mind.
“As Kiefer faces a new chapter of his life as a husband and father, Cocolife is proud to support his journey towards a secure, comfortable, and fulfilling family life,” said Atty. Martin A. Loon, President and CEO of Cocolife. “This is one of the reasons why we developed the Cocolife Flexi Series — to help couples turn their dreams of a joyful, financially secure married life into reality.”
As we wish Kiefer and Diana all the best in their marriage, Cocolife remains committed to helping couples build better futures together.
To know more about Cocolife’s Flexi Investment and other quality financial products, visit https://www.cocolife.com/products/individual-insurance/.
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Trump says must expand efforts to deport people illegally in US
President Donald Trump on Sunday said efforts to deport people who are illegally in the United States must be expanded, including from cities such as Los Angeles, Chicago and New York, which have seen protests since immigration raids were ramped up.
“I have directed my entire Administration to put every resource possible behind this effort,” Mr. Trump said in a post on his Truth Social social media site.
Mr. Trump did not elaborate on how specifically he intended to ramp up efforts.
The comments come after a week of tension in Los Angeles, where Mr. Trump called in National Guard troops and U.S. Marines to help keep the peace, over the objections of the state’s Democratic Governor Gavin Newsom.
Mr. Trump is carrying out a campaign promise to deport immigrants, employing forceful tactics consistent with the norm-breaking political style that got him elected twice.
Mr. Trump said troops were necessary to quell the protests – a contention that state and local officials dispute.
Mr. Trump’s administration has directed immigration officials to largely pause raids on farms, hotels, restaurants and meatpacking plants, Reuters reported on Saturday, citing an internal email, a senior Trump official, and a person familiar with the matter. – Reuters
SFA Semicon Philippines Corporation notifies the public and stockholders of its increase in Par Value of Common Shares
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BSP to cut rates by 25 bps — poll
THE BANGKO SENTRAL ng Pilipinas (BSP) is expected to cut rates by 25 basis points (bps) this week amid easing price pressures and slowing economic growth.
A BusinessWorld poll conducted last week showed that 15 out of 16 analysts expect the Monetary Board to reduce the target reverse repurchase rate by 25 bps at its policy meeting on June 19.
If realized, this would bring the benchmark rate to 5.25% from the current 5.5%.
Only one analyst, Ateneo Center for Economic Research and Development Director Ser Percival K. Peña-Reyes, expects the BSP to keep rates unchanged.
Analysts said the inflation downtrend and weaker-than-expected growth in the first quarter gives the central bank room to continue its easing cycle.
“A lower-than-expected Philippine inflation trajectory, a stronger local currency, high real rates, and uncertainty over global growth reinforce our view that monetary policy easing is far from over,” ING Bank said.
HSBC economist for ASEAN Aris D. Dacanay said he previously forecasted a pause in June “to be mindful of the Fed’s preference of taking its time,” but now expects a 25-bp rate cut on Thursday.
“Due to low inflation over the past two months and slow growth in 1Q 2025, we now expect the BSP to cut its policy rate by 25 bps to 5.25% (on June 19),” he said.
Inflation cooled to an over five-year low of 1.3% in May, as utility costs rose at a slower pace. This brought the five-month average to 1.9%, slightly below the BSP’s 2-4% target band.
“Easing inflation offers relief to consumers and businesses that grappled with elevated prices from 2022 until the first half of last year,” Moody’s Analytics economist Sarah Tan said.
ANZ Research said the outlook for inflation “remains benign amid softer global commodity prices.”
“Given how retail rice prices haven’t plunged as low as global rice prices did, there is still room for food and overall inflation to remain subdued throughout the rest of 2025,” Mr. Dacanay said.
In May, rice inflation continued its downtrend, falling to 12.8% from the 10.9% decline in April.
Metropolitan Bank & Trust Co. Chief Economist Nicholas Antonio T. Mapa said he expects inflation to be “target consistent” for this year, 2025 and 2026.
The central bank slashed its risk-adjusted inflation forecasts to 2.3% in 2025 from 3.5% previously; and 3.3% in 2026 from 3.7% previously. It also now expects inflation to average 3.2% in 2027.
BELOW-TARGET GROWTH
Angelo B. Taningco, chief economist of Security Bank, said below-target gross domestic product (GDP) growth in the first quarter, as well as the strong peso, are some of the factors the BSP will take into consideration for this week’s decision.
Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco said he expects a rate cut this week “with GDP growth still struggling to engineer a material pickup.”
The Philippine economy expanded by an annual 5.4% in the first quarter, slightly faster than the 5.3% growth in the fourth quarter of 2024 but slower than the 5.9% pace in the same quarter last year.
This was also below the government’s 6-8% growth target band for the year.
“We think this slowdown adds pressure on the BSP to hasten its easing cycle. This is because a policy rate cut can help shore up the country’s services exports (or exports in general) by improving the peso’s competitiveness vis-à-vis other currencies,” Mr. Dacanay said.
Reinielle Matt M. Erece, Oikonomia Advisory & Research, Inc. economist, said the peso’s recent strength gives the BSP some headroom to cut rates ahead of the US Federal Reserve.
The local unit closed at P56.21 per dollar on Friday, falling by 32.5 centavos from its P55.885 finish on Wednesday, Bankers Association of the Philippines data showed.
This was the peso’s weakest finish in more than a month or since its P56.42 close on April 28. It was also the first time the local currency breached the P56-per-dollar level since ending at P56.145 on April 29.
Year to date, the peso has gained by P1.635 from its P57.845 close on Dec. 27, 2024.
Ms. Tan said the recent stabilization of the peso will “provide an additional nudge to the decision-making process.”
“Continued monetary easing would play a vital role in supporting the domestic economy amid a complex external environment. While negotiations with the US to lower reciprocal tariffs are ongoing, the outcome remains uncertain,” she said.
Maybank Investment Banking Group Economics Research said further rate cuts will also help shield the country’s economy against global growth uncertainties and tariff-related risks.
OUTLOOK
Analysts expect the BSP to lower borrowing costs further this year as inflation remains under control.
“Given the manageable inflation outlook, we think the BSP will lower the policy rate by another 50 bps by (third quarter) 2025 bringing the terminal rate to 5%,” ANZ Research said.
Oikonomia’s Mr. Erece said the BSP could cut rates by 50-75 bps more this year in 25-bp increments to avoid extreme foreign exchange fluctuations.
“A rate cut, more than its impact on borrowing costs, is also a signal to the markets that the central bank is confident that inflation is well under control,” he said.
Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said the BSP could hold borrowing costs steady at its Aug. 28 meeting.
“To avoid the need for an abrupt policy reversal, BSP will likely keep the policy rate above 5% before the end of this year and well above 4% through 2026. Risks include a spike in global oil prices, global tariff policy uncertainty, US stagflation, local wage hikes and other potential risks to a rise in local inflation expectations,” he said.
BSP Governor Eli M. Remolona, Jr. previously said the Monetary Board could cut rates twice in increments of 25 bps for the remainder of the year. — A.M.C. Sy
Current account gap further widens in Q1
THE PHILIPPINES’ current account deficit (CAD) ballooned to $4.25 billion in the first quarter amid a larger trade gap, the central bank said.
Data from the Bangko Sentral ng Pilipinas (BSP) showed that the current account deficit surged by 105% to $4.25 billion in the first quarter from $2.07 billion in the same period a year ago.
This brought the CAD as a share of gross domestic product (GDP) to 3.7% in the January-to-March period, larger than the 1.9% in the same quarter in 2024.
“This development reflected the widening merchandise trade gap, as import spending grew faster than export earnings,” the BSP said in a statement dated June 13.
“The increase in the current account deficit also resulted from the contraction of net revenues from trade in services due to lower transport services receipts and increased outbound travel spending,” the central bank said.
However, this was partly tempered by higher remittances from overseas Filipino workers.
Cash remittances rose by 2.7% to $8.44 billion in the January-to-March period, while personal remittances went up by 2.7% to $9.4 billion in the first quarter.
The central bank expects the current account deficit — which covers transactions involving goods, services, and income — to reach $19.8 billion or -3.9% of economic output in 2025.
TRADE IN SERVICES
Data from the BSP showed net receipts from trade in services stood at $3.3 billion in the first quarter, down 9.3% from $3.7 billion in the same period last year.
This came as service exports slipped by 1.5% annually to $12.56 billion in the first quarter, while imports rose by 1.7% to $8.92 billion.
“The decline in receipts was mainly due to lower earnings from transport services (from $1.1 billion to $755 million), and technical, trade-related, and other business services (from $5.5 billion to $5.4 billion),” the BSP said.
Earnings from insurance and pension services dropped by 9.8% to $16 million, while those from construction fell by 25.7% to $14 million.
On the other hand, receipts from exports of telecommunications, computer and information services rose by 8.8% to $1.92 billion, manufacturing services on physical inputs owned by others went up by 0.6% to $980 million, and travel up by 0.2% to $2.89 million.
Earnings from exports of financial services went up by 72.6% to $128 million, personal, cultural, recreational services by 5.3% to $63 million, and charges for the use of intellectual property surged by 1,469.5% to $8 million.
Exports of technical, trade-related, and other business services as well as computer services include earnings from business process outsourcing (BPO)-related transactions.
The BSP estimated that BPO export revenues, including computer and other business services reached $7.2 billion in the first quarter, up 1.3% from $7.1 billion in the same period last year.
The services industry is a key growth driver of the Philippine economy.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the wider current account deficit “largely reflects the wider trade deficit/net imports” amid the uncertainty surrounding the US tariff policy.
Mr. Ricafort noted the Trump administration’s higher tariffs and trade wars could “slow down global trade, investments, employment, and overall world GDP growth.”
The US slapped the Philippines with a 17% reciprocal tariff, but this has been on hold until July. A 10% baseline tariff remains in effect.
“The widening of current account deficit was mainly driven by the persistent trade deficit, as merchandise imports continued to outpace exports despite modest growth in outbound shipments,” Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said in a Viber message.
The country’s trade-in-goods deficit grew by 14.7% year on year to $16.8 billion in the first quarter from $14.7 billion, as the growth of imports outpaced exports.
However, analysts warned on the escalating attacks between Israel and Iran that could bring more uncertainty, particularly in global crude oil prices.
“Israel-Iran is a source of uncertainty in terms of volatility in global crude oil prices near 4-month highs, as the Philippines imports almost all of its oil,” Mr. Ricafort said.
In the coming months, Mr. Rivera said current account deficit will likely balloon in the short term, if oil prices remain high or if the peso weakens further and makes imports more expensive.
He noted steady growth in services receipts, remittances, and BPO revenues may help cushion the pressure.
“The trajectory will depend on external demand, import growth, and how global trade conditions including the evolving US-China dynamics play out. A wider deficit, if not offset by stable financing inflows like FDIs (foreign direct investments) or portfolio investments, could add strain on the PHP and forex (foreign exchange) reserves,” Mr. Rivera said.
Meanwhile, primary income rose to $1.5 billion in the first quarter, up 14.6% from $1.3 billion in the same period last year.
CAPITAL ACCOUNT
Meanwhile, the capital account posted a $23-million surplus in the first quarter, wider than the $17 million in the same period last year.
“The surplus was driven by gross disposals of non-produced nonfinancial assets amounting to $4 million, compared with $1-million gross acquisitions in Q1 2024,” the BSP said.
The financial account net inflows amounted to $6.7 billion in the first quarter, up 43.2% from the $4.6-billion net inflows in the same period a year earlier.
“This stemmed mainly from the notable increase in net inflows in the direct and other investment accounts, alongside sustained inflows in the portfolio investment account,” the central bank said.
In the January-to-March period, net inflows of direct investments surged by 179.5% to $1.8 billion.
For portfolio investments, net inflows inched up by 0.4% to $978 million in the first quarter.
Meanwhile, net inflows of other investments expanded by 31.1% to $3.9 billion in the first quarter.
On the other hand, the Philippines’ gross international reserves (GIR) reached $106.7 billion as of end-March 2025, higher than the $104.1-billion level in the same period a year ago.
“At this level, the reserves adequately covered 7.2 months’ worth of imports of goods and payments of services and primary income. It was also equivalent to 3.3 times the country’s short-term external debt based on residual maturity,” the central bank said.
The central bank noted that the GIR are foreign assets that are mostly in foreign-issued securities, gold, and foreign exchange. — ARAI
Capital req’ts under SEC crypto guidelines may discourage small players
By Revin Mikhael D. Ochave, Reporter
THE NEW GUIDELINES of the Securities and Exchange Commission (SEC) on crypto-asset service providers (CASPs) might discourage smaller players due to steep capitalization requirements.
Corporations interested in becoming CASPs should register with the corporate regulator and must have a minimum paid-up capital of at least P100 million in cash or property, excluding crypto-assets, based on SEC Memorandum Circular No. 5 that contained guidelines on the operations of CASPs.
Under the rules, a corporation is required to show proof that it has met the minimum capital requirement and that it has sufficient financial resources to “ensure that the business is resilient.”
A corporation also needs to apply for a license with the SEC to operate as a CASP.
Jiro Luis S. Reyes, chief executive officer at crypto education platform Bitskwela, said the capital requirement is “overregulation.”
“The P100-million capitalization required for CASPs stands as a major problem for most builders in the Philippines. This is overregulation in my opinion. There should be tiers to this at the very least,” he said in a Viber message.
“Since the CASP rules cover any CASP, this could technically mean that anyone who wants to build a homegrown Pinoy Web3 product would need to meet the P100 million,” he added.
Mr. Reyes said the high capitalization requirement might push smaller Filipino companies to consider establishing their platform in other countries.
“This would probably mean that Filipino builders would just choose different markets or countries to launch in, resulting in less innovation for us,” he said.
“Larger players will have an easier time penetrating the market — there are clearer rules now, which work in their favor. But for smaller players and communities, it feels like a loss. There’s not much upside for them at this stage,” he added.
Arlone P. Abello, founding chairman of the Innovative Movement of the Philippine Association of Crypto Traders, recommended a differentiated approach on the CASP registration requirements depending on the size of the corporation.
“These requirements ensure operational accountability but could be more challenging for early-stage startups with limited resources. A differentiated approach may help support innovation while upholding oversight,” he said in a Viber message.
INVESTOR PROTECTION
At the same time, Mr. Abello said the SEC should also consider releasing rules on anti-manipulation and insider trading to boost investor protection.
“These are important investor protection measures, and their reintroduction via future rules or guidance may be helpful.” he said. “This will supplement the current framework and align with international investor protection standards.”
Mr. Abello also suggested improved coordination among regulators such as the SEC, Bangko Sentral ng Pilipinas, and the Department of Information and Communications Technology to boost compliance.
“There should also be enhanced coordination among relevant regulators to ensure a harmonized compliance environment, especially for multi-layered business models,” he said.
In terms of investor education, Mr. Abello suggested a voluntary certification system for crypto educators to help differentiate educational content from promotional activities.
He also urged the creation of a public portal where applicants and stakeholders can access guidance on registration steps, obligations, and key timelines.
Meanwhile, GCash Vice-President & Group Head for New Businesses Winsley Royce Bangit said in a Viber message that the move to regulate CASPs will help build trust, protect consumers, and legitimize the industry.
“Clear regulatory guidelines create a more stable environment for innovation and allow responsible players like us to grow sustainably while ensuring user security,” he said.
The GCash app offers the GCrypto cryptocurrency trading platform that allows users to buy, sell, and manage cryptocurrencies. GCrypto has 2.7 million users, and 48 cryptocurrencies offered as of the first quarter.
The SEC’s guidelines also require corporations to submit various documents such as a business plan, a written description of the software and hardware components, business conduct rules, and listing and delisting standards for admission of crypto-assets to trading.
The SEC said that an estimated $40 billion worth of cryptocurrency value was received by the Philippines from July 2023 to June 2024, citing data from the 2024 Geography of Crypto Report of Chainalysis.
“The Philippines is experiencing a widespread adoption of crypto-assets. The continued growth and development of new crypto-asset markets, services, and business models relies on clear, proportionate, and robust regulatory frameworks, which can ensure that markets are fair, efficient, and transparent,” the SEC said.
In April, the SEC opened the applications for participation in the strategic sandbox for CASPs. The sandbox provides a controlled environment where CASPs can test and pilot their products.
EY GDS Philippines strengthens talent development through academic partnerships
EY Global Delivery Services (EY GDS) Philippines has formalized partnerships with leading academic institutions to help bridge classroom learning and industry practice, aiming to equip students and young professionals with practical experience and future-ready skills.
In its most recent initiative, EY GDS Philippines signed a Memorandum of Understanding with the Asian Institute of Management (AIM), establishing collaborative programs that include internships, curriculum development support, and career-building activities. Both organizations share a common goal to supplement the learning of AIM students and graduates with real-world business experiences, helping them apply classroom knowledge to potential career opportunities.
“Our commitment to knowledge-sharing and upskilling is unwavering. Through this collaboration, our professionals in Consulting, Assurance, Tax, Strategy and Transactions and Managed Services will engage in curriculum development, guest lectures, training sessions and industry talks. We believe that by sharing our experience, we can help shape the next generation of leaders and innovators in the workforce,” said EY GDS Philippines Location Leader Dench Decino.
EY GDS Philippines and AIM intend to enhance graduate hiring initiatives, provide valuable internship opportunities and facilitate career fairs that connect aspiring professionals with industry practitioners.
San Beda University (SBU), also in collaboration with EY GDS, recently held its highly successful local edition of the GDS Digiversity program with Accounting and Managerial Accounting students. Through this initiative, Filipino students received training in leading-edge technologies like Microsoft Power BI and Excel VBA Programming.
The program featured hands-on exercises applying learned concepts through real-world scenarios, collaborative learning and problem-solving group work to enhance teamwork skills and presentation opportunities to develop communication abilities.
As part of the program, SBU students also visited the GDS Philippines Manila office, giving them a glimpse into the professional services world and a potential workplace after graduation.
Karthik Bhaskaran, EY GDS Philippines assurance leader, emphasized the importance of these academic collaborations: “Teaming up with these institutions is fundamental to our mission as an organization to bridge the gap between academe and industry. Through this effort, we are creating meaningful pathways for students to develop practical skills while giving them exposure to real industry challenges. This collaborative approach likewise strengthens the overall quality of professional services in the country.”
SparkUp is BusinessWorld’s multimedia brand created to inform, inspire, and empower the Philippine startups; micro, small and medium enterprises (MSMEs); and future business leaders. This section will be published every other Monday. For pitches and releases about startups, e-mail to bmbeltran@bworldonline.com (cc: abconoza@bworldonline.com). Materials sent become BW property.
UNDP: AI can steer human development and inclusive growth in the Philippines
The United Nations Development Programme (UNDP) Philippines, in partnership with the Philippine Human Development Network (HDN), successfully held the Philippine launch of the 2025 Global Human Development Report (HDR) at the Securities and Exchange Commission (SEC) Headquarters in Makati City.
With this year’s report titled “A Matter of Choice: People and Possibilities in the Age of AI,” the launch brought together government officials, industry leaders, private sector representatives, academics, and civil society representatives to discuss how artificial intelligence (AI) can be a tool for inclusive and sustainable human development.
The 2025 HDR, first unveiled globally in May in Brussels, emphasizes the growing role of AI in reshaping economies and societies. It calls for deliberate choices to ensure that AI technologies empower people, narrow inequalities, and support development goals, particularly in developing countries like the Philippines.
During the launch, Dr. Selva Ramachandran, UNDP Philippines resident representative, noted: “At its core, the HDR is a call to action for governments, businesses, communities, and individuals to make deliberate choices about how AI is designed, used, and governed. If we make the right choices today, AI could become a force and an engine for freedom, opportunity, and progress, not just for a few, but for everyone.”
Dr. Philip Arnold Tuaño of the HDN, Commissioner Javey Francisco of the SEC, and Hon. Reynaldo Cancio from the Department of Economy, Planning, and Development (DEPDev) also delivered opening remarks, underscoring the importance of inclusive innovation and robust policy frameworks.
“This year’s launch of the HDR comes at a pivotal moment. While the promise of AI grows even more visible, we are reminded that the path of progress is not inevitable. It is a matter of human choice and governance. This report highlights how AI can be harnessed to enhance human capabilities, rather than diminish,” noted Dr. Tuaño in his opening message.
Through digital transformation, the SEC is building a culture of transparency, measurable accountability, and ongoing performance enhancement. Commissioner Francisco highlighted that the SEC: “sees AI playing a growing role in our work — improving our ability to detect fraud, assess risk, and promote financial inclusion. AI can help us direct capital toward sustainable enterprises, enhance market integrity, and protect investors more effectively than ever before.”
The highlight of the event was a presentation of the HDR 2025 findings by Mohamed Shahudh, UNDP Philippines Economist, followed by a panel discussion titled “Shaping the AI Agenda for Human Empowerment and Inclusive Growth in the Philippines.”
The speakers explored the potential of AI to boost productivity, improve public services, and create new economic opportunities — while also addressing the risks of exclusion, job displacement, and uneven access to digital resources. Panelists stressed the need for forward-looking investments in education, research and development, and AI governance.
A recent IMF study cited during the event revealed that while one-third of Filipino workers are highly exposed to AI, 61% of those jobs could benefit from AI-enhanced productivity, particularly among young, urban, and college-educated workers.
The open forum that followed enabled participants to engage directly with the panelists on issues ranging from AI adoption in education and health to its implications for gender equity and development.
The 2025 HDR highlights that the Philippines, while making gains in its Human Development Index (HDI) — which rose to 0.720 in 2023 — continues to face challenges from inequality and climate vulnerability. The report argues for a pivot toward AI-augmented human development, where AI serves as a complement to human capabilities rather than a replacement.
The full report is available at https://hdr.undp.org.
SparkUp is BusinessWorld’s multimedia brand created to inform, inspire, and empower the Philippine startups; micro, small and medium enterprises (MSMEs); and future business leaders. This section will be published every other Monday. For pitches and releases about startups, e-mail to bmbeltran@bworldonline.com (cc: abconoza@bworldonline.com). Materials sent become BW property.