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Protecting every saver: How depositing in banks can help you secure your money — and your goals

Year after year, millions of Filipinos make the difficult decision to leave their families or loved ones behind for a chance of earning more and provide them with a better life. Mothers and fathers lose the opportunity to watch their children grow, while young adults or single Filipinos are thrust into the role of becoming breadwinners.

According to data from the Philippine Statistics Authority (PSA), the number of Overseas Filipino Workers (OFWs) from April to September 2023 was estimated at 2.16 million, an increase of 9.8% compared to the 1.96 million estimate in 2022.

Miguel, who has been abroad for close to eight years, narrated that he was able to move to the US with the help of a relative who was already a green card holder. “Hindi madali ang magsimula sa ibang bansa. Kinailangan ko tumanggap ng dalawa o tatlong trabaho para may sapat na maipadala kay mama at mga kapatid ko na nag-aaral pa (Starting my life here in the US was not easy. I needed to do two to three jobs at a time so I can earn enough money to send back home to my mother and siblings who were still studying).”

After years of living the so-called “American dream,” Miguel realized that he had his own dreams to fulfill. He started looking for a more stable job and opened a savings account for his personal goals.

This is a common tale among several Filipinos working abroad: family comes first, while personal goals get second priority.

He shared, “Hindi masamang tumulong sa pamilya, pero kailangan din natin isipin ang sarili natin at yung mga gusto natin ma-experience o ma-achieve, ‘di ba? Kaya ipon-ipon din (There’s nothing wrong with helping your family, but we also need to think of ourselves and the things we wish to experience or achieve, right? So, we also need to save money whenever we can).”

Google Trends data showed that in 2024, the search term “savings account” generated an average of 79 searches per week in the Philippines, or up by 6% compared to the 74 weekly searches on average in 2023. Related queries included interest rates, requirements, and maintaining balance. The data suggests that more Filipinos may have considered opening a savings account in 2024 than the year before it.

Saving in banks for future goals is a smart and wise way to ensure that money is kept safe, especially with the Philippine Deposit Insurance Corporation (PDIC) around. The PDIC is a government instrumentality with a unique function of safeguarding the interest of the depositing public by providing insurance coverage on all insured deposits.

The increased maximum deposit insurance coverage (MDIC) of P1 million took effect on March 15, 2025. This increase in the MDIC is seen to help Miguel and several other Filipinos even more in building trust in the banks and in encouraging them to save more in banks.

Whether it is saving for an immediate need or a future dream, depositors can have the peace of mind that their money is now better protected if they choose to save it in banks.

“Ang maganda pag sa bangko nag-iipon ay less yung worry na baka manakaw ang pera. At masarap din sa pakiramdam na nakikita mong unti-unting lumalaki ang pera sa bangko at yung thought na malapit ko na ma-reach ang target ko (The good thing about saving money in banks is that you don’t need to worry about your money being stolen. Aside from that, it also feels good to see your savings grow and know that you are close to reaching your target),” Miguel concluded, highlighting that saving in banks not only protects our money, but also our personal goals.

 

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ASEAN cooperation for food security — 2

STOCK PHOTO | Image by zirconicusso from Freepik

(For reasons of timeliness, two columns on ASEAN food security have preempted the scheduled second part of Mr. Villegas’ AI series which will resume on June 25. — Ed.)

On June 24 to 27, some 45 businesspeople, entrepreneurs, academics, and research personnel will travel to Ho Chi Minh on an Agribusiness Road Show to promote greater trade, investment, technology transfer, and academic and research cooperation between these two ASEAN countries. Impressed by the fact that Vietnam surpassed the Philippines in GDP per capita four years ago and is now a high-middle income economy ahead of us, the members of the Philippine delegation expressed interest to the staff of the Center for Food and Agribusiness (CFA) of UA&P in observing Vietnamese best practices in agribusiness. The record of Vietnam in reducing poverty in rural areas and in exporting large volumes of high-value agricultural products like rice, coffee, durian and other high-value fruits as well as seafood products has caught the attention of many of their ASEAN neighbors, including Filipinos.

For this reason, the CFA has arranged for an agribusiness tour of the surroundings of Ho Chi Minh with the help of some Department of Trade and Industry officials of the Philippines, as well as some private Vietnamese business people engaged in the agribusiness sector, starting with those who are active in the booming rice trade between the two countries.

It is well known that Vietnam is one of the largest exporters of rice to the Philippines. The Philippine delegation includes the CEOs of large Philippine conglomerates that are actively investing in commercial plantations, like Isidro Consunji, Chair of the DMCI group, one of whose subsidiaries, the DACON group, is heavily investing in plantations of palm oil in Mindanao and Negros Occidental. Another CEO in the delegation is Lina Fernandez, President of the Benguet Corp., a top mining company that is diversifying into agribusiness by investing in large-scale coconut farming in Samar.

It is notable that there has been a change in perception among large corporations concerning the attractiveness of the agribusiness sector. For many years, leading Philippine banks were notorious for paying hundreds of millions of pesos in penalties to the Government rather than devoting part of their portfolio to the required investment in Agri-Agra projects. Today, thanks to the highest priority being assigned to food security by the Marcos Jr. Administration (and a very street smart and effective Secretary of Agriculture like Francis Tiu Laurel), there is an increasing number of conglomerates that are investing long-term capital in agribusiness ventures. In addition to the DMCI and Benguet groups, the First Pacific group of Manny Pangilinan is investing heavily in dairy, coconut, and other high-value products, and the group of Sito Lorenzo is becoming very bullish over the bamboo industry.

The delegation of about 45 who will join the road show includes some medium-sized corporations that are in high-technology agribusiness ventures like Santeh Feeds Corp. whose CEO, Philip Ong, is joining the road show. Another high-tech medium-sized firm that is part of the delegation is Infarmco, a hog-breeding enterprise led by Tony Ng. The rest of the delegation is made up of SMEs engaged in one link or another of the agribusiness value chain, from farming to cold storage, logistics, consulting, finance, and marketing. Whether large or small, the Philippine enterprises joining the delegation will be in search of lessons from the experiences of Vietnam over the last three decades or so.

At the macro level, all of us will be interested in seeing how that country has been able to accomplish the feat of growing its agriculture sector at an average of 3% to 4% per annum over at least the last 20 years, in contrast with the Philippines’ very poor performance of a little over 1% annually. In fact, over the last 10 years, we have actually experienced more negative figures than positive ones in agriculture on a quarter-to-quarter basis.

Then at the industry level, great interest will be focused on the success stories of rice, coffee, pepper, cashew, durian and other high-value fruit products, as well as aquatic products.

A very important question that the Philippine observers should ask their Vietnamese counterparts is how their admirable success in improving the productivity of their agricultural sector was made possible, despite the fact that their farms — like those of the Philippines — are still highly fragmented. In Vietnam, farms are generally small, with an average size of 0.4 hectares. Many of their farms are family owned and managed. This fragmentation is further complicated by the fact that many farmers own multiple small, noncontiguous plots of land, making consolidation and economies of scale even more difficult. One can conclude that the Vietnamese Government has been much more successful in helping their millions of small farmers improve their productivity in such crops as rice, coffee, pepper, cashew, etc. despite the handicap of fragmentation. The answers to this question should be brought back by the Philippine delegation so that they can communicate them to our government officials involved in the agricultural sector.

The Philippine farming scene is now being characterized by a bifurcation into two sectors with contrasting farm sizes. There is still the predominant small-farm sector which is no different from the Vietnamese case of very small sizes, i.e., from 0.4 to two hectares. This is especially true in the coconut, corn, livestock, and vegetable sectors in the Philippines. An increase in productivity among these millions of small farms will not happen without the primordial role of the State. That is where we should learn from the Vietnamese Socialist Government.

Then there is the slowly developing sector of larger commercial farms which are being consolidated, despite great political odds, following the earlier examples of banana and pineapple plantations — the Philippines succeeded in becoming one of the largest exporters of those fruits in the ASEAN. There is hope that we can replicate this success with other crops — like bamboo, mangoes, coffee, cacao, palm oil, pili, and avocado — through land consolidation using the cooperative mode, the nucleus estate model of Malaysia, and the conversion of denuded forests leased from the Department of Natural Resources into commercial crop plantations.

In fact, a resource person invited to address the Philippine delegation going to Vietnam is Christian Moeller, whose Lionheart Farm in Rizal, Palawan successfully combined these three modes of land consolidation to arrive at a 3,000-hectare coconut plantation producing high-value coconut products. It would be of great interest for the Philippine delegation to ask their Vietnamese counterparts if, especially in the case of the coffee success story, the Vietnamese Government had allowed the consolidation of small farms into larger units of thousands of hectares to permit mechanization, digitalization, and other forms of technological innovation.

If the Marcos Jr. Administration is to achieve the goal of the agricultural sector growing by at least 3% annually towards the end of its term, we must first learn how to help the small farmers make more productive use of their miniscule farms.

Realistically, however, this is geared towards the most important objective of reducing poverty. A quantum leap in productivity can only be achieved through the application of advanced technology and modern farm practices to larger commercial plantations. Fortunately, there are now big businesses that are willing to risk long-term capital in the large-scale growing of crops, many of them for export. We may even get the Maharlika Investment Fund to take an interest in this sector.

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Doctor to plead guilty to supplying ketamine to Friends star Matthew Perry

Matthew Perry in Friends. — IMDB

A CALIFORNIA doctor charged in the overdose death of Friends star Matthew Perry has agreed to plead guilty to four counts of illegal distribution of the drug ketamine, according to a court filing on Monday.

Salvador Plasencia, who operated an urgent care clinic in Malibu, faces up to 40 years in prison, according to a statement from prosecutors. He is expected to enter the guilty plea in the coming weeks.

Mr. Plasencia was one of five people charged in the death of Mr. Perry at age 54. An autopsy found the actor died from acute effects of ketamine and other factors that caused him to lose consciousness and drown in his hot tub in October 2023.

Ketamine is a short-acting anesthetic with hallucinogenic properties. It is sometimes prescribed to treat depression and anxiety but also abused by recreational users.

In the plea agreement, Mr. Plasencia admitted to injecting Mr. Perry with ketamine at the actor’s home and in a Santa Monica parking lot in the weeks before his death, in exchange for thousands of dollars, and that it was “not for legitimate medical purposes.”

Mr. Plasencia obtained the ketamine from another doctor, Mark Chavez of San Diego. According to earlier court filings, Mr. Plasencia texted Mr. Chavez about Mr. Perry, saying “I wonder how much this moron will pay.”

Mr. Chavez and two other defendants already have pleaded guilty in the case. None has yet been sentenced.

A fifth defendant, Jasveen Sangha, whom authorities said was a drug dealer known to customers as the “ketamine queen,” has been charged with supplying the dose that killed Mr. Perry. She has pleaded not guilty and is scheduled to go on trial in August.

Mr. Perry had publicly acknowledged decades of substance abuse, including during the years he starred as Chandler Bing on the hit 1990s television sitcom Friends. — Reuters

SEC chief vows stricter AML rules post-EU delisting

FRANCISCO ED. LIM — THE SECURITIES AND EXCHANGE COMMISSION/BW FILE PHOTO

THE Securities and Exchange Commission (SEC) will strengthen measures to combat money laundering and terrorism financing in the corporate sector following the Philippines’ removal from the European Commission’s (EC) list of high-risk jurisdictions, its chairperson said.

“As the overseer of the corporate sector and the capital market, the SEC will continue adopting best practices in anti-money laundering and counter-terrorism financing (AML/CFT) regulation, in line with global standards, to ensure that the corporate vehicle will not be used for illicit funding,” SEC Chairperson Francis Ed. Lim said in an e-mail statement on Tuesday.

Last week, the EC removed the Philippines from its list of jurisdictions with “strategic deficiencies” in their AML/CFT frameworks. The delisting follows the country’s exit from the Financial Action Task Force’s (FATF) “gray list” in February.

“The SEC welcomes the Philippines’ exit from the EC list of high-risk jurisdictions. This milestone emphasizes the country’s strong commitment to ensuring the integrity of the financial and corporate sectors, making the country a more attractive hub for investors,” Mr. Lim said.

The SEC has implemented reforms aimed at improving transparency in beneficial ownership disclosures and the registration of non-profit organizations (NPOs).

Earlier this month, the SEC launched the Hierarchical and Applicable Relations and Beneficial Ownership Registry (HARBOR) online platform, which allows for more efficient and reliable sharing of beneficial ownership information with businesses, regulators, and government agencies.

In 2019, the SEC mandated companies to disclose beneficial ownership data in their general information sheets. In 2021, the commission also prohibited the issuance and sale of bearer shares and bearer share warrants to further curb the use of corporations for illegal activities.

As a result of these reforms, nearly 8,000 NPOs have registered with the SEC since 2021.

To enhance regulation of the digital finance space, the SEC recently issued Memorandum Circular Nos. 4 and 5, Series of 2025, which outline the rules and operational guidelines for crypto-asset service providers.

The rules are designed to uphold investor protection while supporting innovation in financial products. They also form part of the SEC’s broader initiative to tighten AML/CFT compliance among financial entities under its supervision, including brokers, dealers, lending and financing companies, and other securities intermediaries. 

“Necessary systems and measures are already in place. The SEC will remain proactive in ensuring that these are strictly implemented and complied with, to prevent the country’s relisting and to foster a sound business environment where companies can thrive,” Mr. Lim said. — Revin Mikhael D. Ochave

Gov’t partially awards reissued 10-year bonds at higher yields

BW FILE PHOTO

THE GOVERNMENT made a partial award of the reissued 10-year Treasury bonds (T-bonds) it auctioned off on Tuesday as investors asked for higher rates amid global market volatility due to geopolitical concerns.

The Bureau of the Treasury (BTr) raised just P27.603 billion from its offering of reissued 10-year bonds, below the P30-billion plan, even as total bids reached P55.422 billion or nearly twice the amount placed on the auction block.

This brought the total outstanding volume for the series to P367.6 billion, the Treasury said in a statement.

“The average yield for the security… was capped at 6.428% due to muted market demand and higher submitted bid rates,” it said.

The bonds, which have a remaining life of nine years and 10 months, were awarded at an average rate of 6.428%. Accepted bid yields ranged from 6.375% to 6.45%. 

The average rate for the reissued papers rose by 20.2 basis points (bps) from the 6.226% fetched for the series’ last award on May 20 and was also 5.3 bps higher than the 6.375% coupon for the original issuance.

This was likewise 4.8 bps above the 6.38% quoted for the 10-year bond and 2 bps higher than the 6.408% seen for the same bond series at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

The government opted to make a partial award of its T-bond offer on Tuesday as “bid rates are too high considering the expected rate cut on Thursday,” a trader said in a text message.

The Bangko Sentral ng Pilipinas (BSP) is widely expected to deliver a second straight 25-bp rate cut at its policy meeting on Thursday amid cooling inflation.

A BusinessWorld poll showed that 15 out of 16 analysts see the Monetary Board reducing the target reverse repurchase rate by another 25 bps to 5.25% at this week’s review from the current 5.5%.

The BSP in April resumed its easing cycle with a 25-bp cut following a surprise pause in February amid uncertainties stemming from the Trump administration’s trade policies.

The Monetary Board has now reduced borrowing costs by a total of 100 bps since beginning its easing cycle in August 2024. BSP Governor Eli M. Remolona, Jr. has said that they may cut rates two more times this year in “baby steps” or increments of 25 bps amid a benign inflation outlook.

“The 10-year Treasury bond average auction yield was higher, … largely attributed to the Israel-Iran attacks that led to higher global crude oil prices and a higher US dollar-peso exchange rate, both of which could lead to some pickup in import prices and overall inflation,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Comparable US Treasury rates were also higher due to the conflict in the Middle East, he added.

Oil prices rose on Tuesday as fighting between Israel and Iran entered its fifth day, sowing fears of a broader regional conflict, Reuters reported.

US President Donald J. Trump urged everyone to evacuate Tehran and cut short his visit to the Group of Seven summit in Canada, while a separate report said he had asked for the National Security Council to be prepared in the situation room.

The developments sparked a wave of risk-off moves in which S&P 500 futures fell 0.4% and European futures dropped 0.7%.

Crude prices were last up 0.7% at about $73 a barrel, after having briefly jumped more than 2% earlier in the session.

Heightened uncertainty drove investors to traditional safe-haven assets. US Treasury yields rose after initially falling on the reports of Iran’s outreach to Israel, with the 10-year notes yielding 4.452% from 4.424% late on Friday.

Markets fear that conflict between Tel Aviv and Tehran could spill over into the oil-rich Middle East, though no disruptions have been reported yet. Oil markets’ reactions have been the most volatile, while stocks and currencies have been more guarded.

The air war between Iran and Israel, the longtime enemies’ biggest battle ever, escalated on Monday, with Israel targeting Iran’s state broadcaster and uranium enrichment facilities.

The BTr wants to raise P230 billion from the domestic market this month, or P100 billion through Treasury bills and P130 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy with Reuters

Promise, perception, and the pressure to perform

PHILIPPINE STAR/NOEL B. PABALATE/PPA POOL

The first three years of the Marcos Jr. administration are drawing to a close. To say that the first half of his term has been politically noisy would be an understatement. The specter of the impeachment trial of Vice-President Sara Duterte — and the distraction and division it could potentially give the nation — looms large in the horizon. The partnership of the team that promised the nation “unity” during the 2022 campaign has been found flimsy and is now unraveling.

Beyond the noise, however, lie basic realities.

The Filipino people are predominantly preoccupied with economic concerns. Their top concern is whether they would be able to put food on the table and provide a decent quality of life for their families. More than half, or about 55% of Filipino families, continue to rate themselves as poor, while 19.1% of Filipino families experience involuntary hunger, according to the survey report released by the Social Weather Stations (SWS) last April.

Meanwhile, according to Pulse Asia Research, Inc. in April, seven out of 10 Filipinos or 70% remain greatly concerned with controlling inflation. 34% are concerned about increasing the pay of workers, while 26% are concerned about creating more jobs. Meanwhile, 67% do not really feel the decrease in the price of rice, based on the survey conducted by the same research firm last March.

Because of these concerns and the perceived inadequacy of action on the part of the Executive branch, President Ferdinand “Bongbong” Marcos, Jr.’s trust ratings have dipped, according to an SWS survey, from 64% in July 2024 to 38% in May 2025. This is also evident in the decrease of the approval ratings of the Filipinos towards the Marcos administration’s performance in addressing the top national issues, particularly inflation, according to a survey conducted by Pulse Asia in March.

More than the surveys, the results of the May 2025 elections reflect the people’s discontent over the administration’s direction and its handling of the people’s top concerns. Just five out of the 11 administration-backed senatorial candidates successfully secured a seat in the coming 20th Congress.

Perception and reality can be two different things, however.

It is also important to highlight that despite the perception of failure, with the adjournment of the 19th Congress, President Marcos Jr.’s administration has successfully advanced several legislative priorities during this first half of his term. These reflect its policy goals and commitment to strengthening the country’s institutions and competitiveness. These legislative measures include the Public-Private Partnership Code, Internet Transactions Act, Ease of Paying Taxes Act, Real Property Valuation and Assessment Reform Act, Anti-Financial Account Scamming Act, Anti-Agricultural Economic Sabotage Act, Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, and the Capital Markets Efficiency Promotion Act.

There were 18 key bills passed, with seven additional bills in advanced stages, either with their Bicameral Conference Committee Report ratified or their enrolled version already sent to the President for signature. The leadership of both chambers of Congress successfully passed reform measures designed to facilitate investment, support businesses, promote government and private sector collaboration, and protect the Philippines’ territorial integrity. These policies are expected to create a more stable, competitive, and investor-friendly environment, which could open new opportunities for both local and foreign businesses to grow.

Indeed, during these first three years, Congress passed reform measures designed to facilitate investment, support businesses, promote collaboration, and protect the Philippines’ territorial integrity, helping create a more stable and investor-friendly environment.

One key challenge, thus, is ensuring that these measures generate enough effect to be felt, thus perceived, by the person-on-the-street.

It was a good move on the part of the President to have asked for the courtesy resignations of his Cabinet secretaries and other top officials. It is never healthy to think that one is indispensable and irreplaceable. It breeds complacency and entitlement. Moreover, the move is also practical, because it would drive these officials to be mindful of the results they deliver as servants of the people. It shows his intention to closely align his leadership with the actual demands and expectations of the people.

In the remainder of President Marcos Jr.’s term, the administration is expected to focus on addressing top public concerns, particularly inflation and unemployment. Likewise, the next Congress is expected to work toward legislation to improve the people’s economic plight. The conduct, finally, of the impeachment trial should not be seen as a distraction but an integral step to ensuring government accountability and transparency.

There is still time for this administration to make a meaningful difference. The coming years offer a chance to build trust, enact reforms, and uplift lives. But that opportunity comes with scrutiny. Filipinos are not just hoping for better — they are expecting it.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

US Supreme Court rejects bid to revive copyright suit over Ed Sheeran hit ‘Thinking Out Loud’

Ed Sheeran — REUTERS

WASHINGTON — The US Supreme Court turned away on Monday a bid to revive a copyright infringement lawsuit accusing pop star Ed Sheeran of unlawfully copying from the late singer Marvin Gaye’s 1973 classic “Let’s Get It On” in his 2014 hit song “Thinking Out Loud.”

The justices declined to hear an appeal by Structured Asset Sales, a company owned by investment banker David Pullman that has a copyright interest in Mr. Gaye’s song, of a judge’s decision to dismiss the case. The company had sued Mr. Sheeran, his record label Warner Music, and music publisher Sony Music Publishing, seeking monetary damages over alleged similarities between the two songs.

Mr. Gaye, who died in 1984, collaborated with singer-songwriter Ed Townsend, who died in 2003, to write “Let’s Get It On,” which topped the Billboard charts. Mr. Sheeran’s “Thinking Out Loud” peaked at No. 2 on the Billboard Hot 100 in 2015.

Structured Asset Sales owns a share of the rights to “Let’s Get It On” that previously belonged to Mr. Townsend. Its lawsuit accused Mr. Sheeran of misusing copyrighted elements of “Let’s Get It On” including its melody, harmony, and rhythm.

US District Judge Louis Stanton decided in 2023 that the musical elements that Mr. Sheeran was accused of copying were too common to merit copyright protection.

The New York-based 2nd US Circuit Court of Appeals upheld the decision last year. The 2nd Circuit also rejected the Structured Asset Sales argument that Stanton should have considered elements of “Let’s Get It On” that were not found in the “deposit copy” of the song’s sheet music submitted to the US Copyright Office.

In a 2023 trial in a separate copyright lawsuit over the same issue filed by Mr. Townsend’s heirs, a jury in Manhattan federal court ruled in favor of Mr. Sheeran.

“It’s devastating to be accused of stealing someone else’s song when we’ve put so much work into our livelihoods,” Mr. Sheeran said outside the courthouse following that verdict.

Structured Asset Sales has filed another lawsuit against Mr. Sheeran based on its rights to the audio recording of “Let’s Get It On.” That case is currently on hold. — Reuters

East Bay plant upgrade on track, says Manila Water

MANILA WATER CO., INC.

EAST ZONE concessionaire Manila Water Co., Inc. is nearing the completion of a key infrastructure component that is expected to enhance the water service reliability of its East Bay Phase 2 Water Treatment Plant.

In a statement on Tuesday, Manila Water said the raw water intake structure for the facility has reached a 92% progress rate.

The intake structure, part of a P525-million project launched in June 2023, is designed to draw 200 million liters per day of raw water from Laguna Lake.

Its completion involves the installation of 1,000-millimeter-diameter submarine pipelines that will transport water from offshore sources to the treatment plant.

Manila Water is also building a new pump and electrical room to house advanced control systems and automation technologies.

“As the intake structure takes shape, we are also constantly improving and expanding our network distribution,” Manila Water Communication Affairs Group Director Jeric T. Sevilla said.

Slated for completion in the third quarter, the intake structure forms part of the company’s long-term strategy to diversify water sources and reduce reliance on Angat Dam.

Manila Water serves the east zone of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province.

The company recently said it had surpassed 7.8 million customers, driven by expansion projects implemented during the first four months of the year. — Sheldeen Joy Talavera

Fintech firm Salmon raises $88 million to grow PHL business

SALMON Group Ltd has raised $88 million from its latest funding round to expand its operations in the Philippines and across Southeast Asia.

The funding transaction was comprised of a $60-million drawdown under a three-year $150-million Nordic bond framework agreement and $28 million in fresh equity raised from US institutional investors, Antler Elevate, and existing shareholders of Salmon.

“The list of existing investors includes the International Finance Corporation, the sovereign wealth fund of Abu Dhabi ADQ/Lunate, Northstar, Back in Black Capital, and prominent Filipino investors,” Salmon said in a statement on Tuesday.

The equity round was led by venture capital firm Spice Expeditions, LP, which is mainly focused on global financial technology (fintech) firms.

“The bond transaction marks the first-ever Nordic bond issuance by a technology firm out of Southeast Asia. At $88 million of combined funding, the transaction is one of the largest recent investments in the Philippine financial technology industry, propelling Salmon to the top ranks of challenger fintech players in the country,” it said.

Salmon operates the Rural Bank of Sta. Rosa (Laguna), Inc. and financing company Sunprime Finance, Inc. in the Philippines.

“Millions of Filipinos still struggle with limited access to fair and transparent credit, while traditional banks often fail to meet their needs. We’ve built Salmon to change that — by leveraging AI (artificial intelligence) and cutting-edge technology, we’re making credit more accessible, deposits more rewarding, and financial services simpler for every Filipino,” said Salmon Co-founder and Director Raffy Montemayor.

Mr. Montemayor said Salmon currently has more than 3,000 partner stores nationwide. Its bank offers a time deposit rate of 8.88% per annum, which he noted is one of the highest in the market.

“With this new funding, we will expand our reach, introduce more innovative products, and accelerate our vision of building the most customer-centric and innovative financial institutions in the Philippines,” he said.

Salmon Co-founder Pavel Fedorov said in a separate statement that they want to revolutionize banking in Southeast Asia while building on their local gains.

“For too long, the legacy banks in the region have provided sub-standard products, service, and customer experience, and the Philippines is a case in point. At Salmon, we believe in the quality of our technology and proprietary AI solutions to bring customers better products — the most empowering of which is access to credit… With the successful closing of this transaction, and with the strength of Salmon’s one-of-a-kind team, we will be taking Salmon to leadership positions in the financial services industry across Southeast Asia,” Mr. Fedorov added. — BVR

Launching a united defense: The Cybersecurity Council of the Philippines

STOCK PHOTO | Image by DC Studio from Freepik

In today’s hyperconnected world, cybersecurity is no longer a technical concern relegated to IT departments — it is a national, economic, and business imperative.

As organizations across the Philippines race toward digitalization, adopting cloud solutions, AI-powered tools, e-commerce platforms, and blockchain systems, the risks associated with cyber threats grow exponentially. Last week, in response to these rapidly escalating challenges, we launched the Cybersecurity Council of the Philippines — an unprecedented, multi-sectoral initiative that brings together leaders from government, business, and academia to chart a national direction on cybersecurity.

The Philippines has embraced digital transformation at a remarkable pace. Businesses are moving online, banks are transitioning to digital-first services, public agencies are automating processes, and citizens are increasingly reliant on smartphones for everything — from work to shopping, banking, and accessing government services. But with that shift comes vulnerability. Every new app, every online transaction, every digital record is a potential point of attack for cybercriminals.

Just last year, the Philippines ranked among the top 10 countries in the world in terms of users attacked by malware, phishing attempts, and ransomware. Major Philippine institutions — from government agencies to hospitals and universities — have experienced cyberattacks that resulted in data leaks, service disruptions, and massive reputational damage. In an age where data is the new currency, these attacks are not just IT issues — they are direct threats to the safety, trust, and stability of our society.

The cost of cybercrime is staggering. According to a report by Cybersecurity Ventures, global cybercrime costs are expected to reach $10.5 trillion annually by 2025. In the Philippines, cybercrime has already inflicted losses amounting to tens of billions of pesos per year. Small businesses, which make up 99% of our economy, are particularly vulnerable. Most do not have in-house cybersecurity teams or even basic protocols to defend themselves from increasingly sophisticated threats. A single ransomware attack or data breach can cripple an SME, erode consumer trust, and lead to regulatory penalties.

But the threat is not limited to the private sector. Government systems — many of which store sensitive personal, financial, and national security data — are frequent targets. In the past few years alone, cyberattacks have paralyzed websites, exposed personal data, and even disrupted law enforcement systems. As we move towards e-governance and digital ID systems, cybersecurity must become a national priority.

This is why the creation of the Cybersecurity Council of the Philippines is so timely and urgent. It was formed this year, and formalized and inducted by Department of Information and Communications Technology (DICT) Secretary Henry Aguda last Friday. The 15-man board of directors and the 63 people were sworn in and form the new Council. It is not just a symbolic effort — it is a strategic response to a clear and present danger. It is composed of senior leaders from government agencies, large corporations, ICT associations, financial institutions, the academe, and civil society. Our goal is to create a unified, agile, and forward-looking response to cybersecurity threats by building awareness, advocating policies, upskilling talent, and driving collaboration across sectors.

One of the Council’s primary mandates is to build cybersecurity awareness among leaders — especially in the C-suite and boards of companies. In many Filipino organizations, cybersecurity is still viewed as a backend IT function rather than a strategic concern. This mindset must change. Cybersecurity is governance. Cybersecurity is risk management. It must be owned and championed by leadership. The Council is working to create executive education and briefings that will equip decision-makers with the knowledge they need to build resilient organizations.

Second, we are focused on building national capacity. There is a global shortage of cybersecurity professionals, and the Philippines is not spared. We need thousands of cybersecurity analysts, ethical hackers, risk assessors, forensic investigators, and data privacy officers to support both the public and private sectors. The Council is working with academic institutions to develop curriculums, certifications, and career pathways that will produce a new generation of cybersecurity professionals. This is also an opportunity for the country to create new high-value jobs that are globally relevant and in demand.

Third, we are pushing for better coordination and information-sharing between the government and industry. Cyberattacks move fast, often across borders and systems. Our response must be equally agile. The Council is advocating for a national threat-sharing platform where companies and agencies can share threat intelligence in real-time — an early warning system that allows others to prepare for and block similar attacks. We’re also exploring public-private simulations and drills to stress-test our readiness and response capabilities.

Fourth, the Council is committed to supporting legislation and regulatory policies that strengthen cybersecurity. We need updated data protection laws, stronger mandates for critical infrastructure providers, and incentives for organizations to invest in cybersecurity systems. We need a legal and policy environment that is responsive to emerging threats such as AI-powered cyberattacks, deepfakes, social engineering, and attacks on smart infrastructure.

Cybersecurity is also about trust. In a digital economy, consumer trust is the most valuable asset a company or government can have. If people don’t trust that their data is safe, they won’t transact online. They won’t open digital wallets. They won’t vote online. They won’t engage with digital services. By securing our systems, we protect that trust — and that is essential for economic growth, innovation, and democratic participation.

This is not a challenge we can face alone. It requires a whole-of-nation approach. That’s why the Council was deliberately built as a collaborative body, not a regulatory one. Its power lies in convening, connecting, and catalyzing action. We are calling on more institutions to join us — banks, telcos, hospitals, utilities, retailers, schools. If you’re online, you’re a stakeholder in cybersecurity. The stronger our collective defense, the safer our digital future.

As we look ahead, the Cybersecurity Council will also focus on empowering Filipino citizens to protect themselves. Cyber hygiene starts with each of us — knowing how to spot phishing attempts, protecting our passwords, securing our devices, and being responsible digital citizens. We must make cybersecurity part of our national consciousness, much like how we teach disaster preparedness or public health.

We are living in a time of extraordinary digital progress — but also extraordinary risk. The stakes are high. But so are the rewards if we get it right. With the launch of the Cybersecurity Council of the Philippines, we take the first coordinated step toward a future where Filipinos can live, work, transact, and innovate online with confidence and security.

Cybersecurity is not just a technical issue — it is a matter of national resilience, business continuity, and public trust. It is time we give it the attention, investment, and collaboration it deserves. The Council is here to lead that charge. But the success of this mission depends on all of us. Let us secure our digital nation — together.

 

Dr. Donald Patrick Lim is the founding president of the Global AI Council Philippines and the Blockchain Council of the Philippines, and the founding chair of the Cybersecurity Council, whose mission is to advocate the right use of emerging technologies to propel business organizations forward. He is currently the president and COO of DITO CME Holdings Corp.

Indian tribes visit UK museum to bring home ancestors’ remains

OXFORD, England — Tribes from the Indian state of Nagaland have held talks at a museum in Britain to secure the return of ancestral remains taken during the colonial era and put on display for decades.

Skulls and other body parts were often brought from Asia, Africa, and elsewhere to Britain and to other former colonial powers, as “trophies,” to be traded, displayed, or studied.

There are growing calls worldwide for such remains, as well as stolen art, to be returned to their communities as part of a centuries-old movement demanding reparations for colonialism and slavery.

Just last month, skulls of 19 African Americans were returned to New Orleans from Germany to where they were sent for examination by phrenology — the now discredited belief that the shape and size of a head shows mental ability and character, especially when applied to different ethnic groups.

Historians say some of the remains were taken by colonial officers from burial sites and battlefields in Nagaland, where for centuries headhunting was common practice. Others were looted in acts of violence.

The Pitt Rivers Museum, which displays collections from Oxford University, holds the world’s largest Naga collection, including thousands of artifacts, 41 human remains, primarily skulls, and 178 objects that contain or may contain human hair.

It removed all remains from public display in 2020, including ancestors of Dolly Kikon, an anthropologist from Nagaland’s Lotha-Naga tribe, who teaches at the University of California and who traveled to Oxford last week.

“For the first time, there is a Naga delegation (at the museum) to connect and to reclaim our history, our culture and our belongings,” Ms. Kikon, 49, told Reuters.

Museum director Laura Van Broekhoven said the timing of the return of the remains was still uncertain due to the bureaucracy involved. The museum is also in talks with other groups to facilitate more items being returned.

The 23 Naga representatives, including elders of several tribes, repeated calls by British lawmakers and campaigners for the government to legislate to protect ancestral remains.

Some European countries, such as the Netherlands, have national policies for the repatriation of human remains.

Opponents of reparations argue that contemporary states and institutions should not be held responsible for their past. Advocates say action is needed to address the legacies, such as systemic and structural racism.

“One way to confront the colonial legacy is for Indigenous people to be able to tell our own stories,” Ms. Kikon said. — Reuters

Philippines fifth-most complex jurisdiction for doing business among its peers in the region

Business environment in the Philippines worsened as it jumped* eight places to 26th out of 79 jurisdictions in the latest edition of the Global Business Complexity Index by multinational services firm TMF Group. The index measures and ranks jurisdictions based on the complexity of their business environments, covering three areas: accounting and tax, global entity management, and payroll and human resources. The higher the rank, the more complex or worse its business environment. The Philippines had the fifth-most complex business environment with a “medium” complexity rating among its peers in the region.

Philippines fifth-most complex jurisdiction for doing business among its peers in the region

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