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More Cebu Pacific domestic flights moving to Clark; Naga, San Jose up first

Clark International Airport
STOCK PHOTO | Image by BCDA.GOV.PH

BUDGET CARRIER Cebu Pacific will transfer more of its domestic flights to Clark International Airport in October, starting with its Naga (Camarines Sur) and San Jose (Mindoro) routes.

In a media release on Thursday, Cebu Pacific said its regional brand Cebgo will shift the Naga and San Jose routes from Manila to Clark beginning Oct. 26.

This move is in line with a resolution issued by the Department of Transportation through the Manila Slot Coordination Committee directing the transfer of turboprop operations outside Metro Manila.

With this, direct flights between Manila and Naga will be reduced to once daily from the current twice daily. All direct flights to San Jose will now depart from and arrive at Clark airport.

“Cebu Pacific recognizes the importance of managing airport capacity effectively, which will lead to improved passenger experience and greater public convenience,” it said.

All affected passengers will be notified, Cebu Pacific said, adding that it will provide free rebooking, travel fund conversion, and full refund options to affected customers.

Boutique airline AirSWIFT, a wholly owned unit of Cebu Pacific, will continue operating from Ninoy Aquino International Airport (NAIA) until March 2026.

Earlier, the government deferred its resolution mandating the relocation of turboprop operations from NAIA to March next year instead of October this year.

Cebu Pacific began the gradual transfer of its domestic flights on March 30, starting with its Manila-Masbate-Manila and Manila-Siargao-Manila routes from NAIA to Clark International Airport. — Ashley Erika O. Jose

Swimming through history: From the Jordan River to the Dead Sea

NORMAN P. AQUINO

By Norman P. Aquino, Editor

IT FELT like I was inside an oven when I waded into the Jordan River — the same river where John the Baptist once immersed Jesus. The water at Qasr al-Yahud — one of two tourist sites in the western section of the river where Jesus was supposed to have been baptized — wasn’t postcard-blue; it was brown, murky, and less inviting than symbolic. Still, I dove in. Not because of faith or ritual, but just to be able to say I had done it.

A TOURIST takes a dip in the Jordan River — NORMAN P. AQUINO

Less than a minute of swimming in the water, I suddenly hear our tour guide shout: “Not there, come back here!” I swam back to the edge, and my companions teased me about trying to breach the border with the Hashemite King-dom of Jordan. “Were they seriously concerned that Jordanian guards would shoot me?” I thought.

“This place was full of tourists before the war,” Or Rochlin, our tour guide from Tel Aviv, tells us. “I hope the war will end soon so people can go back to their lives.” Normally, the site teems with tour buses and pilgrims in white robes, their baptisms captured on smartphones and cameras. But this time, the only group in the souvenir shop was ours, made up of more than a dozen journalists from the Philippines.

The shelves at the souvenir shop sagged with trinkets no one was buying: olive-wood crosses, bottled “Jordan River water,” ref magnets stamped with “Jerusalem” and an image of the Last Supper. The war in Gaza and tensions with Iran and Yemen have scared off foreign tourists. Silence hung over the riverside, broken only by our laughter as we compared the heat index to Manila.

DEAD SEA — NORMAN P. AQUINO

From the river, our bus took us south to the lowest point on earth: the Dead Sea. The salt content of the lake is so high it makes swimming impossible; the body simply bobs like a cork. I leaned back, sat in the water, and floated without effort. The sensation is both comical and surreal. But beauty has its limits. Accidentally rubbing my eyes with wet hands left them stinging for minutes. The Dead Sea is no spa pool; it is nature in its harshest form.

Our resort, however, was another story. The pool, packed to the brim with Israeli families, was buzzing with chatter and children squealing. There were no foreign tourists apart from us, but Israelis seemed nonchalant, unde-terred by conflict or heat. They swam, picnicked, and danced to the resort’s booming music. Later, I bought the famous mudpack from the sea, more out of curiosity than faith in its mineral powers.

YAD VASHEM MUSEUM — NORMAN P. AQUINO

The mood was different two days earlier at Yad Vashem, Israel’s Holocaust memorial in Jerusalem. Susan Caine, a senior guide at the museum, led us through exhibits of photographs, artifacts, and survivor testimonies. It was history stripped bare, impossible to ignore. The air was thick with grief, but also with resilience — the kind that insists on being remembered. Walking back into the sunlight, I felt the city differently. Jerusalem wasn’t just stones and shrines; it was memory, loss, and survival carved into its very walls.

One of our most striking stops was Capernaum, the small Galilean town where, according to the Bible, Jesus lived and preached after his baptism. We walked through the remains of an ancient synagogue where he once taught and performed miracles, according to the Books of Mark and Luke.

Henry Maaravi, our tour guide, pointed at a carved basalt chair among the ruins known as the Moses Seat, where teachers or scribes would read from the Hebrew Scriptures to the congregation. Standing before it, I imagined the scene of Jesus unrolling the scroll of Isaiah — as he once did in Nazareth — and declaring words that would spark both hope and controversy.

Nearby stood the ruins of a modest stone house traditionally identified as belonging to Peter’s mother-in-law — the same home where Jesus healed a paralyzed man who was lowered through the roof.

Normally, such stories draw crowds. Yet we stood nearly alone. Our guide spoke softly, pointing out worn steps and crumbling walls without needing to raise his voice. Even the restaurant stop afterward carried an air of irony. The specialty was “St. Peter’s fish.” Expecting something exotic, I ordered it — only to discover it was tilapia. Even holy places, it seems, are not immune to marketing tricks. I traded my plate for kebab instead.

Yet for all the solemnity of sacred sites, what struck me was the resilience — and nonchalance — of many young Israelis. Despite the drumbeat of war, they gathered on the beaches on a Sabbath to swim, sunbathe, play volleyball, and dance to music on portable speakers as if conflict were far away. On one beachfront, a KFC and the Herbert Samuel boutique hotel stood as reminders that life goes on, even under the shadow of rockets.

THE OLD CITY OF JERUSALEM
No trip to Israel is complete without a visit to Jerusalem, the heart of three major faiths and the epicenter of centuries of devotion — and dispute. We entered the Old City through its stone gates, and it felt like walking through a labyrinth of time. Cobbled alleys twisted past spice markets, candle-lit chapels, and stone arches that have seen countless empires rise and fall.

A view from the Church of the Holy Sepulchre (below), the venerated burial place of Jesus. — NORMAN P. AQUINO

Sigal Dolan, our guide, led us to the Cenacle, the site long associated with the Last Supper. The room is bare now, but its vaulted ceilings carry centuries of whispered prayers and arguments among scholars. From there, we moved to Golgotha, where Jesus was crucified, and the nearby tomb venerated as his burial place. The Church of the Holy Sepulchre, which houses both sites, is an architectural patchwork of chapels maintained by rival Christian sects — each fiercely guarding its portion of stone.

Further along, we passed the Tomb of David, revered by Jews and Christendom alike, before stopping for a view of the Temple Mount. Here, tensions sharpened. The raised plaza holds the Al-Aqsa Mosque and the Dome of the Rock, one of Islam’s holiest sites. For Jews, it is also the location of the First and Second Temples. Our guide explained how this shared reverence fuels the tension that lingers to this day.

Our last stop in Jerusalem was the Western Wall, the only surviving remnant of the Second Temple. On one side, men pressed their foreheads against the stone; on the other, women prayed, their hands tracing ancient grooves. Many slipped folded notes on which are written petitions into the cracks.

As a journalist, I simply observed, and as one of Jehovah’s Witnesses, the act of praying at such a site is not part of my worship. Still, the atmosphere was undeniable: a mixture of fervor, grief, and hope condensed into one stone wall.

THE WESTERN WALL, otherwise known as the Wailing Wall. — NORMAN P. AQUINO

Everywhere we went, reminders of conflict lingered. There were armed reservists and soldiers, and the photos of the 50 remaining hostages in Gaza plastered everywhere, and news bulletins punctuated our days. Yet ordinary life went on: teenagers laughing on the sand, couples and families dining late into the night, traffic jams in Tel Aviv. Israel is a land where history is always alive, whether in a synagogue ruin or in the morning headlines.

Israel, at this moment, is a land of absences: absent tourists, absent pilgrims, absent peace. Yet it is also a land of presences: of heat, of history, of people stubbornly clinging to normal life.

For me, the journey wasn’t about prayer but perspective. And in a country where every stone carries a story, that was more than enough.

Consumer push to drive rise in Philippine banks’ nonperforming loans

STOCK PHOTO | Image from Unsplash

S&P GLOBAL RATINGS expects Philippine banks’ nonperforming loans (NPL) to increase over the next two years amid their aggressive expansion into the consumer segment.

“We are observing an uptick in the NPL ratios in these unsecured loan segments. We believe this trend is likely to continue over the next two years. As this portfolio matures, the NPL should inch up further,” S&P Financial Insti-tutions Ratings Director for South and Southeast Asia Nikita Anand said in a webinar on Thursday. “Our forecast is that the sector-level NPLs could rise to 3.4% to 3.5% of total loans over the next two years.”

As of June, Philippine banks’ NPL ratio stood at 3.4%, which was the lowest level in three months or since the 3.3% in March, data from the Bangko Sentral ng Pilipinas showed.

S&P also expects credit losses to stay elevated at around 0.8% to 0.9% of total loans — higher than the pre-pandemic average of 0.5% — due to banks’ expansion into riskier segments, she said.

Consumer loans now comprise a bigger share of banks’ loan portfolios amid the large number of underserved or unserved individuals in the retail segment, Ms. Anand said.

“The share of consumer loans and total loans has risen steadily. It is currently 22%. More importantly, the share of riskier loans such as credit cards and personal loans has risen significantly in the last few years. This segment formed around 5% of total loans back in 2019. It has grown to about 9% today. The growth in these portfolios is also very high. It’s typically in the range of 20% to 30%, which means the portfolio is un-seasoned.”

Meanwhile, NPL levels for secured lending products such as housing and auto loans have seen a sustained reduction over the past few years since spiking during the pandemic due to higher unemployment rates, she said.

Soured loans have also declined for secured products amid improving household incomes and the economy’s reopening, she added.

However, despite the continued rise in consumer loans, household debt levels in the Philippines are expected to remain manageable over the next two years as lower borrowing costs will help ease debt burdens, Ms. Anand said.

“Unemployment rates stay low in the Philippines and households continue to benefit from a steady flow of remittances,” she added.

Household debt as a percentage of Philippine gross domestic product remains low at 12% despite rising in comparison to other emerging markets, which average at around 60-65%, she said.

Operating conditions for Philippine banks are also expected to remain stable over the next two years as the economy is “expected to be resilient to the external volatilities, especially the trade tensions and tariffs due to its low reliance on exports,” Ms. Anand said.

“Our forecast is that the credit demand and credit growth is likely to stay steady with 11% to 13% growth over the next two years and this is broadly in line with the growth of 12.7% that we saw back in 2024.” — Aaron Michael C. Sy

Crawling beneath the bar of Caesar’s wife

PEOPLE and motorists wade through gutter-deep flood along United Nations Avenue in Manila after a sudden downpour on Aug. 16. | Philippine Star/Ryan Baldemor

In public service, the old adage remains timeless: “Caesar’s wife must be above suspicion.” It demands not just the absence of guilt, but the presence of unquestionable integrity and propriety.

Sadly, what we witness today is far from that standard. We are not just dealing with public officials who fail to rise above suspicion — they are, in fact, sinking deep into a mire of damning evidence. Guilt, in this case, is not a matter of conjecture but of documentation.

Let us remember Julius Caesar. When his wife, Pompeia, became entangled in a scandal during the Bona Dea festival, Caesar divorced her — not because she was proven guilty, but because her position demand-ed she be beyond any trace of suspicion. He famously declared, “My wife ought not even to be under suspicion.”

Today, it is not suspicion but actual proof that convicts many public projects, particularly those under the government’s flood control program. In his State of the Nation Address (SONA) on July 28, President Ferdinand Mar-cos, Jr. didn’t mince words: the corruption is real, the structures are substandard, and the people’s money is wasted.

FLOODED IN FUNDS, DROWNED
IN CORRUPTION
Since July 2022, a staggering P545 billion has been allocated to flood control projects. Yet what has emerged from these funds is not protection from floods, but a flood of evidence pointing to corruption, waste, and conspiracy.

• Concentration of Projects: Just 10 provinces cornered the lion’s share of these projects — Bulacan (668), Cebu (414), Isabela (341), Pangasinan (313), Pampanga (292), Albay (273), Leyte (262), Tarlac (258), Camarines Sur (252), and Ilocos Norte (224). Meanwhile, equally vulnerable areas such as Metro Manila, Maguindanao, and North Cotabato were conspicuously neglected.

• Concentration of Contractors: Only 15 contractors monopolized these projects, bagging nearly P100 billion in contracts. Five of them had nationwide reach. This tight concentration raises serious questions about transpar-ency, competitiveness, and favoritism.

• Ghost Projects and Substandard Work: The President himself uncovered abandoned or subpar projects — like the multi-million flood control structure in Baliwag, Bulacan that was declared “completed” in June but was visibly untouched by August. In Calumpit, Bulacan, dredging works certified as completed were found unfinished and made of substandard materials.

THE SENATE UNCOVERS A DELUGE OF DECEIT
On Aug. 19, the Senate’s Blue Ribbon Committee launched an inquiry aptly titled “The Philippines Under Water.” Its findings were chilling:

• Massive Anomalies: Out of 9,855 projects, 6,021 — worth around P350 billion — lacked details on the structure being built. This level of documentation failure all but invites duplication, poor accountability, and, yes, corruption.

• Shameless Sharing of the Pie: In his privilege speech, Senator Ping Lacson revealed that only about 40% of a typical P100-million flood control project actually goes to implementation. The rest is allegedly distributed among legislators, Department of Public Works and Highways (DPWH) officials, Commission on Audit (CoA) auditors, and “royalty owners.” What we need now, Lacson declared, is greed control.

This is no longer about suspicion — it is about plunder.

A TRAIL OF GHOSTS AND GOLD
In Bulacan alone, nearly 30 ghost projects have been discovered. One P77-million riverbank project in Malolos was still “ongoing” even after being marked as completed. A similar budget was used for a supposed flood structure in Hagonoy — contracted to the same ghost company. It seems many small contractors simply lease the licenses of triple-A builders and execute substandard work.

In Oriental Mindoro, another congressman proudly claimed credit for P3.6-billion worth of flood control projects. The quality of the work, however, did not match the claim. Some areas reportedly received up to P19 billion in just three years, even though they lacked the capacity to properly implement and monitor the projects.

It gets worse. Some legislators reportedly admitted that contractors involved in these scandals contributed to their electoral campaigns in the last two national elections. This opens the door to clear conflicts of interest, if not outright bribery.

Meanwhile, luxury watches worth over P10 million, fleets of high-end SUVs, and even private choppers owned by some government officials and contractors are now paraded on social media. Salaries alone and legitimate profit from operations could not justify such wealth. Something is terribly wrong.

PROPRIETY OVER POLITICS
The lesson from Caesar’s wife is not just about guilt or innocence — it is about propriety. Ethical behavior is non-negotiable in public service. Integrity must not only be presumed; it must be seen and felt by the public.

Yet today, we see legislators who once served in implicated agencies failing to recuse themselves from investigations. Both current and past Congresses approved budgets riddled with anomalies and turned a blind eye to dubious insertions that robbed funding from vital sectors such as public health, education, and social infrastructure.

Presidents Duterte and Marcos — along with their economic and technical advisers — must also bear some responsibility. After all, the President has the power to veto suspicious budget allocations. Why was that power not used?

WHAT MUST BE DONE
In response to the unfolding scandal, Malacañang ordered the DPWH to submit a list of all flood control projects since 2022. It tasked the Regional Project Monitoring Committees to audit failed, unfinished, and ghost projects, with the findings to be made public.

This is a good start, but insufficient. We need:

• Independent Audit: Civil society and independent auditing bodies must be empowered to review and validate government records. A whitewash is the last thing we need now.

• Prosecutions, Not Performances: The Senate has voiced support for the President’s directive. But will it walk the talk if some of its members are implicated? Can it resist protecting its own?

• House’s Toned-Down Response: The House of Representatives has echoed the President’s orders but watered down key points — such as replacing a proactive audit with a passive investigation. This does not inspire con-fidence.

Even the CoA, implicated in the notorious “sharing of the pie,” has only belatedly ordered a fraud audit in Bulacan. One wonders: what has CoA been doing all this time? Why does it now need the DPWH to hand over “rele-vant documents” before acting?

THE REAL COST OF CORRUPTION
This is not just about bureaucratic theft. Corruption of this magnitude weakens the nation’s capacity to grow. It erodes investor confidence, saps public morale, and steals resources that could have improved productivity, nur-tured human capital, and funded crucial infrastructure for connectivity and inclusion across the archipelago.

No, the biggest drag on our economic momentum is not inflation, nor interest rates. They have been tamed. It is corruption — plain, cruel, and devastating.

Indeed, Caesar’s dictum remains as relevant as ever. But today, we do not even need the moral high bar of Caesar’s wife. The bar is already on the ground. And yet, many in power and their kind, still manage to crawl be-neath it.

There is no suspicion anymore. Only facts.

And the facts are damning.

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

FNI elects Dante Bravo as chair; Joseph Sy takes leave over citizenship issue

Dante R. Bravo & Joseph C. Sy
STOCK PHOTO | Image by GFNI.COM.PH

LISTED mining company Global Ferronickel Holdings, Inc. (FNI) said its chairman, Joseph C. Sy, has taken a voluntary leave of absence amid questions over his Filipino citizenship.

Mr. Sy took the leave to focus on “resolving his personal legal matters while safeguarding the best interests of the company and its stakeholders,” FNI said in a regulatory filing on Thursday.

With this, FNI said its board elected current president Dante R. Bravo as chairman effective Aug. 27.

“Mr. Bravo will serve in both roles, with his performance and dual capacity to be reviewed annually by the board and the corporate governance committee,” FNI said.

Mr. Sy was arrested by Bureau of Immigration (BI) operatives on Aug. 21 upon his arrival from Hong Kong over the alleged misrepresentation of his citizenship.

FNI denounced Mr. Sy’s arrest, saying his citizenship has been confirmed by at least six rulings from the BI, the Department of Justice, the Office of the President, the Securities and Exchange Commission, and the Supreme Court.

Meanwhile, FNI appointed lead independent director Jaime F. Del Rosario to the newly created role of vice-chairman to “strengthen independent oversight.”

Mr. Del Rosario will provide additional governance checks, preside over meetings in the chairman’s absence, and serve as intermediary between the chairman and other directors.

He will also convene and chair meetings of the non-executive directors and contribute to the performance evaluation of the chairman.

“These measures underscore FNI’s commitment to stability, transparency, and strong corporate governance, providing clear leadership structure and reinforcing independent oversight while the company continues to execute its business strategy,” FNI said.

FNI is engaged in nickel ore mining, logistics, cement and steel production, and port operations.

On Thursday, FNI shares fell by 0.77% or one centavo to P1.29 apiece. — Revin Mikhael D. Ochave

Berde Renewables to power KCC Malls, Biotech Farms in Mindanao

STOCK PHOTO | Image by unsplash/Evgeniy Alyoshin

SOLAR ENERGY FIRM Berde Renewables has entered into a power purchase agreement with a mall operator and an agro-industrial firm to advance sustainable retail and agriculture in Mindanao.

In a media release on Wednesday, Berde Renewables said it had signed a power purchase agreement with KCC Malls and Biotech Farms, Inc. for the supply of 8.4 megawatts (MW) of electricity.

“Berde Renewables has been building momentum in the country’s clean energy transition, and today we are accelerating that shift to a new peak,” said Berde Renewables President and Co-founder Patrick Zhu.

Under the partnership, Berde Renewables will deliver solar power to KCC Mall Gensan, KCC Mall Marbel, KCC Mall Zamboanga, and the Biotech Farms agro-industrial facility in South Cotabato.

The energy firm said it will fully finance the project and oversee engineering, procurement, and construction, as well as long-term operations and maintenance.

Once operational, the solar facility is expected to produce 13 million kilowatt-hours of energy annually, offsetting 9,600 tons of CO₂ emissions per year.

“By integrating clean energy into our operations, we are elevating our standards in retail sustainability while ensuring that our malls remain resilient, efficient, and aligned with the long-term needs of the communities we serve,” said KCC Malls Chief Executive Officer Arvin Chan.

Rainnyl Chiang, renewable energy director at Biotech Farms, said energizing its agro-industrial facility with solar power further strengthens its commitment to circular economy principles while ensuring “stable, cost-efficient power for our business.”

“This initiative not only reduces our environmental footprint but also supports the broader goal of building a greener, more resilient Mindanao,” he said.

Berde Renewables is the portfolio company of global infrastructure investor I Squared Capital, which focuses on solar and other clean energy technologies.

At present, the company has built 45.7 MW of solar projects in the Philippines, with 31 MW under construction and a 144 MW development pipeline. — Sheldeen Joy Talavera

Alt-rock and jazz-pop albums for the ‘ber’ months

By Brontë H. Lacsamana, Reporter

THREE unique albums were released last Friday, a wave of exciting, new music from the Western side of the world capping off the rainy month of August.

For fans of alternative rock and jazz-infused pop, these collections of songs — all powered by excellent female vocalists — are a great way to enter the “ber” months. Here’s an overview of three albums you can listen to that dropped towards August’s end.

THE CLEARING BY WOLF ALICE

Wolf Alice is an English alternative rock band based in London, UK. Made up of frontwoman Ellie Rowsell, guitarist Joff Oddie, bassist Theo Ellis, and drummer Joel Amey, they’ve been exploring genres like folk, dream pop, and grunge since 2010.

Their fourth album, The Clearing, was written in Seven Sisters and recorded in Los Angeles with Grammy-winning producer Greg Kurstin. Blending classic rock and pop, the band has described it as “Fleetwood Mac in North Lon-don.”

The 11 tracks in this strong record range from richly produced, powerful anthems to emotional midtempo bops, infusing pleasant beats with dreamlike rhythms. It’s a vivid run through the 1970s-inspired drama that Wolf Alice dynamically brings into modern day.

Songs that stand out are “Bloom Baby Bloom,” with Rowsell’s versatile vocals that evoke an invigorating mix of yearning and confidence; “Just Two Girls,” a catchy indie pop tune that highlights sweet yet intricate melodies; and “White Hors-es,” a guitar-driven folk anthem that starts out easygoing then kicks up a fun sonic journey.

A MATTER OF TIME BY LAUFEY

A lovely new album that many have been anticipating is A Matter of Time, created by jazz-pop musician Laufey (full name: Laufey Lín Bing Jónsdóttir).

Born to an Icelandic father and Chinese mother, she studied piano, cello, and singing in various schools in Reykjavik, Washington, DC, and Beijing. Now based in Los Angeles, her third album is more stripped-down, her usually polished veneer of elegance making way for a more vulnerable and unguarded period of her career.

In the second track, “Lover Girl,” playful orchestration drives forward Laufey’s syrupy voice. “Snow White,” a personal favorite from the album, follows it up with her melancholy vocals combined with a gentle tapestry of acous-tic and string sections. “Tough Luck” is a stunning track, which begins with a soft melody that later builds and explodes with surprising, pop song-like energy.

The album really showcases the old Hollywood, almost Disney princess-like picture that Laufey paints with her classically developed sensibilities. The track “Mr. Electric” encapsulates the fascinating progression of Laufey’s music — it is a danceable ballad, vibrantly sung atop some fun, percussive instrumentation.

BURY THE KEY BY TOPS

Canadian indie rock band TOPS has been making dreamy, alternative synthpop since 2011. Their fifth album, Bury the Key, continues to explore this combination of genres that the Montréal-based four-piece band, led by vocalist Jane Penny, is now known for.

This time, as evidenced by one of its most catchy tracks, “ICU2,” the album channels pared-back yet powerful instrumentation. The song has a wistful sound that evolves into an intoxicating, upbeat energy.

“Annihilation” is one of the funkier ones. It features groovy synths utilized to full effect along with Penny’s lilting vocals that make it feel so distinctly TOPS. A track that provides a memorable sonic experience is “Falling on my Sword,” a frenzied pop tune that varies in tempo, evoking the energy of dancing while everything falls apart.

Honorable mention goes to “Chlorine,” with more classic-rock arrangements and vocals, tying back to how new releases these days offer a comfortable 1970s nostalgia — but are refreshed with modern oomph and sensibilities.

PHL, Cambodia central banks hold talks on financial sector develop-ments

THE BANGKO SENTRAL ng Pilipinas (BSP) and the National Bank of Cambodia (NBC) met last week to discuss developments and challenges in the financial sector.

On Aug. 18, the two central banks concluded a high-level bilateral meeting in Bohol, Philippines that was led by BSP Governor Eli M. Remolona, Jr. and NBC Governor Chea Serey, the BSP said in a statement on Thursday.

“The two institutions exchanged insights on key developments and challenges in the financial sector, particularly cross-border payment initiatives, application of artificial intelligence in financial services, and strat-egies for combating financial fraud,” it said.

“The bilateral meeting reaffirmed the mutual commitment of the BSP and the NBC to cooperate and foster financial innovation, enhance the efficiency and interoperability of payment systems, and strengthen cooperation in various areas of central banking,” it added.

The two central banks also held bilateral talks in August last year, where they signed a memorandum of understanding aimed at strengthening their cooperation in central banking and payment connectivity.

The agreement also sought to promote collaborative efforts between the Philippines and Cambodia in areas such as payment system advancements, artificial intelligence, cybersecurity, sustainable finance and human resource development, among others.

The BSP has been working with other countries to enhance cross-border payments. — Katherine K. Chan

Basic, digital banking services help increase financial participation among underbanked — study

Peoples walk past automated teller machines in Makati City, June 23, 2016. — REUTERS

PROMOTING the use of basic and digital banking services will help encourage underbanked customers to increase their engagement with financial institutions, a study led by Mastercard in collaboration with Rizal Commercial Banking Corp. (RCBC) showed.

“Financial inclusion is not just about opening accounts — it’s about enabling sustained, active usage that unlocks real opportunities,” Mastercard Philippines Account Management Vice-President Judith Dayrit said in a statement on Thursday.

“At Mastercard, the goal is to help the underbanked move beyond access toward financial security and health, by encouraging frequent use and responsible credit adoption. This research with RCBC helps chart a path from first-time access to long-term, active participation — through intuitive design, thoughtful onboarding and robust security. We’re proud to undertake initiatives like this to support the Philippines in building a more inclusive and resilient financial future.”

The study used pseudonymized transactional data from over 25,000 DiskarTech consumers and 6,000 terminals of RCBC’s ATM Go partner-merchant network of mobile point of sale devices from January 2022 to October 2024, as well as qualitative findings from focus groups held in December 2024.

DiskarTech is RCBC’s financial inclusion “super app,” while ATM Go refers to its mobile automated teller machine terminals.

The data found that nearly 70% of DiskarTech users progressed beyond using basic banking services such as deposits, withdrawals, and fund transfers within 24 months.

“This advancement was consistent regardless of employment status, suggesting socioeconomic status alone does not determine financial progression,” the study said.

It said the responsible and consistent use of services such as bill payments, mobile top-ups, or saving regularly are the strongest indicators that a user will advance to deeper relationships with their financial institutions.

“Card usage in particular showed a stronger correlation with advancement than age or gender, reinforcing its value as both a behavioral tool and a commercial lever for financial service providers,” the study said.

Consumers with more than 10 transactions per month are two to four times more likely to use basic banking features such as digital payments more frequently or more advanced services such as applying for loans, or make timely bill payments compared to those with less than five transactions, it also found.

The study likewise showed that attracting consumers through gradual engagement is more effective than rapid adoption.

“Users who slowly integrated transactional tools over time were five times more likely to reach advanced stages than those who signed up for multiple features quickly, often driven by short-term incentives,” it said.

Consumers who developed steady usage over six or more months consistently reached the “security” stage, or consistently using basic banking services, between months 18 and 24.

“Consumers who took more than six months when adopting transactional products like Bill Pay and E-Load mobile airtime are also up to five times more likely to advance to security over a two-year timeframe,” the study said.

While rewards and promos are effective in encouraging engagement and advancing users along the financial inclusion journey, it could also result in short-term participation, it added.

“That said, users who joined primarily for promotional rewards often disengaged once those incentives ended. Without a sustained rewards strategy, there’s a risk of losing these users to competitors offering similar benefits.”

The study showed that more than 20% of DiskarTech users eventually transitioned into RCBC’s traditional banking products, typically opening a savings account within 11 months and a credit card by month 16.

In addition, DiskarTech consumers who later acquired an RCBC credit card had greater progression on average than non-card holders over a two-year span, with 67% moving on to frequently using basic banking services com-pared to 61% for non-cardholders.

“As users move from initial Access to active Usage, their annual transaction value — measured by gross dollar volume per account — increased more than fourfold, or 342%,” the study said, noting this was driven by increased usage of core banking services such as fund transfers.

It said that expert guidance and practical examples of using more complex banking products like loans, insurance, and investments can help increase customer engagement.

“This research came at a crucial moment for financial organizations. Amid the increasing calls for financial inclusion, this paper sheds light on the role of tech-enabled CX (customer experience) in developing relevant and im-pactful innovations. We are proud to have been featured in Mastercard’s white paper as we pursue our shared vision of promoting greater financial inclusion in the country,” RCBC President and Chief Executive Officer Reginaldo Anthony B. Cariaso said.

“Mastercard’s white paper on DiskarTech is a monumental step towards further showcasing the Philippines on the global map of sustainable inclusion… It underscores the tangible gains from our strategic collaborations with government, private sector partners, and industry peers,” RCBC Executive Vice-President and Chief Innovation and Inclusion Officer Angelito “Lito” M. Villanueva added. — Aaron Michael C. Sy

Global Ideas, Local Impact: What the Philippines can learn from international sus-tainability laws — 2

STOCK PHOTO | Image from Unsplash

In Part 1 of this series*, we outlined 10 sustainability laws that the Philippine Congress must pursue to build a greener and more resilient nation. But the Philippines need not reinvent the wheel. Around the world, countries are already making bold legislative moves to align development with sustainability and their laws offer powerful templates we can learn from.

Here are seven internationally inspired sustainability laws the Philippine Congress can adapt to local needs:

1. Climate Accountability and Net-Zero Transition Act. Inspired by: Canada’s Net-Zero Emissions Accountability Act (2021). Canada’s law sets legally binding targets for carbon neutrality by 2050. The Philippines can follow suit by mandating net-zero targets for 2050, with interim goals and annual reports to Congress.

Adaptation ideas:

• Establish a Climate Accountability Council;
• Require alignment of national budgets with climate goals;
• Penalize non-compliance across government agencies.

2. Philippine Circular Economy and Right to Repair Act. Inspired by: The Circular Economy laws of France and the European Union. France mandates product reparability and bans planned obsolescence. The Philippines can pass a law requiring repair-friendly product design and tax benefits for local repair ecosystems.

Potential impact:

• Boost MSMEs involved in electronics and appliance repair;
• Reduce e-waste and consumer costs;
• Encourage product innovation with longevity in mind.

3. Green Economy Transition and Incentives Act. Inspired by: US Inflation Reduction Act (2022). The US law injects billions into green industries. A Philippine version could build our clean energy and green tech sectors through fiscal incen-tives, subsidies, and PPPs.

Key features:

• Green enterprise zones;
• Local government pilot hubs for green innovation;
• Domestic manufacturing for solar panels and EV components.

4. Blue Carbon and Coastal Resilience Act. Inspired by: Indonesia’s Blue Carbon Registry, Seychelles’ Blue Bonds. Indonesia and the Seychelles use marine conservation as a climate solution. A Philippine law could define mangroves, seagrass, and reefs as “blue carbon” assets and monetize their protection.

Mechanisms:

• Carbon credit markets tied to marine conservation;
• LGU partnerships for restoration projects;
• Blue carbon offsets for tourism and shipping sectors.

5. Green Public Procurement Act. Inspired by: South Korea and Chile’s Green Public Procurement laws. South Korea mandates government purchases of eco-friendly goods. A similar Philippine law could create demand for sustainable products and transform supply chains.

Proposed inclusions:

• 20% green procurement targets for all agencies;
• Eco-label certification system;
• Oversight board and compliance incentives.

6. Future Generations and Intergenerational Justice Act. Inspired by: Wales’ Well-being of Future Generations Act. Wales legally requires the government to consider the impact of today’s policies on future generations. The Philippines, with its strong indigenous traditions of stewardship, can lead ASEAN in this domain.

Key elements:

• “Future Impact Assessments” for new legislation;
• A Constitutional Commission on Intergenerational Justice;
• Budget filters for long-term environmental and social costs.

7. Biodiversity and Ecosystem Services Credit Act. Inspired by: Costa Rica and Colombia’s biodiversity payment systems. Costa Rica restored its forests by paying landowners to conserve. The Philippines can develop a biodiversity credit system linked to protected areas, farming communities, and indigenous peoples.

Proposal points:

• Payment for ecosystem services (PES) schemes;
• Public-private biodiversity credit trading;
• Integration into the Department of Environment and Natural Resources’ reforestation and protection programs.

FROM GLOBAL INSPIRATION TO LOCAL ACTION
These laws aren’t merely aspirational. They are actionable, proven, and adaptable. They show us that legislation can steer economies, incentivize innovation, and build resilience.

But success depends not just on policy design but on political will, stakeholder participation, and effective implementation.

A CALL TO BOLDNESS
As global sustainability standards evolve, the Philippines must choose: lead or lag. We are not starting from zero, but we must accelerate. Our new Congress has the tools, templates, and talent. What we need now is boldness.

Let us not wait for the next typhoon, the next drought, or the next international reprimand. Let us legislate a greener future, today.

* https://tinyurl.com/233l3wlk

 

Dr. Ron F. Jabal, APR, is the CEO of PAGEONE Group (www.pageonegroup.ph) and founder of Advocacy Partners Asia (www.advocacy.ph).
ron.jabal@pageone.ph
rfjabal@gmail.com

Thoughts on the BSP art exhibit

PHOTO CREDIT | www.facebook.com/nationalmuseumofthephilippines

Kultura. Kapital. Kasalukuyan is the title of the Contemporary art collection of the Bangko Sentral ng Pilipinas (BSP) that is on exhibit at the National Museum of Fine Arts until 2027.

“The works on display are not just for viewing. It tells stories of our identity, our struggles, and our hope. They remind us that building a nation takes both economic strength and cultural depth,” BSP Governor Eli Remolona said in his welcome speech.

“This has been a wonderful collaboration… It occurs to me that artists and central bank economists are not all that different. Both build new worlds, maybe imagined worlds. Both challenge norms and both imagine the fu-ture.

“The artist constructs these worlds through brushstrokes or found objects such as a toilet seat — like Marcel Duchamp. Economists will do it through complicated equations and mathematical models.

“That is why I love both… art and economics,” Mr. Remolona emphasized. (He was based in Basel, Switzerland for many years. The economist-banker is a certified art lover.)

Deputy Governor Berna Romulo-Puyat explained, “KKK brings together works that reflect the spirit of our times. The exhibit follows two key themes that spans two galleries… together, they tell a story of evolving culture, shifting values, and creative expression shaped by our time.

“We shine a light on contemporary artists whose perspectives and experiences continue to shape our national identity.

“Art should not be hidden away. It should be seen, explored, and discussed. Though this exhibit, we hope to inspire more people to engage with Filipino art and reflect on how it tells our shared story,” Ms. Romulo-Puyat en-thused.

Also at the opening was art connoisseur and collector Deanna Ongpin Recto, a former diplomat based in Paris who worked with UNESCO, who was also one of the key persons involved in the collection. “I was a member of the BSP Cultural Properties Acquisition Advisory Committee that (Gov.) Paeng Buenaventura created to update the BSP collection during his term, which is what is on exhibit. Dr. Jimmy Laya was chair and (art critic) Cid Reyes was a member too,” she explained.

Dr. Jaime C. Laya laid the foundation for the BSP’s collection — the artworks and the famous gold collection — when he was Central Bank Governor. His lifelong dedication to art and culture has been a guiding force. He has served as National Commission of Culture chair and is currently Cultural Center of the Philippines chair.

“Understanding a nation requires knowing its people — their aspirations, history and way of life — reflected in their art and culture,” said Dr. Laya.

The collection started in the early 1980s. Dr. Laya’s predecessor, Governor Gregorio Licaros, had begun buying Philippine artworks for the newly built Central Bank building. Paintings were needed for the Mone-tary Board room and the Governor’s office. Dr. Laya bought Spanish colonial art and “older works.”

Dr. Laya explained the history of the collection and the well-respected individuals who dealt with artworks that the central bank acquired slowly. He pointed out the significant art, such as a painting by National Artist Carlos “Botong” Francisco, the portrait by Simon Flores, the beautiful Juan Luna and Paz Paterno landscapes.

“I had to exercise my judgments on quality, rarity and price itself,” Dr. Laya said of the slow acquisition of artworks through the decades.

Romeo Bernardo, Monetary Board Member and advisor to the art collection committee, remarked during the opening: “This partnership is the natural evolution of an early vision at BSP that recognized Filipino art as both Kultura and Kapital (culture and capital), nurtured initially by Gov. Laya, and further built upon by his successors, notably Governors Rafael Buenaventura and Amando Tetangco. This vision is now car-ried forward by Gov. Eli Remolona and DG Berna Romulo-Puyat — perhaps toward a future we might call Kultura. Kapital. Kinabukasan. (Culture, Capital, Future).”

“This all started as a brainstorm between DG Berna and me, and really took off after we invited our mutual friend, NM (National Museum) Chairman Andoni Aboitiz, to lunch on Aug. 13, 2024, a year ago,” Ms. Bernardo said about the exhibit.

The exhibit at the National Museum is divided into sections.

Gallery XVIII’s Pagmulat (Awakening) reflects the everyday realities of Filipinos and how artists use “visual storytelling to speak the truth, invite reflection and keep history alive.”

Gallery XIX shows Pagtanaw (perspective, point of view), with works that reveal past realities and explore expressions from 1980s to1990s.

Among the prominent artists whose works are found in the two galleries are Edgar Talusan Fernandez, Ofelia Gelvezon-Tequi, Santiago Bose, Junyee, Onib Olmedo, Charlie Co, Roberto Chabet, National Artist Benedicto “Ben-

Cab” Cabrera, Gus Albor, Imelda Cajipe-Endaya, Elaine Navas, Cesare A.X. Syjuco, Riel Hilario, and Ambie Abaño.

The styles of the artists are diverse, colorful, provocative, and insightful.

The public, students of all levels, expats and tourists would learn much about the thoughts and sentiments, and “hear” the voices of the art. It is truly worth a long visit to experience the masters and the established contem-porary artists.

Maraming salamat Bangko Sentral ng Pilipinas, The National Museum and their respective art teams led by Monetary Board member Romeo Bernardo and Museum Director Jeremy Barns for this amazing milestone collab-oration.

Warm congratulations and mabuhay!

 

Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.

mavrufino@gmail.com

PAL taps Trip.com for wider ticket access

BW FILE PHOTO

FLAG CARRIER Philippine Airlines (PAL) has partnered with online travel agency Trip.com to expand its air ticket distribution system.

“The partnership between Philippine Airlines and Trip.com will provide our customers a personalized and seamless flight booking and buying experience through NDC integration with Travelfusion,” PAL Vice-President for Sales and Distribution Justin Warby said in a media release on Thursday.

Global travel service platform Trip.com will provide PAL with new distribution capability (NDC) integration, which will allow customers abroad to access the same fares and reservation services available on PAL’s website.

NDC integration is a data exchange format based on offer and order management processes, allowing airlines to create and distribute offers to customers, the International Air Transport Association (IATA) said.

“With NDC integration, Trip.com now offers a wider selection of fares — from lower fares to student fares, as well as personalized ancillary products,” PAL said, noting that this will also enable the airline to offer exclusive and personalized offers as well as bundled ancillary products.

Trip.com Regional Director for Oceania, Southeast Asia, ISC, and the Middle East Kirk Wong said the company hopes to further expand its partnership with PAL to address the growing needs of travelers.

“This partnership will enable our users to enjoy better fare options and booking experiences, leveraging our extensive network and experience to expand PAL’s reach to customers in the region and beyond. We look forward to deepening our partnership with PAL to deliver seamless travel experiences to meet the evolving needs of today’s travelers,” he said. — Ashley Erika O. Jose

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