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Bicam’s budget rush raises transparency risks

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By Adrian H. Halili, Reporter and Vonn Andrei E. Villamiel

BUDGET WATCHDOGS warned that Congress’ rushed timetable to finalize the P6.793-trillion national budget for 2026 increases the risk of unchecked amendments and last-minute insertions, potentially undermining transparency.

Adolfo Jose A. Montesa, an adviser for the People’s Budget Coalition, said Congress’ tight schedule for bicameral conference committee meetings leaves little room for substantive debate, amid a backdrop of heightened concern over corruption in the budget process.

“The temptation there is to just prioritize political accommodations once again, rather than truly development and people-oriented budget amendments,” he said in a Viber message.

The House of Representatives and the Senate on Saturday convened the bicameral conference committee deliberations on the proposed 2026 national budget.

For the first time, lawmakers agreed to livestream the proceedings amid calls for transparency following the corruption scandal involving flood control projects.

“It is important that they will not sacrifice integrity and accountability as they pass the budget,” Joy G. Aceron, convenor-director of governance watchdog G-Watch, said in a Viber message.

“The schedule is tight, but we can’t have a reenacted budget,” she added.

Malacañang earlier called on Congress to hasten the passage of the proposed 2026 national budget, noting that President Ferdinand R. Marcos, Jr. does not want a reenacted budget.

Mr. Marcos earlier threatened to veto the proposed 2026 national budget and operate on a reenacted budget if Congress includes unauthorized insertions or deviates from his administration’s National Expenditure Program (NEP).

Ederson DT. Tapia, a political science professor at the University of Makati said the tight timeline may raise the risk of more questionable budget insertions.

“A compressed timeline increases the danger of errors, unvetted amendments, and last-minute insertions that even lawmakers themselves may not fully catch,” he said in a Facebook Messenger chat.

Mr. Tapia said lawmakers should also enforce transparency initiatives.

“If Congress wants to demonstrate that transparency is real, not performative, the bicam must resist the temptation to rush and instead show that scrutiny and discipline guided the process,” Mr. Tapia said.

Anthony Lawrence A. Borja, an associate political science professor at De La Salle University, said that the public must continue to watch out for problematic projects that could be included in the 2026 budget. 

“We must keep an eye on the controversial projects that can serve as both sources of welfare and patronage,” he said in a Messenger chat.

Congress seeks to finalize the 2026 national budget by this week and ratify the bicameral report by Dec. 22.

Senator Sherwin T. Gatchalian, who heads the Senate Committee on Finance, said earlier that lawmakers expect to have the budget signed by the President on Dec. 29.

AGRI BUDGET
Meanwhile, the bicameral committee approved late on Saturday a combined P214.39-billion budget for the Department of Agriculture (DA) and attached government corporations, 1.9% higher than the P210.25 billion proposed under House Bill (HB)  No. 4058 or the 2026 General Appropriations Bill.

The DA and its attached agencies will receive P185.77 billion, up 3% from the P180.29 billion allocated under HB 4058. From this budget, the Office of the Secretary will receive P165.54 billion, 2% more than the P162.03 billion allocated under HB 4058.

The Committee approved a P33-billion budget for the repair, rehabilitation and construction of farm-to-market road (FMR) projects in designated key production areas, slightly higher than the P32.6 billion in the House version. The DA is set to take over the implementation of FMR projects from the Department of Public Works and Highways starting next year.

The agriculture sector earlier received a P53.8-billion budget hike under HB 4058 from the P255.5 billion slashed from the proposed budget of the DPWH. The additional budget will be used to fund agricultural infrastructure, such as FMRs and postharvest facilities.

While the committee approved the DA’s budget for FMRs, some members said the department still needs to boost its capacity to implement infrastructure projects.

“DA has to beef up its manpower, especially for the (Bureau of Agricultural and Fisheries Engineering). They’re very short-staffed to be able to implement all of this,” House Appropriations Committee Chairperson Rep. Mikaela Angela B. Suansing said.

The committee also approved a proposed P10-billion budget for the Presidential Assistance to Farmers and Fisherfolk, expected to benefit 1.43 million farmers and fishers.

“They are susceptible to weather disturbances. They live a very volatile life. That’s why I can see a specialized program for them. I see the benefit, especially for farmers and fisherfolk,” Finance Committee Chairperson Sherwin T. Gatchalian said in mixed English and Filipino.

Among the attached agencies of the DA, the biggest budget increase went to the Philippine Carabao Center, after receiving an additional P1.21 billion to P2.08 billion.

Meanwhile, the budget for government corporations under the DA was reduced by 4.47% to P28.62 billion from the proposed P29.96 billion under HB 4058.

This was due to the removal of the P4.19-billion budget intended for the establishment, repair and rehabilitation of postharvest facilities under the National Food Authority. The committee recommended the removal of the budget as the proposed Rice Industry and Consumer Empowerment (RICE) Act, which seeks to expand the NFA’s powers, has yet to pass Congress.

On the other hand, the committee increased the budget of the National Dairy Authority to P2.38 billion from P531.02 million under HB 4058, to support the implementation of the milk component of the Department of Education’s school-based feeding program.

The Philippine Crop Insurance Corp. also received a P6.5-billion budget allocation, up from the P5.5 billion in the House version, to provide insurance coverage to more farmers and fisherfolk.

Mixing pearls and crystals

Rustan’s brings in HK jewelry brand

ARAO, a Hong Kong (HK)-based jewelry brand, has found a home in the Philippines in Rustan’s Silver Vault at the Shangri-La Plaza.

It makes sense: the brand’s founder, Mirabel Rosar, has roots in the Philippines. A marketing executive who moved abroad in 2012, she said in an interview after its opening on Dec. 9 at Rustan’s, “The journey of putting up Arao was strongly influenced by my heritage; my origins.”

“I would always get compliments from foreigners about what I wear, what I have. People would always say good things about stuff that I buy from the Philippines,” she said. Since 2012, she has lived in Switzerland, then Australia, and now, in Hong Kong.

While using an array of precious and semiprecious stones, Arao’s jewelry places Golden South Sea pearls (and pearls in general) from the Philippines as its centerpiece. For the Soul collection premiering in Rustan’s, each piece uses a solitaire baroque pearl which is then strung with crystals like aquamarine, amethyst, citrine, smoky quartz, clear quartz, larimar, moonstone, prehnite or rose quartz.

“I wanted to create a collection that would really speak to the souls of our women and men of pearls. When I developed the design with our team, we returned to our ethos of everyday luxury. What is everyday luxury and how does this look like today?” Ms. Rosar said in a statement.

Each crystal is imbued with meaning (for example, aquamarine for calming senses while ringing in emotional clarity and balance, or prehnite for unconditional love). During the interview, Ms. Rosar was herself wearing a collar made of fillets of agate, each as large as a baby’s palm, connected by a baroque pearl at the center. Baroque pearls, irregularly shaped unlike the customary round, perfect, pearl, are never the same, ensuring that each piece is unique.

“Having grown up in the Philippines, surrounded by pearls, you think it’s common,” she said. Then she told a story about her German mother-in-law, who visited the Philippines and immediately asked her where to get good pearls. “In that part of the world, it’s so expensive,” Ms. Rosar pointed out.

“Every time she has pearls, she’s always showing off to her friends,” she said. “It’s really something that we should be proud of.”

DOING BUSINESS IN HONG KONG
Despite her own Philippine roots, she mainly does her business in Hong Kong — they do pop-ups in some of the city’s most prestigious hotels, but they also have a home at Chaless Wellness and Beauty down Hong Kong’s Aberdeen Street.

“The Hong Kong market is actually part of the top five per capita consumption of jewelry,” she noted, and as part of her research, she found out that most of the countries she’s lived in were in the top five as well. “Maybe really that’s the best way to go,” she said about setting up in Hong Kong. “You have four jewelry fairs every year. It’s represented by global brands. It’s a good way to really look at what’s happening in the market. Not just with trends but also technology, advancements. That I learned from there.”

As an example, their creative director, Luis Espiritu (also a known society columnist) pointed out that they combined semiprecious stones and pearls before they became fashionable. They also like stones that aren’t so common: for example, every color of sapphire except blue.

The brand was established in 2020, during the peak of the COVID-19 pandemic. Hong Kong then had one of the strictest lockdowns in the world, with quarantines in place that were only lifted in the early months of 2023. Oddly enough, she said “I think that was a good time to start a business,” because “people couldn’t travel.”

A report from Kearney states that while the pandemic caused sales in the luxury sector to fall, an upshot was seen easing into the period (https://tinyurl.com/yne9npxp). In fact, luxury brand Hermès managed to beat its Q4 2019 results in Q3 2020.

“People were spending a lot more. The luxury industry surged during COVID because travel was down,” Ms. Rosar recalled. “In fact, when COVID ended, luxury was affected. I was (on) a huge surge, and then all of a sudden, things normalized. People started with travel, spending less on luxury.

“Small brands that were more agile, able to deliver products… with designs that are relevant to the market: that’s how small brands are coping compared to the bigger brands,” she said.

SUSTAINABLE PEARLS?
Arao’s website says, “Mirabel also has a great love for the ocean, and enjoys surfing with her husband, Till. This love inspired her to promote sustainability through ethical pearl farming.”

It turns out that natural pearl farming is sustainable by default: “The business of pearls is really a sustainable business, because pearls cannot grow in an unhealthy environment,” she said. “Promoting healthy pearl farming is actually pushing for sustainable oceans.”

She’s looking into other ways to be more sustainable: they sometimes use the shell itself for jewelry (while dining on the oyster itself), and they’re thinking of using recycled gold (the expense of melting it down and removing impurities, however, is a challenge).

“We only live in one earth, and we know that resources are scarce,” she said. “We’re lucky that we have enough resources, but we also have to be mindful that these are limited.” — Joseph L. Garcia

Evangelion collection taps into Filipino nostalgia for animé

EVANGELION COLLECTION — BRONTË H. LACSAMANA

Japanese retailer gearing up for expansion

CLOTHES, merchandise, and other functional items by Japanese lifestyle brand niko and … are tapping into Filipinos’ nostalgia for classic animé with a new collaboration featuring the characters of Neon Genesis Evangelion, also known as Evangelion or just EVA.

At the launch on Dec. 12 at the niko and … store in SM Mall of Asia, a cosplayer posed as EVA’s Rei Ayanami, amidst a display of merchandise. The collaboration is timely for both niko and … since it is its first year in the Philippines, and EVA which is celebrating its 30th anniversary.

Animé lovers will find T-shirts, bags, hoodies, and other items featuring the main characters, all exclusively created for the limited edition Evangelion collection. They reinterpret key elements from the series through the silhouettes, graphics, and styles meant for daily wear.

As a style editorial brand, niko and … aims to “encapsulate culture, design, and everyday living into a one creative playground, fostering a creative ecosystem that enables collaborations with a wide range of IPs, artists, and labels.”

The store welcomes those who admire Japanese craftsmanship and attention to detail. Its goal is to give customers access to the latest trends from Japan through apparel, accessories, room items, and collaborative lines such as the Evangelion collection.

JAPANESE CULTURE, PHILIPPINE MARKET
Considering that consumers have responded “strongly to design, quality, and cultural expression” during niko and …’s first year in the Philippines, the brand has expressed interest in opening more stores, guided by Japanese apparel retailer Adastria.

“We found that Japanese culture is familiar in the Philippine market,” Adastria Chief Executive Officer Daisuke Fujii told BusinessWorld at the EVA launch. “Our lifestyle goods are successful. We also opened online. For now we are looking for another store, for more locations.”

On how they think their “one-year testing period” went, Mr. Fujii explained that introducing new content through collaborations with franchises like Stranger Things and PlayStation helped them see what Filipino consumers like.

“We’re not targeting a specific age group or gender. We just try to emphasize our brand,” he said. “In Japan, it’s a different market, an aging population. Here, it is totally different, very young. It’s a great opportunity and that’s why we’re here.”

The name niko and … references the Japanese onomatopoeia for smile, “niko niko.” Its executives also shared that it could be an acronym for their mindset about fashion: “nobody I know owns their own style.” With their assorted collections of lifestyle items, they invite their customers to encounter whatever is suitable for them and develop their own style at the store.

Adastria, with a diverse portfolio of 45 brands, is exploring the introduction of more brands to the country in addition to niko and ….

“We are thinking of bringing one or two more brands… here,” Mr. Fujii said. “Filipinos can expect to hear more from us.” — Brontë H. Lacsamana

T-bill rates may drop on BSP cut

TREASURY.GOV.PH

RATES of the Treasury bills (T-bills) on offer this week could end slightly lower after the Bangko Sentral ng Pilipinas (BSP) lowered borrowing costs again and with the US Federal Reserve’s policy path still uncertain.

The Bureau of the Treasury (BTr) will auction off P20 billion in T-bills on Monday, or P6 billion in 91-day securities and P7 billion each in 182- and 364-day papers.

T-bill rates could be little changed or slightly lower to track the marginal decline seen in most short-term yields at the secondary market last week after the BSP’s latest easing move, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

He said the BSP chief’s “unexpected” hawkish signals immediately after Thursday’s policy decision initially caused local bond yields to rise, but his “more dovish” comments on Friday caused rates to close the week mostly sideways.

On Friday, the rates of the 91- and 182-day T-bills declined by 0.49 basis point (bp) and 0.01 bp week on week to 4.863% and 4.9989%, respectively, at the secondary market, based on PHP Bloomberg Valuation Service Reference Rates data as of Dec. 12 published on the Philippine Dealing System’s website. Meanwhile, the 364-day T-bill inched up by 0.63 bp to yield 5.0583%.

The Monetary Board last week cut benchmark interest rates by 25 bps for a fifth consecutive meeting to bring the policy rate to 4.5%, the lowest level in more than three years, as expected by 17 out of 18 analysts in a BusinessWorld poll.

The central bank has now lowered borrowing costs by 200 bps since it began its easing cycle in August 2024.

BSP Governor Eli M. Remolona, Jr. said at a briefing after Thursday’s meeting that benign inflation gives them room to help support the economy amid governance concerns that have affected investor sentiment, but added that they are nearing the end of their current easing cycle. He stressed that further cuts — if any — are likely to be limited and dependent on data.

On Friday, the BSP chief left the door open to one last 25-bp reduction, adding that they expect a gradual economic recovery following their previous easing moves.

A bond trader added that the Fed’s “less hawkish” stance caused bonds to rally towards the end of the week, but players unwound their positions after the BSP’s own statement.

“Investment book profit taking is still at large and may linger until yearend and could weigh on sentiment for the rest of the year,” the trader said in an e-mail.

Last week, the Treasury raised P22 billion as planned via T-bills as the offer was more than four times oversubscribed, with total tenders reaching P88.225 billion. 

Broken down, the government raised P7 billion as planned from the 91-day T-bills as the tenor was met with demand worth P30.825 billion. The three-month paper fetched an average rate of 4.759%, down by 5.3 bps from the previous auction. Yields accepted were from 4.712% to 4.828%.

The Treasury also made a full P7.5-billion award of the 182-day debt as bids reached P25.85 billion. The average rate of the six-month T-bill went down by 5.7 bps to 4.873%. Tenders awarded carried yields from 4.83% to 4.963%.

Lastly, the BTr sold the programmed P7.5 billion in 364-day securities as bids for the tenor hit P31.55 billion. The one-year paper’s average yield was at 4.962%, declining by 4.9 bps. Accepted rates were from 4.943% to 4.998%.

The BTr wants to raise P99 billion from the domestic market this month, or P60 billion through T-bills and P35 billion via Treasury bonds. Monday’s T-bill offering is the last government securities auction for the year.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.56 trillion or 5.5% of gross domestic product this year. — AMCS

Prada to launch $930 ‘Made in India’ sandals after backlash

A KOLHAPURI SANDAL — REUTERS/ADNAN ABIDI

MUMBAI/MILAN — Prada will make a limited-edition collection of sandals in India inspired by the country’s traditional footwear, selling each pair at around €800 ($930), Prada Senior Executive Lorenzo Bertelli told Reuters, turning a backlash over cultural appropriation into a collaboration with Indian artisans.

The Italian luxury group plans to make 2,000 pairs of the sandals in the regions of Maharashtra and Karnataka under a deal with two state-backed bodies, blending local Indian craftsmanship with Italian technology and know-how.

“We’ll mix the original manufacturer’s standard capabilities with our manufacturing techniques,” Mr. Bertelli, who is chief marketing officer and head of corporate social responsibility, told Reuters in an interview.

The collection will go on sale in February 2026 across 40 Prada stores worldwide and online, the company said.

Prada faced criticism six months ago after showing sandals resembling 12th century Indian footwear, known as Kolhapuri chappals, at a Milan show. Photos went viral, prompting outrage from Indian artisans and politicians. Prada later admitted its design drew from ancient Indian styles and began talks with artisan groups for collaboration.

It has now signed an agreement with Sant Rohidas Leather Industries and Charmakar Development Corp. (LIDCOM) and Dr. Babu Jagjivan Ram Leather Industries Development Corp. (LIDKAR), which promote India’s leather heritage.

“We want to be a multiplier of awareness for these chappals,” said Mr. Bertelli, who is the eldest son of Prada founders Miuccia Prada and Patrizio Bertelli.

A three-year partnership, whose details are still being finalized, will be set up to train local artisans. The initiative will include training programs in India and opportunities to spend short periods at Prada’s Academy in Italy.

Chappals originated in Maharashtra and Karnataka and are handcrafted by people from marginalized communities. Artisans hope the collaboration will raise incomes, attract younger generations to the trade and preserve heritage threatened by cheap imitations and declining demand.

“Once Prada endorses this craft as a luxury product, definitely the domino effect will work and result in increasing demand for the craft,” said Prerna Deshbhratar, LIDCOM managing director.

Mr. Bertelli said the project and training program would cost “several million euros,” adding that artisans would be fairly remunerated.

PRADA WON’T EXPAND IN INDIA
Mr. Bertelli said Prada, which opened its first beauty store in Delhi this year, has no plans for new retail clothing shops next year or factories in India.

“We have not planned yet any store openings in India, but it’s something that we are strongly taking into consideration,” he said, adding that this could come in three to five years.

The luxury goods market in India was valued at around $7 billion in 2024 and is expected to reach about $30 billion by 2030, according to Deloitte, as economic growth accelerates to 7% this year and disposable income among the middle and upper classes rises. The market, however, is dwarfed by China, which generated about 350 billion yuan ($49.56 billion) in value in 2024, according to Bain.

Most global brands have entered India through partnerships with large conglomerates like Mukesh Ambani’s Reliance Group and Kumar Mangalam Birla’s Aditya Birla Group.

Mr. Bertelli said that Prada would prefer to enter the country on its own, even if it took longer, describing India as “the real potential new market.” — Reuters

Mandated credit, bank secrecy: Is it time to reconsider our approach?

ORIGINAL BACKGROUND PHOTO FROM FREEPIK

By Pierce Oel A. Montalvo, Researcher

ON THE SIDELINES of The Asian Banker’s Finance Philippines 2025 forum in August, Bankers Association of the Philippines (BAP) President Jose Teodoro K. Limcaoco told reporters that mandatory credit lending rules and strict bank secrecy laws “have become constraints in today’s labor-driven financial marketplace.”

“By modernizing these laws, we create a fertile ground for tech-driven analytics, smart risk management, better credit assessment, and a more competitive and transparent banking sector,” added Mr. Limcaoco, who also serves as the president and chief executive officer of the Bank of Philippine Islands.

These calls for reform continue to echo throughout the banking industry. Last October, six major business groups in the Philippines, including the Makati Business Club (MBC) and the Management Association of the Philippines (MAP), signed a joint statement calling to amend the country’s bank secrecy laws.

Likewise, mandatory credit lending policies continue to be dragged into practice. The Asian Development Bank said that credit for micro, small, and medium enterprises (MSMEs) remained limited in the Philippines during 2024.

“The continued enforcement of the Magna Carta’s remaining provisions, alongside central bank oversight, underscores the government’s ongoing commitment to MSME development,” it said regarding the Philippines in its Asia Small and Medium-Sized Enterprise Monitor 2025 report. “However, the stalled legislative amendments highlight the need for renewed policy attention to ensure the law remains responsive and effective in addressing current MSME challenges.”

With players, policy groups, and regulators of the banking industry all pointing in the same direction, the question is no longer whether reform should happen — but when, and how.

BANK SECRECY
“The language of existing laws on bank secrecy makes the Philippines the only country to still have restrictive bank secrecy policy,” the Bangko Sentral ng Pilipinas (BSP) said in its 2024 legal primer on the laws on secrecy of bank deposits.

The primer cites three republic acts (RAs) that define the country’s bank secrecy laws: RA 1405 or the Law on Secrecy of Bank Deposits, RA 6426 or the Foreign Currency Deposit Act, and RA 8367 or the Revised Nonstock Savings and Loan Association Act of 1997.

RA 1405, enacted in 1955, was intended to encourage public investment in government securities and discourage private hoarding after World War II.

Passed later in 1972, RA 6426 aimed to attract foreign currency deposits from overseas Filipinos to address the country’s dollar deficit and boost international reserves.

However, the primer notes that more than half a century after their enactment, the conditions that once prevailed no longer exist, rendering the laws outdated for their original purpose.

The primer also cites the 2011 declaration by the Group of Twenty (G20) that the “era of bank secrecy is over” after endorsing standards on transparency and exchange of information. In 2014, the Organisation for Economic Co-operation and Development released the standard for automatic exchange of information as the new global standard for combating tax evasion and money laundering.

Now, the central bank is rocking the boat. The BSP resumed its push to reform these laws, BSP General Counsel Roberto L. Figueroa said at a House briefing last September.

The primer also mentioned that as of the document’s creation, the central bank is collaborating with BAP, MAP, MBC, and the Chamber of Thrift Banks (CTB) to propose the repeal of bank secrecy laws.

The Securities and Exchange Commission (SEC) also backed amendments to RA 1405 to fight corruption.

“The bank secrecy law has often been used as a shield for owners of bank accounts in cases of violations of RA 8799, or the Securities Regulation Code and RA 11232, or the Revised Corporation Code of the Philippines,” the SEC said in a press release last September.

“Lifting the bank secrecy provision will remove the greatest obstacle for authorities and regulators, to go after tax evasion and money laundering associated with corruption and other criminal activities,” said Filomeno S. Sta. Ana III, executive director of economic research and policy group Action for Economic Reforms (AER), in an e-mail message.

“Corrupt politicians, tax evaders, and other criminal elements have exploited the bank secrecy provision to keep law enforcers at bay.”

Thrift banks are also burdened by the bank secrecy laws. Suzanne I. Felix, executive director of the CTB, said that the “strict” secrecy laws can slow fraud investigations in smaller banks that lack big in-house investigative teams.

“The CTB strongly supports calibrated reforms to the Bank Secrecy Law that uphold depositor confidentiality while enabling effective enforcement of anti-money laundering, fraud prevention, and prudential supervision measures.”

MANDATED CREDIT
Despite being enacted 17 years ago, RA 9501 (the Magna Carta for MSMEs) remains largely unimplemented.

BSP data show that while bank loans for MSMEs grew by 7.1% to P536.51 billion as of end-June 2025, this was only 4.5% of their total loan portfolio of P12.05 trillion — still below the 10% overall requirement for banks under the Magna Carta for such enterprises.

Under the Magna Carta, banks were required to direct 8% of their lending to micro and small enterprises and another 2% to medium-sized businesses. The mandatory allocation ended in June 2018 after its 10-year term expired, though the BSP still monitors MSME lending as part of its oversight responsibilities.

Benel D. Lagua, a member of the Financial Executives of the Philippines and an independent director in progressive banks, said that the one-size-fits-all mandate “ignored radically different business models, risk appetites, and geographic footprints.”

“Rural and cooperative banks serve naturally micro clients, while large banks found it cheaper to pay penalties than build costly retail underwriting systems.”

The gap between mandate and reality is even starker when broken down by enterprise size. According to data cited by Ma. Aurora D. Geotina-Garcia, president of Mageo Consulting, Inc., 2024 figures show that only 1.8% of the mandated total loan portfolio went to micro and small enterprises — far below the 8% requirement. Medium businesses fared better at 2.83%, exceeding the 2% target.

“Over time, most banks have opted to incur penalties for noncompliance instead of fulfilling the 10% lending mandate,” Ms. Geotina-Garcia said in an e-mail interview. “This is due to the perceived risks of lending to micro and small businesses.”

Furthermore, research by Luis F. Dumlao, an associate professor of economics at the Ateneo de Manila University, shows agricultural lending declined to 9.5% by 2022 from 21.7% of bank portfolios in 2012, a drop that occurred even as mandates remained in place.

In an e-mail interview, Mr. Dumlao said that “the cost of doing business of paying the penalty has been less than the actuarial cost of default of lending to target lenders.”

His research calculates that for mandatory credit allocation to work effectively with government guarantees covering 100% of plus risk-free interest, it would cost taxpayers approximately P300 billion for the agricultural sector alone — vastly exceeding the P2.75-billion budget allocation prescribed by the Department of Budget and Management.

“The politically and fiscally feasible approach to finding how much government should guarantee is how much political capital politicians are willing to give up either by raising taxes or by reallocating budget,” Mr. Dumlao said, comparing it to the concept of “statistical value of life” in policy decisions.

The thrift banking industry presents a more nuanced picture. Total compliance for micro and small enterprises among thrift banks grew from P22.22 billion in December 2022 to P34.17 billion by June 2025, representing growth of more than 50% over the period, according to data provided by Ms. Felix.

“The data show that while we consistently exceed the medium enterprise requirement, other segments require more flexible and risk-sensitive approaches.”

For women entrepreneurs, barriers multiply. While women own or lead over 60% of MSMEs, they remain largely excluded from formal credit, Ms. Geotina-Garcia said.

“They instead turn to alternative sources of capital — usually friends and family — or informal lenders, or register businesses and loans under their husband’s name,” she said.

The gap between policy and market reality has spurred growth in alternative financing. Digital banks like Maya Bank now serve segments traditional banks have avoided.

Shailesh Baidwan, Maya Group president and Maya Bank cofounder, said in an e-mail interview that Maya’s reach has grown from 1.5 million bank customers in 2022 to nine million by September 2025, with more than 50% accessing formal credit for the first time.

“Our customer base is predominantly Millennials and Gen Z, who account for 84% of our bank users, and 76% are based outside Metro Manila,” Mr. Baidwan said. “This reflects how digital banking is closing access gaps in rural and emerging urban areas.”

Maya uses alternative data, such as transaction patterns, digital payment activity, and business cash flows, to assess creditworthiness, enabling first-time borrowers to access loans.

Ms. Geotina-Garcia said that fintech companies now offer loans with minimal requirements and shorter processing times. “MSMEs lean towards alternative sources of funding as they provide a more streamlined process, cutting out the numerous requirements of banks,” she said.

Industry experts increasingly advocate moving away from rigid quotas toward incentive-based systems. Mr. Lagua said that differentiating targets by bank category could be set, scaling penalties proportionately with bank size, and shifting from volume targets to access-oriented metrics such as the number of new-to-bank borrowers reached.

“Rather than penalizing all banks equally, government should reward institutions that demonstrate real capability-building,” he said. He also said that the need for transparent, bank-by-bank public reporting to enable accountability.

Ms. Felix echoed this view. “We believe inclusion is achieved better through incentives, not penalties,” she said. “Let’s reward banks that successfully expand MSME and Agri lending through lower capital charges, tax incentives, or supervisory recognition.”

The CTB also advocates for strengthening credit guarantee programs and promoting co-lending arrangements with government institutions. “Strengthen credit guarantees, improve data access through the Credit Information Corporation, and promote co-lending with government institutions — these are sustainable ways to grow lending without jeopardizing depositor protection,” Ms. Felix said.

OUTLOOK
As momentum builds for comprehensive banking reform, players in the banking industry paint differing pictures of urgency and caution. Yet, most agree the status quo is unsustainable.

On bank secrecy reform, consensus appears strongest. The convergence of BSP, SEC, and major business and policy groups behind careful reforms suggests legislative action may finally overcome decades of loopholes and oversight.

“The main deterrence to illicit activities that involve financial transactions is the near certainty of prosecution and conviction,” Mr. Sta. Ana said. “Lifting bank secrecy is a necessary condition to obtain information and evidence in order to prosecute and convict.”

Ms. Felix said that harmonizing local confidentiality rules with international anti-money laundering and counter-terrorism financing frameworks, particularly those under the Financial Action Task Force, could modernize the secrecy regime without compromising privacy.

The path forward for mandated credit leaves more to be agreed upon. Ms. Felix suggested a phased approach, with reforms rolling out over 18 to 24 months. “We support a phased approach — first pilot programs, then fine-tuning before full implementation,” she said.

The emergence of digital banks and fintech lenders adds innovation to the mandatory credit debate. Digital bank Maya Bank demonstrates that technology can reach underserved populations at scale.

“This includes support for the development of modern credit modeling practices; and a regulatory environment that allows for market-responsive, risk-based pricing,” Mr. Baidwan said.

Meanwhile, Ms. Geotina-Garcia said that reform must be evidence-based but rooted in grassroots insights. “There should be a process of consultation with intended beneficiaries, industry groups, and MSME associations as they know their situations best.”

“Unfortunately, the guarantee system or credit access in general is not a panacea to the problem,” Mr. Dumlao said.

“Financial assistance is just the n-th major concern of prospective borrowers. There are others like corruption that concern borrowers before they become competitive.”

Alfamart to open 200 stores next year in expansion push

BW FILE PHOTO

SM RETAIL, INC. plans to open at least 200 Alfamart branches in 2026 as it boosts its footprint in communities and deepens its reach among value-seeking shoppers.

SM Retail President Jonathan H. Ng said the company is preparing for another year of expansion as demand for convenience formats remains firm nationwide.

“For Alfamart, we’re expanding somewhere between 200 to 250 stores next year,” he told reporters last week. He said the minimart chain has room to grow in both urban and underserved areas, where its small-box format is positioned to attract daily shoppers.

Alfamart Philippines, a joint venture between SM and Indonesia’s PT Sumber Alfaria Trijaya Tbk, offers a mix of basic groceries, SM Bonus items, fresh and frozen goods, snacks and personal care staples.

The chain ended September with about 2,337 stores across the country, making it one of the fastest-growing minimart operators in the Philippines.

Minimarts have become an important complement to bigger grocery stores as consumers buy food and household items in smaller, more frequent trips. This has helped chains like Alfamart expand rapidly even in markets where traditional supermarkets are already present.

For Alfamart, the push to add as many as 250 stores next year signals confidence that demand in the community retail space will endure despite economic uncertainties.

The chain’s growing network of stores has allowed SM Retail to tap into dense residential areas and smaller commercial zones where large-format stores have limited reach.

Earlier this year, Alfamart opened its business to franchisees, targeting micro, small and medium enterprises that want to run community stores. Mr. Ng said the reception has been positive, adding that the group sees franchising as another way to bolster its presence in more neighborhoods.

The expansion plan also aligns with SM Supermalls’ P150-billion program to build and redevelop properties through 2030. Mr. Ng said Alfamart will open in upcoming SM malls as part of SM Retail’s strategy to sit close to rising foot traffic.

SM Supermalls’ pipeline includes major projects such as SM Sta. Rosa in Nuvali set for completion in 2026, Harrison Plaza in Manila in 2027, SM Malolos in Bulacan by 2028, Cavite in 2029 and Pasay in 2030.

“For next year, we’ll continue to focus on our strength,” Mr. Ng said, adding that the chain adapts its assortment to match shifting consumer preferences.

“We always look at what shoppers are buying and try to bring these into our stores.”

He said political noise has not changed the group’s long-term view. “There’s still a lot of political noise, but we always keep a long-term view. So we will continue to open stores,” he said.

SM Retail also expects a strong holiday season as consumers receive Christmas bonuses and increase spending on food and gifts.

“The fourth quarter is always our strongest quarter historically,” Mr. Ng said. “There’s always a big pick-up in December when the Christmas bonuses come in. Filipino consumers usually spend time with the family during this period, so they go to malls and retail stores.”

Despite the softer bottom line, SM Retail’s scale across multiple retail formats — supermarkets, department stores, specialty shops and minimarts — has helped cushion market swings. For the first nine months, SM Retail posted a 4.69% decline in net income to P12.2 billion from a year earlier. Revenue rose 5% to P318.1 billion, driven by steadier consumer demand for essentials and better foot traffic across malls.

SM Investments Corp., its parent company, reported a 6% increase in consolidated net income during the same period to P64.4 billion, supported mainly by the banking operations of BDO Unibank, Inc. and China Banking Corp. Retail, property and other business segments also contributed steady earnings. SMIC shares closed at P700 each on Thursday. — Beatriz Marie D. Cruz

UnionDigital Bank expects to breakeven next year on better asset quality

UNIONDIGITALBANK.IO

UNIONDIGITAL Bank, Inc. (UD) aims to breakeven by the second half of 2026 as it plans to expand its lending while managing its asset quality.

“I can tell you with confidence but not certainty that we will breakeven next year… We have the right things in place for all of that to happen. Three things happened: NPL (nonperforming loans) has been corrected, the positioning of the bank is more akin to what the bank really means to be, and we are poised for growth,” UnionDigital President and Chief Executive Officer (CEO) Danilo “Bong” J. Mojica II told reporters on the sidelines of an event on Friday.

UD expects to end this year with “hundreds of millions” less in losses from 2024, he said.

The digital bank booked a net loss of P3.13 billion in 2024, a reversal of the P155.31-million net income recorded in 2023, its annual report showed.

It also expects to end the year with an NPL ratio below 6% as a result of the bank’s move to be more “disciplined” in lending and boost its loan loss provisioning after Mr. Mojica took over the CEO post in August, among other changes in leadership positions, that marked its shift to a “low and grow” strategy that prioritizes shorter-tenor payroll loans and gradually scaling high-performing accounts.

The latest data from the Bangko Sentral ng Pilipinas’ (BSP) website showed that UnionDigital’s gross NPL ratio was at 55.64% at end-June, with its gross NPL coverage ratio at 103.7%.

The bank also expects to have close to P7 billion in loans by yearend. Its gross loans stood at P3.58 billion as of June 2025, down from P5.11 billion in 2024.

With these in order, UD will be able to ramp up its lending activities again, Mr. Mojica said.

He added that the digital bank will be launching new products next year through partnerships within the Aboitiz Group ecosystem. — AMCS

IdeaSpace spotlights six ‘startups for the future’ from 13th cohort of Accelerator Program

IdeaSpace Foundation, the early-stage technology incubator and accelerator arm of the MVP Group of Companies, spotlighted six high-potential startups from the 13th cohort of its flagship Accelerator Program during its Demo Day last Nov. 19 at Common Ground, Makati City.

With the theme “Startups for the Future,” the latest cohort featured startups that have completed the rigorous three-month program, launched in August, and are now ready to reshape key industries with innovative solutions focused on technology, sustainability, and changing lifestyles.

The program’s culmination served as a pivotal platform for founders to present their scalable ventures to IdeaSpace’s network of partners, investors, and industry leaders, marking their entry into the next phase of growth.

The six graduating startups of Cohort 13 offers solutions particularly enhancing processes in small businesses, real estate transactions, collections, lending, and content management.

KaHero is a cloud-based point-of-sale system that empowers small businesses with management tools for sales, inventory, and multiple branches.

Soolok Properties, Inc. is a digital platform that aggregates foreclosed property listings and applies proprietary pricing models to identify best-value real estate deals, while Cloverly is an internal tool for property developers and brokers that significantly streamlines and digitizes the complex process of buyer onboarding.

Online marketplaces are also among the winning startups, with Polka Motors designed to simplify and accelerate the application process for motor vehicle loans, and Xure designed for collectors to safely buy, sell, and trade valuables, incorporating expert appraisal and certification.

Lastly, DashoContent is a hybrid content operations platform leveraging both AI and human experts to streamline content creation and management workflows.

Startups in Cohort 13 have already proven their operational readiness and market impact. The graduating businesses have achieved significant traction, collectively onboarding over 588 food & beverage, and general merchandise branches and 350 dealer branches, and have accumulated a combined user base of over 12,000 active users.

Furthermore, the cohort has expanded its reach both locally and internationally, launched enterprise pilots, secured follow-on investments, and established crucial business-to-business collaborations across essential verticals, including banking and financial services.

“IdeaSpace has always been and remains a vital funnel of world-class, early-stage talent to the global community, and we believe the overall future of the Philippine startup ecosystem has never been brighter,” said Rene “Butch” Meily, president of IdeaSpace Foundation.

The Accelerator Program will continue to provide the startups with comprehensive support, including mentorship from industry experts, access to IdeaSpace’s extensive network, and guidance on business operations, fund-raising strategies, and effective marketing. This continuous program is designed to fast-track the growth of these promising technology-based ventures as they transition to their next funding rounds.

“The cornerstone of our work is to sustain the ecosystem so that we help more startups that have immense potential to contribute to the economy and national development,” Alwyn Rosel, executive director of IdeaSpace, added. “This cohort embodies that mission, and we are excited to partner with them on their journey to build scalable, sustainable businesses. Demo Day is not an end, but a beginning of crucial collaborations.”

Since its launch, the IdeaSpace Accelerator Program has been a cornerstone of the Philippine startup landscape, supporting over 150 startups and empowering a new generation of Filipino entrepreneurs.

 

SparkUp is BusinessWorld’s multimedia brand created to inform, inspire, and empower the Philippine startups; micro, small and medium enterprises (MSMEs); and future business leaders. This section will be published every other Monday. For pitches and releases about startups, e-mail to bmbeltran@bworldonline.com (cc: abconoza@bworldonline.com). Materials sent become BW property.

Tumi goes black and red to mark 50th year

TUMI, a leading international travel brand, is wrapping up its 50<sup>th</sup> anniversary year by celebrating its heritage.

The brand’s striking colorway of black and TUMI Red — its signature Pantone — is featured in select pieces from the Alpha, Alpha Bravo, Voyageur, and 19 Degree Aluminum collections, including backpacks, totes, and small travel accessories, just in time for the holiday season.

“These colors celebrate TUMI’s heritage while signaling its continued evolution: bold, resilient, and built for the journey ahead,” the brand said in a statement.

The red and black colorway can be found in the Celina Backpack, Dey Trunk Crossbody, Just In Case Tote, and Double Expansion Backpack.

TUMI also offers a premium gifting range with the 19 Degree Aluminum collection that combines timeless design and durability. Standout pieces include the International Carry-On, Cigar Case, Sunglass Case, and Compact Mirror.

There is also a 19 Degree Aluminum Bar Set which extends TUMI’s 19 Degree design code for the home. The set includes everything needed to make a perfect cocktail, including custom recipe cards.

“The most meaningful gifts are the ones that become part of everyday life,” said Victor Sanz, TUMI’s creative director, in a statement.

“The best gifts fit seamlessly into everyday life — accompanying you from work to travel to home — and are as meaningful to give as they are to use long after the season ends.”

GIFT IDEAS
For men, TUMI highlights backpacks from the Arrivé and Harrison collections, along with leather accessories such as a reversible belt — practical options suited for work, travel and daily use.

In particular, the Barker and Larson backpacks offer aerodynamic silhouettes with automotive-inspired touches.

For women, TUMI’s gift picks include structured bags from the Olas and Agent collections, designed to move easily from office to evening.

The Belden line includes jewelry cases, passport cases, and wallet-on-chain styles in seasonal hues for the holiday season.

For TUMI, personalization remains part of the holiday assortment, with monogramming available on select items.

The anniversary and holiday pieces are available at TUMI stores and TUMI.com.

Nov. palay farmgate price rises 6.5% vs Oct. after import ban

PHILIPPINE STAR/KRIZ JOHN ROSALES

THE average farmgate price of dry palay (unmilled rice) rose 6.5% month on month to a national average of P16.92 per kilo in November, the Philippine Statistics Authority said in a preliminary report.

On a year-on-year basis, the farmgate price fell 16.6%, with the rate of decline easing from the 22.7% year-on-year fall in October.

The highest palay prices in November were posted in the Bangsamoro Autonomous Region in Muslim Mindanao at P20.36 per kilo, the only region to register a price above P20.

The lowest palay price average in November was logged in Calabarzon at P13.25 per kilo, compared with P17.38 a year earlier and P12.26 a month earlier.

In Central Luzon, the country’s top producing region, the average farmgate price of palay in November was P18.14 per kilo, down from P21.06 a year earlier but higher than the month-earlier P15.14.

Cagayan Valley, another major producer, posted an average farmgate price of P16.37 per kilo, down from P19.76 a year earlier but up from P15.36 a month prior.

Raul Q. Montemayor, national manager of the Federation of Free Farmers, told BusinessWorld via Viber that palay prices are still “comparatively low” even with the import freeze.

“Farmers continued to suffer from comparatively low prices for their palay,” he said.

Mr. Montemayor, however, said the import freeze may have contributed to arresting the oversupply of rice.

“What the ban may have done was to reduce the supply glut in the market,” he said.

However, Mr. Montemayor said, given the end of the September-November harvest, any further improvement in palay prices will only benefit traders.

“By this time, almost all of the palay is already in the hands of traders and they will be the ones, not the farmers, who will benefit from any upward movement in palay and consequently rice prices,” he said. — Vonn Andrei E. Villamiel

Arms race against the no-face: How the Protect Your Money campaign could equip the masses against financial trickery

By Matthew Miguel L. Castillo, Researcher

OPEN your mobile phone to check your SMS inbox, scroll to some messages sent through your trusted e-wallet or digital bank’s line.

Among these, find any message telling you of claimable winnings, redeemable points, and retractable transactions.

Look for a link included in the message, do not open it — inspect its content for any sly mistypes to resemble the website it is trying to emulate.

If no suspicion initially arose, you would probably open the link under normal circumstances, clueless that a scam attempt has already targeted you.

For a lot of Filipinos, this theoretical scenario had already been a grim and costly real-life experience, which sees more victims by the day.

Considering the widespread susceptibility to these emerging financial threats, the Financial Sector Forum (FSF) and the Consumer Protection and Education Committee (CPEC) decided it was high time to relaunch the Protect Your Money (PYM) campaign.

The PYM campaign is an awareness drive first launched in 2013 calling for Filipinos to be vigilant and proactive against financial schemes through offers in fraudulent investment activities and documents.

In an e-mailed response to BusinessWorld, the Bangko Sentral ng Pilipinas (BSP) said that the 2013 drive reminded the Filipino to protect his/her money by “knowing the bank, verifying it’s BSP license, and dealing with authorized employees or licensed agents only.”

The Financial Sector Forum renewed the campaign in June 2025 and adapted its information drives to more current financial threats.

“Today, deception wears a friendlier face, speaks your language online, and can reach your phone 24/7; this is why the PYM campaign needed to evolve,” the central bank said.

BEHIND ENEMY LINES
Police Colonel Jay D. Guillermo, chief of the Philippine National Police anti-cybercrime group of the cyber response unit, said that a person’s information is the primarily coveted among cyber criminals.

“It is a person’s information that [the scammers] attain first to eventually run trickery on them and get their money,” he told BusinessWorld in a Zoom interview.

Mr. Guillermo said that the public’s personal information is widely available and easily accessible online, making it seamless for cyber fraud assailants to collect.

According to data from the Philippines Digital 2025 report by social media consumer intelligence company Meltwater, 90.8 million Filipinos, or 78% of the country’s overall population, have been using social media in 2025.

The report also showed that Facebook and Messenger were the most popular social media applications among Filipinos, in line with the most popular usage purpose of keeping in touch with friends and family.

Mr. Guillermo said that scammers exploit Filipino’s personal connections to run emergency scams on friends and family members of personal accounts they take over.

“Through Facebook, given that the user unknowingly provides the scammer with the one-time-passcode to his/her account, the latter may send messages to the former’s friends, asking for immediate financial aid after an alleged emergency,” he said.

He added that the scammer would then manipulate the victim into sending money to a dummy account of the supposed “helper” of their friend in the made up emergency scenario.

Mr. Guillermo said that scammers also purchase verified and/or authentic accounts or identities of actual persons to generate fake identities that the public would be unlikely to hesitate in trusting.

An example he mentioned was of registered SIMs, whose contact activities would not be flagged by monitoring agencies resulting in minimal barriers to reaching the common mobile user.

SITTING DUCKS
“The profile of a typical fraud victim is [anyone] that lacks basic digital education and digital literacy,” Julian Louie Singson, executive director and co-founder at the Cybersecurity Council of the Philippines (CSCP), told BusinessWorld in a Zoom call.

In multiple global reports and assessments, the Philippines has emerged as one of the most targeted and victimized countries in the cyberspace.

For instance, the 2025 Microsoft Digital Defense Report revealed that the Philippines placed 20th among countries targeted by cyberthreats globally in the first half of the year.

Chief Executive Officer of Microsoft Philippines Peter Maquera said in an article that such attacks are “no longer isolated information technology (IT) issues — they disrupt operations, delay customer service and cause financial and reputational damage that can take years to recover from.”

The 2025 second-half update to the top fraud trends report by US-based consumer credit reporting agency TransUnion showed that the country was the most widely targeted by fraud among Asian countries assessed.

Almost two-thirds of all Filipino consumers surveyed were targeted by fraud, of which 9% eventually fell victim, from February to May 2025.

“Nowadays, people would receive text messages directly from reputable digital banks and e-wallets, containing links to fraudulent websites,” Mr. Singson said, adding that these could be identified with thorough and informed inspection.

Phishing was the most prevalent form of fraud in the Philippines in the span, according to TransUnion report.

It involves an online scammer’s impersonation of reputable institutions through varying contact points to lure targets into providing sensitive information allowing them access to their financial accounts.

Among Filipino business leaders alone, 6% of total revenues were lost to fraud in the past year, amounting to an estimate of P4 trillion.

Mr. Singson added that awareness would be vital for Filipinos to identify and easily steer clear of scams in their current forms.

In its move to refresh the campaign, the FSF recognized that active fraud syndicates are global scaling, tech-enabled, and more evasive, rendering the initial PYM safeguards “no longer enough.”

THE ARMAMENT AND ITS LOGISTICS
The PYM campaign has been rolled out through the multi-pronged efforts of the FSF by each member institution according to its given role.

The BSP leads in spreading the campaign’s visibility with strategically placed posters, art-cards, and infographics in high traffic places both online and offline, primarily targeting underserved communities.

The Securities and Exchanges Commission mainly boosts the campaign’s digital engagement with postings of educational short videos or reels that make financial concepts digestible and emphasize protecting money against scams.

The Insurance Commission directly reaches out to Filipinos with SMS tips to remind them of consumer safety and to verify who or what they are dealing with financially.

And lastly, the Philippine Deposit Insurance Corp. amplifies the campaign through radio interviews, reminding offline Filipinos to proactively safeguard their deposits.

“FSF CPEC believes that when financial regulators speak with one voice, the message cuts through the noise,” said the central bank.

According to data provided by the BSP, 50,000 campaign posters have been printed and distributed nationwide from August.

The first batch of educational reels had already been posted, accumulating 178,000 views as of early December, with more content being prepared for release in later dates.

Radio segments and text message advisories have also been prepared for rollout to reach Filipinos without access to social media platforms.

The renewed campaign is set to strategically roll out in phases up to 2028, with the goal of behavioral changes in Filipinos and improved sensitivity to encroaching threats.

“Scams evolve, so must our shields. Protect Your Money started as a warning. Today, it is a call to empowerment,” the BSP said.

TACTICAL ADVICE
Mr. Guillermo said that the most effective way the campaign could spread awareness on cyber threats and cybersecurity would be in a more direct and personal approach.

“In posting awareness campaign advertisements online or in banks, what are the chances passersby and customers will read these? The best step to expand awareness is to talk to the people,” he said.

Moreover, Mr. Guillermo said that the most vulnerable to scams are those in far-flung areas and are newly connected to online financial platforms, saying that they may not be reached through the campaign’s current methodology.

Mr. Singson added that coordinating with and mobilizing various communities that make up the masses would be a strategic move in the campaign’s execution.

He added that partnerships with various clubs and local governments would greatly help in connecting with the people and improving their overall digital literacy.

“A successful [educational effort] I have seen is that of a small bank which went to Zumba classes of senior citizens — providing their drinks and snacks — and eventually teaching them financial literacy,” he said.

The experts said that artificial intelligence (AI) and deep fake technology loom as formidable tools that fraudsters use to empower their trickery.

“I have personally seen investment traps on Facebook using AI generated videos of [Filipino billionaires], claiming quick returns on supposed investments,” he said.

“Deepfake [technology] is what’s new on the horizon, to run cryptocurrecy, investment, and recovery scams,” Mr. Guillermo added.

A deepfake, as defined by Merriam-Webster, is an image, recording, or video altered and edited to have an entirely different person deliver the message or action being shown.

“For example, [the scammers] can capture my [persona] and post it, using my identity to run a recovery scam,” said Mr. Guillermo.

A recovery scam is aimed at those previously victimized by financial loss or other forms of fraud, using the disguise of an assistant in recovering the money to bait for even more information.

REINFORCEMENTS EN ROUTE
FSF CPEC said that the campaign is open to cooperating with schools, local governments, media organizations, and digital platform advocates in empowering its information drive.

Mr. Singson said that the CSCP is open to supporting this push for grassroots learning which “they have already been doing.”

“The way we do it is we deliver short cyber hygiene lessons [in] schools… we can partner up with both the national and local government to push for more digital literacy for everyone,” he said.

Moreover, Mr. Singson said that the CSCP could provide the FSF CPEC with developing cyber threats in the Philippines and ASEAN countries to spread awareness in advance.

Meanwhile, Mr. Guillermo said that the PNP anti-cybercrime group could aid in highlighting dangers in cyberspace by giving threatened institutions a heads-up based on recurring complaints.

“We [can track], based on the complaints, the lapses in financial institutions procedures and collection of information, and talk to them about it,” said Mr. Guillermo.

The BSP said that rolling out the “collaborative model” of the PYM campaign will continue to expand moving forward, ensuring that protection and empowerment are promoted together.

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