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FinTech Alliance.PH hosts Q2 digital caucus, sets stage for Manila Tech Summit

Bangko Sentral ng Pilipinas Deputy Governor Chuchi Fonacier delivers the keynote address.

FinTech Alliance.PH, the country’s largest and most influential organization of fintech unicorns, startups, and financial institutions, convened its 2nd Quarter Digital Industry Caucus and Manila Tech Summit Media Launch on June 24 at The Marquis Events Place in Bonifacio Global City, Taguig.

The event brought together key figures from the government, the diplomatic corps, and the private sector. Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier delivered the keynote address, underscoring the urgency of establishing an industry-led fraud bureau to help build a safer, more resilient digital economy. She emphasized that strong collaboration between regulators and the private sector is vital in fighting fraud, building consumer trust, and driving financial inclusion.

“Continuing engagement with industry players such as the Fintech Alliance is crucial in fostering a shared understanding of risks, financial inclusion goals, and market conduct expectations. Moreover, cooperation plays a critical role in enhancing the financial system’s cyber resilience as it enables financial institutions to proactively identify, prevent and respond to emerging and persistent threats. The BSP will continue to support strategic partnerships among our key stakeholders for the purpose of strengthening financial surveillance, obtaining feedback on policy initiatives, and fostering dialogue,” Deputy Governor Fonacier said.

During the caucus, FinTech Alliance PH also announced the submission of a white paper to Department of Information and Communications Technology (DICT) Secretary Henry Aguda and the Cybercrime Investigation and Coordination Center (CICC), outlining a road map for the proposed fraud bureau and positioning it as a shared responsibility of the entire digital ecosystem.

As part of its commitment to honor transformative leadership, FinTech Alliance PH conferred the BSP Governor Nestor A. Espenilla Jr. FinTech Leadership Award to four exceptional individuals: BSP Deputy Governor Chuchi Fonacier; H.E. Laure Beaufils, British Ambassador to the Philippines; H.E. Hae Kyong Yu PSM, FCPA, Australian Ambassador to the Philippines; and H.E. Ilan Fluss, Ambassador of Israel. This prestigious award honors leaders who embody the late Governor Espenilla’s legacy of inclusive innovation, regulatory disruption, and financial empowerment for the underserved.

The event marked the onboarding of four new member institutions into the Alliance: SnapWork Digital Technologies Pte. Ltd., TrustDecision Pte. Ltd., EmbedIT S.R.O., and Trusting Social AI Philippines. Their addition reflects the Alliance’s growing momentum and unified vision of bridging innovation and inclusion.

To cap the event, the theme of the 2025 Manila Tech Summit was officially revealed: “Forging a New Global Order: Risks and Opportunities Redefined.” Set for August, the summit is expected to convene over 1,300 stakeholders to discuss how the Philippines can lead amid global volatility and opportunity. It also builds up toward the Philippines’ official participation in the Singapore FinTech Festival this November, where the country will mount a national pavilion under the theme “Bagong Pilipinas.”

“This is our moment. As the digital landscape evolves, so must we boldly and decisively. From tackling fraud to promoting regulatory reform and global collaboration, we are proving that the Philippines is not just catching up, we’re stepping up to lead. Let’s move fast, build together, and show the world what a future-ready, inclusive digital economy looks like,” FinTech Alliance PH Founding Chairman Lito Villanueva said.

The event was held in partnership with the Bangko Sentral ng Pilipinas, with media collaboration from ABS-CBN, BusinessWorld, Manila Bulletin, Merger Market, Inquirer, PhilStar Global, The Manila Times, and TodayPH.

 


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.

September seen as crunch time to resume Brazil chicken imports

STOCK PHOTO | Image by Azerbaijan_stockers from Freepik

THE Meat Importers and Traders Association (MITA) has asked the government to fast-track the lifting of the import ban on Brazilian poultry after that country was declared free of bird flu

MITA President Jesus C. Cham told BusinessWorld that  chicken imports from Brazil, a leading supplier of poultry products to the Philippines, should resume before the “ber months,” when prices typically rise.

Currently, prices have been rising. “We will see where they settle once new supply is available,” Mr. Cham said via Viber, noting that if import permits are issued next month, new orders from Brazil will likely arrive by September.

The average retail price of dressed chicken rose to P216.70 per kilo in late June, from P214.49 per kilogram earlier in the month and P212.52 per kilo a month earlier.

In an e-mail to BusinessWorld on June 27, Brazil’s embassy in Manila said the World Organisation for Animal Health (WOAH)officially published Brazil’s self-declaration as free from highly pathogenic avian influenza in commercial poultry.

The declaration was issued 28 days after the eradication of the sole confirmed outbreak in the state of Rio de Grande do Sul on May 15.

The embassy noted that as of June 24, 16 countries havey lifted restrictions on Brazilian poultry exports.

Within the Association of Southeast Asian Nations, Singapore did not impose any ban, while Vietnam and Myanmar lifted restrictions following the WOAH notice.

Other countries applying geographically targeted measures include Japan, the UK, Mexico, South Africa, Saudia Arabia, the United Arab Emirates, Turkey, and Russia, it added.

“Given the absence of technical impediments, additional countries are expected to announce the reopening of their markets to Brazil poultry products in the coming days,” the embassy said.

Agriculture Secretary Francisco Tiu Laurel Jr. has said that the Department of Agriculture (DA) was awaiting Brazil’s regionalization documentation. The process allows Brazil to limit an import ban to specific areas that have confirmed outbreaks.

Brazil is the top supplier of chicken to the Philippines, accounting for nearly 60% of Philippine chicken meat imports in the four months to April.

“Brazil’s rigorous inspection, disease surveillance, and biosecurity protocols underpin its status as a reliable and long-standing partner in global food supply,” the embassy said.

“Brazil remains committed to supporting the Philippines through safe, high-quality, and affordable poultry products.” — Kyle Aristophere T. Atienza

Rural bank submits application for digital banking license — BSP

BW FILE PHOTO

A RURAL BANK that wants to convert its existing permit is the second applicant for a digital banking license following the lifting of the moratorium on the entry of new players into the sector, a senior Bangko Sentral ng Pilipinas (BSP) official said.

“They (rural bank) are almost done. Maybe within the next two to three months. They’ve already submitted their application. They’re now just completing requirements,” BSP Deputy Governor Chuchi G. Fonacier told reporters on Tuesday.

Ms. Fonacier earlier said a Europe-based digital bank has already applied for a license to enter the Philippine market. This lender is looking to target underbanked sectors, she said.

The BSP in January lifted a three-year moratorium on the grant of digital banking licenses, allowing four new players to operate in the country. These can either be new applicants or banks that will convert their existing license to a digital one.

This would bring the maximum total players in the sector to 10, joining Tonik Digital Bank, Inc.; GoTyme Bank of the Gokongwei group and Singapore-based Tyme; Maya Bank of Voyager Innovations, Inc.; Overseas Filipino Bank (OFBank), a subsidiary of Land Bank of the Philippines; UNObank of DigibankASIA Pte. Ltd.; and UnionDigital Bank, Inc. of Union Bank of the Philippines, Inc.

The central bank has said the new applicants must “bring something new to the table” and offer innovative products to better reach underserved and untapped markets. They will also undergo a rigorous licensing process that will evaluate their value proposition, business models, and resource capabilities.

The BSP has also said that they may require financial institutions that already operate like online banks, or those that have a neobank model, to upgrade their licenses.

“Other players (with neobank models) do not want to apply for digital bank licenses. But for us, if your business model is digital-centric or akin to a digital bank, we will encourage you to convert your license,” Ms. Fonacier said.

“We just really want to level the playing field. You can’t have the best of both worlds.”

The BSP defines a digital bank as an institution that offers financial products and services that are processed end-to-end through a digital platform or electronic channels with no physical branch.

Neobanks offer banking services via online platforms and electronic channels. Existing thrift, rural, and cooperative banks that primarily offer financial products and services processed via digital channels can do so under an Advanced Electronic Payments and Financial Services license.

Meanwhile, the BSP has separate licensing and prudential requirements for digital banks as they are treated as complex banks, like universal and commercial lenders.

Ms. Fonacier added that only two of the six operating digital banks in the country are now in the black. She said online banks backed by large parent companies are more profitable as they have ample capital support and strong ecosystems.

“The others, based on their forecasts in their business models, they expect to be profitable in five years,” she said.

Based on available data, OFBank booked a net income of P50.34 million in 2023, a turnaround from 2022’s P33.63-million net loss.

UnionDigital Bank likewise posted a net income of P155.31 million in 2023 versus the P447.14-million net loss it recorded the year prior.

Latest BSP data showed that the digital banking sector posted a P1.04-billion net loss as of end-March, narrowing from the P2.07-billion loss seen a year prior.

The industry has been in the red since the BSP began consolidating data from the sector starting March 2023.

In 2024, the sector’s combined net loss widened to P7.03 billion from P4.38 billion in 2023. — A.M.C. Sy

Paris Fashion Week: Hermès shows woven leather tops and trousers; Louis Vuitton shows India-flavored fashions

HERMES OFFICIAL YOUTUBE CHANNEL_YOUTUBE.COM/@HERMES

PARIS — Hermès’ menswear artistic director Veronique Nichanian on Saturday showed a summer 2026 collection featuring airy tops and trousers crafted from woven leather.

Models marched down a sparse set lined with towering mirrors parading high-waisted latticed leather trousers, sleeveless T-shirts, and striped overshirts, sweaters with zig-zag motifs, and trim, bomber jackets in leather. (Watch the show here: https://tinyurl.com/mrxx2btu)

Some wore roped sandals that exposed bare feet, while others had ankle boots in glossy leather or crocodile skin.

Bags were roomy, in canvas with leather straps, matching the browns and beiges that dominated the color palette. Silk bandanas with a fringe completed the outfits.

The audience clapped loudly and cheered when Nichanian popped out for her bow, smiling broadly.

Paris Fashion Week, which included shows from Kering-owned label Saint Laurent, LVMH’s Louis Vuitton, and the highly anticipated debut of Jonathan Anderson at Dior, winds up on Sunday.

A number of high-end labels have brought on new designers as the industry seeks to woo back shoppers who are tightening their purse strings in an uncertain economic environment.

Hermès menswear designer Nichanian, however, has been in her position since 1988. Hermès, which caters to the ultra-wealthy with exclusive handbags like the Birkin, and has outpaced rivals.

LOUIS VUITTON
Louis Vuitton men’s creative director, Pharrell Williams, wove fashion elements from India into his spring-summer 2026 collection, shown outdoors on Tuesday in front of the Pompidou Centre in Paris. (You can watch the show here: https://tinyurl.com/brvh9kyd )

Guests were seated when screaming crowds outside the venue announced the arrival of singer Beyoncé and rapper Jay-Z, who sat in the front row next to LVMH Chairman and CEO Bernard Arnault.

A live orchestra kicked off the show with loud drumming and models filed onto the sprawling, wooden set, parading loose, pleated trousers, striped coats, and embellished workwear.

Bags and jeans were decorated with elephants and palm trees, while suits were worn with chunky leather flip-flops. One model wheeled a purple acrylic trunk down the runway, moving steadily as the Voices of Fire choir sang and danced.

After the show, Williams, a well-known singer and songwriter, hugged Jay-Z before skipping across the runway set — painted like a snakes and ladders gameboard — to greet his family.

The show took place on the first day of Paris Fashion Week, which runs until June 29. — Reuters

BSP Survey: Businesses cautiously optimistic in Q2

BUSINESS SENTIMENT in the Philippines turned less upbeat in the second quarter amid concerns over the impact of the Trump administration’s tariff policy on the economy, a survey by the Bangko Sentral ng Pilipinas (BSP) showed. Read the full story.

BSP Survey: Businesses cautiously optimistic in Q2

Hotel101 Nasdaq listing seen to boost investor interest in PHL firms

NASDAQ, INC./ VANJA SAVIC

By Revin Mikhael D. Ochave, Reporter

THE recent listing of Hotel101 Global Holdings Corp. on the Nasdaq Stock Exchange in the United States could encourage more foreign investors to consider Philippine companies, analysts said.

“By participating in other equity markets, people from other countries get to have an idea of our local corporate sector, which in turn may entice them to take a deeper look and possibly invest,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

“For the Philippine corporate sector as a whole, Hotel101’s listing is a small but significant step in making the said sector more known to the rest of the world,” he added.

Hotel101, with the ticker “HBNB,” listed on Nasdaq on June 27. It is a subsidiary of Philippine-listed investment holding firm DoubleDragon Corp. (DD), led by Edgar “Injap” J. Sia II and Tony Tan Caktiong.

Trading of Hotel101’s shares will begin on July 1, following the completion of its business combination with JVSPAC Acquisition Corp., which was approved by JVSPAC shareholders on June 24.

Hotel101 will have an equity value of $2.3 billion at the closing of the transaction. It is the first Filipino-owned company to be listed on Nasdaq. The firm operates as an asset-light, prop-tech hospitality platform offering a global standardized “condotel” business model.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said Hotel101’s listing demonstrates how newer Philippine firms can go global.

“This would signal that Philippine companies, especially relatively newer ones, can globalize their business operations and their fund-raising activities at the same time,” Mr. Ricafort said.

“Market conditions have improved, with the S&P 500 and the Nasdaq posting new record highs, thereby allowing issuers to sell at the highest possible selling prices despite recent geopolitical risks, especially tensions in the Middle East,” he added.

Unicapital Securities, Inc. Research Head Wendy B. Estacio-Cruz said Hotel101’s listing will boost its visibility among international investors.

“Its Nasdaq listing is expected to unlock the value of this business segment within DD, which the market has yet to fully price in,” she said.

“We expect DD’s valuation, reputation, and financial flexibility to improve, potentially narrowing the current 60–70% valuation gap,” she added.

Mr. Tantiangco said he hopes more Philippine companies will follow Hotel101’s lead in pursuing listings in the US.

“Hopefully we get to see more in the next few years. However, that would depend on the global economic landscape,” he said.

“If the global economy is still marred with uncertainties, primarily on the trade and geopolitical front, then investors could be driven to a cautious stance, which in turn would weigh on new listings,” he added.

Mr. Sia, Hotel101 founder and DD chairman and chief executive officer, said the Nasdaq listing supports Hotel101’s goal to operate one million rooms across 100 countries worldwide.

“We’re just getting started — with a globally scalable model and a long runway ahead, we aim to redefine the industry and become a leading global hospitality brand working towards our vision of an inventory of one million Hotel101 rooms globally,” he said in a statement.

“This is a historic moment for DD, becoming the first-ever Filipino company with a subsidiary listed and traded on Nasdaq. It reflects the strength of our vision and the dedication of everyone who has helped bring Hotel101 to this global stage,” he added.

Hotel101 and its affiliates currently have nine properties in the Philippines in various stages of operations and development, as well as three overseas projects under development — in Hokkaido, Japan; Madrid, Spain; and Los Angeles in the United States.

In May, Hotel101 and Horizon Group agreed to form a joint venture to develop up to 10 hotels in Saudi Arabia.

DD shares were last traded on June 27, down by 2.11% or 28 centavos to P13 apiece.

My life (and loves)

This column is drawn from Walden Bello’s speech at the “Afternoon with Risa and Walden,” the launch of the book Global Battlefields: My Close Encounters with Dictatorship, Capital, Empire, and Love by Walden Bello, published by the Ateneo de Manila University Press, at Corinthian Gardens on May 20.

Do not be fooled by the title of my presentation, “My Life (and Loves).” It’s a teaser; I will not speak of my loves.

The purpose of this occasion is to launch a memoir that, according to the back cover of the book, is “the search for meaning of what the author calls the “lost generation” — his cohort of revolutionary youth that reached for the stars, fell short, but still made a difference.”

But that lovely piece of advertising is simply an excuse. The real purpose of this gathering is for my cohort of classmates to have a good time, to have one great fling as we head towards the sunset.

It took some eight years of people pushing me to write the memoirs before I finally decided to do it.

In 2023, my good friend, Prof. Carol Hau, brought up the suggestion a third time. You don’t say no to Carol, and so I began this memoir in Kyoto and finished it six months later in Bangkok, fortified by the improbable combination of a daily run of seven kilometers and daily intake of Suntory single malt whiskey.

Once I decided to write, I made myself an adherent of what I call the Clint Eastwood School of memoir writing. You write not only about the good but also the bad and the ugly. No one wants to read the life story of a saint but everyone loves to peek into that of a sinner.

The bulk of the memoir is about my political adventures or misadventures. This includes my 15 years with the international branch of the Communist Party of the Philippines (CPP), working to overthrow the Marcos dictatorship, a struggle that was the romance of my generation; and my 15 years as an agent of the global anti-globalization movement and the movement against the US invasion of Afghanistan and Iraq.

Those 30 to 35 years were spent roaming the globe, participating in protests or hatching conspiracies or simply hanging out with interesting characters like Hugo Chavez, Vaclav Havel, Hamas, and Hezbollah in places like Santiago de Chile; San Francisco; Washington, DC; New York; Nairobi; Johannesburg; Mexico City; Paris; Dakar; Bangkok; Hanoi; Beijing; Beirut; Caracas; Rio de Janeiro; Damascus; Baghdad; Lima; Prague; Genoa; Moscow; Pyongyang in North Korea; and scores of other cities in all continents, including the continent of convicts and kangaroos.

Regarding this period of my life, I just want to make two things clear. First, while we both fought against the US intervention in the Middle East, I had absolutely nothing to do with Osama Bin Laden. Though I must confess that I did lead a mission to Baghdad to try to prevent the overthrow of Saddam Hussein by the Americans in 2003.

Second, though Donald Trump declared himself against globalization and embraced the strategy of Deglobalization that the Economist magazine accused me of cooking up, I disclaim any responsibility for his thinking or his crazy acts. I must say this because a good friend, the mercurial internet personality Ronald Llamas, accused me during the launch of this book at UP last month of paving the way for Trump, like John the Baptist paved the path for Jesus Christ.

The last section of the book covers that part of my life that you know about, including my time in the House of Representatives for three terms, from 2009 to 2015, when I made the only recorded resignation on a matter of principle from Congress owing to my refusal to tolerate our fellow Atenean President Benigno “PNoy” Aquino’s double standards when it came to dealing with corruption among his allies and enemies. It also covers my post-Congress life, that included my campaign for the Senate in 2016, my kamikaze run for the vice-presidency in 2022, and my arrest on charges of cyberlibel filed by the camp of our lovely vice-president for which I still fly down to Davao once a month for my trial, which is ongoing.

Looking back, let me recount an encounter with my spiritual adviser, the late Father Benigno Mayo. After our high school graduation retreat in 1962, I thought I had a vocation to join the Jesuits. I went to see Fr. Mayo, and he told me I should wait for one year. That turned out to be the single best piece of advice I ever got, for in the year that followed I realized that I could not do with just the Blessed Virgin as my partner for life.

But the paradoxical thing is, I ended up following the vows of poverty, chastity, and obedience that the Jesuits make. Now, those who have read the memoir are astounded when I make this claim since they say it is contradicted by thoughts and deeds documented in the book.

But, friends, hear me out.

On the vow of poverty. When my dear departed wife Ko, who was Thai and Buddhist, proposed to me in 2013, she did not fully reveal who she was. I thought I was getting together with someone who was also committed to a vow of poverty. That she concealed her real economic status I know not why, except perhaps to test if I was marrying her not for money but only for her beauty.

Only when she was dictating her will to her lawyer before her departure in 2018 did I realize that she had kept hidden from me an important dimension of her existence, that of being a successful investor in stocks and real estate.

But who was I to refuse her generosity? A refusal on my part to accept her gift, I was told by Buddhist monks, might bar her from entry into the blessed state of Nirvana for it was her last act of what Buddhists call “merit-making.” At that point, my Jesuit-trained mind kicked in and said, follow the monks’ advice.

And as insurance that nothing messed up my beloved Ko’s passage to the afterlife, it ordered me to give the good monks a portion of her generous legacy and keep the rest for future acts of Christian charity like contributions to the annual Ateneo Alumni Association fundraising drive. The Christian injunction, the Jesuits tell us, is not to repudiate or part with material wealth but to be poor in spirit, to be humble and be wretched in the eyes of the Lord.

On the vow of chastity, you’re joking, other readers have exclaimed. You’ve been married three times and who knows how many relationships you’ve had. In fact, did you not write that you were nearly sent to the hospital by irate jealous husbands? But, hear me out. The Jesuits tell us that there’s a higher form of chastity than the chastity of the body, and that is the chastity of the spirit. It is this higher chastity of the spirit, of the soul, that I am committed to, not to the chastity of the flesh.

“Fear not the corruption of the body but the death of the soul.” This line penned by the great Japanese novelist Yukio Mishima could very well have been written by a Jesuit. Isn’t it beautiful? We are so lucky to have had such wise teachers.

Finally, on the vow of obedience, again people laugh. You’re kidding. You were thrown out of your first two jobs, you were disobedient to your political chief Joma Sison when you were a communist, you got into trouble with President Aquino III because you refused to be a good, obedient ally.

Again, hear me out. There is a higher authority than temporal authority, the Jesuits say, and that is God, or, if you don’t believe in God, your conscience. Your conscience or sense of right and wrong is higher than even a spiritual authority, like the Church, and it must be followed when there is a conflict between the two. That’s what the Jesuits taught us.

And that’s why, when I was in Congress, I was one of the principal sponsors of the Reproductive Health Law that the bishops unanimously opposed and I supported the long overdue decriminalization of abortion that they condemn as the advocacy of the devil.

Indeed, the Jesuits are themselves a good example of following your conscience against the order of spiritual authority, of defying your superiors if they’re wrong. They refused to follow the Pope’s orders to stop their subversive style of reasoning, and this why Rome expelled them from the Philippines and many other countries in 1768 and did not allow them to return until 1859, the very year they founded our beloved Ateneo de Manila to train generation after generation of Filipino youth in their subversive reasoning.

By the look on your faces, it seems that I have convinced you that, despite appearances to the contrary, I have indeed been faithful to the Jesuit vows of chastity, obedience, and poverty. Am I correct? Thank you, my friends, but I regret to inform you that I have been taking you all for a ride.

The point of this exercise has been to underline the importance of the Jesuit system of reasoning in our lives. Ratiocinatio Jesuitica, or Jesuit reasoning, undergirds the ratio studiorum or program of studies we were socialized into at the Ateneo. It is both a wonderful gift and a dangerous weapon. It can make one either a pillar of the establishment or, as in the case of Naphta, the shadowy ex-Jesuit in Thomas Mann’s great novel The Magic Mountain, an agent of subversion.

But whether the Jesuit style of reasoning has turned us into adherents of the status quo, or into partisans of reform like Rizal, or into revolutionaries like the martyred Edgar Jopson, the fabled Atenean who became a key leader of the Communist Party of the Philippines, let us this afternoon declare a truce, enjoy the wine and the company, and join hands to celebrate our shared legacy of ratiocinatio Jesuitica that seduced us into our separate, contradictory paths. Thank you, Ateneo, thank you, our Jesuit mentors, for seducing our pure, young minds, for better or for worse.

 

Walden Bello is a retired professor of sociology at the University of the Philippines and the State University of New York at Binghamton. He served in the House of Representatives as a congressman for Akbayan Citizens’ Action Party from 2009 to 2015 and ran for vice-president in the 2022 national elections.

Insurance’s push for early health intervention

CDC | UNSPLASH

In many households, a trip to the doctor only happens when something already hurts. But experts warn that waiting until people are sick is part of the problem — leading to higher treatment costs and worse health outcomes.

Recent research by the McKinsey Global Institute states that the impact of poor health includes years of missed school, reduced productivity at work, and countless preventable deaths. More than 580 million person-years were lost due to illness among working-age adults that year.

The Department of Health and the National Objectives for Health 2023-2028 have made preventive care a clear priority, but turning those goals into practice nationwide proves harder than expected. Immunization rates, for example, are declining. Only 62% of Filipino children receive all their required vaccines by age 1. This gap has contributed to fresh outbreaks of preventable diseases such as pertussis and measles in 2024.

Vaccination for adults also lags behind. According to the US-ASEAN Business Council, while pneumonia remains a leading cause of death among older Filipinos, only about half of seniors covered by the Expanded Pneumococcal Immunization Program have received their shots.

Data from McKinsey show that improving basic health interventions could reduce the global disease burden by up to 40% over the next two decades, with preventive care accounting for more than 70% of that potential. Addressing the unmet needs of people suffering from musculoskeletal, mental health, and neurological disorders through early prevention and care could boost the global economy by up to $13.4 trillion by 2040.

The US-ASEAN Business Council added that health financing in the Philippines remains tilted toward hospital-based treatment rather than early intervention. Primary care services receive just 4% of current health expenditures. In 2022, Philippine Health Insurance Corp. payouts for preventive services were found to account for only 1% of its total benefit payments. Out-of-pocket health spending remains high, with Filipino families paying 41.5% of total health costs themselves, much of it for outpatient care that earlier intervention could have prevented.

In response, health insurance plans now commonly cover a broad range of preventive services such as annual physical exams and cancer screenings. When performed regularly, these services help detect conditions like diabetes, hypertension, and cancer at earlier, more treatable stages.

Such approach not only improves patient outcomes but also saves money for insurers and the broader health system. Treating a disease at its onset is almost always less expensive than managing it at an advanced stage.

Many insurance policies now include full coverage for recommended vaccines without requiring out-of-pocket payment. Parents with children benefit significantly, as routine childhood immunizations are covered under most family plans.

Routine health maintenance, on the other hand, reduces emergency room visits and hospital admissions, which are typically among the most expensive forms of care. These policies not only ease the financial burden on patients but also help reduce the strain on overcrowded hospital systems.

Beyond coverage, insurance providers increasingly offer mobile applications, wearable technology, virtual consultations, and artificial intelligence-powered diagnostics to help people monitor and manage their health. Some apps even send alerts for early warning signs or recommend lifestyle changes based on user data.

However, many Filipinos remain unaware of the benefits included in their insurance coverage or hesitate to seek preventive services due to misconceptions, cultural beliefs, or limited access to facilities. Experts emphasize that bridging this gap requires consistent public health campaigns and community-based programs to promote prevention as a first line of defense, not a last resort. — Mhicole A. Moral

Sportscar iconograffiti

PHOTO BY KAP MACEDA AGUILA

For the first time ever, the Porsche 911 is, gasp, electrified

WHEN YOU HAVE such an iconic car in your stable, to engineer its evolution and change is truly a task fraught with peril — mainly coming from purists, pundits, and ardent fans alike. In fact, it can seem, as elucidated by Porsche Asia Pacific Head of PR and Communications Brendan Mok, akin to “designing something new without designing something new.”

The classic profile; the beloved headlamp shape; the familiar width, flanks, and curves — these are all what seared the sports car onto our psyche as one of the most revered models in the automotive world. For the Stuttgart brand, there is clearly no straying from the script.

Or is there?

Throughout its history spanning eight generations, the 911 has indeed reaped its fair share of controversy and hate. The pursuit of innovation, which Porsche engineers proudly engage in, can of course also result in the wrath of naysayers uncomfortable with change. The first 911 itself, derived from the 356, Porsche’s very first production model, drew criticisms as it was deemed too small, too complicated, and too expensive. But Mr. Mok said that, eventually, “the world kind of warmed up to it, and it became a darling of the brand for a very long time.”

Other eyebrow-raisers included the first appearance of the Targa (1965), the front spoiler and ducktail on the Carrera RS (1972), the debut of turbo in the 930 (1974) which was also derisively known as the Widowmaker, the four-wheel-drive 911 Carrera 4 (1988), the infamous 996 with its “fried egg” headlamps (1997).

Now, Porsche is springing the biggest surprise (well, not really, if you think about it) of them all: an electrified 911. The electric writing has long been on the wall — most legibly executed in the Taycan, where Porsche showed its ability in conceiving of and delivering a high-performing battery electric vehicle model.

But still, this is a dip in the electrified pool for the revered 911. This is not a full-on splash as in the aforementioned Taycan, and even the Macan crossover.

In Mr. Mok’s estimation, the 911 always has to appeal to a wider breadth of buyers — the old guards and the new initiates. “It’s a sort of engineering conundrum, right?” he said at a product briefing in Chiang Mai, Thailand. “And the 911 throughout the years has always attracted a little bit of controversy, a little bit of criticism as well, right?” Nothing that Porsche couldn’t handle, apparently.

Behind the wheel of the once-improbable but now very real 911 Carrera GTS T-Hybrid — yes, a hybrid — the undulating roads in the hinterland of Chiang Mai, Thailand were a blur. I tried to string together a good spiel for a video I was making, but it was a tough ask to concentrate on the twists and turns on the two-lane, two-way road. Besides, I thought to myself that I should stay in the moment and savor the drive which was turning out to be almost a stint on the track.

The sleek Vanadium Gray Metallic GTS inhaled each turn exquisitely with the 3.6-liter, six-cylinder boxer mill. Even when taking corners at speed, I didn’t feel especially challenged — no doubt an offshoot of the GTS-exclusive rear-axle steering which eased vehicle into turns.

Even when going uphill, the 911 was composed and competent. Overtaking was a cinch, the e-turbo i making short work of passes and sprints. I do not doubt Porsche’s claimed standstill-to-100kph of three ticks on the GTS with the Sport Chrono Package, as with its published top rate of 312kph. The car’s bark matches its bite. Even on the proving ground of the Nürburgring Nordschleife, the GTS T-Hybrid passes the sniff test. Porsche reported that it slashed a hefty 8.7 seconds off the time of the older GTS, completing a lap in seven minutes, 16.93 seconds.

“The T-Hybrid system really eliminates the lag. What we’ve got is a three-part system: a 1.9-kWh lightweight battery in the front, an electric motor inside the transmission that supplies some 54hp, and an electric turbo supplying 15hp that’s on the side of the engine, and the engine itself has 475hp. Combined, that’s 541hp,” shared Mr. Mok to “Velocity” in an exclusive interview.

He maintained in a media briefing on the eve of our drive, “The coolest part about the GTS now is the drivetrain. First of all… there are no more belt drives, no more pulleys. Why? Because with the hybrid system, (the GTS is) able to run the steering, power steering; I’m able to run the A/C, all these auxiliary systems.”

The PAP executive stressed that pundits need not worry about the 911 T-Hybrid “losing its soul.” “From Porsche’s perspective, (the electrification of the 911) was somewhat inevitable. We are always looking at the need for elevating power and performance while reducing emissions. Some countries are phasing out conventional ICE models, that’s why we went with the controversial decision to go hybrid.”

When you press the start-stop button, the GTS does not hesitate; its engine simply roars to life. “The T-Hybrid system is really innovative and revolutionary in the sense that there’s no more cranking because the engine now does not have a starter,” explained Mr. Mok. “What it results in is more power, you push the start-stop button and the engine just fires to life.” There are also a lot of upgrades and improvements inside and out over the outgoing GTS that should make car browsers even more interested in the T-Hybrid.

This 911’s hybrid system is not like ones customers usually encounter. “The purpose of this hybrid system is not so much for efficiency — of course, it’s also there — but mainly, the (electric energy) is used to fill in the gaps,” he continued. Additionally, the e-turbo and electric motor veritably round out the edges to make the 911’s power delivery instantaneous.

“The initial burst of energy from this GTS is absolutely out of this world,” insisted Mr. Mok.

I asked if this version of the 911 shows the way forward for Porsche. “This is the first time that Porsche is implementing a hybrid system in the 911,” he began. “I guess we’ll have to wait and see where this goes afterward. If the fans love it and enjoy it, then why not? It could continue. Going back to the 996 where we tried to change the shape of the headlights, and the public said no, so we went back to round headlights.”

There have been customer deliveries in Singapore already, and the GTS T-Hybrid was also recently launched in the Philippines. “Feedback has been absolutely positive,” boasted Mr. Mok. “And it won the 2025 World Performance Car award. This hybrid system is really delivering as intended.”

He concluded: “With this hybrid technology, hopefully, from the performance that you’ve seen today, even purists can accept the fact that the 911 can be a hybrid and still retain that Porsche soul — and be a true 911 at heart.”

After our dreamy drive in Chiang Mai, it’s hard not to agree.

Los Baños laboratory upgraded to increase high-yield planting materials output

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THE Department of Agriculture (DA) said it rehabilitated a tissue culture laboratory in Los Baños, which specializes in high-yielding planting materials.

The upgraded lab houses cultures of banana, ube, garlic, white potato, and other high-value crops, the DA said in a statement.

“Equipped with modern tools for mass propagation, the facility aims to provide farmers with healthy, high-yielding planting materials — essential for boosting farm productivity and maintaining stable supply chains,” it said in a statement.

The laboratory is expected to help reduce dependence on imported garlic and ginger, the DA said, noting that 95% of garlic in the market is imported.

“Even halving that import volume would be a major win,” it said.

The DA also inaugurated an upgraded biocontrol agents facility, funded by the Bureau of Agricultural Research, which promotes sustainable, chemical-free farming by improving pest and disease management.

“This is seen as crucial in improving resilience against climate and market shocks.”

The DA has spent P6 million for the two facilities housed at the Bureau of Plant Industry in Los Baños. — Kyle Aristophere T. Atienza

Yields on gov’t debt inch lower as Mideast truce eases inflation fears

YIELDS on government securities (GS) ended mostly lower last week amid easing inflation concerns following the ceasefire between Iran and Israel, although markets remained watchful of developments in the absence of a long-term deal.

GS yields, which move opposite to prices, declined by an average of 2.95 basis points (bps) week on week, based on the PHP Bloomberg Valuation Service Reference Rates as of June 27 published on the Philippine Dealing System’s website

At the short end, rates went up across all tenors, with the 91-, 182-, and 364-day Treasury bills (T‑bills) rising by 0.80 bp (to 5.4794%), 2.07 bps (5.642%), and 1.13 bps (5.6955%), respectively.

In contrast, yields at the belly declined. The rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) fell by 1.86 bps (to 5.7189%), 3.78 bps (to 5.788%), 5.29 bps (5.857%), 6.47 bps (5.9341%) and 8.16 bps (6.1041%), respectively.

At the long end, yields on the 10-, 20-, and 25-year T‑bonds also went down by 9.31 bps (to 6.32%), 0.66 bp (6.6412%), and 0.89 bp (6.638%), respectively.

GS volume traded amounted to P40.47 billion on Friday, higher than the P27.93 billion recorded a week prior.

Local yields ended lower last week as inflation fears subsided amid the decline in global oil prices after Iran and Israel agreed to a ceasefire, a bond trader said in an e-mail.

“The Iran-Israel ceasefire helped ease geopolitical tensions and triggered a pullback in oil prices, which had nearly reached year-to-date highs. This decline alleviated global inflation concerns, boosting investor sentiment. In the local bond market, this served as a catalyst for bargain-hunting, particularly on the long end of the curve, where yields had spiked at the start of the month. With inflation risks subsiding, attention shifted to supportive domestic fundamentals, prompting selective buying,” ATRAM Trust Corp. Vice-President and Head of Fixed Income Strategies Lodevico M. Ulpo, Jr. said in a Viber message.

A ceasefire to the 12-day Israel-Iran conflict went into effect early last week, Reuters reported. Israel launched the air war on June 13, attacking Iranian nuclear facilities and killing top military commanders as well as civilians in the worst blow to the Islamic Republic since the 1980s war with Iraq.

Iran retaliated with barrages of missiles on Israeli military sites, infrastructure and cities. The United States entered the war on June 22 with strikes on Iranian nuclear facilities.

On Friday, oil prices rose but were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate.

Brent crude futures settled up 0.1% to $67.77 a barrel while US West Texas Intermediate crude was up by 0.4% to $65.52.

However, the decline in GS yields was capped by supply concerns, Mr. Ulpo said.

“Despite the BSP’s (Bangko Sentral ng Pilipinas) rate cut, the local bond market struggled to perform due to persistent domestic bond supply concerns. The looming bond issuance pipeline continues to exert upward pressure on long-end yields. Recent auctions have reflected tepid demand, resulting in higher yields and a steeper yield curve, offsetting any dovish signals from the BSP. As a result, the GS 10-year benchmark touched new year-to-date highs before bargain hunters entered to cause yields to pull back,” he said.

This was reflected in the mixed results of last week’s dual-tranche bond auction, Mr. Ulpo noted.

“The stark contrast in demand between the three-year and 25-year tenors highlights a defensive investor stance. The poor reception for the 25-year bond was in line with the market’s aversion to duration risk amid a steepening curve. Conversely, strong demand for the three-year reflects a preference for shorter tenors ahead of a fresh borrowing schedule for July,” he said.

“Due to various economic headwinds, both locally and domestically, investors have cautiously dodged away from longer-term issuances,” the bond trader added.

On Wednesday, the Bureau of the Treasury (BTr) made a partial award of the dual-tenor reissued T-bonds, raising only P35.076 billion, lower than the P40-billion plan, even as total bids reached P63.286 billion or above the amount placed on the auction block. This came as it chose to reject some bids for the reissued 25-year papers to cap the rise in yields.

For this week, the market’s focus will be on the release of June Philippine inflation data on July 4 (Friday) as well as US labor reports, the bond trader said.

“Both of these data are expected to influence the policy rate paths of the BSP and the Federal Reserve, respectively,” the trader said.

Aside from the inflation report, market players will also monitor this week’s T-bond auction, Mr. Ulpo said, with the issue expected to fetch rates from 5.85–5.95%. On Tuesday, the BTr will auction off P30 billion in reissued seven-year bonds with a remaining life of five years and 25 days.

“These events will offer clearer direction for short-term rate expectations and risk sentiment. Once these data points are digested, market participants may reevaluate their positioning across the curve,” he added. — Pierce Oel A. Montalvo with Reuters

Analysts’ June inflation rate estimates

HEADLINE INFLATION may have slightly picked up in June as stable food prices helped offset the spike in fuel prices, analysts said. Read the full story.

Analysts’ June inflation rate estimates