PH Economy Risks Losing PHP 603B Yearly to Digital Fraud Without Stronger Safeguards - Report

Manila, Philippines — The Philippine economy risks losing roughly PHP 603 billion annually, or nearly 3% of national Gross Domestic Product (GDP), to illicit mule account networks without stronger identity safeguards, according to a joint whitepaper released by IDfy Philippines and CIBI Information, Inc.

The report, "Mule Hunting: Are We Chasing Ghosts?," analyzed transaction data from the Bangko Sentral ng Pilipinas (BSP), which saw PHP 24.74 trillion in combined transaction flows through PESONet and InstaPay in 2025. The report noted that about PHP 1.088 trillion in transactions were at risk of digital fraud, with 55.4% directly dependent on authorized push payment (APP) scams and account takeovers (ATO) that require mule accounts to exfiltrate stolen cash.

The vulnerability stems from hyper-accelerated digital adoption. The Philippines surpassed its target to digitize 50% of retail payments three years early, reaching 52.8% in 2023. However, this rapid growth created a gap that transnational syndicates actively exploit.

Despite the scale of the shadow economy, official cybercrime reporting remains low at under 2%. While Cybercrime Investigation and Coordinating Center (CICC) data indicates 34% of Filipinos suffered financial scam losses, victims rarely file formal complaints due to small transaction values and legal complexity. This allows weaponised mule accounts to remain active and clean for months.

The whitepaper estimates that 60% to 70% of mule accounts involve voluntary participation, driven by a rampant "mule-for-hire" market where verified bank and e-wallet accounts are bulk-purchased for PHP 500 to PHP 5,000, according to NBI data. The remaining 30% to 40% are coerced through sophisticated schemes like romance-investment frauds and fake remote job scams.

Regulatory pressure is rapidly escalating under the Anti-Financial Account Scamming Act (AFASA) and BSP Circular 1213, which fundamentally shift liability for fraud losses from consumers to financial institutions. Institutions that fail to deploy real-time fraud management systems face full, unlimited reimbursement liability for customer losses.

Crucially, the circular restricts SMS and Email OTPs to initial account setups, prohibiting their use for high-risk actions such as fund transfers, payee additions, and credential changes. To secure the digital grid, institutions are urged to adopt multi-layered, resilient authentication that requires server-side biometrics, cryptographic device binding, and real-time AI behavioral risk scoring.

"Clinging to interceptable OTPs is no longer just legacy technology; under AFASA, it is a direct financial liability for institutions," said Raghuraman Chandrashekhar, Country Head of IDfy Philippines. "No single institution can close this gap alone. What works is layering device intelligence, real-time AI transaction monitoring, and biometric verification into a unified defense stack."

Industry experts emphasized that closing the gap requires a multi-layered architecture rather than isolated safeguards. Collaborative systems like Fraud Intelligence Data Sharing (FIDS), AI-driven transaction monitoring, and server-side facial authentication must operate in unison, with the AFASA regulatory framework binding them into an end-to-end defense mechanism that mule networks cannot bypass.

For the full version of the report, visit idfy.ph/mule-hunting-whitepaper-landing.

Enchanted Kingdom pays enchanting tribute to all elderly kings and queens at Fiesta ng Pagmamahal: A Grandparents Celebration

Enchanted Kingdom, the first and only world-class theme park in the Philippines, brought lolos and lolas together with their loved ones for a weekend filled with shared entertainment, exclusive treats, and quality family bonding at Fiesta ng Pagmamahal: A Grandparents Celebration on September 12 and 13.

The two-day festivities were part of the theme park’s Love Saribuhay campaign this quarter, which highlights the beauty of the biodiversity of the Philippines through its people and the iconic Filipino values of love, respect, loyalty, togetherness, and family solidarity. The event specifically paid tribute to grandparents, placing a special spotlight on their enduring role in Filipino families as pillars of wisdom and guidance who nurture strong bonds across generations.

On top of EK’s over 30 rides and attractions, families had the opportunity to bond over the screenings of beloved Filipino films that portrayed heartwarming stories of family, love, and enduring relationships. The movie lineup featured three VIVA Films titles, namely Unforgettable, Miss Granny, and Hating Kapatid, which were screened on both days at Eldar’s Theater.

EK also treated the grandparents to well-deserved pampering and relaxation through complimentary wellness services, including hair care, head and shoulder massages, and scalp treatments on September 13. Additionally, they received free medical and health consultations conducted in partnership with Unihealth - Sta. Rosa Hospital and Medical Center, Inc.

The celebration of Philippine biodiversity continues at EK as it builds up to its 31st anniversary, with more events and offerings happening at Fiesta ng Saribuhay this October.

For more information and updates on this and EK’s upcoming 31st anniversary events and offerings, visit https://www.enchantedkingdom.ph and EK’s official social media accounts: @enchantedkingdom.ph on Facebook and TikTok, and @ek_philippines on Instagram.

Filipino Artists, Your Bigger Canvas Awaits: Compete for a Share of $20,000 as HUAWEI GoPaint Worldwide Submissions Open!

Manila, Philippines — Unveiled at the “Chase the Wild” product launch in Germany, the HUAWEI GoPaint Worldwide Creating Activity 2026 is now officially open for submissions. The competition invites digital artists, professional creators, and everyday enthusiasts from around the world, including Filipino creators, to bring their ideas to life through digital art. Building on the activity’s growing global community, which has contributed over 10,000 submissions in the past two years, participants can submit their original digital artworks until January 31, 2027, and join a worldwide celebration of diverse artistic expression.

This year, HUAWEI is making the activity more accessible with the introduction of the new Easy Creation category, giving aspiring digital artists a simpler way to get started. All entries must be created exclusively using a HUAWEI tablet and the GoPaint app, which features realistic brushes, high-definition canvases, and low-latency drawing for an intuitive digital art experience. With tools designed to support creators of different skill levels, GoPaint makes it easier for anyone to turn their ideas into original digital artworks.

Five Categories to Spark Inspiration

HUAWEI has expanded the competition to five categories, introducing the new Easy Creation category alongside four returning categories: Digital Watercolor and Ink, Sci-Fi Art, Cutting Edge Paintings, and Narrative Art. The updated categories encourage creators of different skill levels to explore their artistic expression through HUAWEI’s ecosystem capabilities.

The new Easy Creation category offers a more accessible starting point for aspiring digital artists. It invites participants to capture a photo using a HUAWEI smartphone or tablet, then creatively paint directly over the photo using the HUAWEI GoPaint app. By providing a simpler way to get started with digital art, the new category opens the activity to more creators looking to turn everyday moments and ideas into original artworks.

Two Ways to Submit an Artwork

To make participating as simple as possible, creators can submit their entries through two convenient methods:

Quick MatePad Entry:

• Select your photo inside your HUAWEI MatePad Gallery.
• Tap Share and choose the My HUAWEI app.
• Instantly jump to the contest page to finalize your entry.

Web Entry:

• Click the activity link or the activity banner on the HUAWEI Community platform.
• Log in with your HUAWEI ID to upload and submit your work.

20k Grand Prize Pool Awarded by a World-Class Jury

HUAWEI will select 20 outstanding works, with each winner receiving an Honorable Mention and a pre-tax cash prize of US$1,000, from a total prize pool of US$20,000. Winning works will also be featured through HUAWEI’s Global Showcase, including press conferences, brand events, art exhibitions, and global social media channels, with selected pieces potentially featured as HUAWEI Themes wallpapers or customized merchandise. Winners may also be invited to exclusive video interviews to share the stories behind their creations.

This year’s refreshed jury panel brings together experts in illustration, animation, urban art, and creative direction. Following evaluation by eight preliminary judges, selected works will advance to a final panel featuring Dezio, a French urban artist and Co-founder of Urban Art United; Dalton Grant Jr., an American art director, film animation director, and writer at Maple Toons; and Victo Ngai, an internationally acclaimed illustrator and the first ethnic Chinese recipient of the Society of Illustrators’ Hamilton King Award.

The Perfect Digital Canvas for Any Creator

To participate and bring your imagination to life, choosing the right tablet is key. Whether you are an aspiring student or an established professional, HUAWEI offers a versatile lineup of tablets in the Philippines to suit your specific artistic needs. For those seeking the ultimate professional-grade device, the HUAWEI MatePad Pro 12.2-inch 2025 is designed for the most demanding digital art projects and is currently available for PHP 49,999. If you are looking for a stylish, lightweight option with a large screen perfect for young creatives and on-the-go professionals, the new HUAWEI MatePad 12 X NEW is currently available for PHP 49,999.

Creators seeking a highly natural, paper-like drawing experience can opt for the HUAWEI MatePad 11.5 S 2026, which is currently available for PHP 39,999. For artists looking for highly portable, versatile companions packed with PC-level features that easily support any art category, the HUAWEI MatePad 11.5 2025 and HUAWEI MatePad 11.5 2026 are available starting at PHP 27,999.

Share Your Creativity Globally at HUAWEI GoPaint Worldwide 2026

The canvas is ready, and Filipino creators now have the opportunity to bring their ideas to the global stage. Creators can submit their entries until January 31, 2027. Following the submission period, entries will undergo review and judging from February to May 2027.

The Philippines is home to world-class creativity, and the HUAWEI GoPaint Worldwide Creating Activity 2026 provides the ultimate global stage to showcase their brilliance. To review the full guidelines and submit entries at the main competition zone, check out HUAWEI’s official website and its official social media pages (Facebook | Instagram).

LG xboom Brings an Immersive Music Experience to Harbor Point Ayala Malls Subic Bay

Music has a unique way of bringing people together, creating memorable experiences that go beyond simply listening to a song. This was on full display as LG xboom brought an exciting and immersive music experience to Harbor Point Ayala Malls Subic Bay, giving visitors the opportunity to enjoy live performances, discover powerful audio technology, and connect through their shared passion for music.

The event highlighted the capabilities of LG xboom, showcasing how modern audio technology can transform everyday entertainment into a more engaging experience. With its focus on immersive sound, LG xboom demonstrated how powerful and dynamic audio can enhance the way people enjoy music, whether at home, during gatherings, or in larger entertainment spaces.

For visitors at Harbor Point, the event provided more than just an opportunity to experience high-quality sound. It created an environment where music enthusiasts could come together, enjoy performances, and experience firsthand how technology can bring greater depth and energy to their favorite tracks.

The presence of LG xboom in Subic also reflects the growing importance of bringing technology experiences closer to audiences outside major metropolitan areas. While Metro Manila remains a key hub for product launches and technology events, communities in other parts of the Philippines are increasingly becoming important destinations for brands looking to engage with consumers directly.

By taking the LG xboom experience to Subic, LG gave local audiences an opportunity to explore its latest audio innovations without having to travel to Metro Manila. This approach allows consumers to experience products in a more interactive setting while strengthening connections between technology brands and local communities.

Beyond its focus on sound quality, the event demonstrated how technology and entertainment can work together to create meaningful experiences. As consumers continue to look for more immersive ways to enjoy music and digital content, audio devices are becoming an increasingly important part of modern entertainment.

The LG xboom experience at Harbor Point Ayala Malls Subic Bay showcased this evolution, combining music, technology, and community in one engaging event. It also underscored LG's continued efforts to introduce its innovations to audiences across the country.

For music lovers and technology enthusiasts in Subic, the event offered a firsthand look at how next-generation audio can redefine everyday entertainment—one powerful beat at a time.

Binance Invests $100 Million in Circle, Expands Strategic Partnership and Renews for Five Years

Binance today announced a $100 million equity investment in Circle Internet Group, Inc. (NYSE: CRCL), along with an expanded and renewed strategic partnership to promote USDC across Binance’s global platform. The new arrangement has a term of five years.

Under the expanded partnership, Binance will promote USDC across its global platform, especially in emerging markets. Circle will provide the infrastructure services that support holding and using USDC.

As part of the partnership, Binance purchased $100 million in Circle Class A common stock through a private placement at a purchase price reflecting a 5% discount to the market price of CRCL before closing.

“Circle has earned its place as one of the most credible issuers in the world, spanning USDC, Arc and the infrastructure reshaping how value moves across borders. Our $100 million investment and five-year commitment represent long-duration conviction,” said Richard Teng, co-CEO of Binance. “We are helping to build a more inclusive, transparent, and compliant digital economy. A stable, trusted digital dollar should not be a privilege–it should be available to anyone with a phone. That's the future this partnership is designed to deliver.”

“Binance has built one of the largest and most dynamic platforms in the world for using digital currency, creating the internet’s largest financial super app, and becoming the most widely used wallets in the world for dollar stablecoins,” said Jeremy Allaire, Co-founder, Chairman and CEO of Circle. “Together, we see incredible opportunities to leverage USDC to expand dollar access, support savings and investment with innovative digital asset products, and reach people and businesses throughout global emerging markets.”