Philippines Roundup: Red Sea warnings, arrests, cyber scam

Youth Volunteerism

In August 2024, the United States Peace Corps, in collaboration with the Philippine National Volunteer Service Coordinating Agency (PNVSCA), conducted a pivotal "Youth Volunteerism Workshop" in Subic, Zambales. This workshop, aimed at boosting youth engagement in community development, saw the participation of over 100 Peace Corps Volunteers alongside Filipino counterparts. Funded by USAID, it utilised a “train the trainers” model, focusing on preparing 41 Peace Corps Volunteers and 82 Filipino volunteers to educate approximately 10,000 youth on critical topics, including youth mental health and HIV/AIDS prevention. Notably, the prior year's workshop managed to outreach to 5,000 youth, thereby establishing a significant baseline for this year's increased engagement, alongside the training of over 300 individuals to promote volunteerism throughout the Philippines, the U.S. Embassy in the Philippines reports.

Cyber security

The recent crackdown on cyber scams in a special economic zone near the Laos border has prompted the Philippine government to initiate the repatriation of distressed Filipino workers from the area. According to Barrons, this action underscores the government's commitment to safeguarding its citizens abroad and addressing issues related to illicit activities.

Arrests

In a related enforcement action, Philippine police conducted a raid in Parañaque City, arresting 99 individuals associated with a suspected cryptocurrency scam hub. The operation involved both foreign and local workers tied to scams involving cryptocurrency and romance manipulation schemes. Notably, management personnel from the AIA Company, which was unregistered with the Securities and Exchange Commission, were among those arrested, Bitcoin.com reports. The company allegedly coerced employees into deceptive roles to facilitate the manipulation of victims on a fraudulent trading platform, leading to preparations for charges under the Cybercrime Prevention Act and the Securities Regulations Code.

Red Sea warning

The Philippine government has issued a warning to its seafarers regarding heightened risks in the Red Sea area due to increased attacks by Houthi forces on merchant vessels amidst the ongoing Israel-Hamas conflict. This advisory follows an attack on the Greek oil tanker Sounion near Yemen, which suffered fire and engine failure, World Echo News reports. The foreign ministry has stressed the importance of caution among Filipino mariners, asserting their "right to refuse sailing" in hazardous zones, a critical safety measure for a workforce that constitutes a significant portion of the global maritime sector.

Life sector net income

Finally, the life insurance sector in the Philippines has reported robust financial growth, with a net income increase of 21.62% year-on-year, totalling $360 million (Php 19.9 billion) in the first half of 2024. The total assets within this sector expanded by 6.86% year-on-year, reaching $34.2 billion (Php 1.9 trillion), while total liabilities rose by 8.58% to $28.8 billion (Php 1.6 trillion). According to Insurance Asia, the total premium value witnessed a significant growth of 16.5% year-on-year, amounting to $3.13 billion (Php 174.1 billion), bolstered by 16.5% growth in variable life premiums and an impressive 19.9% increase in traditional life premiums. Furthermore, new business annual premium equivalents recorded a notable increase of 12.74% year-on-year, reaching $600 million (Php 33.2 billion).