I have to make 1000 pieces of 1/4 Baltic birch about 6" wide by 11" long. Each piece has two 1/4" holes within about 1/8" of the top.

I've been doing the cutting in two passes. The first 1/8" with a dwoncut bit and the second 1/8" with an upcut bit. I do the holes first with an upcut, then the profile with the upcut. Then I switch bits and do the holes with a downcut then the profile with a downcut. When I do the final profile pass, I get tear out in the small section of plywood between the top of the hole and the top of the piece.

Is there any way to avoid this?