Cash remittances jump 4% in April
MONEY SENT HOME by overseas Filipino workers (OFWs) jumped by an annual 4% in April, the fastest pace in 28 months, data from the Bangko Sentral ng Pilipinas (BSP) showed.
Cash remittances from migrant Filipinos coursed through banks rose by 4% to $2.66 billion in April from $2.56 billion in the same month a year ago.
The 4% annual growth in April was the fastest since the 5.8% seen in December 2022.
However, the amount of cash remittances in April was the lowest in nearly a year or since May 2024 when remittances stood at $2.58 billion.
Month on month, remittances declined by 5.1% from $2.81 billion in March.
In April, cash remittances from land-based workers rose by 4% to $2.08 billion from $2 billion in the same month last year.
Sea-based migrant workers sent home $580 million, 3.8% up from the $560 million a year ago.
Reinielle Matt M. Erece, an economist at Oikonomia Advisory and Research, Inc. said the cash remittances posted a “strong” growth mostly due to “seasonal factors, as this month usually posts one of the fastest during the summer months.”
“The year-on-year increase shows underlying strength in remittance flows, driven by stable overseas employment, particularly in the US, Middle East, and parts of Asia,” John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies said in a Viber message.
Personal remittances, which include inflows in kind, rose by 4.1% to $2.97 billion in April from $2.86 billion a year ago.
Personal remittances from workers with contracts of a year or more increased by 3.9% to $2.25 billion, while those with contracts of less than a year jumped by 4.1% to $650 million.
FOUR MONTHS
In the first four months of 2025, cash remittances went up by 3% to $11.11 billion annually from $10.78 billion a year ago.
Cash remittances sent by land-based workers jumped by 3.4% to $8.82 billion as of end-April, while sea-based workers’ remittances went up 1.7% to $2.29 billion.
“Higher growth of remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates (UAE) drove the overall increase in remittances during January-April 2025,” the BSP said.
The US remained the top source of remittances in April, accounting for 40.4% of the total.
This was followed by Singapore (7.3%), Saudi Arabia (6.3%), Japan (5%), the United Kingdom (4.5%), the UAE (4.5%), Canada (3.2%), Qatar (2.9%), Taiwan (2.7%) and Hong Kong (2.7%).
Personal remittances increased by 3% to $12.37 billion during the January-to-April period, from $12.01 billion in the same period last year.
“We may continue to see stronger remittance inflows from OFWs due to the relative strength of the peso. They may be prompted to send more to maintain the same peso value they used to send,” Mr. Erece said.
The peso closed at P55.84 a dollar at the end of April, appreciating by P1.37 from the P57.21 finish at end-March.
Mr. Rivera said remittance growth is likely to remain steady on the back of demand for Filipino workers overseas, particularly in the healthcare, logistics, and domestic services.
“Global uncertainties such as inflation in host countries, geopolitical tensions, and policy shifts like taxes on remittances in major markets (e.g., the US) are downside risks to monitor,” Mr. Rivera said.
In the US, the One Big Beautiful Bill Act proposes a 3.5% tax on remittances sent abroad by foreign workers, including green card holders and temporary visa workers.
This is expected to have serious implications for countries that heavily rely on remittances, such as the Philippines, India, Mexico and China.
The BSP forecasts 2.8% growth in cash remittances to an estimated $35.5 billion this year.
Next year, cash remittances are projected to grow by 3% to $36.5 billion. — Aubrey Rose A. Inosante
Philippines inches up to 51st spot in global competitiveness index
By Justine Irish D. Tabile, Reporter
THE PHILIPPINES improved one spot in a global competitiveness index, but remained a laggard in the Asia-Pacific region, according to the Asian Institute of Management Rizalino S. Navarro Policy Center for Competitiveness (AIM RSN PCC).
Citing Switzerland-based International Institute for Management Development’s (IMD) 2025 World Competitiveness Yearbook (WCY), the center said that the Philippines ranked 51st out of 69 economies.
AIM RSN PCC is the IMD’s partner in the Philippines.
Despite the improvement in ranking, the Philippines still lagged its neighbors, ranking 13th out of 14 Asia-Pacific economies in the index.
Singapore ranked second in the global index, while Hong Kong ranked third and Taiwan placed sixth.
The Philippines was also behind Malaysia (23rd), Thailand (30th) and Indonesia (40th).
The WCY, which started in 1989, ranks economies across four competitiveness factors: economic performance, government efficiency, business efficiency, and infrastructure.
For this year, the report covered 69 economies, up from 67 last year, following the addition of Kenya, Namibia, and Oman.
Switzerland placed first in the overall ranking.
In a statement, AIM RSN PCC said that the Philippines’ results this year are “a mixed bag,” as improvements were seen in two out of the four pillars.
In particular, the country’s rank in the economic performance pillar improved to 33rd in this year’s report, up seven spots from 40th place last year, after only seeing a marginal drop in the international investment sub-factor.
“The rest of the sub-factors saw improvements to their rankings, with the prices sub-factor improving the most by climbing nine places from 48th in 2024 to 39th in 2025,” AIM RSN PCC said.
“The domestic economy indicator improved from 27th in 2024 to 22nd in 2025, the international trade indicator improved from 58th in 2024 to 55th in 2025, and the employment indicator rose from 10th in 2024 to 7th in 2025,” it added.
On the other hand, the Philippines moved up one spot to 60th in the infrastructure pillar, which has been a “perennial challenge” for the country in previous years.
“The basic infrastructure sub-factor (60th spot from 62nd) and technological infrastructure sub-factor (43rd spot from 55th) saw improvements to their respective rankings,” AIM RSN PCC said.
However, the center said that declines were seen in the scientific infrastructure sub-factor (62nd spot from 60th) and the health and environment sub-factor (61st spot from 60th).
Meanwhile, the country slipped three notches in the business efficiency pillar to 46th in 2025 and dipped two spots in the government efficiency pillar to 51st.
The AIM center said that the results of the report reflect the challenges the Philippines continues to face, such as “rekindling the country’s economic dynamism and growth trajectory, addressing inflation expectations, promoting investments in inclusive technology, improving education and healthcare, and adapting to shifting global economic and geopolitical dynamics.”
Sought for comment, Reyes Tacandong & Co. Senior Adviser Jonathan L. Ravelas said that the slight rise in the country’s competitiveness ranking is a “positive signal.”
However, he noted that the Philippines falling behind regional peers shows a need for deeper reforms.
“Prioritizing digital infrastructure, streamlining bureaucracy, and investing in talent development can help us close the gap and compete more effectively,” Mr. Ravelas said in a Viber message.
Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the net improvement in the ranking “may be partly attributed to the easing inflation trend that justified local policy rate cuts.”
He also sees the country’s economic growth, which is among the fastest in Asia, may drive competitiveness.
To further improve the ranking, Mr. Ricafort said the country needs to “further develop infrastructure, boost productivity in agriculture and manufacturing industries, bring down electricity costs, and further ease and reduce the cost of doing business.”
DoF renews push for general tax amnesty bill
By Aubrey Rose A. Inosante, Reporter
THE Department of Finance (DoF) will renew its push for the passage of a general tax amnesty (GTA) bill in the incoming 20th Congress.
Finance Undersecretary Maria Luwalhati C. Dorotan-Tiuseco said the department is interested in pushing for a new general tax amnesty bill after it failed to secure Congress’ approval.
“[The bill] will address the issues on the veto,” Ms. Tiuseco said in a Viber message on June 13.
In 2019, then-President Rodrigo R. Duterte vetoed the provisions on the general tax amnesty under the Republic Act (RA) No. 11213 but retained the provisions for estate tax amnesty.
The tax amnesty program looked to impose an amnesty charge equivalent to a portion of the taxpayers’ outstanding unpaid taxes in exchange for immunity from civil, criminal, and administrative penalties.
For his part, Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui, Jr. said the discussions on a general tax amnesty are in the early stages.
“It’s not like it’s being seriously discussed to the point of saying it will happen this year. But it’s being talked about — whether it will happen or not — it’s still kind of in a very, very early stage of discussion,” he said.
In his veto message at that time, Mr. Duterte urged Congress to pass another bill on the general tax amnesty that includes the “lifting of bank secrecy for fraud cases, the inclusion of automatic exchange of information, and safeguard to ensure that asset or net worth declarations are truthful.”
“[Mr. Duterte] noted that without the lifting of the Bank Secrecy Law, the GTA may be abused by taxpayers declaring untruthful asset or net worth without the BIR being able to double check the taxpayers’ representations,” Eleanor L. Roque, a tax principal at P&A Grant Thornton, said in an e-mail to BusinessWorld.
The Bank Secrecy Law or the Republic Act No. 1405 protects the confidentiality of bank deposits in the Philippines. This prevents disclosure or inquiry of deposits in banking institutions.
Ms. Roque said a general tax amnesty could generate much-needed revenue for the government.
“Generally, a GTA is crucial when major tax laws are introduced to give the taxpayers a clean slate. That was the reason why RA 11213 was intended to be a companion law to the Tax Reform for Acceleration and Inclusion (TRAIN) law,” she said.
Republic Act No. 10963 or TRAIN, which took effect in 2018, cut personal income tax while increasing the rates on some goods and services.
“Considering the BIR’s intensified efforts in tax audits, some taxpayers may wish to avail the GTA to close ongoing assessments. However, the take-up of the GTA may depend on whether the amnesty amount is reasonable compared to the taxpayers’ deficiency tax exposure and cost of litigation,” Ms. Roque said.
The tax expert also said that the DoF should ensure the ease of availing the general tax amnesty in terms of documentary requirements and reasonable amount.
“It should also provide for a definite time period for the BIR to issue the confirmation of entitlement for the benefits of availing the tax amnesty,” she said.
Palace says Marcos to review Konektadong Pinoy bill
PHILIPPINE President Ferdinand R. Marcos, Jr. will be reviewing the Konektadong Pinoy bill, a priority measure for his administration, amid concerns raised by telecommunications companies over some of its provisions, according to the Palace.
At the same time, Department of Information and Communications Technology Secretary Henry Rhoel R. Aguda expressed confidence Mr. Marcos will sign into law the measure which will establish a more affordable and inclusive digital ecosystem.
At a briefing, Palace Press Officer Clarissa A. Castro said the Office of the President has yet to receive a copy of the final version of the bill, which was ratified by Congress.
“As of now, we have been informed that no document has been given to the Office of the President but rest assured that the President will evaluate any provision stated in the said Konektadong Pinoy bill,” she said.
“Let us expect the President is listening to possible issues concerning this bill and that he will weigh what is best for our fellow citizens, including any concerns about national security and any potential negative impact on the telecom industry,” she added in Filipino.
Ms. Castro said the President would act on the measure swiftly after he carefully studies the bill’s provisions.
“Yes, we are confident that it will be signed by the President. It is among the priority legislation of this administration,” Mr. Aguda said during the Economic Journalists Association of the Philippines (EJAP) Infrastructure forum on Monday.
The Senate and House of Representatives last week ratified the bicameral conference committee report of the Konektadong Pinoy measure.
The bill, which aims to increase internet access by relaxing regulations and allowing the entry of more players into the data transmission industry, has been opposed by telecommunications companies.
“We will hear the opposition of the telecommunications companies. There are things that we agree on, one is the optimization of spectrum to improve service and increase connectivity,” Mr. Aguda told reporters on the sidelines of the EJAP forum.
The Philippine Chamber of Telecommunications Operators (PCTO) earlier said that certain provisions of the measure could weaken regulatory oversight and threaten national security and fair competition.
PCTO President Froilan M. Castelo, in a statement on June 12, warned that the bill exposes the country to risks from unregulated infrastructure and possible foreign control.
Under the bicameral version of the bill, the state will adopt an open-access policy to create a more accessible and competitive environment for all qualified participants across the entire data transmission network, while encouraging investments in digital infrastructure to support reliable and affordable data services.
The final version exempts international gateway facilities, cable landing stations, and satellite service providers from legislative franchise requirements. This means any company may build and operate such facilities without going through the safeguards historically used to ensure national security.
The measure also directs the state to pursue plans that incentivize participants in the data transmission industry to invest in, adopt, roll out, implement, establish, own, maintain, operate, or utilize new and next-generation technologies, with priority given to unserved or underserved areas.
The bicameral version of the Konektadong Pinoy also states that radio frequency spectrum should be optimized; and that underutilized and unutilized spectrum must be reallocated.
Mr. Aguda said that in order to advance the country’s connectivity, the deployment of fifth-generation (5G) technology should be expedited, which is one of the main objectives of the Konektadong Pinoy bill.
The first frequency block that should be freed up is the second-generation (2G) and third-generation (3G) frequencies to go to fourth-generation (4G) and 5G spectra, Mr. Aguda said, adding that at present 15% of the 70 million mobile subscribers are 2G and 3G users.
“If you are a telco that has 2G and 3G, and you are not using it, you need to surrender the franchise. This is a hot topic right now in the Konektadong Pinoy,” Mr. Aguda said, adding that telecommunications companies must prove that they are utilizing their current spectrum.
Ronald B. Gustilo, national campaigner for Digital Pinoys group, said the reallocation of the unutilized 2G spectrum for 4G and 5G use is “a step in the right direction.”
“We welcome this push to modernize our spectrum policy as part of accelerating 5G deployment across the country,” he said in a Viber message on Monday.
Mr. Gustilo said that while his group respects the concerns raised by PCTO, these must not override the bill’s core intent, which is to uphold public interest, transparency, and equitable access.
“We urge the President to act decisively and sign the bill into law to demonstrate that universal connectivity is not just a promise, but a policy priority,” he said.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group. — Chloe Mari A. Hufana and Ashley Erika O. Jose
Aboitiz group takes over Bohol airport
ABOITIZ INFRACAPITAL, Inc., the infrastructure arm of the Aboitiz group, has officially taken over the operations and maintenance of the Bohol-Panglao International Airport (BPIA), with the first set of upgrades scheduled for the second half of the year.
“This project is about more than infrastructure — it’s about enabling tourism, empowering local economies, and creating more inclusive growth across the Visayas,” Aboitiz InfraCapital President and Chief Executive Officer Cosette V. Canilao said in a media release on Monday.
Aboitiz InfraCapital said the initial improvements at BPIA will include the expansion of the passenger terminal building, upgrades to landside and airside facilities, and the installation of new airport systems and equipment.
“This official handover marks the beginning of a new chapter for Bohol-Panglao International Airport,” Aboitiz InfraCapital Vice-President and Head of the Airports Business Rafael M. Aboitiz said.
“We are committed to transforming BPIA into a globally competitive gateway that reflects the beauty and hospitality of Bohol, while helping unlock its full tourism and economic potential,” he added.
The infrastructure arm of the Aboitiz group currently operates and manages two other airports: Laguindingan International Airport and Mactan-Cebu International Airport.
Last month, Aboitiz InfraCapital said it would target to increase BPIA’s capacity by around 25% — from two million to 2.5 million passengers annually — within two years.
The company will implement a P4.53-billion investment plan, which includes the expansion of the passenger terminal building, the installation of modern aviation systems, and enhancements to airside and landside facilities.
Aboitiz InfraCapital is also targeting to increase the airport’s capacity to 3.9 million passengers annually by 2030.
The concession agreement for the New Bohol-Panglao International Airport covers a 30-year period, encompassing upgrades, expansion, and maintenance from the start of turnover. — Ashley Erika O. Jose
Century Pacific Food renews P14-B deal with Vita Coco
CENTURY PACIFIC FOOD, Inc. (CNPF) has renewed its five-year agreement with US-based The Vita Coco Co., Inc., valued at around P14 billion.
In a regulatory filing on Monday, CNPF said the renewed agreement, which takes effect in January 2026, will support 4,500 manufacturing jobs in General Santos, Mindanao.
The two companies will also continue their collaboration on sustainability targets, as well as standards on health and safety, environmental performance, and business ethics.
“We value our long-standing relationship with Vita Coco — a win-win partnership that has grown meaningfully over the past decade. We are pleased to extend our collaboration and look forward to scaling our collective impact across both our businesses, our consumers, and the communities we serve,” said CNPF Vice-President Noel Anthony M. Tempongko, Jr.
In 2024, CNPF and Vita Coco signed an incremental long-term agreement covering the production of an additional 90 million liters of coconut water over five years.
The expanded agreement also involved additional capacity investments by CNPF, including the acquisition of Coco Harvest, Inc., which generated more than 1,500 manufacturing jobs in Misamis Occidental, Mindanao.
“We are pleased to continue our long-term partnership with CNPF. Our organizations share a common mission around quality, sustainability, and community impact — and together, we look forward to driving innovation, fueling growth, and creating lasting positive change,” said Vita Coco Chief Operating Officer Jonathan Burth.
CNPF entered the coconut category in 2012 through its partnership with Vita Coco. Since then, it has become one of Vita Coco’s largest suppliers and has expanded its coconut-based product offerings.
In 2022, CNPF increased its production capacity by 50% to meet growing demand amid heightened interest in health and wellness products.
CNPF is engaged in the production, marketing, and distribution of processed marine, meat, milk, coconut, plant-based, and pet food products. Its portfolio includes brands such as Century Tuna, Argentina, 555, Ligo, and Birch Tree.
Shares of CNPF were unchanged at P39.50 apiece on Monday. — Revin Mikhael D. Ochave
How emotional, story-driven ads are shaping the internet
ADS THESE DAYS have full-blown narratives, taking viewers through a beginning, middle, and emotional climax in a matter of 30 seconds — and Filipinos are proving to be most susceptible to this.
Damien Yeong, global head of retargeting for mobile advertising solution platform Mintegral, said that this is the reason brands are shifting their budgets towards “short-form, emotionally resonant videos.”
In a virtual interview with BusinessWorld, he cited three reasons for this: higher engagement, stronger recall, and better downstream conversion.
“Filipino users spend hours a day on mobile, making full-screen vertical formats the most immersive way to engage. These formats now dominate social feeds, in-app placements, and rewarded video spaces,” Mr. Yeong said.
“While these formats were once dominant mainly on social platforms, we now see them gaining significant traction across mobile games, utility apps, and web inventories.”
For example, if one were to play a mobile game that requires points to access in-game currency or more chances to play, there is usually a video ad that the user can watch in exchange for points.
Mr. Yeong explained that users actually choose to watch these ads in exchange for a benefit.
“Because they’re opt-in, we tend to see stronger engagement and better message retention compared to traditional interruptive formats,” he said.
Meanwhile, on social media, where algorithms are designed to maximize engagement, it is “short, emotionally charged videos that tend to perform best.”
AI AND PERSONALIZATION
For Mintegral, AI (artificial intelligence) helps advertisers test and optimize story-driven creatives at scale.
Mr. Yeong shared that elements such as pacing, music, character perspective, and even subtle emotional tones can “significantly impact performance.”
“Our system analyzes these variations in real time to understand what resonates most with different audience segments,” he said.
Because of AI, the “most relevant version of the ad” can be tailored to each user, whether they’re encountering the brand for the first time or already engaged at a deeper stage.
However, as a technology platform, Mintegral is guided by user privacy policy, according to Mr. Yeong.
“The personalization I mentioned must be done ethically and transparently, using data responsibly and in full compliance with all regulations. The goal is to create more relevant experiences without ever crossing the line into being intrusive,” he explained.
He added that Mintegral adheres to global privacy regulations and industry certifications like SOC 2 to ensure user data is handled securely and transparently.
FILIPINO PREFERENCES
When asked why such ads appeal to Filipinos in particular, Mr. Yeong spoke of how they “feel like entertainment and a reflection of real life.”
“Filipinos connect through shared stories and emotions. When an ad tells a story about family, overcoming hardship, or celebrating a small victory, it taps into a universal experience that feels authentic and relatable,” he explained.
More effective than a direct sales pitch, story-driven ads are created to build curiosity. “Viewers want to see how it resolves, which is why they don’t skip,” Mr. Yeong added.
He also clarified that an important goal of ads is not to force the viewer to immediately act, but to give a gentle follow-up.
“This could happen when a well-placed banner can bring the brand back to their attention and move them closer to conversion. It’s really about creating consistency across different touchpoints, rather than relying on just one moment,” he said.
Filipinos are also prone to emotional fatigue, since they are online all the time. Mr. Yeong explained that this poses a challenge for brands to find “unique, authentic stories that align with specific values, rather than just copying a successful formula.”
“If every brand tells the same type of tear-jerking story, consumers will become desensitized, and the impact will diminish,” he said.
“Filipinos can easily spot when a brand is manufacturing emotion without genuine alignment to its values or actions.” — Brontë H. Lacsamana
Wilcon sets P3.2-B capex to support recovery
LISTED home improvement and construction supply retailer Wilcon Depot, Inc. has set a P3.2-billion capital expenditure (capex) budget for 2025, higher than last year’s, as it aims to drive a financial rebound in the second half.
“Our (capex) budget for the year is P3.2 billion. In the first quarter, we already spent P652 million,” Wilcon Depot Vice-President for Investor Relations Mary Jean G. Alger said in a virtual briefing on Monday.
Of the total, P2.2 billion will be allocated for the construction of new stores and warehouses, P568 million for renovations and repairs, P327 million for store and transportation equipment, and P137 million for information technology infrastructure.
Wilcon’s 2025 capex is higher than the P2.2 billion spent last year.
Ms. Alger said the company expects earnings to remain flat this year, with a recovery seen in the second half.
“We’re just looking at very minimal growth. We’re looking, actually for this year, just really flattish… We’re looking at the recovery of the first-half decline in the second half,” she said.
In the first quarter, Wilcon’s net income dropped by 27.5% to P536 million. Gross profit fell by 1.7% to P3.26 billion due to a lower margin rate across non-exclusive, exclusive, and in-house brand categories.
Wilcon Chief Operating Officer Rosemarie B. Ong said the company expects revenue to grow by a “high single-digit” rate, noting a conservative outlook for the year.
“We’re still looking at growth, but it’s going to be conservative,” she said.
Ms. Ong added that the company is reviewing the size of its stores to improve network efficiency and optimize spending.
She said Wilcon is focusing on expanding in regional markets amid softening demand in Metro Manila.
“The impact of the slowness of the market was really felt in Metro Manila. However, the Cavite-Laguna area, wherein we are really focused on expanding our footprint, is doing quite well compared to Metro Manila. We’re trying to right-size the store based on the capacity of the market, how large the market is, or how many stores we have in that area,” she said.
“We’re seeing growth in the emerging areas like South Luzon, some parts of North Luzon, and some parts of Visayas and Mindanao,” she added.
On store expansion, Ms. Alger said Wilcon is targeting eight new store openings this year. Last month, it opened a branch in Cordova, Cebu — its 103rd store nationwide.
Shares of Wilcon fell by 1.04% or eight centavos to P7.60 apiece on Monday. — Revin Mikhael D. Ochave
Youlogy
Movie Review
Faney
Directed by Adolfo Alix
GIVE Adolfo Alix due credit — where few others seemed eager to cast Nora Aunor as lead in films (mainly because she wasn’t a young fresh talent anymore, the primary requirement for this ruthlessly youth-oriented relentlessly skin-deep industry) he kept doing so, in recent films (Pieta, Mananambal, Whistleblower, Padre de Familia among others) and in one project (Kontrabida) still awaiting a local theatrical run.
So it should be only fitting (shouldn’t it?) that on Nora’s passing Alix should assemble a few of her family and frequent collaborators for some kind of tribute — not a biopic, not a clip show, at least not completely, not some kind of documentary retrospective of her career, but a lightly fictionalized account of the people that idolized the actress, made her the icon that she was and in many ways still is.
Hence: Milagros/Lola Bona (played by Laurice Guillen) is devastated to hear of Ate Guy’s (the fans’ fond nickname for Nora, ate being “elder sister”) passing and vows to attend the wake; her daughter Babette (Gina Alajar) won’t hear of it — grandma just had surgery and the heat and effort would probably kill her… not to mention the possibility of meeting Edgar (Bembol Roco) again.
But Milagros is persistent, and manages to coax her granddaughter Bea (newcomer Althea Ablan) to accompany her on this brief if eventful trip, not just to the wake but back to Milagros’ past, with maybe a sidetrip illuminating Bea’s own character and obsessions.
I suppose the film has flaws — a touch too sentimental (or a lot, depending on your disposition and familiarity with the woman and her milieu), Bea’s encounter with a boy band that too-neatly shows the shared insanity of fans across generations, the feared clip show that ends the picture.
There are the stories — of one fan asking for her cellphone to be laid on Nora’s coffin so she can speak to her one last time; of another, a young one, belatedly soaking up the lore of Noranians (the name her followers have chosen to christen themselves with) and declaring her own conversion. Arguably a collection of anecdotes — of fanfic? — do not a feature film make no matter how true; Alix is not known for tight-woven narratives but this one might be too loose assembled even by his standards.
One can also argue that this is a labor of love made by a fan for the fans, in the service of a star who was once relevant in the 1970s, ’80s, ’90s, struggled to stay relevant in the new millennium, and whose personal life was turbulent enough to generate a steady stream of tabloid fodder throughout her life and (as it turns out) some time after. The crossover appeal, at least at first glance, seems limited.
But the in-jokes and sprinkled allusions are plenty enough and some of them clever enough to keep you following. Easy one to spot: most of the female characters are named after characters she played — Milagros is from Kasal-Kasalan, Bahay-Bahayan; Bona from Brocka’s classic slum noir of the same name; Babette is from Bulaklak sa City Jail, one of Nora’s most popular movies, Flor is of course from The Flor Contemplacion Story, perhaps her most famous film, and which the Noranians have adopted as their banner feature.
Scenes and snatches of dialogue from various films are not just quoted but performed; Guillen delivers a lion’s share of them in her bedroom, in one lengthy virtuoso sequence, in a single take (Alix’s apparently favorite way of capturing a scene). One can argue this is pure indulgence but Guillen pushes from fond remembrance to sadness to hysteria to a kind of nervous breakdown, begging not for tears but for a kind of horrified recognition that all isn’t right in Milagros’ head — she is having issues. Folks talk about Nora being a great actress; true enough, but no one talks about what a formidable talent Guillen also is, and this lengthy sequence proves it — her gestures come across graceful and guileless, her emotions are expressed with effortless clarity. Arguably Nora’s most famous speech (“Walang himala!”) is delivered with no fuss and less frills, the words recognizably Nora’s, the delivery Guillen’s inventive interpretation of Nora as played by an ardent older fan.
In perhaps the most bizarre episode in the pic Milagros encounters a pair of queer fans, one (the always great Roderick Paulate) calling himself Pacita M (a classic Nora character), the other (Henrie Chavarria) calling himself Stella L (celebrity rival Vilma Santos’ most famous role). Stella accuses Pacita of being a traitor; Pacita calls Stella a spy — catty acknowledgment not only of the rivalry among fandoms but of the intense identification the LGBTQ community has with the star (not for nothing is she nicknamed “Ate Guy”).
Milagros finally arrives at the funeral home housing the wake and meets Lola Flor, who again looks familiar and who I struggled to remember till I got it: Perla Bautista. The doting mother in Bulaklak sa City Jail with eyes glittering unnaturally bright as she asks about her missing child; I see her now, eyes bright as ever, only instead of insanity it’s the light of a life that has survived a long time and still hasn’t given up, still hasn’t let go — Lola Flor may be too old and weak to wait for long outside of Nora’s wake, but she isn’t too old to appreciate old friends, and the sad occasion that brings them all together.
And then there’s Edgar — sad enigmatic Edgar, who stands in Milagros’ way and gazes at her, unspeaking. What’s their history? What do they mean to each other? Why aren’t they still together? Alix holds his cards tight to his chest and just lets their eyes — Guillen’s, Roco’s — speak; in this case, at least, the eyes have it.
Several times Guillen sits in her room simply leafing through her photo album, an easy trope in a genre steeped in tropes and nostalgia — but it could also as easily be a nod to the closing moments of Mario O’Hara’s Babae sa Bubungang Lata (Woman on a Tin Roof, 1998), where Nitoy (Frank Rivera) sits in his room bleeding, looking through his album of once-famous faces dead and gone, about as definitive a statement as any of the passing of an era, in this case, of Philippine cinema. Seeing Alix’s film, I’ve finally found a flaw in that scene — O’Hara shot it decades too early. If he had made it now, Nitoy’s album might have ended more appropriately, first on the face of Lino Brocka, then on the face of Nora Aunor. The end of an era indeed.
Protecting every saver: How deposit insurance can be a lifeline during unforeseen circumstance
Waking up to a home flooded up to hip level or reporting for work only to find out you have been let go by the company are scenarios one would wish were just a bad dream. For Karla and Paulo, however, this was their reality when Typhoon Ondoy and the global pandemic happened, respectively. Faced with the sudden dilemma, they found themselves asking: How do I begin again?
Emergency situations such as natural calamities and virus outbreaks strike without warning. Having a savings account — or better yet an emergency fund, can spell the difference between feeling helpless and having peace of mind.
Karla and her family lost almost all of their belongings, but thankfully the money she tucked in the bank was left unharmed. “Buti na lang may savings ako. Maliit man o malaki na sakuna, importante na ready ka, na may savings ka sa bangko para may mahuhugot ka. Hindi mo need maghintay ng tulong sa iba dahil kaya mong tulungan ang sarili mo at ang pamilya mo (It was a good thing I had my savings in a bank. Whether it is a small or big calamity, it is important that you are ready, that you have savings in the bank that you can use. That way, you won’t need to wait on others for help because you are capable of helping yourself and your family),” Karla recalled with a sense of relief.
This sense of security in the banking system is exactly what the Philippine Deposit Insurance Corporation (PDIC) aims when fulfilling its twin public policy objectives of protecting depositors and promoting financial stability. As the state deposit insurer, the PDIC provides a financial safety net through deposit insurance to depositors of banks up to the maximum coverage amount set by law.
In Paulo’s case, his unforeseen emergency was brought about by COVID-19. The pandemic not only taught him that nothing is permanent but also stressed the importance of saving money in banks. As the family’s breadwinner, he immediately needed to find another way to earn a living after being laid off. That was when he tried delivery work.
“Dati wala akong effort para mag-ipon sa bangko. Lahat ng sinasahod ko napupunta agad sa mga bilihin at mga bayarin. Nung nawalan ako bigla ng trabaho, dun ko na realize na ang hirap pala pag wala kang naitabi. Kaya ngayon, kahit pa P10 o P20 lang na extra, kapag pinagsama-sama malaking dagdag na rin para sa emergency fund (I used to not make an effort to save in banks. What I earn went straight to buying the necessities and paying the bills. When I suddenly lost my job, that was the only time I realized just how hard it is when you have nothing saved. So now, I save even if it is just an extra P10 or P20 to add to the emergency fund),” he said.
According to a report by the Bangko Sentral ng Pilipinas (BSP), as of September 2024, more than 450 cities and municipalities in the country remain unbanked. This means that many Filipinos may still be unaware of the benefits of saving in banks and having their hard-earned money protected by the PDIC.
To sustain the protection the PDIC provides to depositors, it continuously strengthens the Deposit Insurance Fund (DIF), the funding source of deposit insurance built primarily through the collection of semi-annual assessments from banks.
Starting March 15, 2025, the DIF guarantees that deposits up to the maximum deposit insurance coverage (MDIC) of P1 million per depositor per bank are protected. This is double the previous MDIC of P500,000, which was last adjusted in 2009.
This increase in the MDIC not only demonstrates the stability of the DIF but also ensures more deposit accounts are insured, thus reinforcing public trust and confidence in the banking system. Hopefully, more individuals, like Karla and Paulo, can confidently choose to save in banks, knowing that the PDIC is their ally in safeguarding their savings and the welfare of their family during challenging times.
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T-bill rates end mixed amid Mideast conflict
THE GOVERNMENT saw mixed results at Monday’s Treasury bill (T-bill) auction, with yields mostly steady as it capped the rise in the 91-day tenor’s rate by making a partial award.
The Bureau of the Treasury (BTr) raised P26.7 billion from the T-bills it auctioned off on Monday, higher than the P25-billion plan as the offer was nearly thrice oversubscribed, with total bids reaching P74.205 billion. However, this was lower than the P98.259 billion in tenders recorded on June 9.
This came even as the BTr made a partial award of the 91-day T-bill as strong demand prompted the Auction Committee to double its acceptance of noncompetitive bids for the 182-day tenor to P6.4 billion, it said in a statement.
Broken down, the Treasury awarded only P6.5 billion in 91-day T-bills on Monday, lower than the P8-billion plan, even as total tenders for the tenor reached P19.425 billion. The three-month paper fetched an average rate of 5.459%, 0.8 basis point (bp) higher than the 5.451% seen in the previous auction, with tenders accepted by the BTr having yields of 5.443% to 5.49%.
Meanwhile, the government raised P11.2 billion from the 182-day securities, well above the P8-billion program, as bids amounted to P29. 67 billion. The average rate of the six-month T-bill was at 5.523%, inching down by 0.1 bp from the 5.524% fetched last week, with accepted rates ranging from 5.505% to 5.543%.
Lastly, the Treasury raised P9 billion as planned via the 364-day debt papers as demand for the tenor totaled P25.11 billion. The average rate of the one-year T-bill edged up by 0.1 bp to 5.657% from 5.656% previously. Accepted bids carried yields of 5.64% to 5.67%.
At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.4404%, 5.57%, and 5.6916%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.
The BTr took advantage of the strong demand seen for the 182-day T-bills by hiking its award of the tenor, a trader said in a text message.
“The Treasury bill average auction yields were mostly marginally higher but essentially little changed after the latest Israel-Iran war that led to global crude oil prices reaching new four-month highs,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
Higher oil prices, along with the sharp decline in the peso as the conflict in the Middle East boosted the dollar, could lead to faster inflation here and abroad, which could affect the path of monetary easing, Mr. Ricafort said.
“Markets are also anticipating a possible 25-bp Bangko Sentral ng Pilipinas rate cut in the next rate-setting meeting on June 19,” he said.
“T-bill average auction yields were also mostly marginally higher week on week on lower total bids,” he added.
The BSP is widely expected to deliver a second straight rate cut at its policy meeting on Thursday amid cooling inflation. A BusinessWorld poll conducted last week showed that 15 out of 16 analysts see the Monetary Board bringing down the target reverse repurchase rate by 25 bps to 5.25% from the current 5.5%.
The Monetary Board resumed its easing cycle with a 25-bp rate cut in April following a surprise pause in February due to uncertainties over the impact of the Trump administration’s trade policies on the Philippine economy.
The central bank has reduced borrowing costs by a total of 100 bps since it began its easing cycle in August 2024. BSP Governor Eli M. Remolona, Jr. has said that they may cut rates two more times this year in “baby steps” or increments of 25 bps at a time as the benign inflation outlook gives them ample room to shift to a more accommodative monetary policy stance.
Meanwhile, on Friday, the peso weakened to the P56 level due to the conflict in the Middle East. It closed at another near two-month low of P56.415 on Monday.
The dollar held its ground in choppy trading on Monday, as investors keenly monitored Israel-Iran fighting for any signs that it could escalate into a broader regional conflict and braced for a week packed with central bank meetings, Reuters reported.
As both Iran and Israel showed no signs of backing off from their attacks, market participants mulled the prospect that Tehran might seek to choke off the Strait of Hormuz — the world’s most important gateway for oil shipping — which could raise broader economic risks from disruptions in the energy-rich Middle East.
Crude prices were up about 1% after closing 7% higher on Friday following Israel’s preemptive strike on Iran.
On Monday, the dollar was flat at 144.08 Japanese yen after rising nearly 0.4% earlier in the session, while the euro was muted at $1.1555.
The greenback was also steady against the Swiss franc at 0.811, while an index that measures the dollar against six other currencies dipped 0.1% and was last at 98.11.
On Tuesday, the government will offer P30 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of nine years and 10 months.
The Treasury wants to raise P230 billion from the domestic market this month, or P100 billion through T-bills and P130 billion via T-bonds.
The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy with Reuters
Yuchengco firm secures P498-M loan for Nueva Ecija solar project
SAN JOSE Green Energy Corp. (SJGEC) has secured a P498-million term loan facility from Rizal Commercial Banking Corp. (RCBC) to partly finance the development of its 19.6-megawatt direct current (MWdc) solar power project in Nueva Ecija.
In a statement on Monday, SJGEC said it signed an omnibus loan and security agreement with RCBC as the lender for the San Jose Solar Power Project.
RCBC Capital Corp. acted as lead arranger, while RCBC Trust Corp. served as facility agent and security trustee.
SJGEC is a subsidiary of Rizal Green Energy Corp. (RGEC), a joint venture between Yuchengco-led PetroGreen Energy Corp. (PGEC) and Japan-based TAISEI Corp. PGEC is the renewable energy arm of listed firm PetroEnergy Resources Corp. (PERC).
RGEC’s project portfolio includes the 27-megawatt-peak (MWp) Dagohoy solar project in Bohol, the 25-MWp Bugallon solar project in Pangasinan, and the 40-MWp Limbauan solar project in Isabela.
The company said the San Jose Solar Power Project is in the final stages of securing regulatory approvals ahead of its targeted commercial operations in the third quarter.
The facility is PGEC’s eighth utility-scale renewable energy project and is expected to generate an average of 27 gigawatt-hours annually, offsetting at least 18,900 metric tons of carbon dioxide emissions per year.
“This milestone underscores the shared commitment of PGEC and RCBC, both Yuchengco Group of Companies (YGC) members, in increasing the country’s power supply, advancing sustainable energy, and fostering a greener future for the Philippines,” the company said.
PERC is targeting to expand its generation capacity to 500 MW by 2029 from the current 145 MW. — Sheldeen Joy Talavera