Philippine inflation accelerates to 2% in January
By Katherine K. Chan, Reporter
PHILIPPINE INFLATION accelerated to its fastest pace in nearly a year in January amid a faster rise in rents and electricity rates, the Philippine Statistics Authority (PSA) reported.
Headline inflation picked up to 2% from 1.8% in December but slowed from 2.9% in the same month last year.
This was the fastest pace seen in 11 months or since 2.1% in February 2025.
It also marked the first time in almost a year that the consumer price index (CPI) hit the Bangko Sentral ng Pilipinas’ (BSP) 2%-4% target.
The January clip was likewise above the 1.8% median forecast in a BusinessWorld poll of 18 economists but was within the central bank’s 1.4%-2.2% estimate for the month.
“The main reason for the higher inflation rate in January 2026 compared with December 2025 is the faster price increase in housing, water, electricity, gas, and other fuels, which recorded a 3.3% inflation rate,” National Statistician Claire Dennis S. Mapa said at a news briefing on Thursday.
Inflation for housing, water, electricity, gas and other fuels quickened to 3.3%, the fastest since 3.8% in August 2024.
According to the PSA, this commodity group had a 45.9% share in the overall inflation uptick in January.
Broken down, inflation for electricity rose to 6.5% year on year in January from the revised 4% in December, while rental prices picked up by 2.9% during the month from 2.4% in December.
This comes even after Manila Electric. Co. trimmed electricity rates by 16.37 centavos per kilowatt-hour (kWh) to P12.9508 per kWh last month from P13.1145 per kWh in December, which meant households consuming an average of 200 kWh paid P33 less in their monthly electricity bill.
In January 2025, Meralco charged P11.7428 per kWh.
The Department of Economy, Planning, and Development (DEPDev) said the government is enforcing programs to manage price pressures emerging from the energy sector. It includes improving the Department of Energy’s Net Metering Program by enforcing time-bound local permitting, simplifying utility documentary requirements and expanding consumer incentives.
“The program allows consumers to install eligible renewable energy systems and export surplus electricity to the grid, helping lower electricity costs and support the energy transition,” the DEPDev said in a statement.
Mr. Mapa also noted that liquefied petroleum gas (LPG) added price pressures, as inflation settled at -2.8% in January from -5.1% in December.
In January, Petron Corp. hiked LPG prices by P2.18 per kilogram (kg), while Solane imposed a P2.18-per-kg increase.
This means that the price of a household-standard 11-kg LPG tank ranged from P820 to P1,120 last month, based on data from the Department of Energy.
Meanwhile, Mr. Mapa noted that lessors often begin implementing rental rate adjustments in the first month of the year, which likely propped up rental inflation in January.
“Our reading is that January marks the start of the yearly rental adjustments,” he said in mixed Filipino and English, adding there could be further increases in February and March.
FASTER RESTAURANT INFLATION
Meanwhile, faster electricity and rental rates drove up inflation for restaurants and accommodation services to 4% in January from 2.4% in December. This was the fastest clip since the 4.1% in September 2024.
For restaurants, cafés and the like, inflation picked up to 4.1% in January, from 2.6% in December.
“Energy prices are also rising because, of course, you’re using electricity — maybe rent, since rental prices for places are going up too, plus perhaps wages. So, these are contributing factors to those increases,” Mr. Mapa said.
However, slower inflation for the heavily weighted food and nonalcoholic beverages index tempered overall price pressures in January.
Food inflation eased to 1.1% from 1.4% in December, as better weather conditions boosted local agriculture production and normalized prices.
Particularly, inflation for vegetables, tubers, plantains, cooking bananas and pulses slowed sharply to 3.3% from 11.6% in the previous month.
“The floods are over now. So, our provinces are producing again, particularly in Luzon,” Mr. Mapa said, adding that prices of some vegetables have normalized.
The PSA likewise saw slower price growth for corn, meat and other parts of slaughtered land animals, fish and other seafood, as well as oils and fats.
RICE PRICES
On the other hand, the decline in rice prices slowed to -8.5% year on year in January after nine straight months of double-digit dips.
This marked a softer drop from -12.3% in December and was the slowest decline in rice prices in 10 months or since -7.7% in March 2025.
In January, the average price of local regular milled rice fell by 10.28% to P43.29 per kilo from P48.25 per kilo a year ago but inched up by 4.34% from P41.49 in December, according to the PSA.
Well-milled rice was likewise cheaper by 7.55% year on year at P50.05 per kilo from P54.14 but climbed by 3.73% from P48.25 in December. On the other hand, the cost of special rice edged down by an annual 5.29% to P59.79 per kilo from P63.13 but went up by 2.42% month on month from P58.38.
The Philippines reopened its market to imported rice on Jan. 1 after the government imposed a four-month ban in September.
PSA data showed that core inflation, which excludes volatile prices of food and fuel, likewise accelerated to 2.8% in January, from 2.6% in the same month last year and 2.4% in December.
January saw the fastest core inflation in one-and-a-half years or since the 2.9% print in July 2024.
Meanwhile, inflation in the National Capital Region (NCR) bucked the national trend, easing to 1.9% in January, from 2.3% in December and 2.8% in the prior year.
However, inflation in areas outside NCR matched the nationwide CPI at 2%, accelerating from 1.7% a month ago. Year on year, it cooled from 2.9%.
Inflation for the bottom 30% of income households was also faster at 1.6% in January from 1.1% in December. However, it eased from 2.4% logged a year earlier.
Meanwhile, Mr. Mapa noted that the PSA is working on rebasing the CPI to 2025 from the current 2018, with the first 2025-based inflation report likely to be released by January 2027.
“Currently, the technical staff is identifying the weight adjustments using our 2025 Family Income and Expenditure Survey, as it’s still [ongoing],” he added.
EASING PATH
With inflation starting to pick up, the central bank may now be more cautious about further monetary policy easing.
Still, analysts see a sixth straight cut at the Monetary Board’s Feb. 19 review remaining on the table, especially amid lingering growth woes.
“All in all, we think January’s CPI has made the path to further rate cuts rougher,” HSBC Global Investment Research ASEAN economist Aris D. Dacanay said in an e-mailed commentary. “Although growth has slowed to its slowest pace since 2011, barring the COVID-19 pandemic, inflation hasn’t been as benign as warranted over the past two months.”
“Cognizant of this risk, we still think the BSP will likely cut its policy rate in February, since we expect growth concerns to outweigh inflation when deliberating monetary policy,” he added.
Mr. Dacanay noted that the government’s move to lift its rice import freeze and the muted demand could impact commodity prices in the months ahead.
On the other hand, Chinabank Research projects that base effects would push headline inflation to the upper end of the central bank’s target by the second quarter.
Food supply issues, elevated energy prices and higher transport fares as well as minimum wages could bring price pressures, it added.
“Still, with inflation projected to average within target this year, we think the BSP has room to continue cutting interest rates, possibly at its Feb. 19 meeting, to help support the sluggish economy,” Chinabank Research said in a note.
For 2026, the BSP expects inflation to average 3.2%.
“The inflation outlook continues to be benign while inflation expectations remain well anchored,” the central bank said in a statement. “For 2026 and 2027, inflation is expected to settle within the 3% ± 1 ppt target.”
The benchmark policy rate stands at an over-three year low of 4.5%, after the Monetary Board delivered a total of 200 basis points (bps) in cuts since it began its easing cycle in August 2024.
“On balance, the Monetary Board sees the monetary policy easing cycle as nearing its end. Any further easing is likely to be limited and guided by incoming data,” it said.
BSP Governor Eli M. Remolona, Jr. earlier said that they could help spur demand to boost the economy by easing borrowing costs, if such a move would still ensure that inflation will remain low.
He left the door open to a 25-bp cut this month after fourth-quarter growth turned out weaker than they anticipated but noted that inflation will be their top consideration.
However, the Monetary Board maintained that they are nearing the end of the current easing cycle.
DA to change benchmark for ‘flexible’ rice tariff scheme
By Vonn Andrei E. Villamiel
THE DEPARTMENT of Agriculture (DA) will replace the benchmark price used for the “flexible” rice tariff scheme to better reflect the actual prices of rice varieties that the country imports.
Agriculture Secretary Francisco P. Tiu Laurel, Jr. told BusinessWorld that the agency will no longer use the Food and Agriculture Organization’s (FAO) free-on-board price for Vietnam 5% broken rice as the basis for tariff adjustments.
“Most of our import is not the basic Vietnam 5% broken rice. The majority of the imported rice here is the Vietnam DT8 variant, and that is what we should be monitoring and using as the basis,” he said in a Viber message.
Mr. Laurel said the price of the DT8 rice variety is $430 to $450 per metric ton, which is higher than the FAO’s $361-per-metric-ton quotation for Vietnam 5% broken rice in December.
The flexible rice tariff scheme, which began this year under Executive Order (EO) No. 105, allows import duties to rise or fall in response to global prices. Tariff adjustments are made in increments of five percentage points, with rates capped at 15% and 35%.
Under the EO’s implementing guidelines, signed by the interagency group consisting of the Economy, Agriculture, Trade, and Finance departments in December, the benchmark for tariff adjustments was originally the monthly average FAO price for Vietnam 5% broken rice.
FAO data from December showed Vietnam 5% broken rice at $361.32 per metric ton. This is within the threshold price range of $350 to $367 per metric ton, which translates into a 20% duty under the flexible tariffication formula.
The tariff adjustment for the first quarter of the year was supposed to take effect on Jan. 16, but the DA did not issue a certification, saying that actual prices of imported rice have not fallen below the $367-per-metric-ton trigger level for the duty.
The department also said the 15% tariff rate on imported rice is retained until the end of March.
Mr. Laurel did not say whether the inter-agency group would issue new guidelines or amend the existing rules to reflect the change in the benchmark.
Farmers’ groups have criticized the variable tariffication scheme as being designed to keep the tariff rate low, allowing cheaper imported rice to flood the market and depress farmgate prices.
“The starting point for any adjustment should be 35%. The current scheme only serves to maintain the 15% tariff,” Jayson H. Cainglet, executive director of the Samahang Industriya ng Agrikultura, earlier told BusinessWorld.
Farmers argue that the tariff should return to a fixed 35%, the rate originally imposed on Southeast Asian rice imports when the Rice Tariffication Law took effect in 2019.
The tariff was cut to 15% in June 2024 under EO 62 to help contain inflation. Since then, the landed cost of imported rice has fallen by as much as 40% to 50%, according to Mr. Cainglet.
He added that the low tariff rates primarily benefit importers, while rice producers bear the brunt of the policy, and consumers see little improvement in retail prices.
“We cannot accept the claim that ‘market forces’ are driving rice prices. Farmers struggle while importers receive protection, and consumers have never truly benefited. Tariff reductions and consumer interest are just pretexts for higher profits for importers,” Mr. Cainglet said.
Targeted tax incentives and less borrowings may help Philippines avert ‘growth recession’ — CPBRD
By Kenneth Christiane L. Basilio, Reporter
THE PHILIPPINE government should boost industrial output through targeted tax incentives while cutting reliance on borrowing, allowing the private sector to drive economic activity and support a slowing economy that showed signs of a “growth recession” last year, a congressional think tank said.
The Congressional Policy and Budget Research Department (CPBRD) said Philippine job data point to a recession based on an economic indicator that flags a looming slowdown when the three‑month average unemployment rate climbs half-a-percentage point above its past-year low.
“The burgeoning unemployment problem is likely related to the demonstrably hamstrung industrial sector,” the 24-page report, authored by David Joseph Emmanuel Barua Yap, Jr., Ma. Kristina P. Ortiz and Krishna Margaret U. Mirida, said.
The think tank said employment data breached the Sahm rule for five months from July to November 2025, while seasonally adjusted job figures from 2023 to 2025 showed the threshold was crossed for nine months from February to October 2025.
Seasonally adjusted job data from 2021 to 2025 showed that the Sahm rule was breached only in November 2025, it added.
“All outcomes indicate substantial labor market stress, with employment contracting by 1.76 million workers on average during Sahm — signal months in which the labor force declined or stagnated, and youth unemployment peaking at 3.2 percentage points year on year,” the CPBRD said.
“Viewed in conjunction with the appreciable slowdown of the Philippine economy in the third quarter, evidence suggests that the Philippines entered a ‘growth recession’ in the latter half of 2025,” it added, referring to the revised 3.9% gross domestic product (GDP) growth in the third quarter.
While a formal recession is defined as two consecutive quarters of contraction, recent economic data have raised concerns over a “growth recession,” where GDP growth remains positive amid rising unemployment and underemployment.
Philippine GDP grew by 4.4% in 2025, slowing from 5.7% in 2024, and below the Development Budget Coordination Committee’s 5.5%-6.5% goal. In the fourth quarter, GDP expanded by a weaker-than-expected 3% in a period usually buoyed by holiday spending.
Unemployment rose to 4.4% year on year in November despite the holiday hiring season, translating to 2.25 million jobless Filipinos, defying the usual trend of job gains during the period.
“The numbers constitute evidence that the Philippines may have been in a recession for most of 2025,” the CPBRD said.
The findings underscore mounting pressure on the government to push through reforms aimed at averting a full-blown recession. Policymakers should boost industrial activity by cutting tax and regulatory burdens, while continuing the state’s fiscal consolidation effort, the CPBRD said.
“Given the established linkages across industrial sector performance, quality employment generation, and income generation, the government is enjoined to pursue policies that would unleash the productive potential of Philippine industries,” it said.
Targeted tax exemptions, such as rebates or cuts for “high employment multiplier” industries like manufacturing, logistics and energy sectors, should be implemented to boost job creation and support the development of a sustainable industrial base, the think tank said.
“The cumulative burden of regulatory compliance costs and taxes spanning multiple agencies constrains firm productivity, expansion and job generation potential,” the CPBRD said.
Policymakers should also improve zoning by clustering industrial sites through a public infrastructure program in the suburbs, while cutting tariffs on goods that could enhance worker and production productivity to help spur economic growth, it added.
The CPBRD said the government should also establish a “robust dialogue mechanism” between the private sector and policymakers to ensure industrial policy remains responsive to evolving business needs.
There should also be a review of the wage-setting mechanism to ensure the current system remains effective and responsive to the job market, it added.
Policymakers should also rein in spending and avoid stimulus programs, the think tank said, warning that such measures could backfire and worsen the country’s debt position.
“Insisting upon yet another expansion in government spending to accommodate a stimulus program would inevitably lead to higher debt servicing requirements, an even larger debt overhang, and a heightened risk of a default,” it said.
The Philippines’ outstanding debt climbed to a record P17.71 trillion in 2025, exceeding the projected year-end level of P17.36 trillion by 2% and rising by 10.32% from P16.05 trillion a year earlier.
This brought the outstanding debt as a share of gross domestic product (GDP) to 63.2% as of end-2025, up from 60.7% a year earlier, the Bureau of the Treasury said.
This marks the highest annual debt-to-GDP ratio in two decades, surpassing the 65.7% recorded in 2005. It also exceeds the 60% threshold that multilateral lenders consider manageable for developing economies, as well as the government’s end-2025 projection of 61.3% under its updated medium-term fiscal framework.
“At best, a stimulus program would be exchanging one crisis for another,” the CPBRD said. “At worst, it would compound the ongoing economic slowdown with a debt crisis.”
“Instead, the government is advised to aggressively pursue fiscal consolidation, improve public expenditure efficiency, and prioritize investment over consumption,” it added.
Meanwhile, the slowdown in growth could be largely attributed to the Philippines’ inability to attract investments, coupled with government underspending that has weighed on economic growth.
“This reflects deeper structural constraints such as weak private investment, uneven public spending, governance concerns, and external headwinds that have dampened confidence and productivity,” John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said in a Viber message. “Industry reforms that strengthen ease of doing business, infrastructure delivery, digitalization, and the overall investment climate are therefore critical.”
IBON Foundation Executive Director Jose Enrique “Sonny” A. Africa said policymakers should look beyond tax breaks to spur industrial activity, stressing the need for broad and ambitious reforms to usher in a golden age of industrial development.
“The government really has to have much more ambition and industrial vision for the country,” he said in a Viber message.
“This includes trade protection, regulation of foreign investment to build domestic capacity, promoting indigenous science and technology, strategic coordination of credit and finance, tax and other fiscal incentives, public investment in infrastructure, and expanding mass purchasing power,” he added.
The government should also look at letting local officials handle industrial development policies, Leonardo A. Lanzona, an economics professor at the Ateneo de Manila University, said.
“In this way, the industrial policy will be more in tune with the needs and resources of their communities,” he said in a Facebook Messenger chat.
ACEN takes full control of India RE business after stake buyout
AYALA-LED ACEN CORP. has strengthened its footprint in India after acquiring the remaining stake held by Singapore-based UPC Renewables in their joint venture, allowing it to take the lead in developing more than a gigawatt (GW) of renewable energy (RE) projects.
ACEN told the local bourse on Thursday that its subsidiary ACEN Renewables International Pte. Ltd. acquired a 50% voting interest in Unlimited Renewables Holdings B.V. (URH) from UPC Renewables.
The transaction involves 2,724 common shares of URH, though the company kept the deal’s value undisclosed.
Following the acquisition, ACEN will assume full ownership of URH, which is currently developing three renewable energy projects across Rajasthan and Karnataka with a combined capacity of 1,059 megawatts (MW), spanning both the construction and advanced development stages.
“This platform is the result of years of close collaboration and shared commitment to developing high-quality renewable energy projects. As ACEN takes full ownership, I am looking forward to continue growing this portfolio and make a meaningful contribution to India’s clean energy transition,” UPC Renewables India Chief Executive Officer Alok Nigam said.
ACEN aims to seize opportunities from “a fast-growing and diversified renewables portfolio in one of the world’s most attractive clean energy markets.”
Patrice Clausse, group chief investments officer and president and chief executive officer of ACEN International, said the company is well positioned to scale up its renewable energy portfolio.
“India’s strong policy support, maturing market structures, and growing demand for renewables provide a solid foundation for sustainable growth,” he said.
As of September 2025, the India market accounts for 37% of ACEN’s net attributable capacity across its international operations. The company operates three solar power projects with a combined capacity of 630 MW.
ACEN is banking on India’s “strong fundamentals” and “supportive policy environment” in the renewable energy market for long-term growth.
The company said India’s regulatory framework is “well-established and predictable,” with strong regulations and effective mechanisms for redress and compensation in case of changes in regulation.
“Combined with an increasingly mature banking sector that can provide long-tenor project financing, India offers a compelling environment for both growth and capital recycling,” ACEN said.
ACEN currently manages a renewable energy portfolio of 7.1 GW across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States. — Sheldeen Joy Talavera
Korea-backed firm plans P64.3-B pumped storage project in Benguet
FILIPINO-KOREAN firm Coheco Badeo Corp. is planning to develop a 500-megawatt (MW) pumped storage hydropower project in Kibungan, Benguet.
The proposed Kibungan pumped storage facility is expected to provide additional power supply to the Luzon grid, according to its filing with the Department of Environment and Natural Resources (DENR).
The P64.3-billion project will span 36 hectares and will include upper and lower dams with a combined reservoir capacity of about 3.53 million cubic meters, as well as intake facilities, underground tunnels, an underground powerhouse, and access roads.
Located in Barangay Badeo near the Amburayan River, the facility is expected to store large amounts of energy and respond quickly to fluctuations in power supply and demand.
“With the growing concern on the environment, it has been proven that mini and small hydropower have the least adverse effect on the environment thereby making it the most socially acceptable energy source,” Coheco said.
The company secured a service contract from the Department of Energy in 2016, but the project experienced delays in regulatory proceedings, which it attributed to the COVID-19 pandemic and other challenges.
Based on its project schedule, construction will start once an environmental compliance certificate has been issued, with completion targeted by 2031.
The pumped storage project was among the winning bids in last year’s Green Energy Auction, where more than 6,600 MW of capacity was awarded.
The proposed project is scheduled for public scoping on Feb. 26. The activity is an early stage of the environmental impact assessment process, during which the project proponent will present an overview of the development and gather issues and concerns from stakeholders. — Sheldeen Joy Talavera
Amazon plans to use AI to speed up TV and film production
LOS ANGELES — Amazon plans to use artificial intelligence (AI) to speed up the process for making movies and TV shows even as Hollywood fears that AI will cut jobs and permanently reshape the industry.
At the Amazon MGM Studio, veteran entertainment executive Albert Cheng is leading a team charged with developing new AI tools that he said will cut costs and streamline the creative process. Amazon plans to launch a closed beta program in March, inviting industry partners to test its AI tools. The company expects to have results to share by May.
Mr. Cheng described AI Studio as a “startup” operating under Amazon founder Jeff Bezos’ “two pizza team” philosophy — keeping the group small enough to be fed by two pizzas. The team consists primarily of product engineers and scientists, with a smaller creative and business contingent.
Amazon is publicly embracing AI in response to spiraling production budgets that limit the number of shows and films companies can finance. The technology will fast-track certain processes to make more movies and TV shows more efficiently.
“The cost of creating is so high that it really is hard to make more and it really is hard to take great risk,” Mr. Cheng said in an interview. “We fundamentally believe that AI can accelerate, but it won’t replace, the innovation and the unique aspects that (humans) bring to create the work.”
The move to adopt artificial intelligence comes as A-list actors like Emily Blunt have expressed fears about the rise of AI — and particularly AI actress Tilly Norwood would make their jobs obsolete.
Amazon emphasized that writers, directors, actors, and character designers will be involved at every stage of production, using AI as a tool to enhance creativity.
Like many other tech companies, Amazon is also pushing nearly every division to find uses for AI and pointed to the successes of the technology as among the reasons it cut about 30,000 corporate jobs since October, its largest layoff ever. That included a number of job cuts at Prime Video.
Mr. Cheng said AI could help Prime Video overcome some of the inherent challenges of large scale film and television production.
The AI Studio is building tools that bridge what Mr. Cheng described as “the last mile” — perhaps a cheeky reference to Amazon’s delivery operation — between existing consumer AI offerings and the granular control directors need for cinematic content. That includes improving character consistency across shots, and integrating with industry-standard creative tools.
Amazon is leaning on its cloud computing division, Amazon Web Services, for help and plans to work with multiple large language model providers to give creators a wider array of options for pre- and post-production filmmaking. Mr. Cheng said protecting intellectual property and ensuring AI-created content won’t be absorbed into other AI models are essential to making the AI Studio work.
The AI Studio is working with producers Robert Stromberg (Maleficent) and his company Secret City, Kunal Nayyar (The Big Bang Theory) and his company Good Karma Productions; and former Pixar and ILM animator Colin Brady, as it explores new tools and how best to implement them.
The Studio, which launched last August, points to its hit series, House of David, as an example of how AI could be used in the future.
For the second season of the biblical epic, director Jon Erwin used AI combined with live-action footage to create battle scenes, seamlessly editing the two together to expand the scope of sequences at lower cost. — Reuters
RCR posts 35% revenue growth on mall asset infusions
RL COMMERCIAL REIT, Inc. (RCR), the real estate investment trust of Robinsons Land Corp. (RLC), reported a 35% increase in unaudited revenues for 2025, reaching P11.08 billion, driven by asset infusions from its sponsor.
Occupancy rates remained steady at 96% last year, RCR said in a statement to the Philippine Stock Exchange (PSE) on Thursday.
In the fourth quarter alone, unaudited revenues — excluding changes in the fair market value of investment properties — jumped 49% year on year, while quarter-on-quarter revenues rose 12% to P358 million, boosted by the acquisition of nine retail assets from RLC.
The August 2025 property-for-share swap added nine malls to RCR’s portfolio: Robinsons Dasmariñas (Cavite), Robinsons Starmills (Pampanga), Robinsons General Trias (Cavite), Robinsons Cybergate (Cebu), Robinsons Tacloban (Leyte), Robinsons Malolos (Bulacan), Robinsons Santiago (Isabela), Robinsons Magnolia (Quezon City), and Robinsons Tuguegarao (Cagayan).
In 2024, RLC also injected P33.9 billion worth of assets into RCR through a property-for-share swap deal that consist of 11 malls and two office buildings. The malls are located in Novaliches, Cainta, Luisita, Cabanatuan, Lipa, Sta. Rosa, Imus, Los Baños, Palawan, and Ormoc.
“RCR continues to benefit from the upside of mall rental income from the 2024 asset infusion (two offices and eleven malls), together with the 2025 infusion (nine malls),” RCR President and Chief Executive Officer Jericho P. Go said.
The REIT reported unaudited total assets of P167.76 billion and shareholders’ equity of P162.19 billion, remaining debt-free. It was recently included in the PSE index, highlighting its liquidity and capitalization.
RCR ended 2025 with 38 assets, comprising 21 malls and 17 offices, and noted that RLC has a strong pipeline of potential future infusions, including over 1.1 million square meters (sq.m.) of mall gross leasable area (GLA), about 250,000 sq.m. of office GLA, nearly 300,000 sq.m. of logistics space, and around 4,000 hotel rooms.
The REIT is also open to acquiring third-party assets for long-term growth.
Its board has approved a fourth-quarter cash dividend of P0.1112 per share.
For the full year, RCR declared P7.54 billion in dividends, equivalent to over 90% of its unaudited distributable income, payable on March 2 to shareholders of record as of Feb. 20.
RCR’s market capitalization stood at P156.78 billion as of Dec. 31, 2025.
RCR shares rose 0.4% or three centavos to close at P7.53 apiece on Thursday. — Beatriz Marie D. Cruz
To mourn or not to mourn
Movie Review
Hamnet
Directed by Chloé Zhao
CHLOÉ ZHAO’S latest film — adapted by Zhao and Maggie O’Farrell from O’Farrell’s well-regarded 2020 novel — is a tearjerker, most people will agree. The question one might ask is: does it earn its tears, or are we overindulging?
Right off I start by saying I haven’t read O’Farrell’s book so I can’t approach the material that way — I can only go off on what’s visible on the big screen.
The film starts impressively enough — Zhao’s camera looking up into the sky or down a hole, both sky and ground crowded by giant beech, their roots furry with moss. We see a hawk swoop down to the glove of one Agnes Hathaway (Jessie Buckley), catching along its glide path the eye of a young man (Paul Mescal).
Attraction, connection, commitment: Agnes marries the man, is disowned by her family, is forced to move in with her newfound husband. Gives birth to a daughter, Susana (Bodhi Rae Breathnach). And at about this point more or less one notices an oddity: we hear the man referred to as “tutor,” “husband,” “son,” “father” but not by name, the reason for this being simple: this isn’t the man’s story.
Zhao’s film — and O’Farrell’s novel presumably — is a member of that subgenre of metafiction, where a well-known tale is retold not through the eyes of the protagonist but of a supporting character’s, in this case Agnes. Tom Stoppard did this as early as Rosencrantz and Guildenstern are Dead, (about the eponymous pair and their adventures with a certain Danish prince) back in 1966; Gerardo de Leon pulled it off (with the help of Teodorico Santos) 15 years earlier than Stoppard with Sisa (the story of Noli Me Tangere through the eyes of its most memorable minor character). Sidenote: 32 years later Stoppard wrote a version of Romeo and Juliet where the author immortalizes his true love in a play; Mario O’Hara that same year remade Sisa with its equally real-life writer-hero immortalizing his true love in a novel. Might strictly be me but Stoppard seems to write fanfic in eerie parallel with Filipino filmmakers, was even at one point anticipated by a decade and a half.
I’m being silly of course. Stoppard retells a well-known play through the eyes of one of its minor characters; O’Farrell retells a well-known life through the eyes of the man’s wife. Stoppard is working with an established text (The Tragedy of Hamlet: Prince of Denmark), O’Farrell is filling in the gaps in a biography with guesswork and imagination.
Another noted difference: Stoppard’s play (I saw the 1990 adaptation directed by the author) is often funny, full of absurdist Beckettian humor (as befits two characters with little else to do); Hamnet offers few laughs, if any, and the dearth can be overwhelming. This is heavy drama, and gets heavier as it unfolds.
Paul Mescal has been dinged for being too pretty and I see the critics’ point: if O’Farrell’s purpose is to tell the story of Agnes and not of Agnes’ husband, or at least only enough of Agnes’ husband to establish that he’s emotionally distant or becomes emotionally distant when tragedy strikes, it doesn’t help to have an actor with melting Spaniel eyes, with a gaze so soulful he keeps you worshipping even when he’s a self-centered jerk. The smarter money would have been to cast someone less immediately eye-catching — this generation’s equivalent of Gary Oldman or Tim Roth (I don’t know that many young uns), able to alienate us then (if they or the filmmaker so chooses) eventually win our affections the hard way. A Humphrey Bogart, if you like, of contemporary indie cinema.
Critics also ding Jessie Buckley for being one-note and I say: phooey. The actor knows a good thing when she sees it and as far as she’s concerned, she’s going all the way, from playful coyness to hard births to desperate resuscitation attempts to primal screams loud enough to raise the dead. And it isn’t all acting with a capital “A”: Towards film’s end, when she finally attends a performance of her husband’s long-awaited handiwork, her expressions and mutterings — consistent with her tendency to mutter incantations during moments of stress or when she needs to focus — help us to a better understanding of what her husband hath wrought onstage.
O’Farrell notes that she based much of her novel’s emotions on her feelings when her child was sick — in this case of meningitis, a terrifying disease — and of her own experiences as a child suffering from encephalitis. If she presumably invests so much feeling in her novel, can Zhao do no less? Should Zhao hold back, make the scenes of sickness and suffering tasteful, maybe even artful? More phooey; any parent — me included — knows exactly what Agnes and through her O’Farrell are going through, and any husband or father will be just as dumbfounded when they realize that whatever terror or sadness or despair they’ve experienced is nothing, a mere foothill, to the volcanic upheavals a wife and mother will have undergone.
I already admitted to having failed to read O’Farrell’s book (I am currently committed to a really long read, likely take years to finish), and will admit to being a sorry nonexpert on Elizabethan drama (I’ve seen film adaptations if that helps). If more knowledgeable heads can hang the label “grief porn” on this film then so be it — but it’s well-made porn, I submit, nevertheless, and I’ll admit to having given in to its spell more than a few times.
Megaworld to develop 18-ha beachside village in Nasugbu
LISTED property developer Megaworld Corp. is developing a beachside residential village along the coast of Nasugbu, Batangas, which is expected to generate P7 billion in sales by 2032.
The 18-hectare (ha) project, called Villa Scala, will rise within the 116-hectare Nascala Coast and will feature 217 prime residential lots, the company said in a disclosure to the stock exchange on Thursday.
Villa Scala will be developed by Megaworld subsidiary Global-Estate Resorts, Inc. (GERI), which specializes in master-planned tourism and leisure townships.
Lot sizes will range from 407 square meters (sq.m.) to 1,081 sq.m. The village is scheduled for completion by 2032.
Inspired by Italy’s Amalfi Coast, the development will offer views of Nasugbu Bay, the West Philippine Sea, and nearby mountain ranges.
Future residents will also have access to nearby leisure facilities for activities such as yachting and sailing, Megaworld said.
The village will feature its own Villa Scala Clubhouse, designed with Positano-style, cliffside Mediterranean architecture that reflects Southern Italian coastal living.
The clubhouse will have floor-to-ceiling glass walls that allow natural light to enter, while its infinity pool will offer seaside views. Other amenities include function rooms, a fitness center, and an open courtyard.
About 40% of the village will be allocated to open spaces, with 15-meter-wide roads and an underground cabling system for electrical and telecommunications utilities.
The village will be complemented by commercial hubs, leisure destinations, expansive commercial lots, mixed-use centers, and town centers within Nascala Coast.
Nasugbu, located about 112 kilometers south of Metro Manila, is home to several luxury resorts and private beaches.
“With this village, we envision to continue developing Nascala Coast into a thriving coastal address where generations of families can flourish,” Megaworld Global-Estate, Inc. First Vice-President Rachelle P. Hernandez said.
Villa Scala is about a 2.5-hour drive from Metro Manila and an hour from Tagaytay City.
It is accessible from Bonifacio Global City and the Makati central business district via major roads such as the South Luzon Expressway (SLEX), Manila-Cavite Expressway (CAVITEX), the Ternate-Nasugbu Highway, and the upcoming Cavite-Batangas Expressway (CBEX).
Megaworld is ramping up its provincial expansion this year with a P65-billion capital expenditure budget, 30% higher than the P50 billion allocated last year.
The company reported a 14% increase in earnings in the first nine months of 2025.
Megaworld shares rose by 0.45% or one centavo to close at P2.24 apiece on Thursday. — Beatriz Marie D. Cruz
EastWest Bank expects sustained asset growth
EAST WEST BANKING Corp. (EastWest Bank) expects sustained asset growth this year, still driven by its consumer business.
“We’ve looked at it, maybe [assets could grow by] low to mid-teens. Again, keep it steady. We’ve been doing that for the last three years, so no change in strategy. It’s really how you sustain that growth over time that really matters,” EastWest Bank Chief Executive Officer Jerry G. Ngo told reporters late on Wednesday.
He said their consumer business will be the main asset growth driver as it still accounts for a majority of its loan portfolio.
“Most of our assets are consumer lending. So, that’s what we’re looking at. Maybe, again, for the past three years, it’s been low to mid-teens. And that is sustainable over a period of time.”
The bank is looking to further expand its auto and home loan portfolios, Mr. Ngo said, adding that about 25% of EastWest Bank’s loan book is made up of auto loans, while credit cards comprise a bigger portion. Salary loans also take up about a quarter of its portfolio.
Their loan-to-deposit ratio is at the 70%-80% range, he added.
Steady expansion in assets, loans, and deposits, which are all growing at about the same pace, keeps the bank liquid, giving them the flexibility to be opportunistic in tapping the bond market, Mr. Ngo said.
“We’re actively looking. We’re actively waiting for the right time. But there’s no impetus. Our liquidity is strong and sufficient. But the pricing is good right now, so we’re also waiting for the right time.”
He added that the Bangko Sentral ng Pilipinas’ ongoing easing cycle and potential cuts to banks’ reserve requirement ratios could also boost their liquidity further.
While EastWest Bank could consider issuing bonds if there is enough investor demand, corporate activity in the capital markets has been increasing, he said. “We’re waiting for a clear market.”
In 2023, the bank approved a P30-billion bond program, with issuances expected over a five-year period. No drawdown has been made so far.
EastWest Bank last tapped the domestic market in February 2020, raising P3.7 billion from an issuance of three-year fixed-rate bonds.
Meanwhile, the bank will also continue to invest in improving its artificial intelligence capabilities, Mr. Ngo added, which they expect to help in managing their operating costs over time.
“We’re studying that specifically. But I think the most important improvements are how do we leverage on those capabilities to make our relationship managers more effective? How do we augment capabilities? How do you make advice better?” he said.
“That’s something that we want to focus on going forward, is to see how we could take that across relationship managers. It will still be people to people, but people augmented with artificial intelligence.”
EastWest Bank’s attributable net income rose by 6.25% year on year to P2.48 billion in the third quarter of 2025, driven by its consumer book. This brought its nine-month profit to P6.62 billion, up by 13.81% from the same period in 2024.
Its shares went down by 10 centavos or 0.8% to end at P12.46 apiece on Thursday. — Aaron Michael C. Sy
Harry Potter villain emerges as unlikely Lunar New Year symbol
HONG KONG — Draco Malfoy, the villainous student who was Harry Potter’s rival in the fantasy book series, has become an unlikely Chinese Lunar New Year mascot, with his face plastered across red festive decor and merchandise from posters to phone covers.
Malfoy, played by actor Tom Felton in the films of J.K. Rowling’s books, has surged in popularity due to the Chinese translation of his surname — Ma-er-fu. Meaning horse and fortune, it bodes well for China’s lunar year of the Horse.
Social media has been flooded with images of people sticking red Malfoy posters on their doors. Fans can buy four of them for 11 yuan ($1.60) on e-commerce platform Taobao.
“Year of the Horse’s blessing, so stick on a Malfoy,” said one user on China’s Rednote.
Other posts on the social media platform appeared to show a massive image of Malfoy in his uniform hanging across several floors of a shopping mall in central Henan province.
The Harry Potter franchise is incredibly popular in China, where foreign films make up a relatively small percentage of the box office due to strict quotas and a shift to local content.
Warner Bros. has agreed to develop a Harry Potter Studio Tour in Shanghai with Chinese group Jinjiang International, Jinjiang said last year.
A Universal Studios theme park in Beijing features The Wizarding World of Harry Potter, a section dedicated to Harry Potter-themed rides and attractions.
The eight Harry Potter films were re-released in Chinese cinemas in 2024. — Reuters
SM Prime unit completes 8.3-ha Provence village in Batangas
SY-LED SM Prime Holdings, Inc., through its leisure residential arm Highlands Prime, Inc., has finished its 8.3-hectare (ha) French-themed residential development, Provence, in Talisay, Batangas.
The development features 119 residential lots sized between 240 square meters (sq.m.) and 451 sq.m., with about 14 lots per hectare. It is located within Tagaytay Midlands along Lakeside Fairways Drive in Talisay.
Provence takes inspiration from French countryside living, rising on an elevated site with views of Taal Lake. Amenities include an infinity pool, multipurpose pavilion, tree-lined roads, and independent infrastructure to ensure stable water and power supply.
“To capture the tranquil beauty of the French countryside, generous open spaces and landscaping are woven throughout this 8.3-hectare development, a vision that clearly resonated with discerning buyers as reflected in the substantial number of lots already sold,” Highland Prime Senior Vice-President Mary Eleanor Mendoza said.
She added that the property’s cool climate, nature-oriented spaces, and leisure amenities complement the exclusivity associated with Tagaytay Highlands.
“Provence also offers a refined residential setting that complements Tagaytay Highlands’ signature brand of luxury mountain living,” Ms. Mendoza said.
The development is accessible from Metro Manila via the South Luzon Expressway (SLEX), Cavite-Laguna Expressway (CALAX), and Manila-Cavite Expressway (CAVITEX).
The project reflects SM Prime’s ongoing expansion into the premium, lot-only residential segment as an alternative to its urban high-rise projects, amid an oversupply of mid-income condominiums in Metro Manila.
In the first nine months of 2025, SM Prime’s net income rose 10% to P37.2 billion, with the residential segment contributing P32.6 billion in profit.
On Thursday, SM Prime shares gained 0.24% or five centavos to close at P21.30 apiece. — Beatriz Marie D. Cruz