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Ayala Land acquires New World Makati Hotel

Left to right: George Aquino, president and chief executive officer of AyalaLand Hospitality; Kwok Yan Chi of New World International Development Philippines; and Jose Eduardo Quimpo II, vice-president & head of corporate finance, Ayala Land, Inc.

AYALA LAND, Inc. has acquired New World Makati Hotel, expanding the portfolio of its hotel and resort development arm.

The acquisition is part of Ayala Land Hospitality’s (ALH) strategy to strengthen its presence in high-growth urban centers, particularly in Makati, ALH said in an e-mail statement on Monday.

New World Makati Hotel has more than 500 guest rooms and suites. It is located across Greenbelt and is within walking distance of major commercial offices and luxury retail establishments.

“This move reflects our continued focus on offering a cohesive and high-quality guest experience across key locations,” ALH President and Chief Executive Officer George I. Aquino said.

“The addition of New World Makati Hotel complements our existing portfolio and reinforces our commitment to serving evolving customer needs in one of the country’s most dynamic cities,” he added.

ALH said hotel operations will remain uninterrupted, with the current management team retained, and all existing bookings honored.

“ALH assures guests and partners of a smooth transition, maintaining the high standards of service the brand is known for. Business continuity will be maintained across all touchpoints,” it said.

ALH has over 4,000 rooms under its homegrown brands, including Seda Hotels, El Nido Resorts, and Huni Lio, as well as international luxury brands such as Raffles Makati, Fairmont Makati, and the upcoming Mandarin Oriental Makati. — Revin Mikhael D. Ochave

Squid Game stocks sink as blockbuster ends with mixed reviews

ACTOR Lee Jung-jae in a scene from Squid Game. — IMDB

SHARES in South Korean companies tied to Netflix Inc.’s blockbuster series Squid Game slumped on Monday following the release of the hit show’s final season, which debuted to a lukewarm audience reception despite topping global streaming charts.

Artist Co., an entertainment agency in which Squid Game’s main actor Lee Jung-jae is the largest shareholder, tanked as much as 21%. Artist Studio, Inc., a unit of Artist Co., also declined 24%. Dexter Studios Co., South Korea-based visual effects production firm and one of the partners of Squid Game production, fell 8.5%.

“Much of the criticism stems from how the show ended — viewers whose interpretation of the show’s worldview doesn’t align with theirs,” said Kim Hern-sik, a pop culture critic in Seoul. “It’s hard to top Season 1 — it was a global sensation.”

The third season of Netflix’s anti-capitalist parable, which premiered on June 27, topped the global TV show rankings on Netflix in all countries, according to FlixPatrol, which tracks viewing on streaming services. The Season 3 earned 83% approval rating among professional critics while 51% approval rating from audience, according to Rotten Tomatoes.

First released in 2021, Squid Game became a cultural phenomenon, igniting global conversations with its brutal social allegory and captivating visuals. It remains Netflix’s most-watched show of all time, drawing about 600 million views to date across the first two seasons. The Korean dystopian survival thriller has also won six Emmy Awards. — Bloomberg

Basic Energy Corp. to hold Annual Stockholders’ Meeting on July 23

 

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Century Pacific eyes double-digit growth despite US tariffs

CENTURYPACIFIC.COM.PH

LISTED food and beverage manufacturer Century Pacific Food, Inc. (CNPF) is maintaining its target of double-digit growth in revenue and profit this year, even as its export business has begun to feel the impact of tariffs imposed by the United States.

“Looking ahead, we remain cautiously optimistic in our full-year outlook and continue to target double-digit growth across topline and bottomline,” CNPF Executive Chairman Christopher T. Po said during the company’s annual stockholders’ meeting on Monday.

Mr. Po said the company has earmarked P4 billion to P5 billion in capital expenditure this year to support the growth of its business segments.

He added that CNPF plans to expand the capacity of its dairy, tuna, and coconut water businesses.

During a separate media briefing, CNPF President and Chief Executive Officer Teodoro Alexander T. Po said the tariffs have already affected the company’s export operations.

“It’s actually already affecting our US businesses because there’s already a 10% minimum straight tariff being imposed on exports to the US. Our significant exports of coconut water to the US are already affected by the US tariffs, and some of our tuna original equipment manufacturer and branded exports are also affected,” he said.

“For now, there is a combination of pass-on and absorption that’s happening in the market. But it’s quite volatile and unstable at this point,” he added.

The US imposed a 17% reciprocal tariff on Philippine goods on April 2, but the measure was suspended for 90 days pending negotiations until July 9. In the interim, most trading partners were charged a provisional 10% tariff.

“The silver lining that we’re hoping to get is that the Philippines will be better treated tariff-wise than our other global competitors in the export business,” Mr. Po said.

For the first quarter, CNPF reported an 11% increase in net income to P1.9 billion, driven by its branded segment. Consolidated revenue rose by 10% to P19.9 billion.

On Monday, CNPF shares rose by 0.63% or 25 centavos to close at P40.25 apiece. — Revin Mikhael D. Ochave

A.I. director Steven Spielberg opposed to using AI in front of the camera

HALEY JOEL OSMENT in a scene from 2001’s A.I. Artificial Intelligence. — IMDB

LOS ANGELES — When Steven Spielberg directed the film A.I. Artificial Intelligence, the technology was the stuff of science fiction — a device to tell a story about the ethics of creating sentient machines.

Now, AI is a concrete reality in Hollywood — one where Mr. Spielberg said he has drawn a line in the sand.

“I don’t want AI making any creative decisions that I can’t make myself,” said Mr. Spielberg, in an interview with Reuters. “And I don’t want to use AI as a non-human collaborator, in trying to work out my creative thinking.”

Mr. Spielberg spoke on Thursday after a ceremony dedicating the Steven Spielberg Theater on the Universal Studios lot. The event acknowledged the director’s decades-long relationship with the studio, which released such films as Jaws, Jurassic Park, Schindler’s List, and E.T. the Extra-Terrestrial.

The acclaimed director joked that his career at Universal began in 1967, when he took a tour of the lot as a high school student. He said he hid in the bathroom during a break, and waited for the tour to move on without him, “then I had the entire lot to myself that day.”

“Our hope and dream is that it’s not just the place that is founded on his extraordinary legacy,” said Donna Langley, chairman of NBCUniversal Entertainment & Studios. “But it is the place of future hopes and dreams of filmmakers and storytellers who are going to take this company into the next 100 years and the 100 years after that, people who come with a hope and a dream, people who have been inspired by Steven.”

Mr. Spielberg’s 2001 modest box office hit A.I. Artificial Intelligence was a meditation on love, loss, and what it means to be human through the eyes of a discarded humanoid robot. In the Pinocchio-like journey set in a futuristic dystopia, David, the android boy, yearns to be human, searching for love, in a world of machines and artificial intelligence.

The film hit screens when AI was still in its nascent stages and predated the launch of OpenAI’s ChatGPT by 21 years.

SPIELBERG AGAINST AI MAKING CREATIVE DECISIONS
“It wasn’t about artificial intelligence as much as it was about sentient existence, and can you love a sentient entity? Can a mother love a robot child?” said Mr. Spielberg. “It was not really where AI is taking us today. Eventually, there will be a convergence between AI and robotics.”

Mr. Spielberg said AI can be a great tool “if used responsibly and morally” to help find a cure for cancer and other diseases.

“I just draw a line — and it’s not a line of cement, it’s just a little bit of line in the sand — which gives me some wiggle room to say (that) I have the option to revise this thinking in the future,” he said. “But right now, I don’t want AI making any creative decisions.”

He said he has seen, first-hand, how technology can replace human talent while working on the 1993 film, Jurassic Park.

Mr. Spielberg initially planned to use renowned stop-motion clay animation artist Phil Tippett to create the dinosaurs roaming the island theme park. Visual effects artist Dennis Muren proposed an alternative method, using Industrial Light & Magic’s computer-generated imagery to create realistic dinosaurs. The director is an executive producer in Jurassic World: Rebirth which reaches theaters on July 2.

“That kind of made certain careers somewhat extinct,” said Mr. Spielberg. “So, I’m very sensitive to things that AI may do to take work away from people.”

Mr. Spielberg said he has yet to use AI on any of his films so far, though he is open to possible applications of it behind-the-scenes, in functions like budgeting or planning.

“I don’t want to use it in front of the camera right now,” Mr. Spielberg said. “Not quite yet.” — Reuters

BTr partially awards T-bill offer

TREASURY.GOV.PH

THE GOVERNMENT made a partial award of the Treasury bills (T-bills) it offered on Monday as yields were mixed amid expectations that headline inflation may have picked up anew in June following the surge in oil prices seen last month amid the Israel-Iran war.

The Bureau of the Treasury (BTr) raised just P23.95 billion from the T-bills it auctioned off on Monday, short of the P25-billion plan, even as the offer was more than twice oversubscribed, with total bids reaching P56.84 billion. However, the total demand seen was lower than the P65.47 billion in tenders recorded on June 24.

The government partially awarded the three-month paper as it rejected high bids, the Treasury said in a statement, with players asking for yields higher than secondary market levels. The BTr sold only P6.95 billion in 91-day T-bills on Monday, well below the P8-billion plan, even as total tenders for the tenor reached P18.125 billion. The three-month paper was quoted at an average rate of 5.526%, 0.4 basis point (bp) lower than the 5.53% seen in the previous auction, with bids accepted having yields of 5.49% to 5.548%.

Meanwhile, the government raised P8 billion as planned from the 180-day securities it offered on Monday as bids amounted to P20.9 billion. The average rate of the six-month T-bill was at 5.607%, rising by 5 bps from the 5.557% fetched last week, with accepted yields ranging from 5.583% to 5.64%.

Lastly, the Treasury raised P9 billion as planned via the 364-day debt papers as demand for the tenor totaled P18.715 billion. The average rate of the one-year T-bill inched down by 0.4 bp to 5.651% from 5.655% previously. Accepted bids carried yields of 5.629% to 5.669%.

“Average rates for the 180- and 364-day T-bills fell below prevailing secondary market rates,” the BTr said.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.479%, 5.642%, and 5.696%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

The government made a partial award of its T-bill offer as demand was “modest to decent,” a trader said in a text message.

The trader added that the market is likely on wait-and-see mode to gauge the BTr’s awarding behavior at its upcoming bond auctions before making any “significant” moves.

T-bill yield movements were mostly marginal on Monday as oil prices and the peso-dollar exchange rate have normalized as Iran and Israel last week agreed to a ceasefire, easing the renewed inflation concerns sparked by the market volatility caused by the 12-day conflict, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Still, the conflict is expected to have caused a pickup in headline inflation last month, he said.

Mr. Ricafort also noted that T-bill movements remained “modest” despite the 25-bp rate cut delivered by the Bangko Sentral ng Pilipinas (BSP) on June 19 and expectations of further monetary easing at home and in the United States.

Philippine inflation may have quickened slightly in June, with the spike in fuel costs likely to have been offset by broadly stable food prices, analysts said.

A BusinessWorld poll of 17 analysts yielded a median estimate of 1.5% for the June consumer price index, accelerating from the 1.3% in May but still below the BSP’s 2-4% annual target.

If realized, this would be the fastest clip in three months or since 1.8% in March. It would also mark the first pickup since December as the CPI has been on a downtrend since February. Still, this would be slower than the 3.7% print in June 2024.

The median estimate is also well within the BSP’s June forecast of 1.1% to 1.9%.

“Upward price pressures for the month are likely to be driven by higher meat and vegetable prices, elevated oil prices, and the depreciation of the peso. These pressures, however, could be partially offset by lower prices of rice, fish, and fruits, as well as lower electricity rates,” the BSP said on Monday.

“Going forward, the BSP remains committed to safeguarding price stability by ensuring that monetary policy settings are conducive to sustainable economic growth and employment.”

On Tuesday, the government will offer P30 billion in reissued seven-year Treasury bonds (T-bonds) with a remaining life of five years and 25 days.

The BTr wants to raise P250 billion from the domestic market in July, or P125 billion through T-bills and P125 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.56 trillion or 5.5% of gross domestic product this year. — A.M.C. Sy

Office vacancies may ease despite supply surge, says Santos Knight Frank

STOCK PHOTO | Image by Sean Yoro from Unsplash

METRO MANILA is expected to see a surge in office supply over the next five years as projects launched during the pandemic are completed, but vacancy rates are projected to decline due to sustained demand from the business process outsourcing (BPO) sector, according to property consultancy firm Santos Knight Frank (SKF).

“Any projects that were thought of, or announced during the pandemic years of 2020 to 2022, will have been completed by the time we hit 2030,” SKF Senior Director Morgan McGilvray said during a briefing on Monday.

New office space in Metro Manila is expected to average 754,598 square meters (sq.m.) through 2030, SKF said.

As of end-June, 158,147 sq.m. of new office supply entered the Metro Manila market, and another 403,770 sq.m. of new office space will be completed in the second half, SKF said. This brings Metro Manila’s total office supply to 8.8 million sq.m.

Metro Manila’s office vacancy rate rose to 22% in the six-month period from 18.9% a year earlier, Mr. McGilvray said.

By submarket, the highest level of available supply was recorded in Taguig at 2.4 million sq.m., followed by Ortigas (1.6 million sq.m.), Makati (1.5 million sq.m.), Quezon City (1.4 million sq.m.), the Bay Area (1.4 million sq.m.), and Alabang (500,000 sq.m.).

“For the office sector, we’re seeing a lot more activity in the first half of 2025 than we did last year,” SKF Chairman and Chief Executive Officer Rick Santos said during the briefing.

“We are still seeing BPO expansion — we are seeing sophisticated voice call centers also still expanding, and that’s in lockstep with what we’re seeing in India as well.”

Net absorption in the first half stood at 192,000 sq.m., higher than the 101,000 sq.m. in the previous quarter, driven by move-ins and expansions in the BPO sector, SKF said.

SKF expects office vacancy to decline through 2030.

“Maybe the first half of 2025 is an exception because we saw the last group of POGOs (Philippine offshore gaming operators) move out,” Mr. McGilvray said. “But if we just look at the numbers for a moment, it looks like we might have 400,000 sq.m. of net absorption this year… if we continue to have that rate, that should balance out pretty well with the supply coming on board.”

“[Vacancy through] 2030 is a long way to predict in advance, but the numbers right now indicate vacancy might continue to actually trickle down over the coming years,” he added.

Looking ahead, the BPO sector — especially healthcare BPOs — is expected to drive demand in the Metro Manila office market, Mr. McGilvray said.

“We do sense that there’s a lot more healthcare BPOs especially that can and will come to the Philippines… because one or two [companies] enter the market, they have a good success story, their competitors notice, and then their competitors also follow them into the market,” he said on the sidelines of the briefing.

“That’s mostly what we’ve been seeing as the best demand driver lately, and we don’t necessarily expect that to slow down anytime soon.”

Companies looking to expand their office space still prioritize accessibility to public transportation, as well as the environmental sustainability and newness of buildings, Mr. McGilvray said.

According to Mr. Santos, today’s global business environment has become “the most volatile we’ve ever seen,” driven by the United States’ shifting tariff policies and ongoing geopolitical tensions in the Middle East and Europe.

“So definitely, we’re seeing a lot of volatility on the geopolitical side. However, we see that as an opportunity for the Philippines, and obviously for the real estate market.”

The Philippines’ much-lower reciprocal tariffs are expected to attract foreign manufacturing firms looking to diversify their operations, Mr. Santos said.

The US in April imposed a 17% tariff on Philippine goods — the second lowest among Association of Southeast Asian Nations countries.

While the reciprocal tariffs have been paused for 90 days until July 9, the baseline 10% tariff remains in place.

“The Philippines is also poised to benefit from the diversification in the manufacturing sector, and a lot of manufacturing companies in ASEAN countries are looking at the Philippines now,” Mr. Santos said. — Beatriz Marie D. Cruz

Understanding the evolving trade dynamics and financial implications

STOCK PHOTO | Image from Freepik

The global trade landscape in 2025 is poised for significant shifts, particularly as protectionist measures, national interests, and multi-lateral alliances converge. Tools, like game theory, offer a robust framework for assessing the strategies at play among nations. This article explores three inter-related aspects: the impending tariff war led by the US, the potential responses from key global players, and the lessons for strengthening institutional frameworks such as the World Trade Organization (WTO), International Monetary Fund (IMF), and other economic bodies, to mitigate disruptions in both real and financial markets.

This article can be the basis of a position paper and action programs for the Management Association of the Philippines’ CEO Academy for continuous learning on Game Theory and the 2025 Tariff War, with actual applications to individual firms or industry groups designing practical steps to avert disastrous consequences of non-collaboration.

THE US’ BLANKET TARIFFS
The US has intensified its stance on trade imbalances, insisting on blanket tariffs against nations with significant trade surpluses. This unilateral approach reflects a zero-sum framework in trade relations, where the US seeks tangible benefits by penalizing surplus-holding economies, such as China, the EU, Japan, and Canada.

However, the dilemma between serving US selfish interests versus its desire to continue as a leader in global economic stability or shared growth, has converted the problem into one of purpose, for looking at the common good. That is what 21st Century leadership should be all about as humanity’s existence is challenged by humanoids, climate change, and networked disinformation.

STRATEGIC ALLIANCES, COUNTERMEASURES
Countries targeted by these tariffs have begun exploring avenues for collective action. Two distinct groups have emerged:

• Canada and the EU plus Japan: These nations are reportedly discussing a coordinated sell-off of US Treasuries. Such a move, if executed, could destabilize US financial markets, serving as a counterweight to the economic pressures created by the tariffs. Its implications on the role of the US dollar may trigger responses, such as when Nixon moved the dollar from the gold standard to the more freely convertible currencies of its economic partners.

One reaction of President Donald Trump in mid-April to the decline in returns on both US public and private financial obligations (bonds and shorter-term issues) held by foreigners was a move that could have been expected from game theory: to demand the independent Federal Reserve Board (the US central bank) lower interest rates to counter the trade in goods impact on inflation, as the capital flows of a coordinated sell-off of US Treasuries will have an impact on employment. The combined effect will be stagflation — simultaneous higher costs and more joblessness.

• China and BRICS: China, while managing its own trade surplus, is considering aligning with BRICS nations to focus on the broader issue of global trade payments. A key aspect of this strategy is the exploration of an alternative world currency that could reduce reliance on the US dollar as the dominant international trade medium.

In game theory terms, these alliances represent cooperative strategies aimed at maximizing collective benefits while minimizing individual losses. The interplay of these groups, paired with US actions, forms a complex multi-player game that could redefine the global trade order. US global economic leadership may be lost if it insists on acting without regard for its own immediate neighbors (NAFTA has been softened into the US-Mexico-Canada Agreement) or allies in ASEAN (supporting the QUAD initiative critical to world shipping routes across continents).

China’s approach combines short-term tactical measures with long-term structural objectives. While allying with BRICS on collective trade concerns, its focus on developing an alternative world currency underscores its intent to establish a more stable and equitable trade framework. Such a currency could include digital mechanisms leveraging blockchain technology, offering transparency and reduced dependency on dollar-dominated systems.

IMPLICATIONS OF US TREASURY SELL-OFF
A coordinated sell-off of US Treasuries by Canada, the EU, Japan, and potentially other nations could have profound implications for global financial markets. The ripple effects would likely include:

• Increased volatility in bond markets;

• Pressure on US interest rates, potentially affecting domestic economic growth; and,

• A shift in global investment patterns, favoring emerging economies or alternative currency systems.

Such actions highlight the intricate links between trade policies and financial systems, underscoring the need for multi-lateral engagement to prevent systemic disruptions.

LESSONS FOR STRENGTHENING GLOBAL INSTITUTIONS
The WTO remains the cornerstone of global trade governance. However, its effectiveness is increasingly challenged by unilateral actions, regional alliances, and new financial mechanisms. Strengthening the WTO’s capacity to mediate complex disputes is essential for stabilizing markets. Coordination with institutions, such as the IMF and World Bank, could provide a more comprehensive approach to addressing trade and financial imbalances.

Beyond the traditional trade-focused bodies, organizations, such as the International Organization of Securities Commissions (IOSCO) and regional development banks, must play a larger role in analyzing the inter-connectedness of real goods markets and financial systems. Their expertise in securities, investments, and financial regulations can offer insights into mitigating risks arising from shifts in trade policies. Treasury bureaus across all forms of governments can also have information systems alerting key global economic players on impending changes in their programs.

ADOPTING MULTI-DISCIPLINARY APPROACHES
The interplay between real markets (goods and services) and financial systems requires multi-disciplinary analysis. Institutions must invest in studying these interactions to design policies that align trade and financial stability. For instance:

• Mechanisms to ensure liquidity in financial markets during trade disruptions;

• Strategies for diversifying global payment systems to reduce reliance on a single currency; and,

• Tools for predicting and managing the contagion effects of protectionist measures.

CONCLUSION
The emerging dynamics of the 2025 tariff war, coupled with strategic international responses and financial system inter-dependencies, highlight the need for robust institutional coordination. Game theory provides a valuable lens to predict and analyze the outcomes of these complex interactions. Strengthening global institutions, such as the WTO, IMF, and non-tariff players, will be imperative to maintaining order in both trade and financial markets. As nations navigate these challenges, the lessons learned will shape the future of global economic governance and cooperation.

The article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines of MAP.

 

Dr. Federico “Poch” M. Macaranas, Ph.D. is the chair of the Education Committee of the MAP. He is also a board member of the Bayan Innovation Group, Inc. and St. Paul University Philippines.

map@map.org.ph

mmacaranas@gmail.com

Investment, Innovation, and Courage: Driving business action for the SDGs in Asia and the Pacific

STOCK PHOTO | Image by Rawpixel.com from Freepik

By Shinta Widjaja Kamdani

WITH just five years left to achieve the Sustainable Development Goals (SDGs), the urgency for bold and tangible solutions is undeniable. The $1.5 trillion annual investment gap required to achieve the SDGs isn’t just a number, it’s a call to action. Traditional “business-as-usual” approaches are no longer sufficient. What we need is a paradigm shift driven by collaboration, decisive action, and collective leadership from the private sector.

Asia and the Pacific, which contributes over 60% of global GDP, holds both immense potential and deeply entrenched challenges. More than 400 million people still live in poverty. Inequitable resource distribution, limited access to quality education and decent work, and weak social protections continue to hinder inclusive growth. These development gaps, alongside rapid population growth and escalating climate threats, present both risks and opportunities for businesses. One thing is certain — the private sector can no longer afford to be a bystander; it must be a driver of change.

FROM COMMITMENT TO CONCRETE ACTION
In April, business leaders convened at the Asia-Pacific Business Forum organized by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). The result was the Kuala Lumpur Business Leaders’ Declaration, a collective vision calling for action.

But vision alone is not enough. The declaration outlines five key pillars that provide a roadmap for structured and measurable implementation:

1. Green Energy Transition. Companies must prioritize shifting consumption patterns, accelerating renewable energy adoption, and investing in energy-efficient technologies.

2. Sustainable Infrastructure. The private sector must lead in building climate-resilient infrastructure through public-private partnerships and ensure business facilities meet green standards.

3. Inclusive Financing. In emerging economies, sustainable finance must reach the informal sector and grassroots levels. Businesses can champion microfinance, social venture capital, and micro-, small-, and medium-enterprises (MSME) support.

4. Digital Innovation. Tech companies should serve as catalysts for social transformation by creating open platforms, expanding digital literacy, and developing inclusive, data-driven solutions.

5. Circular Economy. The linear model is outdated. Businesses must redesign production, consumption, and waste systems to be regenerative and resource efficient.

The case for action is no longer just ethical — it’s economic. Companies integrating SDG principles are demonstrating higher resilience, stronger market positioning, and long-term profitability. Supply chain disruptions, resource volatility, and climate risks increasingly affect margins. In contrast, sustainability-aligned businesses are better able to manage risks, reduce operational costs, attract capital, and retain talent. Regulatory and incentive challenges persist, but the climate crisis and social inequality are time bombs. Action must come before policy. What’s required now is the courage to lead — to take risks, drive collaboration, and turn ambition into tangible impact.

This is not just about corporate responsibility. It is about securing competitive advantage in an economy being redefined by environmental, social, and governance (ESG) criteria. Investors, consumers, and regulators are increasingly rewarding sustainability-forward companies.

Asia and the Pacific has the assets to lead this transformation: capital, talent, and a collaborative business network. But without translating these into impactful investments, scalable projects, and replicable innovations, potential is wasted.

The ESCAP Sustainable Business Network (ESBN) is poised to accelerate this progress. Representing leading businesses from 53 countries, ESBN is focused on three strategic goals:

• Mobilizing private financing for energy transition and emissions reduction;

• Accelerating supply chain decarbonization through accurate emissions tracking and reporting; and,

• Building a circular economy ecosystem to boost resource efficiency and resilience.

To further align business transformation with the SDGs, ESBN has introduced the Green Deal for Business, a strategic framework helping companies integrate SDG principles into their core models. It provides tools for decarbonization, resource efficiency, and socially inclusive innovation, paving the way for a systematic shift where profit and sustainability go hand in hand.

At the Sintesa Group, integrating sustainability into our operations has improved efficiency while unlocking new partnerships and access to green financing. Guided by our vision as a Sustainable Excellence Company, we established the SDG Roadmap: Sintesa for the Earth to align operations and investment decisions with SDG principles — executed through Sintesa Energy, Sintesa Health, and Sintesa Ecotourism. These investments are not cost centers — they are growth engines. This reinforces what we see across ESBN: the SDGs are not just targets, they are blueprints for innovation, resilience, and financial performance.

ESBN doesn’t just facilitate dialogue. It connects sustainability commitments with global investment stakeholders. Deeper collaboration with the UN’s Global Investors for Sustainable Development (GISD) Alliance, where Indonesian businesses are already key members, opens doors to SDG-aligned green financing across the region.

Asia and the Pacific have what it takes to pioneer global transformation. But intention alone won’t suffice. We need investment in innovative solutions, cross-sector collaboration and visionary tangible action.

The upcoming Fourth International Conference on Financing for Development is an opportunity to bring the region’s private sector voice into global SDG financing efforts. It is a moment to show what works and to attract investment to where it matters most.

The Kuala Lumpur Declaration has laid out the roadmap. ESBN provides the platform. It’s our turn to act.

Now is the time to channel investment into high-impact sectors.

Now is the time to evolve innovation beyond technology into collective strategy. Now is the time for courage. Not as a conference slogan, but as a daily business imperative.

Because history doesn’t remember those who waited. It honors those who led — who turned crisis into opportunity and challenge into a launchpad for progress.

 

Shinta Widjaja Kamdani is the chair of the ESCAP Sustainable Business Network, the CEO of the Sintesa Group, and chair of APINDO.

Why Metro Clark is poised to become C. Luzon’s modern industrial powerhouse

Metro Clark, encompassing strategic parts of Pampanga and Tarlac, has swiftly transformed from a former US air base into one of the Philippines’ most dynamic growth corridors. Geographically positioned at the center of Luzon, Metro Clark provides extensive access to adjacent provinces, particularly toward northern provinces such as Nueva Ecija, La Union, Zambales and Ilocos Norte. Furthermore, Central Luzon, excluding Metro Manila, is the second most populous region in the country, offering a substantial talent pool that fuels its economic growth.

Clark Development Corp. recorded a 22-fold increase in approved investments in 2024 compared to 2023

This momentum is evident in the remarkable investment performance of Clark Development Corporation (CDC). In 2024, CDC recorded investments amounting to P77 billion. An estimated 60% to 70% of these commitments are expected to catalyze significant construction activities, directly benefiting sectors such as renewable energy, semiconductors, electronics, pharmaceuticals, medical devices, green minerals, agriculture, and steel. CDC further secured P35.6 billion in investment pledges in 2024, a 22-fold surge in approvals, reflecting sustained investor confidence in Clark’s economic potential.

The government has facilitated world-class infrastructure and unparalleled connectivity in Metro Clark

Infrastructure has played a foundational role in shaping Metro Clark’s competitive advantage. The government, led by the Bases Conversion and Development Authority (BCDA), has strategically partnered with the private sector to accelerate development. This is exemplified by collaborations with Filinvest, South Korea’s National Agency for Administrative City Construction (NAACC), and Japanese entities including Kansai Electric, Chubu Electric, and Marubeni Corporation — key contributors to New Clark City’s planning and development.

Clark International Airport, managed by the LIPAD consortium (Filinvest Development Corp., JG Summit Holdings, Changi Airports Philippines, and Philippine Airport Ground Support Solutions), further strengthens the region’s world-class infrastructure. Its modern facilities — featuring contactless check-ins, efficient baggage systems, and award-winning design — position Clark as a gateway of choice for international and domestic travelers.

Complementing air access is robust land connectivity. The Subic–Clark–Tarlac Expressway (SCTEX) directly links Clark to the Subic Bay Freeport Zone, forming a vital corridor for manufacturing and logistics activities. Southbound, North Luzon Expressway (NLEX) enables direct expressway access from Metro Clark to Bulacan and Metro Manila. Forthcoming projects like the Subic-Clark Railway and Malolos-Clark Railway are expected to significantly improve freight mobility and open new investment corridors along their routes as well.

Various investment promotion agencies facilitate a business-friendly environment with a heavy arsenal of incentives

This connectivity and infrastructure backbone is matched by a highly competitive business environment. Investors in Metro Clark benefit from minimal bureaucracy, with no local political interference and streamlined administrative procedures. In its economic zones, foreign enterprises are granted 100% leasehold ownership and operational control. Further bolstering its appeal are fiscal incentives from investment promotion agencies such as CDC, Philippine Economic Zone Authority (PEZA), and Board of Investments (BoI), including income tax holidays, duty-free importation, VAT zero-rating, and deductions for labor, training, and R&D.

Pampanga and Tarlac commanded 32% of warehousing requirements in Q1 2025

Supporting this confidence is the area’s notable performance in warehousing demand. Pampanga and Tarlac accounted for 32% of national warehousing requirements in the first quarter of 2025, underscoring the shift toward Central Luzon’s strategic location. Pampanga alone represented nearly 20% of total demand, surpassing even Metro Manila due to multiple large-scale requirements ranging between 25,000 and 77,000 square meters (sq.m.).

Within Metro Clark, northern cities such as Mabalacat and Angeles have emerged as high-priority locations for locators. Strategically situated along NLEX, both cities offer direct connectivity to Metro Manila, Subic Bay, and Northern Luzon.

Expanding pipeline underscores market optimism for Clark’s industrial future

A robust supply pipeline underscores continued market optimism. Notable developments include the 8-hectare Mabalacat Industrial Park and a 10,000-sq.m. warehouse in Bundagul, Mabalacat.

Moreover, specialized industrial estates are expanding Clark’s appeal to heavy manufacturing and logistics operations. The recently opened Filinvest Innovation Park – Phase 1 offers tailored facilities for logistics and export-focused firms. Concurrently, in New Clark City, the BCDA is establishing a 100-hectare sustainable, innovation-driven industrial hub. Additionally, a pharmaceutical manufacturing hub of 15 hectares, developed in partnership with the Department of Trade and Industry (DTI), will cater to both local and international pharmaceutical and medical device companies.

Clark’s industrial surge moves in step with broader urban development

Parallel to industrial expansion, Metro Clark’s residential, retail, and leisure sectors are experiencing significant growth. Upcoming residential projects such as BCDA’s affordable housing in New Clark City and SM’s Now Residences condominium in Angeles highlight increasing livability. Retail developments featuring global brands like Uniqlo and Nike, alongside the anticipated opening of Filinvest Mimosa Mall, enhance the region’s urban sophistication. Additionally, major hospitality investments — including the presence of international-standard hotels such as Marriott, Swissôtel, and Hilton, as well as expansions from Hann Casino Resort, InterContinental Clark at Hann Reserve, Banyan Tree, Wyndham Garden Clark, and Belle Corp. — underline Metro Clark’s growing reputation as a premier destination for business and leisure. These flourishing sectors collectively position Metro Clark as an integrated economic ecosystem poised for sustained, long-term prosperity.

 

Jet Yu is the founder and chief executive officer of PRIME Philippines, a commercial real estate advisory firm.

Apple’s F1: The Movie roars to top of US, Canada box office; worldwide receipts exceed $88M

Brad Pitt in F1: The Movie (2025) — IMDB
Brad Pitt in F1: The Movie (2025) — IMDB

LOS ANGELES — Apple’s high-octane racing film F1: The Movie roared to the top of the US and Canadian box office this weekend, fueled by star-power and a finely tuned marketing campaign, according to Comscore.

The movie, which stars Brad Pitt as a Formula 1 racer who returns to the track after an accident nearly ends his career, brought in $55.6 million in ticket sales in the two countries. That tally edged past the $45 million to $55 million pre-weekend domestic forecast from the Boxoffice Company.

Worldwide receipts topped $88 million, propelled by the sport’s strong fan base in Europe and Latin America.

Racing films typically sputter in theaters, according to Daniel Loria, senior vice-president of the Boxoffice Company, a theatrical ecommerce and data services firm. The most successful of the genre, the widely acclaimed Ford v Ferrari, opened to a modest $31 million in November 2019.

“We haven’t had that many movies about car racing that have broken through,” Mr. Loria said.

One notable outlier is the Fast & Furious action series that expanded beyond its street racing roots to include heists, espionage, and an improbable moon shot.

F1 had several factors weighing in its favor, helping to broaden its appeal beyond racing enthusiasts.

The film’s director, Joseph Kosinski, brought the same high-intensity cinematic treatment of Formula 1 racing that he lent to the fighter jet sequences in his 2022 movie, Top Gun: Maverick. Moviegoers who were polled by CinemaScore gave F1 an A rating, signaling their approval.

Netflix’s Formula 1: Drive to Survive series helped fuel the popularity of Formula 1 racing, particularly in the US.

Apple also put marketing muscle behind its movie, an Apple Original Films production that Variety reported cost in excess of $200 million to make.

The tech giant touted F1 during CEO Tim Cook’s keynote address at this year’s Worldwide Developers Conference, and offered a movie discount to iPhone users. Apple Music also amplified the film’s soundtrack.

Warner Bros., which marketed and distributed the movie, developed a bespoke campaign that emphasized the participation of Formula 1 world champion Lewis Hamilton in Europe and Latin America, while focusing on Mr. Pitt in the US.

“It’s very much like a perfectly coordinated pit crew in a race,” said Paul Dergarabedian, senior media analyst with Comscore, an information and analytics company. “They shot this thing off the starting line with great success.”

F1 represents the biggest opening weekend for Apple, whose previous cinematic efforts, such as director Martin Scorsese’s Killers of the Flower Moon, garnered critical acclaim but achieved modest results at the box office.

“The film’s outstanding debut reflects both the excitement of Formula 1 and the deeply emotional and entertaining story crafted by the entire cast and creative team,” Zack Van Amburg, Apple’s head of worldwide video, said in a statement. — Reuters

Favila joins UnionBank as independent director

PETER B. FAVILA — GTCAPITAL.COM.PH
PETER B. FAVILA — GTCAPITAL.COM.PH

UNION BANK of the Philippines, Inc. (UnionBank) has appointed former Monetary Board member and Trade Secretary Peter B. Favila as independent director.

Mr. Favila will serve the unexpired term of office of Francisco Ed. Lim starting July 3, UnionBank said in a disclosure to the stock exchange on Monday. His appointment was approved by the bank’s board of directors at a meeting on June 27.

At the same meeting, the bank’s board also okayed Mr. Favila’s appointment to various committees, including as chairman of its corporate governance and related party transaction committees and as member of its non-executive board and its operations risk management, market risk, and audit committees.

“Mr. Favila is a distinguished executive with extensive leadership experience in banking, trade, treasury, and public policy,” UnionBank said. “Mr. Favila presently serves in distinct leadership and advisory capacities within the financial and public sectors.”

He served as Trade secretary from 2005 to 2010 and was a member of the Bangko Sentral ng Pilipinas’ (BSP) policy-setting Monetary Board from 2008 to 2014 and again from 2017 to 2023.

He also held various leadership roles in private companies, including being president and chief executive officer of Philippine National Bank, president of Security Bank Corp., and chairman of the Philippine Stock Exchange, Inc. (PSE).

Mr. Favila is currently an independent director at the PSE, the Securities Clearing Corporation of the Philippines, GT Capital Holdings, Inc., Credit Information Bureau Inc., Sunlife Grepa Financial, Inc., and Malayan Insurance. — A.M.C. Sy

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