Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 1029

AirAsia MOVE says price cap in works to follow CAB guidelines

PHILIPPINES STAR/WALTER BOLLOZOS

AIRASIA MOVE, the online travel agency (OTA) of the AirAsia group, said it is working to implement a price cap on tickets sold on its platform in line with policies and regulations set by the Civil Aeronautics Board (CAB).

“Technology is not very easy. We are first starting immediately with a cut-off point. My team will have to do it in two to three months to develop this technology to make sure that we are able to put limits by route,” AirAsia MOVE Chief Executive Officer Nadia Omer said in a media briefing on Thursday.

The development follows a meeting between AirAsia MOVE and the CAB after the Department of Transportation (DoTr) announced plans to file economic sabotage charges against the OTA for allegedly pricing fares at unreasonably high levels.

AirAsia MOVE is a platform that allows users to book flights, hotels, and other travel-related services.

Republic Act No. 776 authorizes the CAB to regulate air carriers, including the economic aspects of air transportation.

Ms. Omer said OTAs like AirAsia MOVE are not always fully aware of government-imposed fare ceilings, as this information is usually communicated directly to airlines.

“Many of the OTAs don’t know because it is mostly communicated to the airlines and if airlines do not communicate these exact ceilings by routes to their agents, there is no way to know,” Ms. Omer said, adding that fares are set by the airlines, not by OTAs.

She also said that ticket pricing on the AirAsia MOVE platform is automated and not controlled by the company.

“We do not do dynamic pricing because it is based on the demand. The higher the demand for something the higher the price goes, and a lot of the airlines already practice this,” Ms. Omer said.

The issue arose following complaints from Leyte Rep. Richard Frank I. Gomez, who booked one-way Philippine Airlines tickets from Tacloban to Manila via AirAsia MOVE at a cost of around P77,704 for two individuals.

According to data from the Transportation department, the same tickets booked directly through the Philippine Airlines website would have cost approximately P49,507 for two persons.

AirAsia MOVE has assured the government that it will cooperate to resolve the issue.

“We thank the CAB for giving us the opportunity to be heard at a proper venue in the observance of due process. The issue at hand has become a platform to proactively engage and educate stakeholders on how the supply chain works within OTAs,” Ms. Omer said. — Ashley Erika O. Jose

PSE reports 50% surge in stock market accounts in 2024

PHILIPPINE STAR/EDD GUMBAN

LOCAL stock market accounts rose by 50.1% to 2.86 million in 2024 from 1.91 million in 2023, driven by the growth in retail participation, the Philippine Stock Exchange, Inc. (PSE) said on Thursday.

Data from the Stock Market Investor Profile 2024 showed that retail accounts, which comprised 98.9% of total accounts, increased by 50.7% to 2.83 million from 1.88 million in 2023.

Institutional accounts, which made up 1.1% of total accounts, also rose by 12.1% to 32,284 from 28,806 a year earlier.

Local accounts reached 2.83 million, while foreign accounts totaled 29,876.

The PSE said the data was sourced from 121 active trading participants as of 2024.

Online accounts jumped by 62% to 2.47 million, accounting for 86.4% of total stock market accounts. Retail investors comprised 99.9% of total online accounts, based on data from 39 trading participants.

By gender, female retail investors accounted for 50.7% of the total, slightly higher than male investors at 49.3%.

Retail investors aged 30-44 made up 48.8% of the base, followed by those aged 18-29 at 26.5%, 45-59 at 17.4%, and those over 60 at 7.3%.

In terms of income, 82.4% of retail investors earned less than P500,000 annually, while 6.7% earned between P500,000 and P1 million, and 10.9% earned more than P1 million.

“Most retail investors work under the services sector, followed by industrial/manufacturing and professionals,” the PSE said.

The PSE also said that 84.9% of retail investors are locally employed, while 5% are unemployed, 3.6% are self-employed, 2.5% are overseas Filipino workers, 2.1% are students, and 2% are retirees.

Geographically, 49.3% of retail accounts were based in Metro Manila, 28.4% in the rest of Luzon, 10.9% in Mindanao, 10.8% in the Visayas, and 0.6% overseas.

Meanwhile, the report showed that the top foreign investors in the local bourse were Japanese (29.9%), Chinese (19.8%), and American (13%). — Revin Mikhael D. Ochave

Kiana V releases new R&B anthem

It is the lead single in an upcoming ’90s
rom-com inspired album

FILIPINO singer-songwriter Kiana V has dropped her latest single, “Falling Out,” an emotional R&B track off her upcoming album.

The song is meant to empower women everywhere by plunging into the quiet chaos of toxic love, the kind that “lingers long after it should have ended.” Ms. Valenciano (yes, she is the daughter of “Mr. Pure Energy,” Gary V) was inspired by her own experience with love.

For her, hearing her friends share similar stories about toxic patterns in relationships pushed her to write a song about it.

“A lot of my friends are still single and they’re still dating. There was a point where we were all telling stories, and they were talking about situations of theirs that mirrored something I’ve gone through,” she said at a virtual press conference on June 4.

“I found it interesting that we’re at different phases of our lives, and it’s crazy that we share this story even if it’s with different people. We’re just a group of girls who all went through the same thing,” she explained.

Set against dreamy instrumentation and gliding, sensual production, “Falling Out” draws from the late 1990s, early 2000s R&B style. Ms. Valenciano cited icons like Kyla, Brandy, Christina Aguilera, JoJo, and Aaliyah as her primary influences.

“Every time I’m in the studio, even if the beat is more pop-leaning or acoustic, the way that I write the melodies and the manner in which I sing and project ends up going back to those girls,” she shared.

The soulful new track also reflects how the upcoming album will tackle her fascination with 1990s romcoms that depict women as “hopeless romantics.”

“It makes for good entertainment, but you wouldn’t wish it on anyone!” Ms. Valenciano said. “I’m quite intrigued by how they’re always so consumed by a man. That’s what’s going to connect all the tracks on this album.”

She added that “letting go of a bad cycle” will unite the album’s 10 tracks, a topic that will surely change as she grows as a singer-songwriter. “Now that I’m married, that’ll shift over the next two years. Music is my way of making sense of what I go through in life.” Ms. Valenciano married US-based Lisandro “Sandro” Tolentino in a secret ceremony in 2023, and announced that she was married a year later.

On the support of her father, she expressed sincere gratitude.

“My dad is very much doing his own thing. The only involvement he has is when I’m done with a song, I send it to him,” Ms. Valenciano said. “He’s a cheerleader and I love that.”

“I’ll never forget the first time that I told him I wanted to pursue music. The shock on his face — I wish I had taken a photo of it. Now it’s nice to share it with him.”

“Falling Out” is out now on all digital music streaming platforms. — Brontë H. Lacsamana

A-ha frontman Morten Harket diagnosed with Parkinson’s disease

MORTEN HARKET of A-ha performs on stage during the annual Nobel Peace Prize Concert in Telenor Arena outside Oslo, Dec. 11, 2015

hOSLO — Morten Harket, the lead singer of Norwegian band A-ha, whose “Take On Me” track remains one of the most popular songs from the 1980s, said on Wednesday that he had been diagnosed with Parkinson’s disease.

In a statement on the band’s website, and confirmed by record label Sony Music, Mr. Harket, 65, said he had undergone several rounds of brain surgery and that he was managing the symptoms of the disease.

Parkinson’s causes deterioration in the brain’s nervous system, leading to tremors and other symptoms that can become progressively worse over time. The disease can be treated with surgery and medication, but there is no cure.

Mr. Harket said he underwent neurological procedures last year to have electrodes implanted inside his brain and that this had reduced the symptoms.

Known for the wide range of his voice, Mr. Harket said he did not know if he would be able to perform again.

“I’ve got no problem accepting the diagnosis,” he said, adding that it was difficult to balance medication and managing side effects of the treatment.

“I’m trying the best I can to prevent my entire system from going into decline,” Mr. Harket said.

Formed in 1982 by Mr. Harket and his friends Paul Waaktaar-Savoy and Magne Furuholmen, A-ha saw a global breakthrough in 1985 with their debut album Hunting High and Low which yielded several hits such as “Take On Me” and “The Sun Always Shines on TV.”

“Take On Me” was recently featured in the second season of HBO’s hit series The Last of Us when the main character Ellie, played by Bella Ramsey, performed an acoustic version of the song. — Reuters

A Brown Company, Inc. sets 2025 Annual Stockholders’ Meeting on June 27 via remote communication

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Electricity rates for June still unsettled — Meralco

HOUSEHOLDS CONSUMING 200 kWh will see their monthly electricity bill go up by P21. — PHILIPPINE STAR/KJ ROSALES

POWER DISTRIBUTOR Manila Electric Co. (Meralco) said electricity rates for June remain uncertain as the factors contributing to the overall charge are mixed.

“We are still waiting for all the final billings from our suppliers for the computation of power rates for the June billing period,” Meralco said in a statement on Thursday.

The company said initial information indicates a potential increase in transmission charges due to a possible uptick in prices in the reserve market.

Under the reserve market, the system operator buys power reserves to ensure the proper operation of the energy grid.

Meanwhile, Meralco is hoping the generation charge remains “flattish” and that there will be no significant movement in this month’s billing following the sharp decline in May.

“Should there be any increase, we hope that this could be mitigated by lower prices from the Wholesale Electricity Spot Market (WESM) as announced by the spot market operator,” the power distributor said.

Data from the Independent Electricity Market Operator of the Philippines showed the average WESM price systemwide in May declined by 11.2% month-on-month to P4.01 per kilowatt-hour (kWh).

The lower spot price was attributed to a higher supply margin during the period.

For Luzon alone, power prices in the WESM decreased by 7.9% to P4.23 per kWh.

Generation charges, which cover the cost of power purchased from suppliers, usually account for more than 50% of the monthly electricity bill.

Transmission charges, meanwhile, refer to the cost of delivering power from suppliers to the distribution system and constitute around 3% of the bill.

Meralco is hoping that the continued implementation of the P19.96-billion refund, approved by the Energy Regulatory Commission (ERC), will provide slight relief amid possible increases in other components.

The refund, which must be implemented within three years, translates to an average rate of P0.1189 per kWh.

In March, electricity rates declined by P0.7499 per kWh to P12.2628 per kWh from P13.0127 per kWh in April, driven by lower generation and transmission charges.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Ayala Cinemas marks Pride Month with 2 film classics

AYALA MALLS Cinemas celebrates Pride Month in June with the exclusive theatrical re-release of the restored Filipino classic movies, T-Bird at Ako and Mga Anak ni Facifica Falayfay, both of which are now showing.

Originally released in the 1980s, the films star the late National Artist Nora Aunor and Vilma Santos in T-Bird at Ako, and Dolphy and Roderick Paulate in Mga Anak ni Facifica Falayfay.

Photo credit: Ayala Malls Cinemas

Directed by Danny L. Zialcita, T-Bird at Ako (1982) tells the story of lawyer Sylvia (played by Ms. Aunor), who tries to keep things professional between her and her client, Sabel (Ms. Santos), a dancer who accidentally kills a man in self-defense after he attempted to rape her. The film also stars Dindo Fernando, Tommy Abuel, Suzanne Gonzales, and Odette Khan.

Photo credit: Ayala Malls Cinemas

Originally released in 1987, Mga Anak ni Facifica Falayfay is a sequel to the late Dolphy’s classic Facifica Falayfay. In Mga Anak, the death of Facifica’s (now Pacifico, played by Dolphy) wife deeply affects one of his sons, Rodrigo (Mr. Paulate). As Rodrigo tries to discover and get to know his true self, he tries to seek acceptance from his father. Zsa Zsa Padilla, Lotlot de Leon, Eric Quizon, and Rolly Quizon are also part of the cast of the movie, directed by Romy Villaflor.

Ayala Malls Cinemas’ “A Rewind” initiative began in March in a partnership with ABS-CBN Film Archives and Restoration which features restored Filipino film classics on the big screen. Already screened were Kailan Ka Magiging Akin, Tatlong Ina, Isang Anak, Tatlong Taong Walang Diyos, Hiling, and Magic Temple.

The film screenings have special ticket rates of P180 for regular tickets and P160 for students. The films are being shown at the Ayala Malls Cinemas at The 30th, Ayala Malls Cloverleaf, Fairview Terraces, MarQuee Mall, and Market! Market!. Tickets can be booked at www.sureseats.com.

Stuff to Do (06/06/25)

Watch PBT’s Maria Makiling

IN line with its mission to promote Philippine heritage, literature, and oral tradition while advancing the art of ballet, the Philippine Ballet Theater (PBT) has created another original full-length Filipino ballet — Maria Makiling — that reimagines the legendary guardian of Mount Makiling. The ballet brings to life the myth of a mountain goddess who protects the land and its people. During a harvest celebration, three men — an arrogant Spanish officer, a scholarly educator, and a kind-hearted farmer — compete for Maria Makiling’s affection. Co-presented by the Philippine Airlines, Maria Makiling’s final show of its limited two-day run will be on July 6, 3 p.m., at the Samsung Performing Arts Theatre in Circuit Makati. Tickets are available through Ticketworld or the Philippine Ballet Theater Secretariat.

Shop during Lazada’s 6.6 sale

LAZADA Philippines is officially launching its 6.6 Super Wow Sale, which runs until June 8. This year’s theme, “The Real Deal,” refers to the platform’s numerous discounts on quality products. The sale offers up to P2,000 off vouchers, LazFlash deals up to 90% off, and fun interactive activities like LazzieChatHunt and nightly #LazBingoLive hosted by Mikael Daez at 6 p.m., with 6.6 Real Deal prizes up for grabs. For more details, go to the Lazada app.

Watch contemporary Italian cinema

THE Italian Film Festival 2025 is back with a selection of acclaimed films that celebrate the charm, wit, and emotional depth of contemporary Italian cinema. The festival will take place on June 6 and 7, at Cinema 2, SM Aura in BGC, Taguig. Presented by the Embassy of Italy, in partnership with the Philippine-Italian Association, the festival showcases three standout films that have made waves in Italy and beyond: Enrico Piaggio: Vespa (2019) by Umberto Marino, a biographical drama that explores the visionary legacy behind the Vespa scooter; Quasi Orfano (2022) by Umberto Carteni, a sharp and hilarious comedy about family ties, ambition, and the chaos of identity; and Felicità (2019) by Daniele Luchetti, a humorous and philosophical reflection on life’s overlooked joys.

Take part in Farmers Plaza’s Pride Month events

FOR Pride Month 2025, Farmers Plaza will hold various events that honor the LGBTQIA+ community under the theme “Love in Every Hue.” These include creative exhibits and plenary discussions that promote awareness, acceptance, and equality for all. From June 7 to 10, QWARTA Merkado will host the Rainbow Trade Fair at the mall’s Activity Area. On June 10, they hold Rainbow Talks from 11 a.m. to 6 p.m., also at the same venue within Quezon City’s Araneta City.

Listen to YARA’s remix featuring Nateman

RISING P-pop group YARA has joined forces with drill rapper Nateman for the newly released song “Sabi Ko Na (Remix),” out now via Sony Music Entertainment. Originally written by award-winning producer, singer, and songwriter JRoa and produced by Yung Bawal, the Y2k-inspired track gets a swagger-filled upgrade. Nateman’s playful verses add grit and depth to the material, transforming the song into a more dynamic version of itself. It is out now on all digital streaming platforms.

Basic Energy advances Bolinao solar power plans

STOCK PHOTO | Image from Pixabay

LISTED Basic Energy Corp. is set to begin processing the necessary permits for its proposed solar power project in Bolinao, Pangasinan, after securing a certificate from the government.

In a regulatory filing on Thursday, Basic Energy said the Department of Energy (DoE) granted the company a certificate of authority (CoA) for its proposed solar energy operating contract (SEOC) application for the Pangasinan solar project.

The CoA allows the developer to secure the necessary permits and tenurial instruments for the project.

It also grants the privilege to procure these requirements beyond the operating contract’s 25-year period.

Following the grant of the certificate, Basic Energy said it will start obtaining approvals from relevant national agencies and local government units. This includes conducting a system impact study, which deter-mines the adequacy and capability of the grid to accommodate the new connection.

The company has one year to fulfill its obligations under the CoA before the DoE issues the SEOC.

The planned solar farm is estimated to span approximately 37 hectares and is expected to generate at least 47 megawatts peak (MWp) of electricity based on a preliminary study.

The solar project is scheduled for completion and commissioning by early 2027.

Basic Energy aims to develop 500 MW of wind and 500 MW of solar energy projects by 2030. — Sheldeen Joy Talavera

Italpinas forms JVs for Palawan, Misamis Oriental projects

LISTED real estate developer Italpinas Development Corp. (IDC) said its subsidiary IDC Homes, Inc. is signing joint venture agreements (JVs) for two planned projects in Palawan and Misamis Oriental as the company expands its portfolio.

In a regulatory filing on Thursday, IDC said its board authorized IDC Homes to form a JV with Ma. Antonieta C. Marcelo to develop a 78,870-square-meter (sq.m.) property in Puerto Princesa, Palawan, into a mixed-use subdivi-sion project.

IDC Homes was also authorized to sign a JV with Arsenio B. Manuta for a 9,288-sq.m. property in Brgy. Quezon, Gitagum, Misamis Oriental, to be developed into a mixed-use condominium project.

Both projects remain subject to permitting and test results, IDC said.

In April, IDC announced that its subsidiary IDC Prime, Inc. formed a JV with contractor AV Pamatong Trading & Construction, Inc. to build the third phase of the Primavera City mixed-use complex in Cagayan de Oro City.

The third phase comprises the construction of Città Grande, part of the Primavera City mixed-use condominium project and lifestyle hub with residential, office, and commercial units.

In March, IDC entered into five new JVs covering three real estate development projects in Puerto Princesa, Palawan, and one each in Boracay and Pampanga.

IDC shares declined by 0.93%, or one centavo, to P1.06 per share on Thursday. — Revin Mikhael D. Ochave

The Itchyworms embarks on UK tour

ITCHY2

LONGTIME BEATLES FANS, Filipino rock icon The Itchyworms is looking forward to playing tourist in between stops on its very first concert tour of the UK this month.

Known for the hits “Beer,” “Love Team,” and “Di Na Muli,” the band will perform in Manchester, Liverpool, and London for its #AkinKaNaLangUK tour.

“We’re huge Beatles fans, so I’m excited to go to Abbey Road with my bandmates, and of course Liverpool, and play at the Cavern Club where the Beatles first performed,” the band’s vocalist and drummer Jazz Nicolas was quoted as saying a press release announcing the tour. “England feels like our ultimate frontier.”

“I’ve been to London three times already, but this is the first time I’m going there with my bandmates. We’ll be geeking out on all things Beatles,” vocalist and guitarist Jugs Jugueta, was quoted as saying.

The UK is the latest leg of an international tour that has already landed in Japan, Singapore, the US, Canada, and Taiwan. The challenges involved in touring include having to work with a very lean crew — a manager, sound engineer, and sometimes just one tech.

“Our tip to other bands: Start with Japan or Singapore. They’re close to the Philippines, cheaper, and have great gig opportunities with strong Filipino communities,” said Kelvin Yu, the band’s bassist.

The tour has seen some interesting fan behavior, the release said, including one in Osaka who tried to kiss two band members, and an over-enthusiastic senior in Chicago “who attempted a surprise striptease mid-show.”

The band is already hinting adding more stops to the ongoing tour, including Australia, New Zealand, a return to Canada in 2026, and possibly, some stops in Southeast Asia.

“For more than two hours, we hope the music brings people back to the Philippines,” the band was quoted as saying. “We want them to forget their problems and just enjoy Filipino music with fellow Filipinos.”

The #AkinKaNaLangUK tour will have performances on June 22 at the Night & Day Cafe in Manchester, on June 23 at the Cavern Club, which is where the Beatles first performed in Liverpool; and on June 28 at Dingwalls Camden in London. Tickets available at www.itchyworms.com.

Jollibee Foods Corporation to hold virtual Annual Stockholders’ Meeting on June 27

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

1...1,0281,0291,030...13,795Page 1,029 of 13,795
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube