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Bloomberry eyes May launch for new online gaming

BLOOMBERRY.PH

LISTED integrated resort operator Bloomberry Resorts Corp. is aiming to launch its new online gaming business by the end of May, as the company seeks to enter a new business segment.

“It is running now, and we are on track for a full launch around the end of May or early June,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon Jr. said during the company’s virtual annual stockholders’ meeting on Thursday.

“We are on track with the system. Our online business is currently undergoing extensive testing,” he added.

Mr. Razon said the new online business will also help boost profit and revenue.

“Our strategy of aggressively pursuing our online business is how we intend to recover any lost revenue,” he said.

In its 2024 annual report, Bloomberry announced that it is developing a new online platform to compete with electronic gaming companies such as BingoPlus, owned by Tanco-led listed gaming company Digiplus Interactive Corp.

Bloomberry’s Solaire brand and other companies secured approval from the Philippine Amusement and Gaming Corp. to accept bets through online gaming websites during the pandemic.

The integrated resort operator launched its own Solaire Online in April 2021, which competes with similar offerings by integrated resort operators in Entertainment City, Clark, and Cebu.

“The company believes that Solaire can continue to compete effectively against its competitors with its captured mass and VIP customers in the Philippines and across Asia, as well as through its superior product and excellent service,” Bloomberry said.

Meanwhile, Mr. Razon said the continuous ramp-up of Solaire North, as well as further ramp-up of Solaire Entertainment City, along with the expected Philippine economic growth, are expected to help recover the revenue loss due to the ban on Philippine offshore gaming operators announced in July last year.

Mr. Razon also hopes that Solaire Resort North will soon turn profitable as it continues to ramp up operations following its launch in May last year.

“The ramp-up of Solaire North is going quite well. Every month it’s improving. We cannot say exactly when it will return to profitability, but it’s getting closer and closer. Hopefully, as soon as possible, we will be profitable,” he said.

Bloomberry saw a 73% drop in its net income for 2024 to P2.6 billion due to higher depreciation and interest expenses. Gross gaming revenue increased by 6% to P61.7 billion, driven by new contributions from Solaire Resort North.

On Thursday, Bloomberry’s stocks dropped by 3.23% or nine centavos to P2.70 apiece. — Revin Mikhael D. Ochave

Vietnam’s bamboo diplomacy is key to surviving new world disorder

FREEPIK

By Andreas Kluth

I OBSERVE international affairs from Washington, capital of a superpower which used to be the world’s more-or-less benevolent hegemon, but which is now groping for a different role as a potential imperialist carving up the planet into spheres of influence.

But what if you’re looking back at us in Washington from the capital of a non-major (if not “small”) power? A place, say, like Hanoi, Jakarta, New Delhi, Pretoria, Abuja, Brasilia, or Mexico City — or indeed Copenhagen, Ottawa, or Panama City?

My advice, roughly 100 days into the second presidency of Donald Trump: Emulate Vietnam and adopt some version of its “bamboo diplomacy.” Bend with the geopolitical winds so that you don’t snap. Keep all the major powers distant, if not equidistant, and hedge your bets. Trade with all who are open to it, and in multilateral arrangements where possible. Enter into fluid alliances to deter Russia, China, the US, or anybody else where necessary, sometimes with one against the others. Don’t trust the pacts you make with any of them, but don’t provoke either. Do anything that will let you stay independent and sovereign.

Since that sounds a bit like bamboo swaying in the breeze — a motif that runs through Vietnam’s forests, art, and psyche — the country’s late leader, Nguyen Phu Trong, made the plant a foreign-policy metaphor. In dealing with the world, he said, Vietnam needs “strong roots, stout trunk, and flexible branches.” That makes sense for a country that has struggled for national survival against mighty and shifting powers such as China, France, and the United States, and now prizes its independence and sovereignty, the roots and trunk, above all other interests.

Vietnam’s maximalist version of bamboo diplomacy rests on “four no’s”: No joining permanent alliances, no siding with one country against another, no letting other powers use its territory to launch wars, and no threatening force in settling disputes. In practice, Vietnamese foreign policy amounts to finesse and balancing — signing a Comprehensive Strategic Partnership with Washington (which will be a useful friend if China seizes Vietnamese shoals in the South China Sea) while simultaneously inking 36 cooperation agreements with Beijing in the name of building a “shared future.”

Vietnam also illustrates a drawback of bamboo diplomacy, though. After Russia invaded Ukraine, Hanoi faced a moral dilemma. It genuinely sympathized with Ukraine and decried the violation of its sovereignty. But it needed to avoid taking sides against Russia. The result looked less like bamboo and more like a contorted bonsai tree. Hanoi kept talking to Moscow and abstained from censuring the Kremlin at the United Nations. Simultaneously, it extended bilateral solidarity toward Kyiv and sent humanitarian aid.

Other countries, especially in the Global South, already have similar foreign policies under different names. India aims for “multi-alignment”: It’s a member of the Quad (a Western-flavored quasi-alliance including New Delhi, Washington, Canberra, and Tokyo) while simultaneously buying oil and weapons from Russia, and teaming up with Russia, China, and others in the BRICS forum. Singapore, an island state and maritime node, practices “equidistant diplomacy” between the US and China.1 Turkey sees itself as a bridge between East and West and belongs to NATO while buying Russian missile-defense systems.

In that way, bamboo diplomacy under any name is a better alternative to another strategy for minor powers that want to stay sovereign in the shadow of behemoths: Finlandization. It got its name from the arrangement Finland reached with the Soviet Union in 1948, when it agreed to remain non-aligned with what would become NATO and the European Union, in effect yielding to Moscow’s foreign policy in return for staying independent.2 In botanical terms, a Finlandized country is like an epiphyte, a plant that grows on another plant and agrees not to bother its landlord. Much better to be bamboo.

Until recently, I would have counseled a grand strategy superior to either bamboo or epiphyte foreign-policy. While the Pax Americana lasted — that is, the international order in which America usually plumped for the system and its rules and against aggression — I would have urged countries to pick one camp and make sure it’s the American-led West. It has, broadly, been militarily strong, economically prosperous and politically free.

But Trump canceled the Pax Americana in the name of America First, abandoning international order for anarchy and probably chaos. In this brave new world, pure idealism (thinking in terms of democracies against autocracies, say) is no longer a viable national strategy. Nor is rote allegiance to the US. The world under Trump is likely to get tempestuous, and your best bet of staying rooted and upright is to become bamboo.

BLOOMBERG OPINION

1In that and other ways, Singapore reminds me of Dubrovnik, where a local Croatian historian explained to me how the city stayed independent for centuries by maneuvering between the Ottomans, Venetians, Austrians, French, and others.

2Today’s Finland, it must be emphasized, is completely un-Finlandized, having joined the EU in 1995 and NATO in 2023.

Occupational fraud: The four lines of defense

FREEPIK

By Leonardo J. Matignas, Jr.

AS THE SAYING GOES, “prevention is better than cure.” This principle is especially true when addressing dishonest or illegal acts committed by individuals or organizations for unjust advantage — commonly known as occupational fraud.

Occupational fraud involves the misuse of one’s position or access to an organization’s resources or information for personal or organizational gain. According to the Association of Certified Fraud Examiners’ (ACFE) “Occupational Fraud 2024: A Report to the Nations,” the average loss per case of occupational fraud is a staggering $1.7 million.

Given these high stakes, it is essential for organizations to examine their governance frameworks and ensure that the four lines of defense described below are present and functioning effectively.

1ST LINE OF DEFENSE: A STRONG CODE OF CONDUCT
A well-designed and actively maintained code of conduct or ethics forms the first line of defense.

Every director, officer, and employee should be guided by a fundamental question: “When faced with a dilemma that tests their values, how will they respond?” Common ethical dilemmas include: When is a gift a bribe? When does a relationship pose a conflict of interest? To be effective, the code should emphasize positive behavior — what people should do — rather than merely listing prohibitions. It should not read like a list of “Thou shall nots,” but rather reflect the organization’s values and ethical expectations.

The code must be a living document, embedded in daily operations through:

• Ongoing communication and training (e.g., e-learning, workshops).

• Annual individual acknowledgment and certification of compliance.

• A confidential hotline for reporting violations or seeking clarification.

• A robust Whistleblower Policy that protects anonymity and prevents retaliation.

As I emphasized in my book on fraud and forensics: “No amount of super effective internal controls can prevent a person from doing the wrong thing if he or she truly wants to.” This underscores the critical role of the Human Resources or Talent team. Hiring strategies must go beyond traditional background checks to assess alignment with the organization’s core values and ethical standards.

Remember Enron? According to a report by Vinson & Elkins, a Houston-based law firm, and as reported in The Wall Street Journal by Joan Lublin and John Emshwiller on Jan. 17, 2002, Enron’s board suspended the company’s ethics code twice in 1999. This was done to allow the formation of partnerships to conceal debt and artificially boost reported earnings. These actions also enabled executive Andrew Fastow to lead and participate in these partnerships — ultimately facilitating one of the most infamous corporate frauds in history.

Had the board effectively upheld this first line of defense, the scheme might never have been carried out. Therefore, the overall effectiveness of this and subsequent lines of defense hinges on the diligence and competence of those charged with governance.

2ND LINE OF DEFENSE: EFFECTIVE INTERNAL CONTROLS
If the first line fails, the second must act as a barrier and deterrent. This is where internal controls come in.

Effective internal controls should:

• Be well-designed and regularly updated.

• Include preventive measures to reduce the opportunity for fraud.

• Offer detective measures to ensure the continuing effectiveness of the preventive controls.

Controls can be system-based, people-based, or a combination of both. System-based controls are often more reliable, as they reduce subjectivity and human error.

Internal controls serve to reinforce the perception that: “If you attempt to commit fraud, the system or process will catch you.” This psychological deterrent can be just as powerful as the controls themselves.

3RD LINE OF DEFENSE: INDEPENDENT INTERNAL AUDIT
Internal audit provides assurance that the first and second lines of defense are working as intended. Their responsibilities include:

• Verifying adherence to the code of conduct.

• Ensuring hotline reports are acted upon.

• Reviewing compliance with the whistleblower policy, in particular regarding strict confidentiality.

• Assessing whether internal controls are properly designed, consistently applied, and effectively mitigating the fraud risk.

Contrary to popular perception, internal auditors do not design or implement controls. That responsibility lies with management under the oversight of the board usually through its audit committee. Internal audit, however, evaluates and tests those controls to identify gaps and weaknesses.

When breaches occur — whether due to ethical lapses or control failures — internal audit investigates and provides recommendations to prevent recurrence.

4TH LINE OF DEFENSE: EXTERNAL AUDIT
The external audit is the fourth and final line of defense. While external auditors operate with a broader objective and are not involved in day-to-day operations, they are also considered as a line of defense for material misstatements of the financial statements — whether caused by error or fraud, in accordance with the Philippine Financial Reporting Standards Accounting Standards.

Although most occupational fraud is discovered through internal mechanisms, external auditors are still responsible for:

• Designing audit procedures to identify material misstatement due to fraud,

• Reporting concerns to those charged with governance (e.g., the audit committee) following professional standards, such as Philippine Standards on Auditing (PSA) 240, and guidance from the International Ethics Standards Board for Accountants (IESBA) on reporting non-compliance with laws and regulations. An essential part of the external audit process is open communication with the audit committee about how fraud risks are being addressed.

CONCLUSION
Boards must ensure that all four lines of defense are not only established but function effectively to prevent and detect fraud. A best practice is to integrate these lines into a comprehensive fraud risk management framework — also known as an anti-fraud program.

The collapse of corporate giants like Enron, Tyco, and WorldCom serves as a stark reminder: fraud is often at the center of catastrophic organizational failures. These corporate scandals catalyzed a global shift toward stronger corporate governance and ethical oversight — a journey that continues to this day.

 

Leonardo J. Matignas, Jr. is a retired partner of SGV & Co. (a member practice of Ernst & Young) and its first chief risk officer. He was also Ernst & Young’s ASEAN risk management leader until his retirement. He is a multi-awarded and internationally recognized authority on Enterprise Risk Management. Aside from being a Philippine CPA, he also holds a Fellow CPA Australia (FCPA) title which is the highest rank in CPA Australia and is recognized globally. He is also a certified internal auditor (CIA), certified fraud examiner (CFE), and has Certification in Risk Management Assurance (CRMA) — all of which are global certifications. It has been his advocacy to encourage Philippine accountants to explore various areas of expertise and certifications to stay relevant considering the changing business and professional environment. He sits as an independent director of Bank of Commerce and the chairman of its Audit Committee. He is also an independent director of PNB Holdings Corp. and the chairman of its Audit and Risk Management Committee. He released his first book, A Practical Approach to Enterprise Risk Management, before he retired. This is the first comprehensive book on ERM written by a Filipino author for the Filipino. His second book, Piercing the Numbers — Fraud and Forensics, was published in November 2023.

The onboarding process for pirated managers

It took us almost eight months to hire a manager with unique experience and talent. Now that he has accepted the job, how do we make the onboarding experience pleasant for him? — Blue Sky

​An organization is only as good as the people it hires and retains. This principle applies to all types of positions. While I can understand the difficulties in pirating first-rate candidates from other organizations, it does not justify giving that person special treatment, in the hope of perfecting a professional work relationship.

​You may offer a new manager the red-carpet treatment, but what matters is the long-term relationship. If you think you can retain your best catch, do it, if only to show that you are a professional organization that can manage all types of people.

It’s only a matter of time before you realize that any approach you take will not work the moment you breach an employment agreement, even in minor details. I have some experience in this. I once accepted a job without knowing that I was expected to purge an employees’ union, which is illegal. I came to believe I was being treated as a sacrificial lamb. My experience was complicated by a difficult employee in my department who absented himself on a regular basis, without ever being disciplined.

That was a painful lesson. This taught me that a new job opportunity is not just about money or status. It is far more important that your personal values align with those of a prospective employer.

ONBOARDING
Don’t rush to hire this special candidate. Find ways to discover if there is alignment of the candidate’s values with those of the organization. What does the candidate truly care about? Does he value autonomy? How about creativity? Is the person driven by recognition, purpose, and learning experience? How about challenges?

​Before making a job offer, ask the candidate to take an online test to assess his personal values. Use the same platform for all candidates in the shortlist. Then, make a decision. Now, that you’ve selected your number one choice, arrange to do the following in this order:

​One, arrange pre-onboarding activities. Several days before the new hire’s starting date, send a welcome e-mail to include basic information like starting time, dress code, and other related information. Ensure that all IT set-ups are done and ready on Day One. This includes the issuance of a laptop computer, mobile phone, and identification access card.

​Use digital tools to complete the basic forms involving social security, family status, and related information. This frees up the new hire’s time for important matters.

​Two, customize the onboarding experience. Have a standard template for all newly hired candidates, regardless of their position or the difficulties in finding them due to their expertise. However, if necessary, small changes may be made depending on the circumstances. 

For example, a newly hired vice-president needs to be given a formal introduction to other vice-presidents and other senior officials. This can be done with a one-hour snack party. The objective is to help the special and regular newly hired to feel welcome and supported.

Three, assign an individual buddy to the new hires. This is similar to the senpai-kohai (senior-junior) work relationship in Japanese management. The buddy system does not require the participation of the new hire’s immediate boss, but other senior workers or executives to help the juniors navigate the intricacies of company culture.

Four, include the new hires in leadership meetings, if appropriate. This allows the new hires to be immediately plugged into all activities. Solicit their opinions, contrary views, or recommendations. This experience can make the new hires feel valued and recognized.

​Five, provide other administrative support. This includes giving relocation assistance during the transition. Other assistance can include giving new hires copies of the code of conduct, employment contract, back issues of the company newsletter, and other such documents.

​Six, announce the appointment in public. The announcement should include a brief bio-sketch and their photo posted on the intranet or company bulletin boards. Depending on the position, a full-length article may be included for publication in the company newsletter.

POLICY
​Recruitment is a strategic activity. Finding the best people that align with the company’s culture is always a challenge and an opportunity. Do not approach this activity without planning.

​The key is to build a pool of talent and update the records beforehand. You must be guided by a formal recruitment policy that addresses the organization’s mission, vision, and value statements. While hiring from within is often preferable, you must weigh the actual situation when considering hiring from outside the organization.

 

Bring Rey Elbo’s popular leadership program called “Superior Subordinate Supervision” to your management team. E-mail elbonomics@gmail.com or via https://reyelbo.com

Rapid increase in retail lending poses short-term asset quality risks for Philippine banks — Moody’s

PHILIPPINE BANKS are expected to post a rapid increase in retail loans over the next three years, which could boost their margins but pose asset quality risks, Moody’s Ratings said.

“Retail lending in the Philippines will grow further and reach 25% of banking system loans over the next three years, following rapid expansion over 2022-24,” Moody’s said in a report.

“Banks will face higher asset risks over the next 12 to 18 months, given that borrowers are untested, but will benefit from growth in this segment in the medium term,” it added.

Bangko Sentral ng Pilipinas (BSP) data cited by Moody’s showed that retail loan growth averaged 16% annually between 2022 and 2024, outpacing the 9% annual growth in non-retail loans.

“Strong retail loan growth was driven by the increase in Filipinos entering formal credit channels, alongside a strong economic rebound post-pandemic and healthy labor market conditions,” the debt watcher said.

“Looking ahead, we expect growth in retail loans to continue exceeding the growth in non-retail loans, supported by strong credit demand and policy initiatives. We also expect the mix of retail loans in the banking system to increase further, reaching around 25% over the next three years, compared with 18% in December 2021. As of December 2024, retail loans accounted for 21% of system loans.”

Moody’s said strong economic growth and lower interest rates will help spur demand for credit. It expects Philippine gross domestic product to expand by 6% in 2025 and 2026.

“At the same time, the Philippines’ unbanked population remains large and this presents an opportunity for banks to grow their retail loans. This is supported the central bank’s efforts to improve financial inclusion and it has set out various targets,” it said, adding that government efforts to boost Islamic finance could also help boost the retail lending segment.

“Banks will also remain focused on growing their retail loans… Banks in the Philippines have various avenues to acquire new customers, such as expanding beyond Metro Manila where most of the unbanked population reside and tapping into the ecosystems of related companies. Banks also have a large retail deposit base that they can tap to cross-sell loans,” Moody’s added.

However, increased retail lending, especially “riskier” credit card and personal loans, could negatively impact banks’ asset quality as new borrowers are “untested” and could be affected by changing macroeconomic conditions, it said.

“At the same time, some banks are expanding beyond their own retail depositors to capture market share. Compared to the banks’ existing customer base, these new borrowers will be riskier as they do not have established history with the bank, making it more challenging to assess their credit profile accurately. Meanwhile, majority of Filipinos do not have credit history, which makes credit bureaus in the Philippines less developed and this exacerbates lending risk,” Moody’s said.

“Debt accumulation is outpacing income growth in the Philippines. While Filipino households are not highly leveraged like those in Malaysia or Thailand, the growth in borrowings has outpaced the growth in household income levels. This indicates that retail loans are growing in an unsustainable manner and the ability to service debt will become increasingly difficult,” it added.

Shrinking financial buffers among households and individuals also make them vulnerable to potential economic downturns and increase the risk of loan defaults, Moody’s said.

“The growth in credit cards and personal loans is higher relative to other retail products such as mortgages and auto loans… Structurally, this also makes Philippine banks more vulnerable to asset quality stress in the retail loans portfolio when macroeconomic conditions change, such as an increase in the unemployment rate and higher inflation. This is because borrowers typically prioritize other payment obligations first, such as phone bills or secured loans, instead of these unsecured loans when repayment capacity weakens, since defaulting on a mortgage or an auto loan could potentially result in the loss of shelter or livelihood,” it added.

BSP data showed that credit card loans rose by an annual 28.9% to P950.97 billion in February. Loans for motor vehicles went up by 19.2% to P470.13 billion in February, while salary-based general purpose consumption loans rose by 11.5% to P158.16 billion.

“Banks with greater unseasoned risk and lower buffers are more vulnerable… Nonetheless, non-retail loans continue to account for a sizable portion of the loan book for most banks and will remain a key driver of asset quality over the next 12 to 18 months. Large corporates in Philippines remain healthy with low leverage and we expect asset quality of these loans to remain stable,” Moody’s said.

Still, in the medium term, Philippine banks are expected to benefit from strong retail lending as it reduces borrower concentration — which would lessen their vulnerability to large defaults by single-name borrowers — and boosts asset yields and fee income, it added. — Luisa Maria Jacinta C. Jocson

AI vampires could save Buffy fan favorites like Angel and Spike from a reboot recast

Sarah Michelle Gellar and James Marsters in a scene from the TV show Buffy the Vampire Slayer.

BUFFY fans are rejoicing that a reboot of the series by Oscar-winning director Chloé Zhao is imminent, with Sarah Michelle Gellar set to reprise the title role.

For millennials like myself who grew up devouring the show (to the point of creating a new academic field, Buffy studies), this news is extremely exciting. However, some critical details remain unclear.

When Ms. Gellar addressed the rumor of a reboot in an Instagram post on Feb. 6, her co-star David Boreanaz, who played Buffy’s first love interest, Angel, commented: “Excited for you and your journey. Enjoy the moments and continue to give back to fans.”

His words, which seem to suggest he won’t be returning as Angel, allude to a significant challenge facing the reboot. What to do about now-visibly older cast members such as Mr. Boreanaz (now 55) who play ageless vampires? James Marsters, who played Buffy’s punk-rebel lover, Spike, faces a similar problem: he is now 62.

However, in the two decades since the final episode aired, there have been significant advancements in technology that may offer a way around having to sideline or recast fan favorites. The solution could involve the use of artificial intelligence (AI) de-aging technology.

AI VAMPIRES
De-aging technology isn’t new to Hollywood. AI rejuvenation has been used in a number of blockbusters over the last few years — take Robert De Niro, Joe Pesci, and Al Pacino in The Irishman (2019), for example. More recently, Tom Hanks was de-aged using AI for the graphic novel adaptation Here.

AI has also been used to restore actors’ voices. This effect was used for the voice of Val Kilmer in Top Gun: Maverick (2022). Kilmer had lost his voice as a result of his battle with throat cancer.

A mixed voice-and-vision technique has also allowed The Mandalorian (2020) and The Book of Boba Fett (2021) to bring back a young Luke Skywalker. And Roadrunner: A Film About Anthony Bourdain (2021) controversially used AI to recreate the late chef’s timber for the voiceover.

However, AI has yet to be explored in the unique context of the timeless vampire character — an archetype where immortality and daring beauty are defining traits, at least on TV.

If done right, AI could de-age Mr. Boreanaz and Mr. Marsters, allowing the actors to return as Angel and Spike without breaking continuity or forcing abrupt casting changes.

In return, this move could influence the vampire genre as a whole — not only bringing TV actors back to beloved roles but, more importantly, allowing them to carry their fan base with them into a new era.

AI AND GENDER IN HOLLYWOOD
Women have been disproportionately affected by AI’s impact on job security, as a 2024 Mercer study highlighted.

Hollywood still has a gender disparity problem. In 2024, 70% of the top-grossing films had 10 or more men in key positions behind the screen, compared with just 8% for women. AI is enhancing this gap, automating roles where women have greater representation (such as background acting and voice work), as well as excluding them from AI development and decision-making.

Male actors, meanwhile, have seen their job security increased by the technology, as they’re able to retain leading roles in film sequels such as Harrison Ford in Indiana Jones and the Dial of Destiny (2023).

In the Buffy reboot, led by a now 47-year-old Ms. Gellar, we could witness an intriguing power reversal in both cases. If AI is not used, removing Mr. Boreanaz and Mr. Marsters from their roles, the show could still stand without them. Unlike her male co-stars, Buffy is human, so aging isn’t a major issue for Ms. Gellar and her character. Twenty years later, fans would naturally expect to see her looking visibly older and facing new adventures.

However, if AI de-aging is used to preserve Angel and Spike as we remember them in their often-sexualized signature look, then Buffy’s vampire lovers would look noticeably younger than her for the first time. This would provide an interesting twist to what film historian Steve Neale has defined as “masculinity as spectacle,”  reversing traditional gendered cinematic power dynamics.

By allowing AI to preserve Angel and Spike as immortal, the reboot could bridge generational and new fans while exploring the latest use of a controversial technology.

Regardless of the outcome, we know Buffy doesn’t “have time for vendettas. The mission is what matters.”  Let’s hope this new show can rise to the challenge and still slay in the 21st century.

 

Valentina Signorelli is an Associate Professor in Film and TV at the University of Greenwich. She is co-founder of the Italian production company Daitona.

PXP Energy Q1 loss widens to P9.38M

PXPENERGY.COM.PH

PANGILINAN-LED upstream oil and gas firm PXP Energy Corp. saw its first-quarter attributable net loss widen to P9.38 million from P2.61 million due to lower revenues and higher operating costs.

In a stock exchange disclosure on Thursday, PXP Energy reported petroleum revenue of P20.4 million for the January-to-March period, down by 22.4% from P26.3 million in the same period in 2024.

PXP Energy said the revenue decline was due to a 20% drop in oil output sold, totaling 157,381 barrels, and a 5% decrease in the average crude oil price to $76.30 per barrel under Service Contract (SC) 14C-1.

SC 14C-1 is a block that contains the producing Galoc Oil Field, located offshore northwest Palawan. The oil field has yielded approximately 24.2 million barrels since production started in October 2008, according to PXP Energy.

The company logged total costs and expenses of P29.80 million for the first quarter, marking a 10.13% increase from P27.06 million in the comparable period last year.

PXP Energy said petroleum production costs rose by 6.6% to P17.30 million during the first quarter, while general and administrative expenses climbed to P12.49 million.

For this year, PXP Energy said it is continuing to explore the feasibility of the Dalingding prospect under SC 40, located onshore in northern Cebu.

The company and its joint venture partners are also expecting the awarding of Predetermined Areas PDA-BP-2 and PDA-BP-3, both located offshore in the southwestern portion of the Sulu Sea basin.

These two areas have been designated for petroleum exploration.

Meanwhile, the company said it is also looking to resume exploration activities under SC 72 and SC 75 despite the extended force majeure declared by the Department of Energy.

The Recto Bank concession under SC 72 is located in the West Philippine Sea, west of Palawan Island and southwest of the Shell-operated Malampaya Gas Field.

PXP holds a total economic interest of 54.36% in SC 72, while Forum GSEC 101 Limited holds a 70% participating interest. Forum GSEC 101 is a subsidiary of Forum Energy Limited, in which PXP holds a combined direct and indirect interest of 79.13%. PXP also holds a 50% interest in SC 75, located offshore northwest Palawan. — Revin Mikhael D. Ochave

Remote work is on the rise: Meet the company that is championing the Pinoy remote worker

FACEBOOK.COM/REMOTIFY.PH

A new kind of “Pinoy bayani” (Filipino hero) is rising. Instead of seeking work abroad as OFWs, many Filipino workers are staying at home, employed as remote workers. Jobs as a remote worker can be as diverse as programmers to personal assistants, accountants to SPED teachers. And such remote work can be ideal for Generation Z, who value flexibility in how and where they choose to work.

Championing these new Pinoy bayanis and the rising trend of remote work is one of the country’s hottest startups, Remotify. The company was founded in 2021 and today has grown to $1.4 million gross merchandise value — which, in Remotify’s case, translates not to any tangible merchandise but to topline revenue, or, simply put, pasahod (salaries) for all their remote workers.

I recently spoke to Remotify’s co-founder and CEO, Maria Sucgang, in my podcast. For her, the startup is all about serving remote workers, which is the seed idea for Remotify. “How can we create a workplace that’s not an actual place, but anywhere employees feel valued, connected, and cared for?” she asks. In our conversation, we tackled how Remotify helps both remote workers and international companies looking to build teams in the Philippines.

FREEDOM AND SECURITY FOR PINOY REMOTE WORKERS
In a nutshell, Remotify is an employer of record firm. For those unfamiliar with the term, Ms. Sucgang explains, “What we do is we help international businesses to extend their runway by building remote teams in the Philippines.”

For these international businesses, the lower costs of employing remote teams are clear. And working with a company like Remotify further lowers costs in Human Resources.

For Pinoy remote workers, Remotify gives them security and dignity in their work. Ms. Sucgang explains, “A lot of Filipinos working remotely are usually unregistered employees without employers on record.” These workers usually work without contracts, without SSS, PhilHealth, or Pag-Ibig benefits and can often be fired at any time.

“You can’t even get a loan,” she continues. “You don’t have a payslip, you don’t have an ITR, right? So how can you even buy a house, get a car, or be approved for a loan?”

Remotify provides a win-win solution for both international companies and remote workers. International companies benefit from cost savings and the work of skilled Filipino remote workers. Meanwhile, remote workers who sign up with Remotify get the freedom and flexibility to work remotely. At the same time, they receive all the rights and privileges of an employee while having HR support to help them thrive.

REMOTE WORK ON THE RISE
Recently, Remotify has been racking up awards for its breakthrough work. It’s been a certified Great Place to Work since 2022, Outsource Accelerator named it Best in Diversity and Inclusion in 2023, and the company was selected as one of four companies to represent the Philippines at the Coalition Conference in Toronto.

Returning to remote workers, Remotify continues to recruit more and more knowledge workers across the Philippines. “We have had employees spanning the Philippines from Benguet to Sultan Kudarat,” Ms. Sucgang said, “77% of whom are women, all knowledge workers.”

STARTUP CHALLENGES
The journey of Remotify wasn’t an easy one. It began when Maria Sucgang was working for a UK-based telco tech startup where she met Remotify’s other co-founder, Erwin Kok.

Working as the global head of service experience with some of the world’s top companies, she had teams in the Philippines, Hong Kong, Poland, Portugal, and the UK. It was this experience that led her to the idea behind Remotify.

“What we do at Remotify,” she explains, “is we really bring together better remote employees and better remote managers who build better businesses because better businesses create more jobs for a lot of people.”

From there, Ms. Sucgang and Mr. Kok rolled up their sleeves and began their startup, bootstrapping the business until they received funding to expand in new directions, but always with an eye on helping their clients and remote workers.

“When we’re designing from a perspective of a client, we know that as a startup founder, one thing you don’t want to be wasting your time on is the wrong hire, handling people problems, taking care of payroll or thinking if your remote team is still engaged with you,” Ms. Sucgang says, “So those are the times when you want to have a great team behind you.”

THE FUTURE OF REMOTE WORK
With all the changes in the global landscape and in technology, Ms. Sucgang is aware that more challenges lie ahead. For entrepreneurs like her, she advises to always be aware of macro trends.

She says, “At Remotify, we understand that humans and [AI] agents will work together soon. And therefore, we need to build a business towards that, where we recognize that the future of work is remote for all kinds of workforce, including agents. And so build towards that, but also at the same time, look at the macro trends.”

For Ms. Sucgang, the success of Remotify and its success in the future has been about taking calculated risks. She says, “You’ve got to practice faith and hope, right? But don’t go in blindly. Don’t go in without a plan. Take calculated risks.”

 

RJ Ledesma (www.rjledesma.com) is a Hall of Fame Awardee for Best Male Host at the Aliw Awards, a multi-awarded serial entrepreneur, motivational speaker, and business mentor, podcaster, an Honorary Consul, and editor-in-chief of The Business Manual. Mr. Ledesma can be found on LinkedIn, Facebook and Instagram. The RJ Ledesma Podcast is available on Facebook, Spotify, Google and Apple Podcasts. Are there entrepreneurs you want Mr. Ledesma to interview? Let him know at ledesma.rj@gmail.com.

Leading with humility: Pope Francis’ lasting impact

I mourn the loss of His Holiness, Pope Francis, who was the Pope for most of my adult life and, therefore, the Pope to whom I feel the closest connection to. I believe he was the right Pope for modern times and accomplished a great deal in making the church more approachable and accepting.

As a CFO, I spend my days analyzing numbers, forecasting trends, and ensuring fiscal responsibility. However, sometimes the most valuable lessons come not from spreadsheets but from observing the world. In recent years, one figure has offered profound insights: Pope Francis. His approach, rooted in faith, provides relevant lessons for any leader.

First and foremost is Pope Francis’ emphasis on prioritizing people. He consistently highlights the dignity of every individual, particularly the marginalized. This means recognizing that our employees, customers, and communities are not just numbers. Investing in their well-being, fostering ethical practices, and creating a culture of inclusion are not only moral imperatives; they are also sound long-term strategies. It also involves having the empathy to put ourselves in the shoes of our various stakeholders, learning from them and seeing the impact of our decisions across the value chain. A healthy, engaged workforce and loyal customer base are invaluable assets. Like a financial balance sheet, we must maintain a “human balance sheet” to ensure overall health.

The Pope also emphasized that dialogue and collaboration are crucial for building consensus and finding common ground. In finance, this means fostering a culture of teamwork, actively listening to diverse perspectives, and building strong relationships with stakeholders. A collaborative approach can unlock creative solutions and mitigate risks. This relates to his emphasis on prioritizing people, as diverse viewpoints often result in better decision-making.

I have always been struck by Pope Francis’ humility, which genuinely illustrates the essence of being a servant leader. The Pope’s emphasis on simplicity and transparency resonates deeply. He forgoes extravagance and advocates for responsible stewardship of resources. In finance, this translates to eliminating unnecessary costs and fostering a culture of open communication. Transparent financial reporting builds trust among stakeholders, just as a humble lifestyle fosters trust among followers.

Pope Francis was willing to adapt to changing circumstances, engage with modern issues, and embrace new technologies. He was not fixed on doing things the way they had always been done, but he remained open-minded about what changes needed to be made. That acceptance brought many more into the church. In the financial world, this means staying ahead of the curve, investing in innovation, and being agile in our decision-making. We must discern the changing landscape and adapt accordingly.

Pope Francis’ advocacy for environmental sustainability underscores the importance of long-term thinking. In finance, this means considering the impact of our decisions on future generations. Sustainable business practices benefit the planet and enhance long-term value creation. We need a thoughtfully developed long-term plan for the company anchored on our responsibility to society.

I learned many lessons from Pope Francis that apply to business. By prioritizing people, embracing simplicity, practicing empathy, and focusing on long-term sustainability, we can build a just, equitable, and prosperous future for all. Moreover, Pope Francis demonstrated that one person acting authentically and altruistically can make an impact by influencing others to follow his example. Thank you, Pope Francis, for being yourself and for inspiring so many of us to become better people.

The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX.

 

EJ Qua Hiansen is the CFO of PHINMA Corp. and president of the Financial Executives Institute of the Philippines.

Stuff to Do (04/25/25)

Celebrate Día del Libro

WORLD BOOK DAY, on April 26, will be celebrated from 9 a.m. to 11 p.m. at the Ayala Triangle Gardens in Makati City. Led by Instituto Cervantes de Manila, together with the Embassy of Spain, Ayala Land, and Make it Makati, Día del Libro is a whole-day event filled with activities that promote reading. Thousands of books will be up for grabs at the venue, with Manila’s top bookstores and publishing houses selling a wide array of books at a 20% discount. Following the tradition in Spain, each book purchase will come with a free rose. There will also be poetry recitals, free Spanish classes, book signings, street art, games, exhibits, storytelling sessions, Spanish food, fun activities for children, and an authentic Flamenco show. The complete program can be found via this link: https://manila.cervantes.es/es/cultura_espanol/calendario_dia_libro_2025.htm.

Visit the 1st Intramuros Summer Festival

THE inaugural Intramuros Summer Festival will mark the summer season on April 26. It will be a full day of activities celebrating Filipino culture, including storytelling sessions, food bazaars, free health screenings, and a live concert. The launch also introduces the Intramuros Passport, which gives visitors an easier tourist experience. Priced at P350, its holders can access five sites in the Walled City: Fort Santiago, Baluarte de San Diego, Casa Manila, Museo de Intramuros, and the Centro de Turismo Intramuros. The different components of the festival will take place in and around these locations.

Go to the Walden Bello book launch

THE new book Global Battlefields: My Close Encounters with Dictatorship, Capital, Empire and Love by Walden Bello will be launched on April 26, 2-5 p.m. In partnership with Focus on the Global South and the University of the Philippines Asian Center, the book launch will be held at the GT-Toyota Asian Center Auditorium in UP Diliman, Quezon City. The book dives into academic activist Mr. Bello’s life and adventures crusading against empire and globalization, told in his own words. The program will feature speakers such as Ed Tadem, Princess R. Nemenzo, former senator Leila de Lima, Mary Racelis, Ronald Llamas, and many more. There will also be musical performances and a book signing. Copies of the book will be available for purchase at a discounted price of P760. Those interested in attending the launch can RSVP via this link: https://go.ateneo.net/GBLaunchRSVP

Watch A24’s The Legend of Ochi

ON April 25, CreaZion Studios is bringing the adventure film The Legend of Ochi to local cinemas. The A24-produced feature is the directorial debut of writer-director Isaiah Saxon. The film stars Helena Zengel as Yuri, a teenager from the remote island of Carpathia. Raised by her loving yet fiercely militant father (Willem Dafoe), she has been taught to fear and hunt the mythical creatures known as the Ochi. But when she stumbles upon a wounded baby Ochi, alone and vulnerable, she forms an unexpected bond with the creature. The film also stars Finn Wolfhard and Emily Watson in supporting roles.

Go to Symphonic Musicians Manila’s anniversary concert

THE concert series A Decade of Music, A Lifetime of Impact by the Symphonic Musicians Manila, Inc., has been featuring talented musicians who offer their performances in support of retired symphonic musicians. The next concert is scheduled on April 26, 7 p.m., at Manila Pianos, Inc., on the 4th floor of Ronac Lifestyle Center in Paseo De Magallanes, Makati City. It will be headlined by Tony Maigue on flute and Jane Banta on harp, plus guest artist Dondon Lucena on french horn. Admission is free.

Watch the FEU Bamboo Band concert

THE Far Eastern University (FEU) Center for the Arts is presenting the Far Eastern University Bamboo Band (FBB) in ASCEND: Reaching New Heights in Music, a special concert on April 26, 6 p.m., at the FEU Auditorium. This year’s performance aims to highlight the limitless potential of bamboo music by combining cherished Filipino classics with international pieces. It will be led by Norberto Cads, Jr., a key member of Banda Kawayan Pilipinas, and artistic director of the FBB. There will be special performances by the FEU Chorale, the FEU Drum and Bugle Corps, and guest soloists Marlexis Del Mundo on saxophone, John Erin Gonzaga on flute, and Jhon Mark Isla on trumpet. The concert is free and open to the public.

Watch Lucasfilm’s Andor Season 2 on Disney+

THE first three episodes of Lucasfilm’s Star Wars spinoff series Andor can now be found on Disney+. This final season of the show will unfold over 12 episodes, broken down into four chapters of three episodes each week. Andor Season 2 Declassified: Time can also be found in the platform’s Extras section and on YouTube. They offer behind-the-scenes looks and commentary with cast and crew.

Listen to Addison Rae’s new single

POP SINGER Addison Rae has released her latest single, “Headphones On,” via Columbia Records, accompanied by a new music video available for streaming on all digital platforms. Directed by Mitch Ryan, the video takes fans to Reykjavik, Iceland, where Ms. Rae is shown daydreaming in a mundane grocery store before being transported to the fantasy-filled vast countryside. The song is produced by her collaborators Luka Kloser and Elvira Anderfjärd, who co-wrote the track.

First Gen tapped to power Sanyo Denki Philippines with RE

Hirokazu Takeuchi (second from left), president and CEO of Sanyo Denki Philippines, and Jerome H. Cainglet, president and COO of First Gen subsidiary Energy Development Corp., shake hands after signing an agreement for First Gen to supply electricity from an RE source to the manufacturing facilities of Sanyo Denki Philippines at the Subic Technopark. — FIRST GEN

FIRST GEN Corp. is set to supply Sanyo Denki Philippines, Inc. with renewable energy (RE) to power the latter’s manufacturing facilities within the Subic Bay Freeport Zone in Zambales.

“Shifting a 24/7 operation to RE and rationalizing power consumption are challenges for manufacturing firms. It is our privilege to help enable and advise them to take the next steps towards a more sustainable future for their operations,” First Gen Chief Engagement Officer Carlos Lorenzo Vega said in a media release on Thursday.

Under the agreement, First Gen will supply Sanyo Denki Philippines, a subsidiary of Japanese multinational firm Sanyo Denki Co. Ltd., with 5,500 kilowatts of electricity from Energy Development Corp. (EDC), which owns and operates geothermal assets in Negros Oriental.

EDC, First Gen’s renewable energy arm, will source the electricity from geothermal energy. It will power all four manufacturing facilities of Sanyo Denki Philippines, including its technology center at the Subic Technopark within the Subic Bay special economic zone.

“We are pleased to start our partnership with First Gen which we believe is the best way to achieve our goal of using more renewable energy in our production, especially in light of our commitment to the Sustainable Development Goals of the United Nations,” Sanyo Denki Philippines President Hirokazu Takeuchi said.

Aside from the power supply, First Gen and its sister company Pi Energy Inc. will also provide Sanyo Denki Philippines with a remote energy monitoring system, allowing the company to track its energy consumption on a real-time basis.

Established in 2000, Sanyo Denki Philippines manufactures uninterruptible power supply devices, photovoltaic inverters, AC servo motors, AC servo amplifiers, and stepping motors. Its Philippine manufacturing site is the main production hub for Sanyo Denki’s DC cooling fans.

To date, First Gen has a total of 3,668 MW of combined capacity from its portfolio of plants that run on geothermal, wind, hydro, solar energy, and natural gas. The company has about 1,651 MW of installed renewable capacity from solar, wind, hydro, and geothermal power plants. — Ashley Erika O. Jose

Vertiv to expand training of PHL engineers for data-center industry

VERTIV

VERTIV, a US infrastructure and data center firm, said it is looking to train more Filipino engineers in response to growing demand for data centers in the Asia-Pacific.

“The Philippines, for a very long time, has been providing the workforce for the whole region,” Vertiv President and General Manager David Churchill said at a briefing on Wednesday.

“We see, lot of the Filipinos out there working in the construction and the technical industries, and it also provided a very good base here for us to provide that training and leverage that throughout the whole region.”

Vertiv specializes in hardware, software, analytics, and ongoing services to help businesses run their applications smoothly.

On Wednesday, the company launched the Vertiv Academy, which seeks to train engineers in the latest data center technology. It will serve as the company’s main training hub in Asia.

Located at the SM Mega Tower in Mandaluyong City, Vertiv Academy offers specialized courses conducted by certified technical trainers. Programs include online pre-learning, interactive classroom instruction, and structured field training for regional and local needs.

It will also follow a standardized curriculum developed by Vertiv’s Global Learning Center of Excellence.

The academy is also set to offer training sessions for CoolChip CDU070 (liquid-to-air cooling technology) by the second half of 2025.

As of the first quarter, the academy has trained 53 regional customer engineers on new and legacy products.

“The Vertiv Academy reflects our long-term commitment to developing world-class engineering talent, not just to support our growth but to help shape the future of digital infrastructure across the region,” Mr. Churchill said.

David Yao, General Manager at Vertiv’s Manila Hub, expects the company’s headcount to grow by up to 20% this year as it is looking to occupy five floors at the SM Mega Tower.

Vertiv has about 24 manufacturing facilities across the US, Europe, and Asia. It also expects two new factories by the end of the year.

This allows the company to sidestep the impact of President Donald J. Trump’s new tariffs, according to Andrew Whall, vice-president, Asia Operations & general manager, ANZ at Vertiv.

“So, while we’ve been supplying product from Asia to support the US, we can now shift that capability into the US to avoid some of those tariff exposures,” he said at the briefing.

“That’s going to take a bit of time, so we will have a bit of exposure like many companies will, but we’re in the process of analyzing that,” Mr. Whall said. — Beatriz Marie D. Cruz

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