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DoF: PHL vulnerability warrants more financial support from multilaterals

Scenes from the Governors’ Business Session of the 58th Annual Meeting of the Asian Development Bank (ADB) Board of Governors in Milan, Italy. — ASIAN DEVELOPMENT BANK

By Luisa Maria Jacinta C. Jocson, Senior Reporter

MILAN, Italy — The Philippines will still need financing assistance due to its exposure to shocks like climate risks and even as it graduates to upper middle-income status, the Department of Finance (DoF) said, urging the Asian Development Bank (ADB) to continue expanding its support to the country.

“As we carry this partnership forward, we call on the bank to further deepen its commitment to our development agenda, and towards addressing global challenges,” Finance Undersecretary Joven Z. Balbosa said during the Governors’ Business Session at the 58th ADB Annual Meeting here on Monday.

Mr. Balbosa delivered the speech for the Philippines as temporary alternate governor, as Finance Secretary Ralph G. Recto, who sits on the ADB Board of Governors, was unable to attend.

“Even as the Philippines progresses towards becoming an upper middle-income country, we remain among those most vulnerable to the impacts of climate change, and we urgently require sustained support from our development partners for a united and cohesive response,” he said.

The Philippines is currently classified as a lower middle-income economy, based on the latest World Bank data. The Marcos administration is targeting to achieve upper middle-income status by 2026.

The Department of Economy, Planning, and Development (DEPDev) earlier said that the transition to a higher income level will entail a “shift in access to resources.”

The Philippines’ eligibility for concessional financing and access to traditional official development assistance (ODA) would diminish upon reaching the upper middle-income threshold.

In 2024, the Philippines was the second-biggest recipient of ADB financial assistance with $6.02 billion, just after India ($7.26 billion).

The latest data from DEPDev showed that the total active ODA in the country reached $37.29 billion as of December 2023, higher by 15% from 2022.

Meanwhile, Mr. Balbosa also called on the ADB to “ensure availability and concessionality of financing for climate resilience.”

The Philippines remains the most at-risk country globally for 16 straight years, according to the latest edition of the World Risk Index.

Earlier data from the ADB also showed that the Philippines could potentially lose 18.1% of its gross domestic product (GDP) by 2070 due to climate change under a high emissions scenario.

The ADB should also scale up its efforts to improve access to technology amid rapid digital innovation, Mr. Balbosa said.

“We trust that through ADB’s continued assistance, we can achieve a whole-of-government approach to integrate sector-specific digital solutions and initiatives with digital public infrastructure that would further contribute to our growth and fiscal targets.”

Mr. Balbosa also highlighted the Philippines’ massive infrastructure spending needs.

“We likewise look forward to the bank’s continued support in terms of financing, as well as strengthening institutional capacity, recognizing that by investing in infrastructure, we do not only provide essential services and improve connectivity, but also spur employment opportunities.”

The government is targeting to spend 5-6% of GDP on infrastructure annually.

Mr. Balbosa also pushed for the ADB to “continue collaborating with other international finance institutions in supporting vulnerable countries and finding innovative ways to finance programs and projects that contribute to global growth and development.”

“We call on the international community to deepen collaboration and urge international financial institutions like ADB to be adequately equipped and step in more decisively to support lower- and middle-income countries through timely and accessible financing, technical assistance, knowledge support, and enhanced policy dialogue.”

Mr. Balbosa also reiterated the need for economies in the region to collaborate amid the unpredictability in trade policies.

“We recognize the importance of international cooperation and multilateralism, especially in the context of a hyperglobalized world.”

He said that there is a need to “carefully consider potential unintended spillovers and spillbacks from trade measures.”

The Philippines, like the rest of Southeast Asia, was not spared by the United States’ barrage of reciprocal tariffs in early April.

The country was slapped with a 17% reciprocal tariff, though this was suspended until July, save for the 10% baseline which remains in effect.

“In terms of trade, we see the need to further strengthen regional cooperation and tap new and emerging trade partners as a means to unlock growth opportunities,” Mr. Balbosa said.

“We remain committed to an open and rules-based trading system, and in preserving the integrity of regional and global value chains,” he added.

Green investments in Philippines slide in 2024

Solar panels are being installed on the roof of a mall. — GREEN HEAT HANDOUT PHOTO

THE PHILIPPINES’ private investments in green projects declined in 2024 as higher investments in solar and wind energy projects were offset by the drop in waste management and green cement projects.

Private green investments in the Philippines went down by 12% to $1.28 billion in 2024 from $1.46 billion in the previous year, according to the 2025 Southeast Asia’s Green Economy report by Bain & Company, GenZero, Standard Chartered and Temasek.

Investments in solar and wind energy projects surged 1.5 times and six times, respectively, the report showed.

However, these were offset by the reductions in investments in the waste management and green cement sectors.

The Philippines accounted for 16% of the total investments in SEA-6 (Southeast Asia-6), which is composed of Thailand, Malaysia, Singapore, Indonesia, the Philippines, and Vietnam.

Green investments in SEA-6 surged by 43% year on year to $8 billion in 2024, with Malaysia and Singapore contributing over 60% of deals, according to the report.

Power accounted for two-thirds of green investments in the region as the size of deals increased.

Investments in solar surged by 100% while waste management deals jumped by 60% year on year.

According to the report, a systems-based approach and wider collaboration in the region could drive growth in Southeast Asia’s green economy.

“(This) could drive significant regional economic impact – with SEA-6 economies potentially reaping up to $120 billion in GDP (gross domestic product) growth, 900,000 new jobs, and closing up to 50% of the emissions gap by 2030,” it said.

The report defined system-level solutions as “high-impact interventions that address systemic barriers across multiple systems to deliver transformative and amplified impact.”

It said that this approach could address cross-cutting barriers; maximize return on investment, and co-benefits; and prevent “negative, unintended spillovers” across systems.

Dale Hardcastle, co-director of Bain & Company’s Global Sustainability Innovation Center, said Southeast Asia may see an acceleration in the development of the green economy as governments and companies pivot priorities.

“By focusing on scalable, high impact systems-level solutions, Southeast Asia can rewrite the green economy playbook and turn current challenges into opportunities. The need now is to drive two key outcomes in parallel — significant emissions reduction and sustained economic growth — ensuring that the region not only meets its climate goals but also builds long-term resilience and prosperity,” he said.

While corporations in most of the six Southeast Asian countries show progress in setting targets and establishing roadmaps, there is a significant gap in green investments.

“With just five years to 2030, our window for action to avoid the worst effects of climate change is rapidly closing. We need to increase the momentum and focus on pragmatic solutions with near-term impact,” said Franziska Zimmermann, managing director for sustainability at Temasek.

“Stakeholders in this region have an opportunity to drive transformative, systems-level change that can balance energy security, sustainability, and economic growth,” she added.

The report noted the progress made in the Philippines in terms of infrastructure and technology brought by improved grid interconnectedness and electric vehicle (EV) charging stations.

There are 912 publicly accessible charging stations operational as of March 31, according to the Department of Energy.

Under the Comprehensive Roadmap for the Electric Vehicle Industry, the Philippines targets to deploy 7,300 EV charging stations by 2028.

The report said national energy plans such as the National Renewable Energy Program (NREP) and Clean Energy Finance and Investment Roadmap offer clearer direction for renewables and financing.

Under the NREP, the Philippines seeks to significantly increase the share of renewable energy in the country’s power generation mix to 35% by 2030 and 50% by 2040. — S.J.Talavera

ADB urges PHL to boost investments in agri, energy

Farmers dry grains on a highway in Zambales. — PHILIPPINE STAR/WALTER BOLLOZOS

MILAN, Italy — The Asian Development Bank (ADB) said the Philippines can benefit from shifting trade dynamics if it can make bigger investments in key sectors like energy and agriculture to boost its capacity for trade.

“It’s a multi-faceted agenda, but I think there’s a lot of potential for the Philippines both in a regional market, but also globally,” ADB Vice-President for Operations in East and Southeast Asia and the Pacific Scott Morris said at a media briefing on Tuesday.

“But so much of the future ambition for the country, including increasing its overall exports within the region globally, is making the domestic investments that will better enable that.”

The Philippines is an outlier in terms of direct exposure to the tariffs, Mr. Morris said.

Compared with its neighbors, the Philippines was relatively spared from the United States’ steep reciprocal tariffs, as it was slapped with a 17% rate. This is the second-lowest tariff in the region, after Singapore’s baseline 10% duty.

These tariffs have been put on pause until July, though the baseline rate of 10% remains in effect.

“But fundamentally, on these issues of export, import, overall trade orientation, I think the Philippines government recognizes the need to be more competitive. A big part of our agenda is on core competitiveness issues,” Mr. Morris said.

“How does the Philippines, as a market, make itself more attractive for foreign direct investment? That’s been a leading priority and attached to that is a wide range of issues.”

He cited the need for the country to invest in high-quality transport infrastructure and improve the regulatory environment, especially related to the energy sector.

“How do you ensure that you have affordable and sustainable energy for a growing economy? That is a leading issue for the Philippines right now.”

Mr. Morris also highlighted the need to ramp up investments in agriculture.

“Within the agricultural sector, for example, there needs to be stronger investments in the transport side of that, so that agricultural producers can get product to market more efficiently, and that will enable more export growth overall.”

Meanwhile, Mr. Morris said the Association of Southeast Asian Nations (ASEAN) should work to secure further cooperation to cushion the impacts from these tariff policies.

“I think each country within ASEAN is seeking to engage bilaterally with the US, but our message to the region is to use this opportunity to forge greater regional integration,” he said.

“It is always, in our view, the best path forward for each country in the region to be looking for greater levels of integration that can start within ASEAN. There’s a robust agenda here, not just more trade within the region per se, but even addressing the physical infrastructure needs around a more integrated regional economy.”

He said there have been significant energy commitments in the region, such as the ASEAN Power Grid.

“There’s a wide range of these sorts of activities that ASEAN countries can be looking at. Even on the human side, a greater flow of people across the region, easier flow, fewer barriers to entry, can forge a stronger regional economy and stronger national economies within that. We’re excited to be supporting all those initiatives.”

Economies can also seek to diversify their markets not just within the region, but globally too, Mr. Morris said.

“For countries in the region, they can be thinking about other regions, other large national economies. I think all of that needs to be on the table. I think there is an orientation toward strengthening through formalized trade agreements.”

“That can always be a very constructive path. But absolutely, we think in economic terms, you have to think about where the other large regional economies are, national economies, and how those ties can be strengthened for the ASEAN countries,” he added. — Luisa Maria Jacinta C. Jocson

PAL Holdings, Inc. to conduct Annual Stockholders’ Meeting on May 29 via Zoom

 

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Ginebra San Miguel, Inc. to hold Regular Stockholders’ Meeting on May 29 via remote communication

GINEBRA SAN MIGUEL INC.

NOTICE OF THE REGULAR STOCKHOLDERS’ MEETING

May 29, 2025

NOTICE is hereby given that the Regular Stockholders’ Meeting of Ginebra San Miguel Inc. (the “Company”) will be held on Thursday, May 29, 2025, at 2:00 P.M, via remote communication and livestreamed at the Company’s website:  http://www.ginebrasanmiguel.com. Only stockholders of record at the close of business hours on April 25, 2025 are entitled to vote at this meeting.

The Agenda of the Meeting is as follows:

  1. Call to Order/Certification of Notice and Quorum
  2. Approval of the Minutes of the Regular Stockholders’ Meeting held on May 30, 2024
  3. Presentation of the 2024 Annual Report
  4. Ratification of Acts and Proceedings of the Board of Directors and Corporate Officers
  5. Election of Directors
  6. Appointment of External Auditor
  7. Other Matters
  8. Adjournment

An explanation for each agenda item is shown in Appendix 1 of the Definitive Information Statement (DIS).

As approved by the Board of Directors, attendance to the meeting will be via remote communication in compliance with SEC Memorandum Circular 6, Series of 2020, and questions will be sent only through a dedicated email address.  Stockholders should access the Company’s website to access the link to view the livestream of the meeting which will be available on the day of the meeting. Stockholders of record as of April 25, 2025, who intend to attend the meeting are requested to register by notifying the Company through email at gsmirsm@ginebra.sanmiguel.com.ph, not later than May 15, 2025. The procedure and further details for attending the meeting through remote communication are set forth in Appendix 2 of the DIS. There will be a visual and audio recording of the meeting.

Votes will be cast only through ballots or proxies. Ballots and proxies may be submitted to the Corporate Secretary through email at gsmirsm@ginebra.sanmiguel.com.ph, which shall be acknowledged and validated with the assistance of the Company’s stock transfer agent, SMC Stock Transfer Service Corporation. Validated ballots and proxies will be considered for purposes of determining quorum and voting results. For your convenience, a sample of a ballot/proxy is attached as Appendix 3 of the DIS. For an individual, his ballot or proxy must be accompanied by a valid government-issued identification card with a photo. For partnerships, corporations or associations, the proxy must be accompanied by a notarized Secretary’s Certificate stating the representative’s authority to represent the corporation in the meeting.   Proxies need not be notarized. Stockholders who provide their personal information shall be deemed to agree to the collection and processing of their personal information in accordance with the Company’s privacy statement for its 2025 RSM posted on its website.

The deadline for the submission of ballots and proxies is on May 15, 2025. Validation of ballots and proxies will be on May 23, 2025 at 10:00 a.m. at the SMC Stock Transfer Service Corporation Office, 2nd Floor, SMC Head Office Complex, No. 40 San Miguel Ave., Mandaluyong City, Philippines.

A copy of the full version of the DIS together with all its annexes, including the 2024 Audited Consolidated Financial Statements and 17-Q (1st Quarter 2025) can be found in the Company’s website through the link https://www.ginebrasanmiguel.com/company-disclosures/ (In the SEC Filings tab, please Click “SEC Form 20-IS Information Statement”, then click “2025”), and in the PSE Edge, https://edge.pse.com.ph/.

 A copy of the Company’s SEC Form 17-A and 17-Q (1st Quarter 2025) can also be found in the Company’s website through the link https://www.ginebrasanmiguel.com/company-disclosures/ (In the SEC Filings tab, please click the desired report), and in the PSE Edge, https://edge.pse.com.ph/.

A stockholder may request for a copy of the full version of the DIS, SEC Form 17-A and/or SEC Form 17-Q. Any of the foregoing requests, which shall be provided by the Company free of charge, should be in writing and addressed to: SMC Stock Transfer Service Corporation, 2nd Floor, San Miguel Corporation No. 40 San Miguel Avenue, Mandaluyong City,1550 Metro Manila, Philippines.  

 

(Original Signed)

Virgilio S. Jacinto

Corporate Secretary

 

 

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D&L Industries, Inc. to hold virtual Annual Stockholders’ Meeting on June 2

 

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Philippine Business Bank to hold Annual Stockholders’ Meeting via Zoom on May 30

 

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Leasing, property dev’t lift ALI’s Q1 profit to P6.9B

THE COURTYARDS at Vermosa, Dasmariñas, Cavite. — AYALALAND.COM

LISTED real estate developer Ayala Land, Inc. (ALI) posted a 10% increase in its first-quarter (Q1) net income to P6.9 billion from P6.3 billion a year earlier, led by leasing operations and property development revenue.

Consolidated revenue rose by 6% to P43.6 billion from P41 billion, ALI said in a regulatory filing on Tuesday.

Property development revenue increased by 11% to P27.8 billion on contributions from premium residential offerings and commercial and industrial lots for sale.

Residential revenue improved by 3% to P22 billion, led by the resilience of the premium segment, while commercial and industrial lot revenue more than doubled to P5.7 billion due to strong sales at Arca South in Taguig City.

Property development reservation sales rose by 4% to P36.2 billion, as premium residential sales grew by 4% to P20.7 billion, and take-up of commercial and industrial lots more than tripled to P4.9 billion.

The contribution of the core residential segment to total sales declined to P10.5 billion.

ALI launched four projects worth P12.6 billion during the quarter, comprising Ayala Land Premier’s Virendo in Toril, Davao, and sequel phases of Ayala Westgrove Heights and Amaia Scapes General Trias, both in Cavite.

Leasing revenue rose by 7% to P11.6 billion on stable occupancy amid ongoing renovations across malls and hospitality assets.

Shopping center revenue increased by 4% to P5.7 billion, led by growing contributions from core and emerging malls. Office revenue rose by 4% to P2.9 billion on higher lease rates and better-than-industry occupancy levels.

Revenue from hotels and resorts expanded by 10% to P2.6 billion due to improving occupancy and room rates, while revenue from warehouses, cold storage, and industrial land grew by 60% to P357 million.

Capital expenditures during the first quarter reached P20.6 billion, of which 46% went to the build-out of residential projects, 30% to the development of infrastructure within estates, 16% to leasing and hospitality assets, and 9% to continuing land acquisition commitments.

“As we close the first quarter of 2025, I am pleased to share that ALI remains firmly on track — guided by discipline, resilience, and long-term perspective — even as we navigate today’s complex macroeconomic landscape,” ALI President and Chief Executive Officer (CEO) Anna Ma. Margarita Bautista-Dy said.

“We are energized with what lies ahead and continue to deliver sustainable long-term value for all our stakeholders,” she added.

Meanwhile, ALI said in a separate statement that its Ayala Land Leisure Estates unit has signed a land lease agreement with Pangilinan-led Metro Pacific Agro Ventures, Inc. (MPAV), which will develop a greenhouse facility within the Lio Estate in El Nido, Palawan.

The facility, with a 100,000-kilogram capacity, will feature advanced farming technologies, including hydroponics and climate-controlled environments. It will supply vegetable produce to Lio Estate’s hospitality establishments — Seda Lio, Huni, and The El Nido Resorts — as well as locators and the El Nido community.

“This project aligns with our mission to introduce cutting-edge farming techniques across the country. By establishing a greenhouse in Lio Estate, we aim to demonstrate the viability of sustainable agriculture even in remote locations,” MPAV President and CEO Jovy I. Hernandez said.

MPAV is the agriculture unit of Metro Pacific Investments Corp. (MPIC). It has businesses in vegetable production, coconut processing and export, integrated dairy processing, and ice cream.

MPIC is one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority share in BusinessWorld through the Philippine Star Group, which it controls.

ALI shares dropped by 0.61% or 15 centavos to P24.30 apiece on Tuesday. — Revin Mikhael D. Ochave

First Gen earnings rise in Q1 on leaner operating costs

FIRSTGEN.COM.PH

LOPEZ-LED First Gen Corp. reported a 4.4% increase in attributable net income to $82.3 million for the first quarter, driven by lower operating expenses.

Revenues declined by 2.2% to $583.3 million due to lower electricity sales volumes across the natural gas and geothermal platforms, based on its financial report released on Tuesday.

For the first three months, revenues from the natural gas segment fell by 1.4% to $381.1 million amid a decline in revenues from the San Gabriel plant following the expiration of its power supply agreement with Manila Electric Co. in February last year.

This was partially offset by higher revenues from the Santa Rita and San Lorenzo plants due to increased fuel revenues, and from Avion due to higher sales under its ancillary services procurement agreement.

Revenues from the geothermal, solar, and wind (GSW) portfolio declined by 6.5% to $173.2 million, weighed down by lower average sales volumes and lower average selling prices.

Meanwhile, revenues from the hydropower platform rose by 50.2% to $8.6 million.

The natural gas portfolio accounted for the bulk of revenues at 66%, followed by GSW at 30%, and hydropower at 4%.

Operating expenses fell by 3.8% to $429.04 million, driven by lower costs of electricity sales as well as reduced general and administrative expenses.

“First Gen’s portfolio of power plants are available for dispatch as the country experiences this punishing heat. We have been hard at work in making sure that the vital resources our company provides are able to deliver, especially during these coming local elections,” First Gen President and Chief Operating Officer Francis Giles B. Puno said in a statement.

At present, First Gen has a total of 3,668 megawatts of combined capacity from its portfolio of plants running on geothermal, wind, hydropower, solar energy, and natural gas. — Sheldeen Joy Talavera

CPG posts higher Q1 profit on PHirst, premium sales

REAL ESTATE developer Century Properties Group, Inc. (CPG) recorded a 16% increase in first-quarter (Q1) net income to P473 million from P410 million a year earlier, driven by its first-home and premium residential segments.

Consolidated revenue grew by 4% to P3.72 billion from P3.58 billion last year, CPG said in an e-mail statement on Tuesday.

The first-home residential developments (PHirst) segment — which covers the socialized, low-income, economic, affordable, and mid-income segments — accounted for 60%, or P2.24 billion, of total revenue.

The premium residential development segment contributed 32%, or P1.18 billion, while commercial leasing and property management segments accounted for 5% (P181 million) and 3% (P130 million), respectively.

Earnings before interest, taxes, depreciation, and amortization rose by 14% to P988 million, driven by a 46% gross profit margin, sustained contributions from the PHirst segment, and lower borrowing costs.

“Our first-quarter performance reflects the successful completion of key residential projects, strong sales take-up across our developments, and continued gains in operational efficiency,” CPG President and Chief Executive Officer Marco R. Antonio said.

“We also benefitted from improved financial discipline and debt management, allowing us to reduce interest expenses and enhance profitability,” he added.

As of end-March, CPG’s total assets rose by P1.886 billion to P57.736 billion, while total liabilities stood at P35.233 billion, resulting in stockholders’ equity of P22.503 billion.

“As we scale across both affordable and premium segments, we remain committed to our mission of serving the end-user market with thoughtfully designed and sustainable communities — whether through PHirst in growth cities nationwide or through Century-branded premium residential developments outside Metro Manila, supported by our commercial leasing and property management arms,” Mr. Antonio said.

“Our strong first-quarter results demonstrate our operational agility, solid market fundamentals, and our confidence in the country’s long-term housing demand,” he added.

In February, CPG launched the second phase of its Azure North Estate in San Fernando, Pampanga. The second phase will include four mid-rise buildings, 49 town villas, and a waterpark. The first tower, called Mykonos, is scheduled for completion by 2027.

In March, CPG also unveiled the 142-hectare Century PHirst Centrale Batulao mixed-use estate in Batangas — marking the brand’s second township project after PHirst Centrale Hermosa in Bataan, which was launched in March 2022.

On Tuesday, CPG shares fell by 1.49%, or one centavo, to 66 centavos per share. — Revin Mikhael D. Ochave

Shining a light on the colors of an Amorsolo painting

FERNANDO AMORSOLO was a beloved painter known for capturing what was perceived to be the essence of the Philippine identity, so much so that he became the country’s first-ever National Artist. At the Ayala Museum, his legacy as a “poet of color” and “painter of Philippine sunlight” is celebrated through a new exhibition that explores the viewer’s experience of the colors on his canvases.

Titled Amorsolo: Chroma, this rediscovery of the acclaimed artist’s famous works is curated by Tenten Mina. Notably, she places select pieces by Mr. Amorsolo’s contemporaries alongside his own, to better understand the art scene he moved in.

To encourage guests to engage with the art, the exhibition also includes a large interactive section featuring paint-by-color walls and digital stations which tackle color blindness. In a first for Philippine museums, EnChroma glasses are available for color blind visitors.

Ultimately, the exhibit dives into how Mr. Amorsolo’s use of light came to define a national aesthetic, and if it would still speak to viewers whose eyes may perceive certain colors differently.

REFRAMING WITH CONTEXT
Aprille Tijam, Ayala Museum’s assistant director and exhibitions and collection head, said that “younger viewers now comprise 40% of the museum’s visitors.”

“This exhibition seeks to reintroduce the works of Amorsolo to this new generation,” she explained during the exhibit’s launch in April. “It has been a decade since we last mounted a show dedicated to Amorsolo, and it is only fitting that we revisit how he shaped Filipino identity.”

To illustrate his use of light and shade, they put together his pastoral landscapes, plein air paintings, and iconic genre works, many of which were “donated by overseas collectors who recognize the importance of bringing his art back home,” said Ms. Tijam.

Ms. Mina, the curator, gave a tour of the exhibit on opening day. She pointed out that, instead of doing a straightforward retrospective of the artist’s career, they focused on the early paintings of Mr. Amorsolo, spread out across “a series of interconnected alcoves, lit also to simulate natural sunlight.”

Visitors are naturally drawn to well-known works, like The Palay Maiden from 1920 and Planting Rice from 1924, but just as fascinating are quiet scenes of sunsets, sari-sari stores, fire trees, and multiple iterations of countryside maidens doing chores. Also memorable are folding screens containing plein air landscapes by both Mr. Amorsolo and one of his contemporaries, Juan Arellano.

“It was in the outdoors and painting in plein air that Philippine panorama and the golden sunlight that the artist found liberty. And remarkable are his small landscapes for their controlled, brisk, and spontaneous brushwork,” Ms. Mina said.

Despite featuring more of the smaller and intimate paintings of Mr. Amorsolo, the layout of the exhibit feels spacious, evoking a sense of the expanse of the outdoors present in the works themselves.

Though not a comprehensive overview of the artist, this part of the exhibit captures his formative years, placed alongside landscapes by predecessors and contemporaries — Jorge Pineda, Jose David, Isidro Ancheta, and even Mr. Amorsolo’s mentor and uncle, Fabian Dela Rosa.

“Context is important. We want visitors to ask themselves if stating that Amorsolo is the master of Philippine sunlight would resonate if also exposed to works of other landscape artists of that period,” explained Ms. Mina.

INTERACTING WITH EMPATHY
The second part of the exhibition is interactive and educational, with a “light room” that delves into the connection between art and technology, paint-by-color walls where visitors can contribute, and digital stations allowing us to view the warm glow of Mr. Amorsolo’s paintings from a color-blind perspective.

These aim to question “whether today’s audiences in the age of hypermedia and photo filters appreciate Amorsolo’s luminous legacy of colors in the same way.”

“One might argue that all exhibitions are experiential, and that all art is experiential. But what if I told you roughly 5% of Filipinos do not experience the full range of color? What happens to the claim that art is universal when color itself is not universal?” Ms. Mina said.

“Understanding that our assumptions about the human experience are not universal can be the starting point for empathy and dialogue,” she added.

The digital stations are eye-opening for those without color vision deficiency (CVD) or color blindness. Reduced sensitivity to greens and reds, for example, renders Mr. Amorsolo’s sunsets and landscapes a bit duller and more muted.

On the flip side, the EnChroma glasses offered to visitors with CVD allow them to experience Amorsolo paintings as intended.

For Ms. Tijam, this take on iconic paintings represents the Ayala Museum’s “ongoing commitment to accessibility and inclusion, particularly for persons with disabilities, assuring that as many people as possible can engage with Amorsolo’s work.”

Ms. Mina recommended that, coming from the interactive stations of the exhibit, visitors with regular vision go back to the first part, to gain a better appreciation of the colors.

“We want to encourage everyone to re-engage with the works and perhaps reassess if anything has changed their perception and appreciation of the displayed works,” she said.

Amorsolo: Chroma, which was made possible with the support of BPI and Boysen, runs until Sept. 7 at the Ayala Museum in Makati City. — Brontë H. Lacsamana

Puregold Q1 profit climbs 6.5% to P2.64 billion

BW FILE PHOTO

LUCIO L. CO-LED grocery retailer Puregold Price Club, Inc. reported a 6.5% increase in its first-quarter (Q1) consolidated net income to P2.64 billion from P2.48 billion a year earlier, driven by stronger revenue.

Consolidated revenue rose by 10.8% to P52.42 billion from P47.32 billion, Puregold said in a regulatory filing on Tuesday.

Gross profit also grew by 10.8% to P10.26 billion.

Same-store sales growth (SSSG) for Puregold stores reached 5.9%, led by higher basket sizes, while S&R Membership Shopping Warehouses recorded 4% SSSG due to increased customer traffic.

Operating expenses rose by 13.6% to P7.19 billion.

As of end-March, Puregold operated 757 stores nationwide, consisting of 662 Puregold stores, 30 S&R Membership Shopping Warehouses, and 65 S&R New York Style quick-service restaurants.

Puregold President Ferdinand Vincent P. Co said last month that the retailer is prioritizing key provincial markets as part of its “aggressive” store expansion plan this year.

“This strategic initiative is designed to drive continued growth, expand our market footprint, and enhance customer shopping satisfaction, convenience, and accessibility, ultimately positioning us for long-term value creation,” he said.

Puregold shares rose by 0.48% or 15 centavos to P31.50 apiece on Tuesday. — Revin Mikhael D. Ochave

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