Cityland Development to absorb City & Land Developers in streamlining move

August 28, 2025 | 12:01 am

CITY NORTH TOWER, Quezon City — CITYLAND.INFO

CITYLAND DEVELOPMENT Corp. (CDC) will merge with its listed subsidiary City & Land Developers, Inc. (LAND), with CDC as the surviving entity, in a move to streamline operations across the two real estate firms.

CDC said in a regulatory filing on Wednesday that its board approved the merger with LAND on Aug. 26.

In a separate disclosure, LAND said it will be delisted from the PSE and will cease to exist as a separate legal entity upon completion of the merger.

According to CDC, the merger will help streamline operations, eliminate duplicated functions, and achieve cost savings and other economic efficiencies.

“By consolidating the businesses under CDC as the surviving entity, the merger will allow for a simplified ownership structure, better operational coordination, enhanced business focus, and reduced overall corporate costs,” CDC said.

“The merger supports both companies’ strategic objectives to maximize stockholder value and strengthen the merged company’s position in the real estate industry by enabling it to better respond to market opportunities with greater financial and operational flexibility,” it added.

CDC will issue 1.39 billion primary common shares to LAND stockholders as consideration for the merger. LAND currently has 1.58 billion issued and outstanding common shares.

One LAND share will be equivalent to 0.88 CDC share, based on CDC’s preliminary review.

CDC will absorb all of LAND’s assets, liabilities, rights, privileges, and ongoing projects, ensuring continuity and full protection for creditors and stakeholders.

“This integration is anticipated to enhance operational scale, optimize cost management, and support sustainable long-term growth,” CDC said.

Meanwhile, CDC said there is no timetable yet for the implementation of the merger as it is still awaiting corporate and regulatory approvals, including from the Securities and Exchange Commission and the Philippine Competition Commission.

The merger is subject to the approval of the stockholders of both CDC and LAND during their respective stockholders’ meetings on Oct. 9 and Oct. 10, respectively.

CDC and LAND are both engaged in the development of land for residential, office, commercial, institutional, and industrial uses.

Some of CDC’s projects include the 50-story CityNorth Tower condominium in Quezon City and the 24-story Pioneer Heights 1 condominium in Mandaluyong City.

LAND’s projects include the 40-story One Hidalgo condominium in Malate and the 40-story One Taft Residences condominium in Taft.

On Wednesday, CDC shares rose 3.45% or two centavos to 60 centavos apiece, while LAND stocks gained 8.62% or five centavos to 63 centavos per share. — Revin Mikhael D. Ochave

UITFs with foreign placements can qualify as PERA investment products, BSP says

August 28, 2025 | 12:01 am

UNIT investment trust funds (UITF) issued domestically that have placements in foreign securities or funds can be accredited as Personal Equity and Retirement Account (PERA) investment products, the Bangko Sentral ng Pilipinas (BSP) said.

“The BSP clarifies that UITFs created or issued in the Philippines that may have underlying investments in foreign-issued securities or funds — such as global feeder funds or fund-of-funds — may qualify for accreditation as PERA Investment Products, subject to the existing approval process applicable to such structures,” the central bank said in a memo dated Aug. 20 signed by BSP Deputy Governor Lyn I. Javier.

The BSP said these kinds of funds can give PERA contributors more investment options.

“This, in turn, supports the capital market development objectives of the PERA Law by broadening the range of available instruments and providing additional diversification opportunities, thereby contributing to improved price formation and more efficient portfolio allocation,” the central bank said.

Launched in 2016, PERA is a voluntary fund scheme meant to supplement retirement benefits from the Government Service Insurance System or the Social Security System, as well as private employers.

Contributors aged 18 and above who have a tax identification number are allowed to open a PERA account. Self-employed and locally employed contributors can make an annual contribution of P200,000, while overseas Filipino workers can invest up to P400,000.

The PERA Law also offers incentives to contributors, such as tax exemptions and credits.

Accumulated PERA contributions climbed by 24% year on year to P491.4 million at end-2024 from P396.3 million in 2023, data from the BSP showed.

The total number of PERA contributors likewise rose by 6.4% to 5,912 at 2024’s close from 5,555 a year prior. — BVR

Cracker Barrel sticks to old logo after social media backlash

August 28, 2025 | 12:01 am

WASHINGTON — Cracker Barrel said on Tuesday that it will stick with its decades-old logo, scrapping plans for a new one following social media backlash, including from US President Donald J. Trump.

“We thank our guests for sharing your voices and love for Cracker Barrel. We said we would listen, and we have. Our new logo is going away and our ‘Old Timer’ will remain,” the company said in an X post.

Mr. Trump became the latest public figure to weigh in on Cracker Barrel’s decision to change its logo — which has become the latest flashpoint on social media — and sent the company into damage-control mode.

“Congratulations ‘Cracker Barrel’ on changing your logo back to what it was. All of your fans very much appreciate it,” Mr. Trump said on Truth Social after the company’s reversal.

The chain’s brief change in logo — removing the long-standing image of an overall-clad man known as “Uncle Herschel” leaning against a barrel — is the most recent in a series of dustups where an unexpected response has blindsided retail chains.

Anheuser-Busch’s Bud Light sales slumped after it sent a can of Bud Light to a transgender influencer in 2023, and this summer, an American Eagle Outfitters ad campaign featuring actress Sydney Sweeney sparked backlash for that ad’s use of the phrase “good jeans” as a play on genetics.

Mr. Trump on Tuesday joined a chorus of conservatives, including Donald Trump, Jr., who criticized the restaurant chain’s new logo that simply displays the chain’s name against a barrel-shaped yellow silhouette, removing “Uncle Herschel” in an ongoing effort to revamp its brand.

“Cracker Barrel should go back to the old logo, admit a mistake based on customer response (the ultimate Poll), and manage the company better than ever before,” he wrote on his social media platform. “Have a major News Conference today. Make Cracker Barrel a WINNER again.”

The company, in a Monday post on its website, had said its fans have shown them “that we could’ve done a better job sharing who we are and who we’ll always be.”

“While our logo and remodels may be making headlines, our bigger focus is still where it belongs… in the kitchen and on your plate,” said the Lebanon, Tennessee-based chain, which opened its first store in 1969.

Cracker Barrel’s shares slumped after the backlash last week, wiping out year-to-date gains, but were up 7% in extended trading on Tuesday after the company, with a market value of $1.29 billion, scrapped the new logo.

The stock has lost more than half its value in the last three years as the company’s sales have struggled to recover in the post-COVID pandemic period.

The stock swings wildly at times, as it has a high level of short interest. The company also has a relatively small number of outstanding shares. — Reuters

How PSEi member stocks performed — August 27, 2025

August 28, 2025 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, August 27, 2025.

Philippines lands 124^th in Capitalist Freedom Index

August 28, 2025 | 12:00 am

The Philippines ranked 124^th out of 204 countries and jurisdictions in the inaugural Nomad Capitalist Freedom Index by tax and immigration consultancy Nomad Capitalist. The country scored 28.5 out of 50. The index measures freedom based on ﬁve factors: ﬁnancial freedom, asset protection, human rights, safety, and quality of life.

PHL shares rebound before BSP policy meeting

August 27, 2025 | 9:00 pm

STOCKS rebounded on Wednesday on bargain hunting before the Bangko Sentral ng Pilipinas’ (BSP) widely expected rate cut on Thursday.

The bellwether Philippine Stock Exchange index (PSEi) jumped by 2.08% or 128.10 points to end at 6,273.34, while the broader all shares index went up by 1.26% or 46.52 points to close at 3,731.07.

“The local market bounced back this Wednesday fueled by bargain hunting. Hopes of a Bangko Sentral ng Pilipinas rate cut in their upcoming Monetary Board meeting this week also helped in the rebound,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

“The market saw buyers take charge today after yesterday’s dip,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. “Investors likely viewed yesterday’s prices as a bargain buying opportunity, pushing prices and the market higher together with investors positioning for the upcoming BSP meeting.”

All 20 analysts in a BusinessWorld poll expect the Monetary Board to reduce the policy rate by 25 basis points (bp) to 5% at its meeting on Thursday.

This would be the BSP’s third consecutive 25-bp cut since April. It has lowered benchmark interest rates by a total of 125 bps since it began its easing cycle in August 2024.

BSP Governor Eli M. Remolona, Jr. earlier said a cut is “quite likely” at this week’s meeting and another reduction is also on the table for the remainder of the year as inflation is likely to stay within the 2-4% annual target.

After Thursday’s review, the Monetary Board’s remaining meetings for this year are scheduled for Oct. 9 and Dec. 11.

Inflation sharply eased to a near six-year low of 0.9% in July from 1.4% in June, bringing the seven-month average to 1.7%, a tad higher than the central bank’s 1.6% forecast but below its 2-4% target.

Almost all sectoral indices closed in the green on Wednesday. Services surged by 3.96% or 85.37 points to 2,237.06; financials jumped by 3.52% or 72.41 points to 2,124.81; property increased by 2.71% or 66.15 points to 2,504.18; mining and oil climbed by 2.41% or 231.08 points to 9,819.82; and industrials rose by 0.32% or 29.84 points to 9,133.01.

Meanwhile, holding firms dropped by 0.51% or 26.76 points to 5,157.03.

“International Container Terminal Services, Inc. was the top index gainer, jumping 7.02% to P485. Aboitiz Equity Ventures, Inc. was the main index laggard, falling 3.4% to P29.80,” Mr. Tantiangco said.

Value turnover fell to P8.65 billion on Wednesday with 890.43 million shares traded from P14.32 billion with 1.55 billion shares exchanged on Tuesday.

Advancers bested decliners, 117 versus 100, while 39 names closed unchanged.

Net foreign selling decreased to P41.42 million on Wednesday from P2.04 billion on Tuesday. — Revin Mikhael D. Ochave

BoI well behind target pace on investment proposals as of July

August 27, 2025 | 8:30 pm

THE Board of Investments (BoI) approved P398.94 billion worth of investment pledges in the first seven months, equivalent to about 22% of its target for the year.

According to a Department of Trade and Industry (DTI) handout obtained by BusinessWorld, some 74.78% of the approvals are in the electricity and gas supply sector, valued at P298.33 billion.

Meanwhile, 8.21% were in the transportation and storage sector and 6.96% involved manufacturing projects.

Filipino investors accounted for P329.563 billion of the total pledges, with P69.38 billion sourced from foreigners.

Singapore was the top foreign source during the period, accounting for P57.41 billion.

The other top sources were the US and Spain, which accounted for P3.76 billion and P1.38 billion in investment pledges, respectively.

About P104.68 billion of the investments will go to the Bicol Region, while the other top destinations were the Calabarzon and Ilocos Regions.

For this year, the BoI has set an investment approvals target of P1.75 trillion, an 8% rise from the P1.62 trillion worth of approvals in 2024.

The BoI has so far endorsed 212 projects for green lane treatment valued at P5.915 trillion as of Aug. 15.

The list includes 164 projects in renewable energy worth P5.06 trillion and 34 digital infrastructure and public-private partnership projects worth P434.51 billion.

Six projects concerned food security valued at P66.96 billion and eight manufacturing, worth P352.13 billion.

In February 2023, the government established Executive Order No. 18, creating the “green lane” system at all government offices to expediting approvals and permits for strategic investments.

Meanwhile, Trade Secretary Ma. Cristina A. Roque said tariff negotiations with the US are still ongoing.

“There are always developments. So, we are just waiting for the final rates,” she said on the sidelines of the DTI budget hearing on Wednesday, referring to the proposed additional tariffs on countries that impose digital taxes.

“Of course, our negotiators are still continuing up to this day,” she added. — Justine Irish D. Tabile

Busuanga, Camiguin airport upgrades budgeted for nearly P836 million combined

August 27, 2025 | 8:30 pm

DOTr-CAAP-Busuanga-Airport — CAAP.GOV.PH

THE Department of Transportation (DoTr) is allocating up to P835.9 million to upgrade airports in Busuanga, Palawan and Camiguin province.

In bid notices released on Wednesday, the DoTr is inviting interested parties to participate in the P661.38-million Busuanga Airport development project and the P174.60-million Camiguin Airport development project.

The DoTr said the Busuanga project covers the construction and paving of a new runway.

Interested parties will have until Sept. 15 to submit their bids, it said.

“Completion of the works is required within 420 calendar days, inclusive of pre-determined unworkable 30 days,” the DoTr said, noting that bidders should have completed similar projects to qualify in the bidding.

Busuanga Airport, also known as the Francisco B. Reyes airport, is the gateway to Coron, Palawan.

The DoTr allowed 180 calendar days to redevelop the airport at Camiguin, an island province off northern Mindanao, with works including the correction of the runway center slope profile.

Bidders also have until Sept. 15 to submit their proposals.

The DoTr last year said it is allocating P14 billion to fund the upgrade and development of regional airports amid growing demand for air travel. — Ashley Erika O. Jose

Onion import requirement to be set in October

August 27, 2025 | 8:30 pm

smuggled-food-onion — PHILSTAR FILE PHOTO

THE estimated onion import requirement for later in the year is about 50,000 metric tons (MT) for the red variety and 35,000 MT for the yellow variety, according to the Bureau of Plant Industry (BPI).

BPI Director Glenn Panganiban told BusinessWorld that the imports will help avert shortages, adding that import volumes will be finalized in October.

The BPI estimates the shortfall in domestic production as equivalent to three months’ supply for red onions and five months’ supply for yellow onions, he noted.

The government earlier allowed yellow onion imports of 25,000 MT.

“Depending on the estimates of our regional offices and monitors, ’yung ating kailangan lang ang dapat i-import plus or minus buffer (the import requirement will be tied to the actual shortfall and may include a buffer amount),” Mr. Panganiban said.

The national red onion inventory was 49,750 MT as of Aug. 15, equivalent to about 86 days’ demand, indicating that stocks will be sufficient until mid-November.

As of Aug. 15, yellow onion stocks hit 1,142 MT, with shipments of 6,140 MT of yellow onions incoming. — Kyle Aristophere T. Atienza

PHL, Denmark in investment financing talks

August 27, 2025 | 8:30 pm

THE PHILIPPINES and Denmark are in talks for a possible financing agreement to support Danish investments, the Department of Finance (DoF) said on Wednesday.

“We covered important questions like a finance agreement between Denmark and the Philippines which will also help more investments from Denmark to the Philippines, creating jobs here,” Franz-Michael Skjold Mellbin, the Danish Ambassador to the Philippines, said.

This ambassador’s meeting with Finance Secretary Ralph G. Recto was detailed on the DoF social media account.

Denmark is a major exporter of pharmaceuticals, agricultural goods, and wind turbines.

The envoy also expressed support for a free trade agreement (FTA) between the European Union (EU) and the Philippines, for which a third round of negotiations recently concluded in Brussels. The next round of FTA negotiations is scheduled to take place in the Philippines in October.

“We are looking to extend with a free trade agreement between the European Union and the Philippines” Mr. Mellbin said.

“We are one of the largest investors in the country these years. We’re talking about $10 billion, it’s a huge investment.”

The FTA is expected to be the Philippines’ most comprehensive trade agreement, becoming the first to cover government procurement, digital trade, energy and raw materials, and trade and sustainable development.

In 2024, trade between the Philippines and the EU hit $15.5 billion, making the bloc the Philippines’ fifth-largest trading partner, accounting for 7.7% of total trade.

“Today, I could also tell Secretary Recto that fortunately the EU now has decided to take the Philippines off the EU blacklist for terror financing,” he said.

This delisting boosts investor confidence and lowers remittance costs for overseas Filipinos, he said.

On Aug. 5, the Philippines and seven other countries were removed from the list of countries deemed “high risk” for money laundering and terrorism financing. — Aubrey Rose A. Inosante

Cooperatives seen key to boosting farmer financing

August 27, 2025 | 8:30 pm

Cielito-Habito-092818 — CIELITO F. HABITO

COOPERATIVES need to play a major role in improving farmers’ access to financing, according to the former head of the government’s economic planning agency.

At a Senate agriculture hearing, Cielito F. Habito, former director-general of the National Economic and Development Authority (NEDA, currently the Department of Economy, Planning and Development), noted that only a third of the country’s 5.56 million farm households were cooperative members.

In Thailand, the equivalent rate is 95%, with 4,000 cooperatives having 6.81 million members, he noted.

Mr. Habito added that cooperatives can be formed from the National Irrigation Administration’s irrigation associations, while also incorporating data from the Department of Agriculture’s Registry System for Basic Sectors in Agriculture.

Mr. Habito noted that the distribution of key equipment and technology like drying facilities should be coursed through cooperatives to ensure fair access among farmers.

“All energies on extension work must be focused on cooperatives,” he said. “That’s the very first step that our extension workers should try to do.” — Kyle Aristophere T. Atienza

Bird flu vaccine approved for commercial use

August 27, 2025 | 8:30 pm

THE Food and Drug Administration (FDA) has approved the commercial use of a vaccine against avian influenza, according to the Department of Agriculture (DA).

“With the FDA’s approval of Volvac B.E.S.T. AI plus ND, the poultry sector now has a strong line of defense against a virus that threatens both food security and human health,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. said.

The vaccine protects against highly pathogenic avian influenza (HPAI) subtype H5N1 and stimulates the bird’s immune system to defend against velogenic Newcastle disease, the DA said.

H5N1 is the most aggressive subtype of the bird flu virus, causing high mortality rates in chickens. It is also zoonotic, meaning it can be transmitted to humans and other animals.

Velogenic Newcastle disease is the most severe form of Newcastle disease. Highly contagious and often fatal, it affects a wide range of bird species, especially domestic poultry.

Volvac B.E.S.T. is administered by injection, either into the bird’s chest muscle or into subcutaneous fat.

It is given when the bird is at least 10 days old. As with most first-time vaccinations, it takes 10 to 14 days for full immunity to develop.

The value of production of the poultry sector in 2024, including eggs, stood at P362 billion, according to the Philippine Statistics Authority. — Kyle Aristophere T. Atienza