Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 109

A legacy of peace through orchestral music

THE Manila Symphony Orchestra at their home rehearsal space in Circuit, Makati.

Manila Symphony Orchestra unveils concert lineup

AS A prelude to its centennial year, the 99-year-old Manila Symphony Orchestra (MSO) has prepared a slate of concerts that includes a repeat of one of its most famous performances.

Founded in 1926, the MSO is one of Asia’s oldest orchestras. Through the years it has remained steadfast in its goals, holding accessible concert tours for the people across the country and also supporting the education of young music scholars, said its artistic director, Jeffrey Solares.

“This institution has weathered wars and economic recessions, and it will be celebrating its 100th year come July 2026,” he said at a press conference on April 23 in Circuit, Makati. “If you visit the archives and look at the MSO’s old programs, you can still get surprised and get goosebumps to see what this orchestra went through.”

MUSIC TO MARK WAR’S END
Kicking off the 99th season concert series — titled In Pursuit of Excellence — is a concert commemorating one of the shining moments in the MSO’s history.

Between 1945 and 1946, in the aftermath of the Battle of Manila which devastated the city, the orchestra held several post-liberation concerts marking the end of World War II. For the 80th anniversary of these concerts, the orchestra will take on the music it performed in that period, in the aptly titled Music for Peace concert on May 24.

At the press conference, they gave a preview of the repertoire for the concert, which includes Dvořák’s Symphony No. 9 “From The New World.” They played the second movement of the soothing yet melancholy piece, but it was enough to ease any remaining discomfort from the summer heat.

“It was part of MSO’s first postwar concert on May 9, 1945,” explained Mr. Solares of the piece. That performance was held at the roofless Sta. Cruz Church in Binondo amid a crowd of survivors. “It served as a tribute to the soldiers who helped liberate the country from the Japanese occupation.”

The concert’s repertoire will also include Beethoven’s Violin Concerto in D, Op. 61, which will feature Berlin-based violin soloist Emanuel John Villarin, under the baton of MSO musical director and conductor Marlon Chen.

“We are calling it Music for Peace because, after 80 years, it seems peace is still a very relevant goal for humanity. We can still find so many places where that elusive peace is not yet present,” Mr. Solares added.

The orchestra then flexed their versatility for the rest of the afternoon’s press conference: Ennio Morricone’s beautiful film score for Cinema Paradiso, with Sara Maria Gonzales as violin soloist, Filipino composer Conrado del Rosario’s dynamic “Meditation for Orchestra,” a first for the MSO, and Pyotr Ilyich Tchaikovsky’s iconic “Waltz” from Sleeping Beauty.

They closed with a John Williams medley, playing the themes from Star Wars, Jaws, Superman, Indiana Jones, and E.T., to the joy of many guests in attendance.

Mr. Solares said that playing both traditional and more accessible kinds of music is the way to go when it comes to bringing the orchestra closer to the people. For him, there is no need to “look down on the audience.”

“We mix it up. People will want to hear pop music and movie themes, but they are also ready to listen to a movement of a symphony. We want to show people that we can do both,” he said.

CONCERT LINEUP
The 99th season’s kickoff concert Music for Peace will be held on May 24 at the Aliw Theater at the CCP Complex, Pasay City, which is where the majority of the season’s concerts will take place.

It will be followed by A Night in Hollywood on June 28. Conducting fellows from the Los Angeles Film Composers Intensive, American guest conductor Angel Velez and Hungarian cellist Zoltan Onczay, will join the MSO for the concert.

The next concert, Brazilian Guitar and Cello, will be held on Aug. 9. It will feature music by legendary Brazilian guitarist and cellist Heitor Villa-Lobos and Filipino composer Jeffrey Ching, and will showcase Brazilian soloists Fabio Presgrave on cello and Fabio Zanon on guitar, as well as Filipino soprano Stefanie Quintin-Avila.

Another milestone concert will be Butterfly Lovers Violin Concerto on Sept. 7, which will have violinist Monica Bacus and a Filipino children’s choir performing with the MSO. On Sept. 27, Dancing with Tchaikovsky will welcome cellist Damodar Das Castillo and guest conductor Alexander Vikulov to the concert, to bring to life Tchaikovsky’s Rococo Variations and the suite from the Sleeping Beauty ballet.

Closing the year will be The MSO 100th Anniversary Concert, to be held on Jan. 22, 2026. It is the only one with a different venue from the rest, as it will be held at the Samsung Performing Arts Theater in Circuit, Makati. The guests are pianist Muyu Liu and conductor Darrell Ang.

Through these concerts, the MSO hopes to raise funds for its attached organizations — the MSO Foundation, the MSO Music Academy, and the Manila Symphony Junior Orchestra.

The MSO will launch a commemorative book in 2026 chronicling the orchestra’s journey over 100 years. It will include contributions from its musicians and guest conductors.

Tickets for the upcoming concerts are available via TicketWorld. For more information, visit their social media pages. — Brontë H. Lacsamana

Meralco targets 2.1-GW supply contracts via CSP this year

PHILSTAR FILE PHOTO

MANILA Electric Co. (Meralco) will launch a series of competitive selection processes (CSPs) this year to secure over 2,100 megawatts (MW), or 2.1 gigawatts (GW), of capacity under its long-term supply procurement plan covering 2026 to 2046.

In a media briefing on Monday, Meralco Senior Vice-President and Head of Regulatory Management Jose Ronald V. Valles said the Department of Energy had approved the company’s 2025 power supply procurement plan (PSPP) in a letter dated April 11.

Following the approval, Meralco is set to initiate multiple CSPs beginning this month, in accordance with government policy requiring distribution utilities to procure power through transparent and least-cost mechanisms.

“We have an upcoming CSP for RE (renewable energy) baseload in April 2025 [for] 200 MW, and then we also have the 600 MW baseload for CSP scheduled in May 2025,” Mr. Valles said.

Under the 2025 PSPP, Meralco also intends to procure power supply with a capacity of 1.426-MW RE baseload in April, 450-MW mid-merit in May, and 900-MW baseload in September.

Baseload power plants are those facilities that can generate consistent electricity to meet daily demand, while mid-merit plants are those designed to operate during periods of intermediate power demand.

The PSPP was approved on the same day President Ferdinand R. Marcos, Jr. signed into law the franchise extension of Meralco, granting the utility 25 additional years of distribution authority.

The extended franchise allows Meralco to operate in Metro Manila, Bulacan, Cavite, Rizal, and select areas of Batangas, Laguna, Quezon, and Pampanga through 2053.

“The fresh franchise enables us to implement long-term energy infrastructure projects that will further improve the delivery of electricity to homes, businesses, and industries that fuel the country’s development,” said Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan.

“It also allows us to continue investing in the modernization and expansion of our distribution network — making it more resilient to climate-related disruptions — while introducing innovations that enhance efficiency and raise customer experience,” he added.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Converge Information and Communications Technology Solutions, Inc. to hold 2025 Annual Meeting of the Stockholders through remote communication on May 30

 

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

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

A community-centered approach to heritage preservation

NCCA launches National Heritage Month activities

TO KEEP Filipino traditions alive today, the National Commission for Culture and the Arts (NCCA) will focus on community-level capacity building in its lineup of events for National Heritage Month.

“We recognize that our heritage is not merely a reflection of the past, but also a living entity. It is timely and appropriate that this year’s celebration will place a stronger emphasis on training and capacity building across Luzon, Visayas, and Mindanao,” said Victorino M. Manalo, chairman of the NCCA, at an April 28 press conference in Manila.

He explained that, instead of putting up performances and showcases, they will spend the month providing access to “community-based training and resources, to equip individuals with skills and knowledge to conserve and promote cultural identity.

“We need this now more than ever, to address the current gaps we have in caring for our heritage,” he added.

May is National Heritage Month and this year the celebration will have the theme “Preserving Legacies, Building Futures: Empowering Communities Through Heritage.” It will tap the youth, indigenous groups, and local artisans.

The kick-off event will be held on May 1 and 2 in Dapitan City, Zamboanga del Norte, in partnership with the Jose Rizal Memorial State University.

Seminar workshops on library resource preservation, restoration, digitization, and digital preservation in the context of cultural heritage will be hosted by the National Library of the Philippines on May 7.

The Bicol Association of Museums Summit, which will be held on May 7 and 8, will gather members of the Bicol Association of Museums to discuss their conservation and promotion efforts within the region.

A forum on the vulnerabilities of ecclesiastical archives and cultural heritage will take place from May 20 to 22, led by the Society of Ecclesiastical Archivists of the Philippines. Topics to be tackled at the event include biodeterioration, climate change, and political conflict.

At the Eastern Visayas State University, there will be a two-day writeshop on translocal and transregional links in the history of Region 8 and the Visayas. It is scheduled for May 20 and 21.

On May 27 and 28, the NCCA will hold a training program for the preservation and conservation of heritage structures, with details to be announced.

Meanwhile, at the Mindanao State University in Marawi, a training session on basic archiving and digitization of records is slated for three days, from May 27 to 30.

The last event will be an archiving and collections management workshop for artists and art galleries at Estancia Mall, Pasig City, on May 31. However, the official closing program of National Heritage Month shall take place on May 27 and 28 in Sorsogon City.

“Through these events, local artisans, historians, and conservationists will mentor participants, ensuring knowledge is passed on,” said Bernan Joseph Corpus, NCCA’s deputy executive director for operations.

“Inevitably, this year’s National Heritage Month is more than a celebration, but rather a commitment to safeguarding our past while building a thriving future,” he added.

NCCA chair Mr. Manalo explained it best: “This year, wala kaming pakialam sa mga (we don’t care much for) dancing, celebrating. Basta train lang nang train (We will just keep training and training).

“Our focus this year is really community-centered skills-building.” — Brontë H. Lacsamana

No takers for Themis Group’s tender offer for Ferronoux shares

BENJAMIN CHILD-UNSPLASH

THE TENDER OFFER by investment firm Themis Group Corp. for the publicly held shares of listed shell company Ferronoux Holdings, Inc. drew no takers due to the higher market price, amid the former’s planned backdoor listing.

“There were no availments or tendered shares during the tender offer period,” Ferronoux said in a regulatory filing on Tuesday.

The non-availment in tender offer, as provided by the final tender offer report, was confirmed by China Bank Securities Corp.

The tender offer, priced at P2.22 per share for a total of P284.81 million, was conducted from March 19 to April 21 as part of Themis Group’s planned backdoor listing through Ferronoux.

Ferronoux shares rose by 2.18% or 13 centavos to P6.08 apiece on Tuesday.

In December last year, Ferronoux’s board approved a property-for-share swap with Eagle 1 Landholdings, Inc. and the issuance of 240 million shares to Themis Group, resulting in a change in control and facilitating a backdoor listing.

The property-for-share swap involves issuing up to 918 million common shares at P4.70 each to Eagle 1 in exchange for approximately 9.4 hectares of land adjacent to the Okada Manila integrated casino resort in Parañaque City.

Ferronoux also plans to conduct a follow-on offering within one year from completing the property-for-share swap.

“Acquisitions of shell companies for backdoor purposes are usually done at low valuations, so we don’t expect the tender offer price to be attractive to existing minority shareholders. These are usually just done for formality or for compliance with regulatory requirements,” AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message.

China Bank Capital Corp. Managing Director Juan Paolo E. Colet said the result is unsurprising since the market price is higher than the tender offer price.

“With the completion of the tender offer, the company can proceed with its corporate transformation and capital restructuring,” he said in a Viber message.

“I think a lot of public shareholders are also anticipating that the stock will move higher once the company unveils plans for its valuable parcels of land adjacent to Okada Manila,” he added. — Revin Mikhael D. Ochave

Arts & Culture (04/30/25)

Federico Aguilar Alcuaz exhibit at Fundacion Sansó

FUNDACION SANSÓ is currently holding the exhibit Federico Aguilar Alcuaz: Larger than Life, honoring the life and works of the National Artist for Visual Arts who is best known for his gestural paintings in acrylic and oil, as well as sketches in ink, watercolor, and pencil. The exhibit is part of the museum’s Continuation of Artists’ Estate program. Those who come to see the show can also see Sansó Abstracts: Through Light and Layer in the lower gallery. The non-figurative works are meant to subtly complement Mr. Alcuaz’s dynamic, high-contrast abstractions. Both exhibits are on view until May 10 at Fundacion Sansó, 32 V. Cruz St., Brgy. Sta. Lucia, San Juan.

Ayala Museum opens interactive Amorsolo show

THE Ayala Museum has opened Amorsolo Chroma, an interactive show that reintroduces Fernando Amorsolo, the country’s first National Artist, to a new generation through a contemporary experiential lens. Alongside Amorsolo’s iconic pastoral scenes and plein air landscapes, guests can try paint-by-color walls to color vision deficiency digital stations, and a Light Room exploring how color works in both art and technology. The exhibit is ongoing until Sept. 7, Tuesday to Sunday, 10 a.m. to 6 p.m. Book a visit online via ayalamuseum.org/visit. Walk-ins are welcome.

Bart Guingona presents Via Dolorosa

BART GUINGONA stars in the one-man show Via Dolorosa by David Hare. In 1997, the British playwright made a journey of discovery to Israel and Palestine, where he came to understand the roots of the conflict. Mr. Guingona takes the audience on the writer’s journey, treating him as a character, and presenting viewpoints on both sides of the story. Tickets cost P1,200. There are performances on May 2, 3, 4, 9, 10, and 11. For more information and tickets, go to http://for.jotform.com/251101706857050.

The Met: LIVE in HD screens Verdi’s Aida

THIS May, the Cultural Center of the Philippines’ (CCP) 10th iteration of “The Met: LIVE in HD” will explore the grandeur of Egypt through Giuseppe Verdi’s Aida. The screening of Tony-winner Michael Mayer’s interpretation of the opera will take place on May 6, 5:30 p.m., at Glorietta 4’s Cinema 1 in Makati City. The opera is set during a war between Ethiopia and Egypt, where a romance unfolds amid animated projections of faded scenery and historic monuments. Grammy-winner Angel Blue plays Aida while tenor Piotr Beczała is the valiant Radamès. Judit Kutasi embodies Aida’s rival, Princess Amneris. Music director Yannick Nézet-Séguin, 2025 Grammy-nominee for Best Opera Recording, takes the podium for Mayer’s staging of the gilded tombs of Egypt. Tickets to the screening are priced at P350. Students, seniors, and young professionals can avail themselves of a discounted price of P100 by presenting a valid ID. Tickets are available via Sureseats.

PHL unveils plans for Frankfurt book fair

THE Guest of Honour at the Frankfurter Buchmesse (FBM) 2025, the Philippines has announced its key initiatives, major programs, and activities for the event. One of these is the launch of German editions of Philippine books. The initial lineup of authors who are set to participate at FBM 2025 has also been announced. Karina Bolasco, who heads the literary program, selected the books. Twenty-seven books have been translated into German while many are set for release in 2025. The initial lineup of authors for the program at the Pavilion and National Stand at FBM will include National Artists: Virgilio S. Almario, Resil B. Mojares, Kidlat Tahimik, and Ricky Lee. Notable writers to be showcased are Jose Dalisay, Maria Ressa, and Patricia Evangelista, poets and novelists Luna Sicat Cleto, Luisa Igloria, Marjorie Evasco, and Merlie Alunan, children’s book writer Luis Gatmaitan, and leading graphic novelists Budjette Tan, Manix Abrera, and Mervin Malonzo.

CCP to revive Intramuros Evenings

TO promote the Filipino national identity, culture, and heritage, the Cultural Center of the Philippines (CCP) and the Intramuros Administration (IA) are collaborating to bring back Intramuros Evenings. In the late 1990s, Intramuros regularly presented cultural performances and curated the Intramuros Evenings, featuring some of the best Philippine artists and performing groups. The program will be brought back and will showcase CCP resident companies like the Philippine Philharmonic Orchestra, Ballet Philippines, and Tanghalang Pilipino.

Digital transformation in Philippine agribusiness: Lessons from Agro-digitalPH, Kita Agritech, and Benguet Agri-Pinoy

FARMERS and traders at the Benguet Trading Center. — BAPTC PMO

(Part 5)

Another very important aspect of the digitalization of Philippine agribusiness is that which applies to logistics and market access, especially as regards the millions of small farmers most of whom are below the poverty line. Digitalization in logistics is all about reducing costs, minimizing waste, and ensuring fair pricing for farmers, as stressed by Professor Ruel Maningas who chaired the session on Digitalization in Logistics and Market Access at the Forum on Digital Transformation, which examined the role of digital platforms, e-commerce, and supply chain innovations in improving market linkages and streamlining agricultural logistics.

Professor Maningas opened the session by making a distinction between digitalization, digitization, and digital transformation. First, digitalization in logistics and market access consists in leveraging technology to streamline the associated process, achieving real-time visibility, and including data-driven decision-making. Digitization, on the other hand, is more concerned with converting and recording data into a digital format. Finally, digital transformation is the integration of digital technology into the business process and operations. The ultimate goal of digital transformation is to deliver value to the customer.

The first speaker on the panel was Henry James Sison of Agro-digitalPH, a social enterprise working with smallholder farmers and fisherfolk. Mr. Sison opined that his organization was invited to the Forum to talk about logistics because in addition to being a digital platform, Agro-digitalPH has become a coordinator. It is like a ride-sharing application in that it facilitates its partner cooperatives and other associations to get their products to the market by partnering with larger cooperatives who have the trucks or the logistics to get their goods from point A to point B. Since cold storage is scarce in rural areas, delivery of the products of the small farmers has to be “just on time.” At a pre-determined time, the goods of the small farmers that are delivered come in at 4 a.m. and must reach their final destination by 10 a.m. The daily turnover is about 10 to 15 tons.

As a social enterprise, Agro-digitalPH aims at business sustainability, ploughing back most of the profits generated by its business to the community partners who get involved in logistics. Some of these partners are able to buy their own trucks which are used to deliver the vegetables whose prices are kept as low as possible in exchange for the use of the trucks, resulting in a good trade-off.

In some areas, local government units provide assistance by, among others, building cold storage facilities. It is important to point out that this model illustrates the importance of a partnership between social enterprises (or NGOs) and the LGUs in helping small farmers break out of poverty by addressing the problem of access to markets. As in the case of Mayani, it is access to market information and, as in other cases to be discussed further on, access to credit. As Mayani’s CEO JT Solis emphasized, “We think that the job of the government is really to provide an enabling environment for the private sector to thrive alongside civil society organizations and other sectors of society. In this case, whenever we do consultation, the ideal model is a harmonized consultation between the local government and the private business sector and the civil society organizations.” To many of these rural small holders, growers, and producers, Government means local government units (LGUs).

According to Mr. Solis, he recently led a team from his company to Leon, Batangas where they met for consultation with small farm holders. The group realized that the officials (Mayor, Vice-Mayor, and kagawad or deputies) are always present. The Government plays a very important role in harmonizing the activities of the various sectors. And, as mentioned above, resource sharing is facilitated if the LGU is able to work with the Department of Agriculture in the common use of trucks that experience downtime because of glut or oversupply.

Another model discussed during the Forum was that of Kita Agritech, represented by Marc Concio. Kita services some of the biggest hotels, restaurants, and retailers, one of which is the retailing giant SM Supermarkets that is at the same time a major investor. Realizing that there is a tendency in the supply chain for the small farmers to be “squeezed,” Kita Agritech decided to rethink its business model in order to promote the welfare of the small farmers. The following facts stood out:

1.) Very expensive financing. There are about 5 million small farmers in the Philippines and most of them are not able to have access to credit from banks and not even from fintechs. Most of them rely on informal lenders who charge 5% to 10% monthly interest. This presents a huge opportunity for more socially conscious lenders.

2.) Very expensive inputs. There are many layers of middlemen before such inputs as fertilizers, pesticides, seeds, etc. can reach the small farmers.

3.) Difficult access to market.

4.) Volatility in pricing.

“We took cognizance of the fact that farmers sell their produce at the trading post: characterized by a huge market where payment is on cash basis, without official receipts, and which is highly inefficient,” Mr. Concio said. “One way we tried to solve the problem was to digitize the Benguet Agri-Pinoy Trading Center, which is the largest trading post in the entire Philippines, servicing around 100,000 farmers in Benguet. Digitizing trading posts capture all the transactions and sales of each farmer at the trading post, through truck weighing scales and AI CCTVs.” Through these digital technologies, Mr. Concio reported, “We know in real time how much each farmer is selling at the trading post. For example, this farmer Juan de la Cruz sold P30,000 worth of carrots at exactly 7:30 a.m. We capture that data, and guess what? We share it with LANDBANK with whom we have a partnership. LANDBANK can now lend to the individual farmer at a low of 4% yearly interest. Previously, the same farmer borrowed at 120%. Just imagine the benefit to the farmer of this form of digitization.”

Another positive result of the partnership between Benguet Agri-Pinoy and LANDBANK is the more productive use of the loan proceeds. The sad reality is that whatever is lent directly to the farmer by the bank may not all be used for productive purposes. The farmer’s family is always under pressure to use the loan proceeds for urgent consumption needs. Through the partnership with LANDBANK, 80% of the loan proceeds are converted into credits in the platform of the enterprise. The farmer can have access to this platform only for funds that are directly used as agri-inputs. Another benefit is that the loans are based on guarantees on the bases of wholesale prices, which are much lower than retail prices.

This is accomplished through consolidation. For example: 100,000 farmers may be selling at the Benguet trading post. Benguet Agri-Pinoy consolidates all their agri-input requirements and buys these directly from the manufacturer or national distributor. The individual farmer then picks up his input requirement at the trading post. There are no logistics costs. There is no need to invest in warehousing, trucks, and other transport costs. The farmer picks up his required supplies after selling his fresh produce at the trading post. He uses his credits from LANDBANK.

As noted by Mr. Concio, theirs is the first attempt to digitize a trading post in Southeast Asia. Benguet Agri-Pinoy is now in talks with MasterCard to replicate their model in India. It is surprising that none of the trading posts are digitized in Japan, a world’s leader in IR 4.0. Mr. Concio is deservedly proud of the fact that their digitization of the Baguio trading post is the first of its kind in Southeast Asia. This lends support to the efforts of our IT people to advance as far as possible in the so-called Industrial Revolution 4.0, even if we still have to complete important stages of the first three Industrial Revolutions.

Unlike President Donald Trump and his advisers, we need not lament unnecessarily our lagging behind in manufacturing, as compared to our East Asian neighbors, as long as we are doing everything possible in our efforts at digital transformation, digitalization, and digitization of the various sectors of our economy, starting with agribusiness.

(To be continued.)

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Gaming profit, lower costs push Belle Corp. Q1 profit up 5% to P462M

PREMIUMLEISURECORP.COM

LISTED gaming and integrated resort developer Belle Corp. reported a 5% year-on-year increase in first-quarter net income to P462.39 million from P439.73 million, driven by lower operating costs and higher gaming revenue.

Consolidated revenue declined by 1% to P1.31 billion from P1.32 billion due to a 6% drop in real estate revenue to P739.7 million, Belle said in a regulatory filing on Tuesday.

Leasing income from the City of Dreams Manila integrated resort in Parañaque rose by 1% to P588 million, while revenue from real estate sales and property management at the Tagaytay Highlands complex fell by 28% to P151.7 million.

Belle leases the land occupied by City of Dreams Manila to Melco Resorts and Entertainment (Philippines) Corp.

Gaming revenue from subsidiary Premium Leisure Corp. (PLC) rose by 31.4% to P432.6 million. Lottery system provider Pacific Online System Corp., 50.1%-owned by PLC, generated P129.5 million in revenue from leasing online betting equipment to the Philippine Charity Sweepstakes Office.

Cost of lease income declined by 3% to P158.8 million on lower repair and maintenance expenses. Cost of real estate sold dropped by 13% to P52.7 million due to fewer units sold.

Cost of lottery services fell by 3% to P87.4 million, while cost of gaming operations edged up by 0.8% to P34.3 million. Property management service costs declined by 13% to P34.2 million on lower consumption.

Belle shares dropped by 1.36% or two centavos to P1.45 on Tuesday. — Revin Mikhael D. Ochave

T-bond yields inch up after jumbo 10-year issue

BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday even as its average rate inched up from the previous auction, with the recent issuance of 10-year benchmark notes affecting market liquidity and investor demand.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued seven-year bonds it auctioned off as total bids reached P55.222 billion or nearly twice the amount on offer.

This brought the total outstanding volume for the bond series to P291.7 billion, the Treasury said in a statement.

The bonds, which have a remaining life of five years and two months, were awarded at an average rate of 5.943%. Accepted bid yields ranged from 5.85% to 5.95%.

The average rate for the reissued papers increased by 3.5 basis points (bps) from the 5.908% fetched for the series’ last award on April 2. Still, this was 43.2 bps lower than the 6.375% coupon for the issue.

This was 2.2 bps above the 5.921% quoted for the five-year bond but 0.2 bp below the 5.945% seen for the same bond series at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the BTr.

The government fully awarded its T-bond offer as the average yield was lower than the prevailing BVAL rate for the series, the BTr said.

“The yield is within market expectations. Demand was decent enough for the BTr to consider awarding,” a trader said in a text message.

The awarded bids were at the higher end of the expected range following the government’s jumbo 10-year bond issuance, but still “fair enough” for both the Treasury and investors, the trader added.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said that the average yield of the issue went up from the previous award as the offering of new 10-year benchmark fixed-rate Treasury notes (FXTN) that closed last week siphoned off some liquidity from the financial system.

The government raised a total of P300 billion from its offering of new 10-year bonds, 10 times the initial P30-billion program, the BTr announced on Friday. The issuance was listed on the Philippine Dealing & Exchange Corp.’s fixed-income board on Monday.

The BTr borrowed an initial P135 billion from the bonds at the rate-setting auction on April 15 and held a public offer that ended on April 23. The notes fetched a coupon rate of 6.375%. Accepted bid yields ranged from 6% to 6.4%, resulting in an average rate of 6.286%.

The FXTN offer was held under a new issuance format targeting institutional investors like corporates, cooperatives, trust funds, retirement funds, and provident funds.

The BTr plans to raise P260 billion from the domestic market in May, or P100 billion via Treasury bills and P160 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy

Violinist Esther Abrami pays tribute to female composers in album Women

ESTHERABRAMI.COM

LONDON — French violinist Esther Abrami puts female composers in focus on her new album Women, paying tribute to their often-overlooked contributions to classical music.

From Oscar winners Rachel Portman and Anne Dudley to historical composers Ethel Smyth and Pauline Viardot, 14 women feature on the record, which will be released on Friday.

Abrami, a graduate of London’s Royal College of Music, describes her third album as “a collection of music and stories from women across the centuries, starting from the Middle Ages all the way up to today.”

“In 15 years of studying music, I didn’t play a single piece written by a woman,” she told Reuters.

“If I ask anyone who’s not into classical music to name me… one woman who composed classical music, they’re usually unable to. If I ask them to name one man who composed classical music, everybody can at least give you one name. So I think that’s kind of what inspired it, I want things to change.”

On the track list are arrangements of original compositions including “March of the Women” by Smyth, featuring the voice of fellow women’s suffrage activist Emmeline Pankhurst, as well as “Wiegala” by Jewish poet Ilse Weber, who composed songs for children while at the Theresienstadt camp during World War Two.

Weber died in the Auschwitz death camp but her husband, who had hidden her music before their deportation, retrieved it after the war.

“I chose pieces that touched me,” Abrami said. “(These women) are incredibly inspiring and I hope they can also inspire young girls to want to compose music themselves.”

Modern touches include Miley Cyrus’ hit “Flowers” and Abrami’s own composition “Transmission,” inspired by her grandmother who was also a violinist.

Abrami, who has a loyal social media following, has long championed the voice of women in classical music, interviewing various figures on her podcast Women in Classical.

“I think… it’s… refreshing to hear… different pieces of classical music, different composers,” she said.

“Even (for) me as a classical musician, when I thought I knew kind of everything about it… at least the main composers, to realize actually there’s a whole part of history that you don’t know yet. That’s super exciting.” — Reuters

The Balikatan: A demonstration of full-scale commitment to peace

PHILIPPINE STAR/WALTER BOLLOZOS

“Balikatan” means, literally, standing shoulder to shoulder. The annual bilateral defense drill has long symbolized the enduring alliance between the Philippines and the United States.

This year’s iteration of the Balikatan, the 40th, is imbued with an even greater significance. It takes place at a critical point where security no longer only refers to the defense of physical territory. Over time, there have emerged numerous other ways in which security can be threatened. This is also a time when many external factors threaten to challenge the two countries’ mutual commitment to each other and to peace.

Indeed, the Balikatan Exercises that began on April 21 this year stands out both in scale and in strategic importance.

According to the Armed Forces of the Philippines (AFP), this year’s Balikatan is the most comprehensive iteration of the annual bilateral exercise to date. It is a full-scale defense drill designed to enhance interoperability between the two nations’ militaries “under the most realistic and challenging conditions.”

Balikatan 2025 is unique for its multi-domain focus. It spans traditional air, land, sea, and space operations, featuring components such as Integrated Air and Missile Defense (IAMD), Maritime Strike (MARSTRIKE), and Counter Landing Live Fire Exercises (CLLF).

At the same time, it also tries to address emerging threats in the cyber and digital domains. According to the AFP, the exercises include Combined Joint All-Domain Operations (CJADO), These high-level drills are complemented by the Cyber Defense Exercise (CYDEX), a key initiative that brings together cyber units from both countries to enhance resilience and coordination in defending critical digital infrastructure.

What this year’s Balikatan represents is credible deterrence, a product of the Philippines’ ongoing military modernization that also enjoys the growing support of like-minded nations like the US.

The modernization of the military is an essential part of beefing up the Philippines’ defense capabilities. Thus, a range of military assets acquired through the Philippines’ ongoing modernization efforts are set to be tested during Balikatan 2025, including the C-Star cruise missile, the Philippine Navy’s most advanced anti-ship weapon.

These will be accompanied by a wide array of air assets.

There will also be a deployment of advanced military assets from the US, including the NMESIS coastal anti-ship missile platform. As stated by the US Ambassador to the Philippines MaryKay Carlson, the US is “committed to bolstering deterrence and there is no better way to do that than Balikatan. Through the additional deployment of NMESIS, the full battle test, and all domain capabilities training, our combined joint force is taking our alliance to the next level.”

Then again, when we say like-minded nations, we do not just refer to the US. Many other countries are taking part in the Balikatan as either active participants or observers. According to the Department of Foreign Affairs and the AFP, these countries include Japan, Australia, the United Kingdom, France, Canada, Germany, the Czech Republic, Poland, and Colombia.

For the first time, the Japan Maritime Self-Defense Force (JMSDF) is joining the Multilateral Maritime Event (MME), a positive development following the ratification of the Japan-Philippines Reciprocal Access Agreement.

In a statement, the Australian Government emphasized that the participation of around 260 members of the Australian Defense Force is a way of “improving interoperability with partner nations and strengthening defense cooperation.”

The United Kingdom, which had previously participated only as an observer, has now signified that its defense forces will actively take part in this year’s exercise.

MUTUAL DEFENSE TREATY
The Balikatan is rooted in the 1951 Mutual Defense Treaty between the US and the Philippines. Amid global events and factors that threaten peace, and despite numerous points of uncertainty, Balikatan 2025 affirms the alliance between the two countries, described by no less than US officials as “ironclad” on numerous occasions. Through expanded troop deployments, the introduction of cutting-edge military technology, and strengthened multilateral engagement, the exercises clearly demonstrate that the United States remains deeply committed to supporting the Philippines and upholding a free and open Indo-Pacific.

No doubt, the geopolitical landscape has become more complex. Today the Philippines is battling several simultaneous threats on different fronts, necessitating fast, decisive action as well as cooperation with like-minded nations. The West Philippine Sea, despite the favorable ruling of the Permanent Court of Arbitration in 2016, and despite the popular global acknowledgment as reflected in its entry in Google Maps, remains persistently challenged by audacious actors asserting their dubious claims.

Amid all these, the Balikatan sends a strong and unequivocal message: that credible deterrence is built on strong partnerships, modern capabilities, and collective resolve. By expanding the scale, scope, and participation of the exercises, the Philippines is not only reinforcing its alliance with the United States but also demonstrating its strategic importance in promoting regional security and safeguarding the rules-based international order.

The geopolitical challenges we are facing are daunting, but our alliances and partnerships with countries who share our values and their commitment to support us in pursuit of our common goal emboldens us to stand strong. The Balikatan has always been an important part of our defense and diplomacy, and now, more than ever, it assures us we are not alone in facing the threats that confront us.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

CIC targets 80 franchise centers by yearend

CONCEPCION.PH

LISTED Concepcion Industrial Corp. (CIC) plans to expand its Carrier Air Authority Center franchise network to at least 80 outlets by end-2025, from 35 currently, as it accelerates retail and after-sales channel development.

CIC operates through subsidiary Concepcion-Carrier Air Conditioning Co. (CCAC), which manages the franchise program launched in 2023 to expand regional access to air-conditioning products and services.

“We have 35 existing partnerships. For this year, the target is to increase that to at least 80,” said Carrier Air Authority Franchise Program Head Joanne Ramos during a media roundtable on April 25.

“Preferably, these will be outside Metro Manila and major cities because we are trying to change the buying habit. So if it is near a retail store, it defeats the purpose,” she added.

The franchise model allows entrepreneurs to open localized service centers offering end-to-end HVAC (heating, ventilation, and air conditioning) support — from unit sales to installation, maintenance, and the sale of genuine parts.

“The Carrier Air Authority Center reflects our broader mission at CIC to create meaningful opportunities that uplift Filipino communities,” said CIC Chairman and President Raul Joseph A. Concepcion.

“By empowering entrepreneurs to build sustainable businesses that address essential needs, we are not only contributing to national progress but also advancing our commitment to provide reliable Concepcion solutions to every home and business,” he added.

The program is positioned to capitalize on increasing demand for climate control solutions, particularly outside major urban centers.

CIC said it also supports small business development by enabling franchisees to generate multiple revenue streams.

Franchisees receive rights to use the Carrier brand and access a bundled package including operations manuals, technical and business training, marketing materials, launch support, business consulting, and localized promotional assistance.

“This robust support infrastructure enables motivated individuals, even those without prior extensive technical backgrounds, to establish and scale successful enterprises,” CIC said.

Future program enhancements may include maintenance contracts and commercial HVAC installations beyond the current residential focus.

CIC shares rose by 18 centavos, or 1.2%, to P15.18 apiece on Tuesday. — Justine Irish D. Tabile

1...108109110...12,700Page 109 of 12,700
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube