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Behind the 60 Minutes upheaval, a big merger seeking approval

SHARI REDSTONE wanted to know what 60 Minutes was going to say next about President Donald J. Trump.

The CBS newsmagazine aired two segments involving Mr. Trump on April 13 that angered the president, one on his plans to take over Greenland and another an interview with Ukraine President Volodymyr Zelensky that discussed US policy in the region. Mr. Trump immediately lashed out on social media, saying 60 Minutes should “pay a big price” for its frequent reporting on him, which he called “fraudulent.”

Following Mr. Trump’s post, Ms. Redstone, who is the chair of CBS’s parent company Paramount Global, had a conversation with CBS Chief Executive Officer George Cheeks to discuss 60 Minutes’ upcoming slate of stories about the president. Ms. Redstone indicated which ones she thought were fair and those that could be problematic, according to CBS employees Bloomberg spoke with.

60 Minutes didn’t change its plans based on her feedback, the employees said. The network aired a segment Sunday about Mr. Trump’s cuts to the National Institutes of Health. Still, Executive Producer Bill Owens announced to his staff last week that he’s leaving, citing corporate interference at the most-watched TV news program in the US.

The 37-year CBS News veteran said in a memo to staff that it had become clear he “would not be allowed to run the show as I have always run it. To make independent decisions based on what was right for 60 Minutes, right for the audience.”

Also on Sunday night, correspondent Scott Pelley closed out the show with an explanation for Mr. Owens’ departure. “Paramount began to supervise our content in new ways,” Pelley told viewers. “None of our stories has been blocked, but Bill felt he had lost the independence that honest journalism requires. No one here is happy about it.”

Mr. Owens’ exit is the culmination of months of conflict between Ms. Redstone and CBS’s news division, during which the billionaire publicly criticized its decision-making and privately pushed for leadership changes, according to interviews with almost a dozen current and former Paramount employees, most of whom asked to not be identified discussing internal company business. Ms. Redstone, Mr. Owens, and Mr. Cheeks all declined to comment. Semafor reported earlier some details about Ms. Redstone’s request to hear about upcoming stories.

Ms. Redstone’s frustrations with the news division began with its coverage of Israel, a subject dear to her heart, and mounted as its reporting on the president jeopardized an $8 billion deal.

Mr. Trump sued CBS last year over the way it edited an interview 60 Minutes conducted with Kamala Harris, a complaint the network has said is without merit. Paramount is also waiting for the Federal Communications Commission to approve its merger with Skydance Media, a deal that includes a $2.4 billion payment for the Redstone family’s holding company. FCC Chairman Brendan Carr, who was appointed to that position by Mr. Trump, has been a staunch ally of the president.

Though the FCC review is officially unrelated to Mr. Trump’s complaint, many at the company believe approval is contingent upon a settlement, current and former executives said.

While the merger hangs in limbo, Ms. Redstone’s final months as a media mogul are engulfed in controversy, as the Boston-bred lawyer is caught between a defiant news division and a president who has sought to punish media companies he sees as disagreeing with him. Many journalists at CBS say they are worried that their corporate overlords are impinging upon their independence to get the deal approved.

“Bill’s departure is a real gut punch,” said Rome Hartman, a producer on 60 Minutes. “We all hope that the sacrifice that he’s making will convince the corporate bosses that the kind of oversight and meddling that they were trying to get Bill to accept is unacceptable.”

CBS News has long been a crown jewel for its owners, a legendary news division that’s been home to Walter Cronkite and Edward R. Murrow. While CBS trails NBC and ABC in the morning and evening audience ratings, 60 Minutes is the steward of that legacy. The show’s mix of awarding-winning journalism and celebrity interviews has delivered 8.4 million viewers a night during the 2024-2025 TV season, making it the third most-watched non-sports broadcast on TV. Bloomberg News competes with CBS in Washington and on business coverage.

Owning a news division can also be a headache. News operations can anger politicians and rack up legal bills. Ms. Redstone’s concerns first started to mount after a segment on CBS’s morning show last year.

On Sept. 30, CBS This Morning aired an interview with author Ta-Nehisi Coates about his new book, The Message, in which he expressed sympathy for Palestinians. Host Tony Dokoupil challenged Coates, saying the book sounded like it was written by an extremist. In response to many upset staffers, CBS News executives said the interview didn’t meet its editorial standards and reprimanded Dokoupil.

Ms. Redstone disagreed with the decision. “They made a mistake here,” she said during an Oct. 9 appearance at a media industry conference in New York. “I think we all agree that this was not handled correctly.”

Ms. Redstone, who is Jewish, has been heavily involved in causes related to Israel. She has devoted an increasing amount of her time to combating anti-Semitism since Hamas attacked Israel in October 2023, and has even told friends it’s one of the reasons she was ready to give up her family’s media empire, according to people close to her.

Her frustration with CBS News increased in January when 60 Minutes ran a piece about State Department officials who resigned over the US government’s support for Israel in the Gaza war. Ms. Redstone expressed her displeasure to Mr. Cheeks, and began suggesting the company make changes at 60 Minutes.

The day after that piece aired, CBS announced that Susan Zirinsky, the former head of the news division, would return to oversee standards. In a memo to staff, Mr. Cheeks said her mission was to ensure “balanced, accurate, fair and timely reporting, including highly complex, sensitive issues like the war in the Middle East,” Variety reported.

The appointment irked Mr. Owens, according to people who work for the company. 60 Minutes has long operated with a degree of independence that is rare in journalism. Though technically part of CBS News, the show sees itself as a separate entity. The producers often ignore requests and dictates from their corporate overlords, creating tension between the show and the rest of the division. Ms. Zirinsky added a level of scrutiny that hadn’t existed before.

She and Mr. Owens also had a history, having both worked at CBS News for decades. Ms. Zirinsky had been a top contender for the job of leading 60 Minutes, ultimately losing out to Mr. Owens. Ms. Zirinsky didn’t respond to a request for comment.

Ms. Zirinsky’s appointment, which Ms. Redstone supported, was in the works before the State Department piece ran, the people said. It allowed Ms. Redstone to deflect any questions about her intervention in newsgathering. Ms. Redstone officially kept her distance from the news division, channeling any frustration through Mr. Cheeks, who is expected to have a role at the new company. Mr. Cheeks and Mr. Owens, once friendly, all but stopped speaking to one another.

60 Minutes kept reporting on Mr. Trump, examining changes at the Justice Department and the dismantling of the US Agency for International Development. Most of them were narrated by Pelley, a longtime Owens collaborator and ally.

Despite Mr. Trump’s lawsuit against CBS, Ms. Redstone and executives at Skydance still assumed their deal would close by the end of March or early April, the people said. There were no antitrust concerns and the new entity would be controlled by Larry Ellison, a major Trump supporter, and his son David.

Throughout the end of 2024 and start of 2025, executives at Skydance met with all the top leaders at Paramount to introduce themselves and hear their perspective. Skydance executives have sketched out the leadership team of the new company, but made no official announcements or decisions while the deal is pending.

Former NBC leader Jeff Shell, who is expected to be the president of the combined company, met once with Mr. Owens, who came away heartened that Skydance was supportive of 60 Minutes.

Yet as weeks ticked by, the Paramount-Skydance deal seemed no closer to approval. It became clear to leaders at both companies that the FCC wouldn’t bless the deal until CBS had settled its suit with Mr. Trump. The FCC called upon CBS to release the full transcript of its interview with Harris, which Mr. Trump argued had been edited deceptively to help her win the election.

Mr. Owens initially refused, not wanting to kowtow to the president. Other media companies, such as Walt Disney Co. and Meta Platforms Inc., had paid Mr. Trump millions of dollars to settle lawsuits, and yet Mr. Trump still criticized both companies.

“It was edited not to make her look good or make her look bad,” said Hartman, the 60 Minutes producer. “It was edited for brevity and clarity because we couldn’t run the raw interview. We didn’t have time.”

Executives at both Paramount and Skydance believed CBS should release the transcript of the Harris interview to prove they had nothing to hide. While many felt that 60 Minutes didn’t commit any mistakes grave enough to merit a lawsuit, some inside the company thought the piece shouldn’t have been edited the way it had been, according to several current employees.

Mr. Owens released the transcript in February, but that did little to calm Mr. Trump or the FCC. As Mr. Owens began to weigh the situation, his future at CBS looked uncertain. Ellison was going to make changes in the news division, assuming the deal goes through. And if the Trump fight tanked the deal, Ms. Redstone would blame 60 Minutes, some of the people said.

Mr. Owens gathered his staff in a conference room last week to inform them of his departure. CBS News chief Wendy McMahon spoke, as did correspondents Lesley Stahl and Pelley, with the latter brought to tears. Anderson Cooper, a 60 Minutes contributor, appeared on Zoom from Rome, where he was reporting for CNN. Multiple attendees described the meeting as emotional.

Mr. Owens didn’t officially resign in protest. He and Paramount mutually agreed to part ways – a settlement that will pay him out for the rest of his contract. He hasn’t spoken to the press, though the audio of his meeting was leaked – as was his parting memo. Mr. Owens is still roving the hallways, although sitting out on screenings of upcoming segments.

Executives at Paramount and CBS are aiming to settle the suit with Mr. Trump as soon as possible. Both sides have agreed to mediation. News staffers and media watchdogs are keeping a close eye out for the terms, which may include contributing money to a Trump library and apologizing for the Harris edits, some of the people said.

The Center for American Rights, a nonprofit, public-interest law firm, has filed a complaint with the FCC alleging news distortion at CBS. The group recommends that the commission condition the Skydance merger approval on the addition of an independent ombudsman to field consumer complaints of bias.

All of those concessions are possible if Ms. Redstone wants to get the merger approved, the people said. — Bloomberg

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

 

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Keppel Philippines eyes voluntary delisting by June 24

KEPPELPH.COM

INVESTMENT company Keppel Philippines Holdings, Inc. (KPH) is targeting voluntary delisting from the Philippine Stock Exchange (PSE) by June 24 after stockholders approved the move.

“The company requests that the voluntary delisting be effected by June 24, 2025,” KPH said in a regulatory filing on Monday. 

The voluntary delisting received stockholders’ approval on April 24. The petition for voluntary delisting was submitted to the PSE on April 25.

In February, KPH announced the delisting, with Kepwealth, Inc. intending to make a tender offer for all of the company’s outstanding common shares.

The tender offer, priced at P27.40 per share, will run from April 28 to May 27. The settlement date is on June 10.

Kepwealth currently owns 89.86% of KPH’s total issued and outstanding capital stock. The PSE requires that at least 95% of total issued and outstanding common shares be obtained before delisting.

Incorporated in July 1975, KPH was originally established to carry out ship repair and shipbuilding activities in the Philippines. The company was listed on the Makati and Manila Stock Exchanges in 1987. 

KPH transitioned into an investment holding company in 1993. 

On Monday, KPH “A” shares rose by 3.36% or 85 centavos to P26.15 per share, while KPH “B” stocks were last traded on April 8 at P25.85 per share. The trading of the company’s shares was temporarily suspended for an hour following the disclosure. — Revin Mikhael D. Ochave

Gov’t fully awards T-bills at mostly steady rates

RJ JOQUICO-UNSPLASH

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday at mostly steady rates amid strong demand for short-term debt.

The Bureau of the Treasury (BTr) raised P25 billion as planned from the T-bills it auctioned off on Monday as total bids reached P80.265 billion or more than thrice the amount on offer. This was also higher than the P73.913 billion in tenders recorded on April 22.

Broken down, the Treasury borrowed the programmed P8 billion via the 91-day T-bills on Monday as tenders for the tenor reached P22.025 billion. The three-month paper was quoted at an average rate of 5.546%, steady from the previous auction. Tenders accepted by the BTr carried yields of 5.494% to 5.608%.

The government likewise made a full P8-billion award of the 182-day securities as bids for the paper amounted to P29.21 billion. The average rate of the six-month T-bill was at 5.655%, 2 basis points (bps) higher than the 5.675% fetched last week, with accepted rates ranging from 5.6% to 5.684%.

Lastly, the Treasury raised P9 billion as planned via the 364-day debt papers as demand for the tenor totaled P29.03 billion. The average rate of the one-year T-bill inched down by 0.3 bp to 5.688% from 5.691% previously, with bids accepted having yields of 5.684% to 5.7%.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.4558%, 5.6089%, and 5.7362%, respectively, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the Treasury.

T-bill yields were mostly unchanged on Monday on market expectations of further rate cuts from the Bangko Sentral ng Pilipinas (BSP) this year, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Monetary Board this month cut benchmark interest rates by 25 bps to bring the policy rate to 5.5%, putting its easing cycle back on track after an unexpected pause in February.

The central bank has now slashed borrowing costs by a cumulative 100 bps since it kicked off its rate-cut cycle in August last year.

BSP Governor Eli M. Remolona, Jr. has said that they are considering further reductions this year in “baby steps” or increments of 25 bps. The Monetary Board’s next policy review is scheduled for June 19.

“Strong demand was seen, which is quite expected following the strong 10-year auction,” a trader added in a text message.

The government raised a total of P300 billion via its offering of new 10-year benchmark fixed-rate Treasury notes (FXTN), 10 times the initial P30-billion program, the BTr announced on Friday.

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 issue was listed on the Philippine Dealing & Exchange Corp.’s fixed-income board on Monday.

Mr. Ricafort added that improved market sentiment amid hopes for easing global trade tensions also led to the steady T-bill rates on Monday.

Monday’s T-bill auction was the last one for the month. The BTr raised a total of P466.46 billion from the domestic market in April, higher than the P215-billion borrowing program for the month following the 10-year FXTN issuance.

On Tuesday, the BTr will offer P30 billion in reissued seven-year Treasury bonds (T-bonds) with a remaining life of five years and two months.

The Treasury plans to raise P260 billion from the domestic market in May, or P100 billion via T-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

Entertainment News (04/29/25)

2 Nora Aunor films released in theaters

TO HONOR the memory of the late National Artist for Film and Broadcast Arts Nora Aunor, two of her highly regarded movies are having a theatrical release. Mario O’Hara’s 1976 wartime drama Tatlong Taong Walang Diyos and 1987 family drama Tatlong Ina, Isang Anak are back on the big screen thanks to the ABS-CBN Film Restoration Project (Sagip Pelikula). The films’ brief return to cinemas serves “as a special tribute to Ms. Aunor, whose life and work has left an indelible mark on Philippine arts and culture,” the company said in a statement. Both films were rated PG (parental guidance) by the Movie and Television Review Classification Board.

Music festivals in Boracay, Coron, and Samal

THREE island parties — Love Boracay, Love Coron, and Love Samal — will be held at various Discovery Resorts this year. Kicking the series off is what was previously known as Laboracay, now newly minted as Love Boracay, which will take place from May 1 to 3 at the Sand Bar, Clubhouse Deck, and 360 Roof Lounge of Discovery Boracay, with various DJs performing on all three nights. On May 1, Discovery Coron will hold Love Coron, with DJ Carlo taking over the Clubhouse Deck from 4 to 6 p.m. The resort will offer a buffet dinner at the Firefish Restaurant from 6:30 to 9:30 p.m. for P1,800 per person. Finally, Discovery Samal will hold its Love Samal event on May 3 from 6 p.m. to 1 a.m. Event access costs P1,888 per person, inclusive of unlimited cocktails, a serving of bar chow, and boat transfers from the resort’s Davao Welcome Center. At P3,500, access also includes a full dinner buffet station, while an overnight stay with event access costs P15,010 per room per night, inclusive of breakfast for two persons. Booking period is until April 30.

Spotify, The Pod Network launch PHL podcast studio

THE Pod Network and global audio platform Spotify have launched a co-branded state-of-the-art studio designed to further support the growth of podcasting in the country. Located in Mandaluyong City, the studio is designed to create a space for local creators to launch high-quality video and audio podcasts, in addition to its regular on-platform programming on Spotify. The facility is equipped with three professional-grade recording studios, complete video podcast setups with multi-camera options, dedicated event and community activation areas, and integrated data and production workflows, strategically established to cater to the evolving needs of both seasoned and emerging podcasters and creators, while also offering advertisers a premium, brand-safe environment for immersive content experiences. Since 2019, Spotify has been home to The Pod Network’s chart-topping shows like The KoolPals, Lecheng Pag-ibig ‘To with Sam YG and DJ Chacha, and Book of Bad Ideas — each drawing in millions of monthly listeners. Its other popular podcast shows include Paano Kung… with Joelle, Intellectwalwal with Victor Anastacio, and Kwentong Callroom Podcast. The Pod Network says it is open for creator bookings, brand campaigns, and collaborative projects. For more information, visit www.thepodnetwork.com or their Facebook page.

SB19 drops music videos for 2 singles off new EP

FANS of P-pop can now watch the official music videos for two of Filipino boy group SB19’s latest singles, “DUNGKA!” and “Time.” Made under Sony Music Entertainment and 1Z Entertainment, both tracks are part of their newly released third EP, Simula at Wakas. The “DUNGKA!” music video was helmed by Kerbs Balagtas of YouMeUs MNL, with the goal of reflecting the chaotic but vibrant world of urban Manila by showcasing the beauty of everyday life on the street. It features a huge roster of guest stars: Mimiyuuuh, Maymay Entrata, Alodia Gosiengfiao, Sassa Gurl, Jayat, Kween Yasmin, Malupiton, Ghost Wrecker, Shehyee, Smugglaz, Pat Lasaten, Agnes Reoma, and Vice Ganda. Meanwhile, the music video of “Time” was created under the direction of 1032 Lab, with a narrative focusing on the importance of cherishing meaningful moments with loved ones.

James Arthur releases new album

ENGLISH singer-songwriter James Arthur is back with his most personal album, PISCES, out now on all digital music streaming platforms. The album aims to showcase a more experimental, atmospheric sound while staying true to Mr. Arthur’s signature vulnerability and emotional depth. Majority of the songs were co-written with Mr. Arthur’s long-time collaborator Steve Solomon.

Kapuso Bigtime Panalo returns

FOR GMA Network’s 75th anniversary, it is bringing back the nationwide promo Kapuso Bigtime Panalo, this time with over P11 million worth of prizes, including seven grand prize winners receiving P1 million each. Sari-sari store owners and buyers nationwide can join starting May 3. Another prize is a P50,000 Pangkabuhayan Package from Puregold. Interested participants must purchase any of the seven participating products — Palmolive Naturals, Nescafé Mixes, Bear Brand Fortified Powdered Milk Drink, Colgate Maximum Cavity Protection, Aji-Ginisa Flavor Seasoning Mix, Nestea Apple Iced Tea, or Lady’s Choice — to join, They must deposit an envelope containing their proof of purchase with their details in one of over 1,000 designated drop boxes located nationwide in Mercury Drug branches, Puregold outlets, and GMA Network TV and Radio Stations. Kapuso Bigtime Panalo 3 runs from May 3 to July 11. For the complete promo mechanics, visit and follow GMA’s social media accounts.

Jessie J releases 2 new tracks

AWARD-winning British musician Jessie J is back with a new track titled “No Secrets,” her first release in four years. It will be followed by the single “Living My Best Life,” produced by Ryan Tedder, which will be out on May 16. Her new songs aim to be deeply personal, open invitations into the highs and lows of her life over the past few years. Produced by Los Hendrix and Jesse Boykins III, the first track, “No Secrets,” embraces an alt-R&B sound.

Four blockbuster movies on Max this May

FILLING the streaming service Max (previously HBO Go) this summer are four blockbuster movies. First, Piece by Piece will premiere on May 3, telling the life story of singer-songwriter and record producer Pharrell Williams through LEGO animation. Next up is the 2023 crime drama The Bikeriders starring Jodie Comer, Austin Butler, and Tom Hardy, which will make its premiere on the platform on May 10. The historical epic Gladiator II will stream starting May 17, while the Oscar-nominated movie musical Wicked arrives on Max on May 31.

Indie pop artist Fatigued launches debut album

THE album Negative Tide, the first by Filipino indie pop musician Emilio Gonzales, known as Fatigued, has been released on digital music streaming platforms. His music, evoking growing pains, blends pleasant pop sensibilities with gritty yet radio-friendly indie. An album launch for Negative Tide will be held on May 10 at Mow’s, Matalino St., Quezon City. Alongside Fatigued himself, other local indie acts like Eggboy, Cheeky Things, Halina, and Austri will be performing.

Alden Richards to host reality dance show

ALDEN RICHARDS will be taking center stage as the host of GMA’s upcoming Filipino reality dance competition, Stars On The Floor. The show will feature various dance styles: hiphop, ballroom, jazz, swing, disco, contemporary, and more. Each week, dance duos composed of a celebrity and a digital dance star together with their team choreographer, will take on challenges that push their limits and test their creativity, teamwork, and passion. The premiere date of the show, and the identities of the Dance Authority panel, have yet to be revealed.

Rich Brian drops new single, music video

INDONESIAN rapper Rich Brian has released a new single titled “Butterfly,” accompanied by a music video. It is part of his forthcoming third studio album WHERE IS MY HEAD?, set for release on May 23. The self-produced single centers on the emotional chaos of a toxic relationship. The video, directed by Jared Hogan, sees Mr. Brian as a maestro conducting his half-human, half-animal ensemble.

Finding convergence in tourism: The path to economic prosperity begins at our beautiful destinations

PHILIPPINE STAR/RYAN BALDEMOR

For the past two decades, the Philippine economy has rested on two key pillars of foreign exchange earnings, helping to sustain its reserve position and stabilize the peso. These twin pillars — overseas Filipino worker (OFW) remittances and business process outsourcing (BPO) revenues — have provided crucial inflows that cushion the country against external shocks and trade imbalances.

The first leg, remittances from OFWs, has long been the backbone of the Philippine economy, contributing nearly $37 billion in 2022 alone. These funds help drive domestic consumption and provide a stable source of foreign currency. However, this model faces growing vulnerabilities. Developed nations that once welcomed migrant labor are reassessing immigration policies, becoming more restrictive. Meanwhile, the soaring cost of living in host nations limits the disposable income OFWs can send home.

The second pillar, the BPO industry, has been a crucial engine of growth, employing over 1.4 million Filipinos and generating roughly $30 billion in annual revenues. Yet, this sector may be facing a steep challenge. Advances in artificial intelligence (AI) and automation threaten to displace jobs, particularly in voice-based services, which have traditionally been the Philippines’ competitive advantage. Global companies are increasingly integrating AI-driven chatbots, virtual assistants, and process automation tools that reduce reliance on offshore human talent. Additionally, emerging BPO destinations, such as India, Poland, Vietnam, and others, continue to erode the Philippines’ dominance in the sector. Unless the Filipino BPO industry upskills and moves up the value chain, its economic contribution may diminish sooner than we think.

The Philippines has long been in search of a viable third leg. While the country is rightfully exploring ways to strengthen the manufacturing sector as a long-term economic driver, this will take time to gain momentum. Tourism represents a low-hanging fruit — a high-value industry that can generate substantial revenue in the short to medium term while sophisticated and investment-heavy industrialization efforts take root.

Currently, tourism still pales in comparison to the other two in terms of foreign exchange earnings. In 2019, before the COVID-19 pandemic, tourism generated only $9.3 billion in foreign exchange receipts, far below the contributions of OFW remittances and BPO. However, unlike the other two pillars, tourism presents an opportunity for more widespread and inclusive growth. It is an industry that cannot be outsourced or automated and, if properly developed, could be a sustainable driver of economic resilience.

THE CASE FOR TOURISM: A RIPE OPPORTUNITY
In 2019, tourism directly contributed 12.7% to Philippine GDP (and a little more than 21% if indirect effects are considered). By 2023, the sector had begun to recover, accounting for 8.6% of GDP. In 2024, the Department of Tourism said the industry generated $13.26 billion in revenue, and employed 6.2 million people directly, and 16.4 million if indirect jobs are considered. There is still tremendous upside, for several reasons:

• High Value-Added Industry – Unlike semiconductor manufacturing, which contributes less than 11% of the country’s total manufacturing gross value-added (GVA), tourism has the potential to generate more value addition within local economies. Every dollar spent by a tourist circulates across multiple sectors — hotels, restaurants, transportation, retail, and entertainment.

• Rural Engines for Growth – Tourism is uniquely positioned to create more inclusive growth opportunities in less developed, rural areas, unlike manufacturing, which tends to concentrate in industrial zones.

• Development of Untapped Destinations – With the right investment, areas currently lacking commercial activity can become self-sustaining tourist markets.

• Strong Multiplier Effect – Every peso spent in tourism generates additional demand in supporting industries, such as agriculture, construction, transportation, and creative services. A United Nations Economic and Social Commission for Asia and the Pacific study found that tourism has an output multiplier of 1.692, meaning an additional 0.692 pesos is generated in the economy through indirect and induced effects. The same study found that the income multiplier for tourism is 0.792, indicating that nearly 79.2 centavos of additional income is generated for every peso of tourist expenditure. This is higher than the income multipliers for other sectors, like investment (0.708) and exports (0.702). Tourism has a significant employment multiplier of 25.3 jobs per P1 million of tourist expenditure, highlighting its ability to create jobs not only directly in the sector but also indirectly in related industries.

• Domestic Market Potential – While international tourism brings foreign exchange, the industry can also thrive on domestic tourists, ensuring a steady revenue stream even during global downturns.

• Synergy with the Creative Economy – The creative economy — encompassing media, arts, culture — is a natural partner of the tourism economy. Both generate a great amount of value with the least amount of capital, leveraging the abundant talent of our people.

• A Virtuous Growth Engine – Tourism stimulates demand for locally sourced food, handicrafts, transport, and services, creating a self-reinforcing cycle of job creation and enterprise development.

If the Philippines can increase tourist arrivals from the 5.9 million recorded in 2024 to say, 15 million arrivals, and assuming each tourist continues to spend the $2,073 per capita, the tourism industry could generate $31 billion annually — at par with the remittance and BPO sectors. This would cement tourism as a third pillar of foreign exchange inflows and a major contributor to economic resilience.

A GOVERNMENT-WIDE CONVERGENCE STRATEGY
The underperformance of Philippine tourism is not due to a lack of attractions. The real challenge lies in fragmented governance, inadequate infrastructure, and an absence of a proactive, unified policy approach. The solution is to treat tourism as a national convergence project — a holistic, whole-of-government effort encompassing all government agencies, aligning their initiatives around tourism as the key performance indicator (KPI).

To achieve this, various agencies must converge and integrate their policies into a unified tourism-driven framework. Examples envisioned could take the following forms, which is illustrative and by no means an exhaustive list:

• Technical Education and Skills Development Authority (better known as TESDA) – Focus on skills training for hospitality, culinary arts, wellness services (barbers, salons, massage therapists), and tourism-related professions.

• Department of Trade and Industry – Promote small- and medium-sized enterprises in tourism-related industries, such as restaurants, hotels, and souvenir manufacturing. Encourage businesses to source food and supplies from local farmers and artisans.

• Maharlika Investment Fund – Prioritize investments in tourism-related enterprises and infrastructure.

• Department of Public Works and Highways – Ensure road connectivity from airports to tourist destinations and between key tourism hubs.

• Department of Transportation – Lead the rehabilitation of old airports and the construction of new ones to improve accessibility.

• Department of the Interior and Local Government – Make tourism a KPI for local governments. Strengthen tourist police stations to ensure visitor safety.

• Department of Health – Develop the medical tourism subsector, capitalizing on the country’s skilled healthcare workforce.

• Department of Education and the Commission on Higher Education – Enhance education programs to produce well-trained professionals in hospitality, tourism, and healthcare.

• Department of Foreign Affairs – Streamline visa processing, adopting best practices from Thailand and Indonesia to introduce visas on arrival and e-visas.

• Department of Information and Communications Technology – Strengthen the digital environment to ensure a seamless experience for tourists from arrival to departure.

• Department of Finance – Establish quick VAT refund centers at major airports to enhance tourist spending.

• National Commission for Culture and Arts – Develop and promote cultural festivals, performances, and local artistic industries.

By integrating all these efforts into a singular strategy, tourism can evolve into an economic powerhouse, stimulating multiple industries and benefiting all regions of the country.

TOURISM AS THE HUB FOR INCLUSIVE GROWTH
Tourism is not a stand-alone industry — it can serve as a hub of activity, the second order effects of which can stimulate other sectors, like agriculture, manufacturing, real estate, energy, culture, and transportation. Unlike manufacturing or BPO, which primarily benefit specific regions or workforce segments, tourism’s impact is broad, cross-sectoral, and can ripple out beyond special economic zones and urban business districts.

Local governments can maximize this opportunity by designating key tourist destinations as economic hubs, where policies encourage the growth of complementary industries. If a particular location is identified as a high-potential tourism destination, the surrounding economy should be structured to support it — local farms supplying fresh produce to restaurants, artisans producing souvenirs, training programs creating a skilled workforce, and sustainable energy sources ensuring responsible tourism.

A tourism-driven economy is more than just a strategy for attracting visitors — it is a pathway to inclusive prosperity. By structuring national and local policies around tourism as the primary growth driver, the Philippines can create self-reinforcing cycles of investment, employment, and infrastructure development. Well-developed tourist destinations will serve as economic hubs, supporting local businesses, creative industries, and community livelihoods.

The path to economic prosperity begins at our beautiful destinations. Let’s get going.

 

Cesar V. Purisima is a former governor of the Management Association of the Philippines or MAP, former secretary of Finance, and former secretary of Trade and Industry. He is a senior global fellow at Milken Institute. He is also a founding partner at Ikhlas Capital, a pan-ASEAN private equity growth platform.

map@map.org.ph

Pryce’s profit rises 48.8% to P1.06 billion in Q1

PRYCE CORP. reported a 48.8% increase in its net income for the first quarter, reaching P1.06 billion, driven by growth in its liquefied petroleum gas (LPG) retail sales volume in Visayas and Mindanao.

Revenues climbed by 14.24% to P5.36 billion, up from last year’s P4.69 billion, the company said in a media release on Monday.

LPG revenues remained the largest contributor, accounting for 93.03% of total revenues.

The company’s industrial gas sales volume increased by 66.2%, reaching 712,149 equivalent standard cylinders, compared to last year’s 428,617 equivalent standard cylinders.

“This growth is due to the company’s aggressive marketing of its oxygen products following the start of operations of its Liquid Oxygen Facility (LOF) in Cagayan de Oro City,” Pryce said.

The company expects its industrial gas business to contribute P400 million to P600 million to its annual net income over the next two to three years, provided that sales “reach 90% to 95% of the LOF’s capacity.”

Earnings from operations climbed by 3.75%, reaching P889.01 million, compared to the previous year’s P856.88 million.

Operating expenses declined by 1.6% due to the “turnover of selected sales centers to the dealers, thus saving the company rent, fuel, and maintenance expenses.”

Pryce was initially established as a property holding and real estate development company, involved in the development of memorial parks and the sale of memorial lots.

Pryce Gases, Inc., the company’s major subsidiary, is engaged in the importation and distribution of LPG and also produces and sells industrial gases. Another subsidiary, Pryce Pharmaceutical, Inc., is a wholesaler and distributor of private-branded multivitamins and some over-the-counter generic drugs.

At the local bourse on Monday, shares in the company closed unchanged at P10 each. — Sheldeen Joy Talavera

Cyndi Lauper, Chubby Checker chosen for Rock & Roll Hall of Fame

CYNDILAUPER.COM

LOS ANGELES — “The Twist” singer Chubby Checker, pop star Cyndi Lauper, and grunge rock band Soundgarden were among the acts chosen for induction this year into the Rock & Roll Hall of Fame.

American Idol host Ryan Seacrest announced the 2025 inductees during the ABC singing competition show on Sunday.

Others selected for the Rock Hall in Cleveland included English rock group Bad Company, hip-hop act Outkast, rock and blues singer Joe Cocker, and garage rock duo The White Stripes.

The artists will be inducted during a ceremony that will stream live on Disney+ from Los Angeles on Nov. 8.

Inductees were chosen by fans and industry experts. Artists must have released their first recording at least 25 years ago to be eligible.

A singer and dancer, the now 83-year-old Mr. Checker was known for popularizing various dance styles including the twist and the limbo in the 1960s.

Bad Company came together in 1973 and recorded hits such as “Feel Like Makin’ Love” and the self-titled “Bad Company.”

British singer Mr. Cocker made the music charts with songs such as “You are So Beautiful” and “Up Where We Belong” with Jennifer Warnes, and was known for his legendary cover of The Beatles’ “With a Little Help from My Friends” performed at Woodstock.

Ms. Lauper, 71, stood out in the 1980s during the heyday of music videos with her colorful hair and outfits and upbeat songs such as “Girls Just Wanna Have Fun.”

Soundgarden, part of the 1990s grunge rock scene in Seattle, was led by Chris Cornell, who died by suicide in 2017.

“Hey Ya!” band Outkast was formed in Atlanta by Big Boi and Andre 3000 in 1992. The White Stripes, from Detroit, led a resurgence of garage rock in the 2000s. — Reuters

BPI looks to raise P5 billion from sustainability bond offer

BANK of the Philippine Islands (BPI) is looking to raise at least P5 billion from an offering of fixed-rate sustainability bonds in May.

The listed bank plans to offer and issue P5 billion in 1.5-year BPI Supporting Inclusion, Nature, and Growth or SINAG Bonds, it said in a disclosure to the stock exchange on Monday.

The offer is scheduled to start on May 20 and end on May 30, unless adjusted by the bank. The issue is expected to be issued and listed on the Philippine Dealing and Exchange Corp. on June 10.

“The net proceeds of the offer will be used for the financing or refinancing of eligible projects under BPI’s Sustainable Funding Framework consistent with the ASEAN Sustainability Bond Standards,” BPI said.

“The BPI SINAG Bonds… will carry the “ASEAN Sustainability” label, as affirmed by the Securities and Exchange Commission on March 17.”

The issuance will make up the first tranche of BPI P200-billion bond and commercial paper program approved by its board of directors in October last year.

The notes will be sold at a minimum investment amount of P500,000 and in increments of P100,000 thereafter.

The bank has mandated BPI Capital Corp. and Standard Chartered Bank as the joint lead arrangers and selling agents for the offer.

BPI last tapped the domestic bond market in August 2024, raising P33.7 billion from its offering of 1.5-year Sustainable, Environmental, and Equitable Development Bonds, which marked its first foray into the sustainable bond space.

Proceeds from the issuance were set to be used to finance or refinance new or existing eligible projects under BPI’s Sustainable Funding Framework.

BPI’s net income increased by 9% year on year to P16.6 billion in the first quarter.

Its shares closed at P133.30 apiece on Monday, down by P1 or 0.74%. — A.M.C. Sy

PHINMA Properties breaks ground for Maayo Terraces project in Bacolod City

REAL ESTATE developer PHINMA Property Holdings Corp. (PHINMA Properties) recently broke ground for its Maayo Terraces mid-rise residential condominium in Bacolod City.

The new project is located along the Bacolod-Silay Airport Access Road in Brgy. Bata, within the PHINMA Group’s 21-hectare Saludad Township, PHINMA Properties said in an e-mail statement on Monday.

Maayo Terraces sits on a 34,624.77-square-meter area. It will consist of 11 towers totaling 2,922 units.

The project will offer studio, one-bedroom, and one-bedroom loft units. The first tower is expected to be completed by 2027, while the second tower is scheduled to finish by 2029.

Maayo Terraces, developed under a partnership with Bacolod-based JEPP Property Corp., aims to cater to Bacolod’s middle class. The company also recently opened the project’s model unit to the public.

“Bacolod is in the midst of an exciting transformation — economically and culturally,” PHINMA Properties President and Chief Executive Officer Raphael B. Felix said.

“Maayo Terraces reflects our belief that real estate should go beyond shelter. It should shape communities where people thrive, grow, and come home to something deeply rooted in tradition yet forward-looking in design,” he added.

PHINMA Properties said that Maayo Terraces, which will dedicate over 60% of its area to open space, is master-planned by Royal Pineda+ Architecture·Design.

The development features courtyards, gardens, walkways, and a range of lifestyle amenities that encourage community interaction while ensuring everyday comfort and well-being.

According to the real estate developer, Maayo Terraces has seen robust interest from overseas Filipino workers, regional professionals, and returning Bacolodnons.

“Tailored for upwardly mobile families, professionals, and returning Bacolodnons, Maayo Terraces also appeals to a growing market of individuals drawn to Bacolod’s unique charm, strategic location, and expanding economic potential,” PHINMA Properties said.

Launched in October last year, the P12-billion Saludad Township is a master-planned ecosystem that will integrate residential enclaves, commercial hubs, educational institutions, hospitality components, and retail areas.

PHINMA Properties is the real estate subsidiary of Del Rosario-led listed conglomerate PHINMA Corp.

On Monday, PHINMA Corp. shares rose by 5.75% or P1 to P18.40 per share. — Revin Mikhael D. Ochave

Asia is contemplating a growing nuclear future

FREEPIK

By Karishma Vaswani

EIGHTY YEARS AGO this August, the US bombed Hiroshima and Nagasaki, killing tens of thousands of people. Those acts helped to end World War II but also ushered in the nuclear age.

In 2025, a new atomic arms race is stirring, this time not provoked by Russia, China, or North Korea — who have been ramping up their arsenals — but instead by President Donald Trump’s trade war, and his threats to withdraw the US defense umbrella. The result is a world growing more dangerous, not just for Asia, but for Americans too.

The security architecture that helped prevent conflict from weapons of mass destruction is at risk of unravelling. For decades, Asian nations have relied on Washington’s commitment to deterrence. That’s no longer guaranteed.

Long-time US allies, like Japan and South Korea, are calculating the cost — both economic and political — of developing their own arsenals. India and Pakistan both have a growing supply of warheads, potentially inflaming an already volatile conflict made worse by recent tensions in Kashmir.

Trump insists that Washington has received the short end of the stick from defense deals, and that America’s protection is keeping the world safe while other economies benefit more. He has a point — but is also ignoring historical lessons.

The aftermath of Washington’s atomic bombings prompted a recognition that such a tragedy must be avoided at all costs. So deep was the soul-searching in American society that the goal of every US president since Harry Truman has been to limit rather than encourage the spread of these weapons. Much of this was achieved through negotiated agreements and treaties.

The policies have worked. Only nine countries now possess such arsenals, even though many more have the ability to build a bomb. But Trump is ushering in a more dangerous era. On the campaign trail in 2016, he suggested that Japan and South Korea might need to develop their own capabilities. Comments like that are influencing public opinion. A 2024 survey by the Korea Institute for National Unification showed six in 10 South Koreans now favor having them.

If Seoul opts for homegrown nukes, this would lead to a domino effect, note associate professors of political science at St. Francis Xavier University, Jamie Levin and Youngwon Cho. Japanese public sentiment has been deeply opposed because of the nation’s painful past, but it has a full nuclear fuel cycle, allowing it in theory to fashion thousands of bombs in as little as six months, according to experts.

India and Pakistan are among the most worrying players. The risk of a conflict increased this week after a terrorist attack in Kashmir killed dozens in some of the region’s worst violence in years. So far, they have stuck to diplomatic measures as retaliation, but there is always the concern of escalation.

Even in Southeast Asia, a relative safe zone, the risks have become much more pronounced. The 1995 Treaty of Bangkok established a Southeast Asian Nuclear Weapons Free Zone, banning members from development, manufacture, acquisition, or possession. But if larger nations ramp up their arsenals, the spillover effect in Southeast Asia could force others to either look into developing their own technology, or find a new defense umbrella. Washington’s unpredictability has created a leadership vacuum that Beijing will be keen to fill.

Rather than failing to offer credible security guarantees, the US should engage with governments in Asia and address their defense ambitions. Under the Biden administration, a bilateral initiative called the Nuclear Consultative Group in 2023 was launched with Seoul, which helped to quell some anxiety. Efforts like this should be expanded to other allies like Japan.

Convincing countries to stick with US deterrence strategies would be wise. Smaller nations watch what bigger countries do, not what they say. The US still has the opportunity to play global stabilizer and shouldn’t cede that role to China.

The world once looked to Washington to keep it safe. In 2025, that trust is fraying. It’s in America’s interest — not just Asia’s — to rebuild it.

BLOOMBERG OPINION

Warner Bros. fends off Superman copyright lawsuit ahead of new movie

WARNER BROS. DISCOVERY convinced a US judge to dismiss a lawsuit over rights to the iconic character Superman, lifting a legal headache before the company releases its new Superman movie this summer.

US District Judge Jesse Furman in New York said on Thursday that his court lacked jurisdiction over the copyright claims brought by the estate of Superman’s co-creator, the illustrator Joseph Shuster.

The lawsuit against Warner and its DC Comics subsidiary, part of a long-running legal battle over the rights to Superman, had sought damages for the superhero’s unauthorized use in the UK, Canada, Australia and other countries.

A Warner spokesperson said the company was pleased with the decision. “As we have consistently maintained, DC controls all rights to Superman,” the spokesperson said.

The estate’s attorney did not immediately respond to a request for comment. The estate refiled its lawsuit in New York state court on Friday.

Shuster created Superman with writer Jerome Siegel and licensed the character to DC’s predecessor Detective Comics. Shuster’s estate’s lawsuit, filed in January, said that the rights to Superman reverted to the estate under British law in 2017, 25 years after his death.

The estate accused Warner of failing to pay royalties to use Superman in countries that follow UK law on copyright reversion, which also include India, Israel and Ireland.

Furman agreed with Warner on Thursday that the case should be dismissed because it was “brought explicitly under the laws of foreign countries, not the laws of the United States.”

Warner’s new Superman movie, directed by James Gunn and starring David Corenswet, is scheduled to be released in July. — Reuters

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