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ACEN unit allots P34.5B for 247-MW Banahaw Wind project

ACENRENEWABLES.COM

GIGAWIND4, INC., an ACEN Corp. unit, is earmarking P34.5 billion for a wind power project in Tayabas, Quezon, with a planned capacity of 247 megawatts (MW).

“In the pursuit of a sustainable and low-carbon future, the proposal for the 247-MW wind farm represents a strategic initiative,” GigaWind4 said in its filing with the Department of Environment and Natural Resources.

“It aligns with the national trajectory towards renewable energy, addresses the necessity for a diversified and resilient energy mix, and significantly contributes to the Philippines’ transition towards clean energy,” it added.

Covering 10 barangays in the city of Tayabas, the Banahaw Wind Power Project will span 4,536 hectares of land.

The project involves the installation of 38 wind turbine generators with a rated capacity of 6.5 MW each.

“The Banahaw Wind Power Project is not only a significant endeavor in advancing renewable energy, but it also holds great potential to address regional needs and bring about positive socio-economic changes,” the company said.

“The project’s benefits to the host municipalities and barangays encompass economic growth, community development, environmental stewardship, and social progress,” it added.

GigaWind4 said the construction of the power project may take about two years, with full operations possibly achieved within five years.

ACEN, the listed energy platform of the Ayala group, has 7 gigawatts of attributable renewable energy capacity across operational, under-construction, and committed projects.

Its portfolio spans the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States. — Sheldeen Joy Talavera

8990 Holdings stockholders approve voluntary delisting

8990HOLDINGS.COM

REAL ESTATE developer 8990 Holdings, Inc. has secured stockholders’ approval for its planned voluntary delisting from the Philippine Stock Exchange (PSE).

The voluntary delisting was approved by stockholders during the annual meeting on Aug. 26, 8990 Holdings said in a regulatory filing on Wednesday.

In July, 8990 Holdings announced its delisting plan, with subsidiary 8990 Housing Development Corp. launching a tender offer at P10.42 per share as part of the exit process.

The tender offer will exclude common shares held by majority shareholders Iholdings, Inc., Kwantlen Development Corp., Mariano D. Martinez, Luis N. Yu, Jr., and the qualifying common shares of the directors.

8990 Holdings said the voluntary delisting would help unlock the value of its business and assets.

“The voluntary delisting of the company would unlock the intrinsic value of the company’s business and assets, which does not seem to be fully appreciated by the market, based on the historical trading price of the company’s shares on the PSE,” 8990 Holdings said.

8990 Holdings is engaged in property development through the brands Deca Homes, Deca Towers, and Urban Deca Towers. Its portfolio includes low-cost mass housing units and subdivision lots, as well as medium-rise and high-rise housing units. The company is also engaged in hotel operations.

On Wednesday, 8990 Holdings shares fell by 1.75% or 18 centavos to P10.12 apiece. — Revin Mikhael D. Ochave

Exploring El Nido’s charm beyond sunshine and sand

THE INFINITY POOL at Lime Resort El Nido.

By Almira Louise S. Martinez, Reporter

LOW SEASON came early at one of the most popular summer destinations, El Nido, according to a manager in one of the hotels in the coastal town. Yet, despite the gloomy weather, tourists can still enjoy an unforgettable getaway, one that goes beyond the usual island hopping and snorkeling.

“The tourists usually do inland tours; they just rent out a van and then they go around the town,” Annie Rose L. Latoza, pricing manager at Lime Resort El Nido, told BusinessWorld in an interview.

Some of the usual land-based activities include ziplining 750 meters across Las Cabanas Beach; trekking at the Taraw Cliff Canopy, an Instagram-worthy spot with a panoramic view of Bacuit Bay; riding an ATV at Daluyon Surf; and making a quick stop at a souvenir shop along Town Square.

Meanwhile, for tourists who want to have the ultimate staycation on the island while enjoying the sea breeze, accommodations like Lime Resort have more to offer than just a relaxing place.

LIME RESORT EL NIDO
Located at Sitio Lugadia, Brgy. Corong-Corong, Lime Resort El Nido is about 15 to 20 minutes away from the airport. It currently has 164 operating rooms, with rates ranging from P4,500 to P15,500 during the rainy season.

“Usually we go up to 40% (discount) if ever the occupancies are really low,” Ms. Latoza said. “But on the usual days, especially during the regular season, 20%.”

During their stay, guests can enjoy the resort’s amenities like the Sky Lounge, the KTV area, the playground, an infinity pool overlooking the Bacuit Bay, an indoor gym, the rooftop, and the function room.

“Sometimes our guests, especially back in July, just stayed in our hotel,” Ms. Latoza said. “Luckily, we have our pool, so despite the rain, they were still able to use it.”

The Pulp Café, conveniently located in the building’s lobby, offers guests their daily coffee fix in a cozy setting.

To keep the atmosphere vibrant, the resort also hosts events such as Happy Hour from Monday to Thursday, Ladies Night/Live DJ on Wednesdays, and Grill Night with live entertainment from Friday to Sunday — perfect for mingling, unwinding, and soaking in the island vibe.

Rain or shine, El Nido continues to offer more than its turquoise waters and fiery sunsets. Its beauty shines not only in its sun-drenched beaches and mesmerizing corals, but in the local community that ensures every visit is worth remembering.

BEACH CLUBS
Situated on the shorelines of Palawan’s crystal waters and fine white sand, beach clubs are a huge hit in El Nido.

“Filipinos like to be more comfortable than foreigners,” Carmel Delos Santos-Panelo, the manager of the Angkla Beach Club and Boutique Resort, told reporters in an interview.

Foreigners, she noted, are content to lounge around anywhere, even just by the beach.

Angkla — which hosted the beach wedding of basketball player Kiefer Ravena and former Pinoy Big Brother housemate Diana Mackey earlier this August — is a stunning beach club popular among local tourists.

Compared to other resorts in El Nido, Angkla takes pride in its beach club, which has “never” experienced a slow season since its establishment in 2020.

Walk-in visitors are allowed at the beach club for a P1,000 fee, consumable for drinks and food, and pool access.

To set the mood, a DJ spins lively beats during lunch, a lively background when dining on the club’s signature Filipino dishes and refreshing cocktails, all coming together to create a laid-back tropical escape.

“You can enjoy the whole day here. You can eat breakfast to lunch, then stay through sunset until dinner if you like,” Ms. Panelo said. “That’s probably why we don’t really have a slow season at the beach club,” she added.

Another beach club known for having a beautiful spot to watch the sunset is Panorama Beach Club. Although it is exclusive for checked-in guests, walk-in visitors can still watch the El Nido sunset at Chabacano, a Spanish/Mediterranean restaurant just above the beach club which serves an iconic Paella Negra and melt-in-the-mouth Manchego Croquetas.

The golden hour from 4 to 7 p.m. is the perfect time to dine at Chabacano, where guests can savor their meals while watching the sun dip below the horizon.

BITES AROUND THE TOWN SQUARE
For a more laid-back set-up, a lot of affordable yet filling meals are available across El Nido’s Town Central Square.

With a menu ranging from Filipino to European dishes, Artcafe, one of the oldest establishments in El Nido, serves an array of hearty meals at the right price.

The vibrant restaurant tucked in the heart of the town’s busy streets is known for its sustainability and eco-friendliness. “Our salad is organic, fresh from our farm,” said Resiel G. Malindin, restaurant manager of Artcafe. “Local vegetables like lettuce and arugula are from our own farm, and then chicken,” she added.

A few steps away is Jeje Bistro, a newly opened restaurant serving breakfast plates and handcrafted cocktails, perfect for brunch or casual hangouts.

Boutique shops and lively bars also dot the town to ensure that every visitor finds something memorable to bring home, whether it’s a keepsake, a night of fun, or simply the charm of island living.

BusinessWorld was part of the press trip in El Nido hosted by Lime Resort El Nido from Aug. 12 to 14.

EDC signs deal for 440-MW geothermal projects in Indonesia

FEDERICO R. LOPEZ, chairman and CEO of First Gen Corp. and Energy Development Corp. (EDC), receives a memento from Frankie Oesman Widjaja, chairman of PT Dian Swastatika Sentosa Tbk, to mark the partnership between the two companies to jointly explore the development of about 400 MW of geothermal energy in Indonesia. The agreement was signed on Aug. 26 in Jakarta, Indonesia. — EDC

ENERGY DEVELOPMENT CORP. (EDC) has partnered with PT DSSR Daya Mas Sakti, a subsidiary of Indonesia’s PT Dian Swastatika Sentosa Tbk (DSSA), to develop geothermal resources with a total capacity of 440 megawatts (MW) in Indonesia.

In a statement on Wednesday, EDC said its subsidiary, PT First Gen Geothermal Indonesia, has entered into an agreement with PT DSSR Daya Mas Sakti.

The company said the partnership will focus on the development and management of geothermal resources across six strategic fields in the provinces of West Java, Flores, Jambi, West Sumatra, and Central Sulawesi.

“By combining EDC’s global capabilities with DSSR’s strong local presence, this joint venture will not only develop projects, but also build capacity and transfer knowledge that will leave a lasting impact on Indonesia’s renewable energy sector,” EDC Vice-Chairman and Chief Executive Officer (CEO) Francis Giles B. Puno said.

EDC said the collaboration provides the company with an opportunity to apply its global expertise in geothermal development to strengthen Indonesia’s renewable energy capacity.

“Our goal is to strengthen national capacity in geothermal development and to fully harness the country’s natural potential for clean energy. Together, we aim to create real value for communities, the economy, and the environment,” said Lokita Prasetya, president director of PT DSSR Daya Mas Sakti and vice-president director of PT Dian Swastatika Sentosa Tbk.

PT DSSR Daya Mas Sakti is an indirect subsidiary of PT Dian Swastatika Sentosa Tbk engaged in geothermal energy development.

Founded in 1996, PT Dian Swastatika Sentosa Tbk is a leading energy and infrastructure company in Indonesia. DSSA’s businesses span mining, renewable energy, technology, chemicals, and investments.

In October last year, EDC said it had obtained rights to explore and drill two greenfield geothermal projects from Indonesia’s Ministry of Energy and Mineral Resources.

The company secured preliminary survey and exploration rights for the Koto Sani Tanjung Bingkung and Bora Pulu geothermal projects, which have a combined potential capacity of 40 MW and would require a total investment of $456 million.

First Gen, the parent company of EDC, holds a total of 3,675 MW of combined capacity from its portfolio of plants powered by geothermal, wind, hydropower, solar energy, and natural gas.

At the local bourse on Wednesday, shares of the company rose 0.73% to close at P16.50 apiece. — Sheldeen Joy Talavera

BTr fully awards bonds

BW FILE PHOTO

THE GOVERNMENT made a full award of its dual-tranche offering of Treasury bonds (T-bonds) on Wednesday at lower yields before an expected rate cut by the Bangko Sentral ng Pilipinas (BSP).

The Bureau of the Treasury (BTr) raised P35 billion as planned via its dual-tenor T-bond offer as total bids reached P128.332 billion, or more than triple the amount placed on the auction block.

Broken down, the Treasury borrowed the programmed P15 billion via the reissued seven-year bonds, with total bids reaching P93 billion or more than four times the amount on offer.

The bonds, which have a remaining life of two years and seven months, were awarded at an average rate of 5.634%. Accepted yields ranged from 5.62% to 5.648%.

The average rate of the reissued papers went down by 18.3 basis points (bps) from the 5.817% fetched for the series’ last award on July 22, but was 200.9 bps above the 3.625% coupon for the issue.

This was also 7.4 bps below the 5.708% fetched for the same bond series and 9 bps lower than the 5.724% quoted for the three-year bond — the benchmark tenor closest to the remaining life of the issue — at the secondary market before Wednesday’s auction, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the BTr.

Meanwhile, the government also raised P25 billion as planned from the reissued 25-year T-bonds, with total bids for the tenor reaching P35.332 billion.

The notes, which have a remaining life of 24 years and five months, were awarded at an average rate of 6.374%. Accepted yields ranged from 6.3% to 6.41%.

The average rate went down by 27.5 bps from the 6.649% fetched for the series’ last award on June. 25 and was also 0.1 bp lower than the 6.375% coupon for the issue.

However, this was 6 bps above the 6.314% seen for the same bond series and 2.7 bps higher than the 6.347% quoted for the 25-year bond at the secondary market before Wednesday’s auction, PHP BVAL Reference Rates data showed.

Both T-bond tenors offered on Wednesday fetched lower rates amid expectations of a rate cut by the BSP on Thursday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“Both bonds’ yields fell significantly compared to their previously traded averages, which is another instance of the market preparing for the BSP’s anticipated rate cut tomorrow,” a trader likewise said in a text message.

A BusinessWorld poll conducted last week showed all 20 analysts surveyed expect the Monetary Board to cut the target reverse repurchase rate by 25 bps to 5% on Thursday. If realized, this would be the third straight 25-bp reduction since April.

The BSP has slashed benchmark borrowing costs by a cumulative 125 bps since it kicked off its easing cycle in August 2024.

Mr. Ricafort said the T-bonds’ yields eased amid strong investor demand.

“[The reissued seven-year bond] was met with much higher demand compared to the [25-year bond], indicating a clear preference for shorter tenor instruments at the moment,” the trader added.

Expectations of a US Federal Reserve cut next month also helped drive bond yields lower, Mr. Ricafort added. — A.M.C. Sy

Bringing premium tea craftsmanship to milk tea

BO·YA JASMINE GREEN MILK TEA IN LARGE TEAR & WIN CUP

Chagee opens 3 stores in the Philippines

ALTHOUGH the Philippines is a coffee-drinking culture, Chinese milk tea brand Chagee is hoping to kickstart Filipinos’ newfound appreciation for tea. Its executives recently told the press that it will be bringing “the premium tea bar experience” to the Philippines.

“Tea has a global influence across history. Coffee is cool now, but tea actually predates coffee,” said Katrina Khoe, Chagee APAC head of public relations, at the media preview on Aug. 22 in Taguig City. “We want people to discover that they can be comfortable and create connections over a good cup of tea.”

Chagee was first brewed in Kunming, Yunnan Province, China, in 2017, and opened stores in Southeast Asia in 2019, in Malaysia, Singapore, and Thailand. The brand now has over 6,000 branches worldwide.

In the Philippines, its first three branches will open on Aug. 29 in the following locations: SM North EDSA and Robinsons Galleria in Quezon City, and Venice Grand Canal Mall in Taguig.

What sets it apart from other competitors in the market is that its offerings are actually made from whole tea leaves, according to Ms. Khoe.

“Chagee is not a bubble tea brand. There is no artificial flavoring tea base and no artificial sweeteners in our drinks,” she explained.

ADDING MILK TO TEA
Chagee let the press try some of its bestsellers at the preview. They highlighted their signature drink, BO·YA Jasmine Green Milk Tea, or BO-YA for short, which has sold 600 million cups to date.

Milk tea fans will enjoy the light taste of the beverage, which comes across as only slightly milky and not as sweet as other brands with a similar offering. Using premium green tea leaves native to Yunnan’s high mountains, it does come across that the drink is freshly brewed, from the floral aroma to the gentle taste itself.

A novelty for Filipinos will be the straws that come with the Chagee cups — basically three mini, almost-flat straws attached together — designed so that you take small and slow sips to better appreciate the tea flavors.

Ryan David, Chagee senior tea industry researcher, told BusinessWorld that adding milk to tea is ultimately a matter of preference, but that Chagee does its best to find the right balance.

“We tailor every recipe so that not all have the same amount of milk. We go through many processes to determine how much of the tea flavor comes through,” Mr. David explained.

“For the darker ones, like roasted oolong and black tea, we can put more, while the green teas just require a lighter splash.”

Since it boils down to preference, this also explains why the Da Hong Pao Milk Tea, Chagee’s second bestseller and made of rich, intense roasted oolong, was more impressive to some. The tea flavors blended much better with the milk compared to the BO-YA, which more or less concludes with a similar aftertaste to what other milk tea competitor brands offer.

Even smoother brews were also showcased, like the Osmanthus Oolong Milk Tea, the fragrant Lapsang Souchong Black Milk Tea, and the distinctly sweet Glutinous Green Milk Tea. These five make up Chagee’s first menu items in the Philippines.

Ms. Khoe told BusinessWorld that Arla is the milk brand of choice here simply because it is locally accessible. The question of alternatives also gave them something to think about.

“There are no milk alternatives in the Philippines yet, but in Singapore we have already launched oat milk,” she said.

THE TEA BAR EXPERIENCE
Natasha Besquillo, Chagee Philippines’ brand and marketing lead, shared the aesthetic visions for the first three branches in the country.

“The first store, in SM North EDSA, is a concept store with two levels that can accommodate 45 people. The second store, in Robinsons Galleria, has a larger seating capacity of 60 people,” she explained. Finally, the third branch in Venice Grand Canal Mall will differ from the two with its al fresco dining.

As for what ties them all together, Ms. Besquillo said that milk tea lovers can expect natural wood exteriors, clean design, and a color palette based on tea colors. They will have the minimalist style, with the goal of being a refuge from the hustle and bustle of urban life.

Ms. Khoe promised that these first three branches will display the premium quality that made Chagee popular in its initial markets. “Similar to espresso, tea leaves are put under high pressures for lattes and frappes. Our machines will make sure the tea leaves will be brewed perfectly,” she explained.

As for tailoring drinks to local preferences, Chagee is still considering whether it will come up with Philippines-exclusive flavors, such as the orchid-flavored drink that was recently launched in Singapore.

“In the market study we did in the Philippines, one of the challenges we found was that Filipinos have such a strong coffee-drinking culture. That’s one thing we will be taking as a challenge,” Ms. Besquillo said.

LAUNCH PROMOS
Along with the opening of the three stores, Chagee is launching its “Tear and Win” promo, available from Aug. 29 to 31.

By purchasing a large fresh milk tea, customers can peel open a special perforated section of their Tear and Win cup to look for instant prizes, including iPhones, Jo Malone perfumes, limited-edition merchandise, and even a Louis Vuitton Speedy bag.

Chagee is also offering special bundle deals, where customers can enjoy two large BO·YA Jasmine Green Milk Teas for P165 or one large BO·YA Jasmine Green Milk Tea and one large Da Hong Pao Milk Tea for P169. Both bundles are eligible for the “Tear and Win” promo. — Brontë H. Lacsamana

TDF yields drop before BSP meet

Bangko Sentral ng Pilipinas main office in Manila. — BW FILE PHOTO

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposits dropped on Wednesday, even as the one-week tenor went undersubscribed, ahead of the anticipated rate cut at the Monetary Board’s meeting on Thursday.

Bids for the central bank’s term deposit facility (TDF) totaled P74.45 billion, below the P80 billion on the auction block but slightly higher than the P71.36 billion in tenders seen last week for a P100-billion offer. The central bank awarded only P68.675 billion in deposits as the one-week paper was undersubscribed.

Broken down, tenders for the seven-day papers were at only P28.675 billion, lower than the P40 billion auctioned off and the P32.985 billion in bids seen last week for a P50-billion offer. The BSP accepted all submitted tenders.

Banks asked for yields ranging from 5.165% to 5.27%, wider than the 5.235% to 5.27% margin a week ago. With this, the average accepted rate for the one-week deposits inched down by 0.82 basis point (bp) to 5.2475% from 5.2557% previously.

Meanwhile, the 14-day deposits attracted P45.775 billion in bids, higher than the P40 billion auctioned off and the P38.375 billion in tenders fetched last week for a P50-billion offer. The central bank fully awarded P40 billion in two-week papers. 

Accepted yields were from 5.24% to 5.2799%, wider and lower than the 5.26% to 5.2899% band seen last week. This caused the average rate of the 14-day papers to decline by 0.79 bp to 5.2675% from 5.2754% previously.

The BSP has not auctioned off 28-day term deposits for nearly five years to give way to its weekly offerings of securities with the same tenor.

Both the TDF and BSP bills are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates towards the policy rate.

“BSP TDF average auction yields were marginally lower a day before the widely expected 25-bp BSP rate cut… on Thursday,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

A BusinessWorld poll conducted last week showed that all 20 analysts expect the Monetary Board to cut the target reverse repurchase rate by 25 bps to 5% at its meeting on Thursday.

If realized, this would be the third straight 25-bp reduction since April. The central bank has so far lowered benchmark borrowing costs by a total of 125 bps since it began its easing cycle in August 2024. — Katherine K. Chan

Maynilad appoints Christopher Lichauco as COO

Christopher Jaime T. Lichauco, incoming chief operating officer of Maynilad Water Services, Inc., effective Sept. 1.

WEST ZONE concessionaire Maynilad Water Services, Inc. has appointed Christopher Jaime T. Lichauco as its new director and chief operating officer (COO), effective Sept. 1.

He will replace Randolph T. Estrellado, who will retire after nearly 19 years of service at Maynilad, the company said in a statement on Wednesday.

The newly appointed COO will also concurrently serve as president and director of Amayi Water Solutions, Inc. and president of Boac Water Solutions Company, both subsidiaries of Maynilad.

Mr. Lichauco has been with Maynilad for 27 years, starting as project manager and later becoming business area operations head. He also headed the customer experience and retail operations (CXRO) division, the company’s largest business unit, in 2013.

Following Mr. Lichauco’s appointment, Maynilad also named Rudy O. Baylas, Jr. as the new head of CXRO.

Mr. Baylas joined Maynilad in 2002 through its cadet engineer program and has been with the company for more than 20 years.

He has led functions ranging from non-revenue water reduction and planning to customer care and business operations central services, and most recently served as north business district head.

Maynilad serves parts of Manila, Quezon City, and Makati. It also operates in Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. In Cavite province, it supplies Cavite City, Bacoor, and Imus, as well as the towns of Kawit, Noveleta, and Rosario.

Metro Pacific Investments Corp., Maynilad’s majority shareholder, is one of three Philippine subsidiaries of First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

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

Taylor Swift and Travis Kelce get engaged after two-year romance

Taylor Swift in Taylor Swift: The Eras Tour (2023)

LOS ANGELES — Pop superstar Taylor Swift and National Football League (NFL) player Travis Kelce are engaged to be married, the couple announced on social media on Tuesday.

In a joint Instagram post, the pair wrote: “Your English teacher and your gym teacher are getting married,” along with photos showing the Kansas City Chiefs player proposing to Ms. Swift.

Photos showed the American couple in a garden of pink and white flowers. One image showed Mr. Kelce on one knee looking up at Ms. Swift, and another featured a large ring on Ms. Swift’s left hand. A snippet of Ms. Swift’s song “So High School” played in the background of the post.

The engagement was welcomed on social media, with more than 17 million likes on the Instagram post by Tuesday afternoon. The NFL offered congratulations.

No wedding date was announced.

Ms. Swift has won 14 Grammys, including an unparalleled four album of the year trophies. Mr. Kelce is a tight end who has helped the Chiefs win three Super Bowls and made his career catching passes from star quarterback Patrick Mahomes. Ms. Swift and Mr. Kelce are 35.

The two started dating in 2023 after the singer performed at Arrowhead Stadium — home of the Chiefs. Mr. Kelce explained on the New Heights podcast at the time that he was disappointed he did not have a chance to meet her and give her his phone number at the show.

Ms. Swift was charmed by the public declaration of interest. The gesture made her feel like she was “in an ’80s John Hughes movie, and he was just like, standing outside of my window with a boombox and being like, ‘I want to date you,’” she said on a recent New Heights episode.

COUPLE WENT PUBLIC AT CHIEFS GAME
Ms. Swift said she thought, “If this guy isn’t crazy, which is a big if, this is sort of what I’ve been writing songs about wanting to happen to me since I was a teenager.”

She told Time magazine the pair began “hanging out” after she heard his comments. Their relationship became public when she appeared at a Chiefs game to cheer on Mr. Kelce in September 2023.

“We actually had a significant amount of time that no one knew, which I’m grateful for, because we got to get to know each other,” Ms. Swift told Time in 2023, when the magazine named her Person of the Year. “By the time I went to that first game, we were a couple.”

The singer appeared at several Chiefs games, including two Super Bowls, and sparked some criticism from NFL fans that TV networks showed her on camera too often and drew attention away from the game.

Mr. Kelce attended many stops on Ms. Swift’s record-setting Eras Tour, which grossed more than $2 billion before concluding in December 2024. At a show in London, Mr. Kelce surprised the crowd by taking the stage briefly in a tuxedo and top hat and carrying Ms. Swift to a couch during “I Can Do It With a Broken Heart.”

Ms. Swift this month announced her upcoming album, The Life of a Showgirl, on New Heights, which Mr. Kelce hosts with his brother, former NFL player Jason Kelce.

The “Shake It Off” singer has often written songs about relationship troubles.

She said the Showgirl album, set for release on Oct. 3, will be joyful because “life is more upbeat.”

Mr. Kelce will start his 13th regular season with the Chiefs in September.

FRIENDS AND FANS CELEBRATE
Travis Kelce’s father, Ed Kelce, told television station News 5 Cleveland that his son proposed almost two weeks ago. Asked when the news would be made public, Travis Kelce, according to his father, said “whenever Taylor says so.”

The proposal took place in a garden in Lee Summit, Missouri, a suburb of Kansas City, Ed Kelce said.

Congratulations flowed from fans, sports teams, and friends of the couple. “It’s a love story,” many well-wishers said on social media, quoting a 2008 Ms. Swift hit.

Brittany Mahomes, the wife of Patrick Mahomes, wrote: “Two of the most genuine people meet & fall in love. Just so happy for these two.”

“Today is a fairytale,” said the Chiefs’ account on X, next to heart and ring emojis. “Congrats to Travis and Taylor — we’re excited to have you as a permanent member of the Chiefs Kingdom family!”

Companies also acknowledged the milestone. Google added an on-screen shower of confetti when people searched for Ms. Swift by name. Buffalo Wild Wings, which has used Jason Kelce as a paid spokesperson, offered to cater the wedding.

US President Donald J. Trump, who wrote “I HATE TAYLOR SWIFT” on social media in September 2024, told reporters, “I wish them a lot of luck” when asked about the engagement. “I think he’s a great player, I think he’s a great guy, and I think that she’s a terrific person,” Mr. Trump said on Tuesday. — Reuters

Health maintenance organizations post higher income in first semester

PHILSTAR FILE PHOTO

HEALTH maintenance organizations’ (HMO) combined net income surged by 131.12% year on year in the first half as they posted higher revenues.

The sector’s net profit went up to P1.47 billion in the first semester from P636.6 million in the same period last year, data from the Insurance Commission showed.

“Despite the big increase in the payout of healthcare benefits, the HMO industry continued its return to profitability due to higher revenues,” the regulator said.

The sector’s total revenues climbed by 21.36% to P47.03 billion in the first six months from P38.754 billion last year.

This was driven mainly by a 25.23% increase in membership fees to P45.79 billion from P36.57 billion.

Meanwhile, HMOs’ total expenses went up by 19.53% year on year to P45.56 billion in the period. This came as total benefits and claims paid out by the industry rose by 19.63% to P36.29 billion.

The industry’s total assets grew by 21.14% to P83.91 billion at end-June from P69.27 billion a year prior.

Of this, P18.23 billion were invested assets, 13.15% lower than the P20.99 billion recorded last year due to the “maturity of cash equivalents, with net decrease of 25.87%, or P2.51 billion, during the first half.”

Meanwhile, total liabilities increased by 23.88% year on year to P72.25 billion in the first six months from P58.32 billion.

Total equity was up by 6.57% to P11.66 billion from P10.94 billion.

INSURERS’ ASSETS
Meanwhile, the combined net income and assets of both the life and nonlife insurance sectors also rose in the first half, separate data released by the IC showed.

The life sector’s total net income increased by 4.05% to P20.72 billion driven by the 12.01% growth in premiums collected to P195.05 billion. 

Life companies’ new business annual premium equivalent also increased by 11.29% to P37.01 billion.

Their combined assets expanded by 7.74% to P1.995 trillion at end-June from P1.85 trillion a year ago.

Total invested assets climbed by 11.89% to P1.93 trillion. Total net worth also rose by 8.77% to P287.72 billion.

Meanwhile, total liabilities went up by 7.57% to P1.71 trillion.

The sector’s paid-up capital increased by 8.4% to P35.19 billion in the six-month period from P32.36 billion.

For the nonlife insurance sector, its combined net income rose by 2.71% to P5.12 billion in the first six months from P4.98 billion in the same period last year.

This came even as total claims paid out by companies grew by 32.67% year on year to P15.69 billion.

Meanwhile, nonlife insurers’ total premiums earned climbed by 20.63% to P37.08 billion in the first half from P30.74 billion a year ago.

Net premiums written (NPW) grew by 20.48% year on year P39.63 billion.

“As in previous reporting periods, the motor car business remained the leading contributor, accounting for 40.52% of total NPW. It registered a 16.2% increase, equivalent to P2.24 billion, growing from P13.82 billion to P16.06 billion,” the IC said.

Gross premiums written also rose by 9.92% to P65.599 billion in the first half from P59.68 billion a year ago.

The nonlife sector’s total assets went up by 5.72% to P377.21 billion at end-June from P356.8 billion.

Of this, P184.51 billion were invested assets, up by 5.54% from P174.83 billion.

The industry’s combined net worth was at P137.97 billion in the first half, rising by 8.98% year on year from P126.599 billion.

On the other hand, nonlife insurers’ liabilities increased by 3.93% to P239.25 billion from P230.2 billion.

Total paid-up capital went up by 7.77% to P48.47 billion from P44.98 billion. — A.M.C. Sy

The Giving Entrepreneur

A SCREENGRAB of an episode of the RJ Ledesma Podcast with Mahesh Mirpuri, president of the Federation of Indian Chambers of Commerce Philippines. — THE POD NETWORK ENTERTAINMENT YOUTUBE CHANNEL

The more I talk to entrepreneurs, the more I realize that the best of them are in business because of a larger mission, a passion in their hearts, or the simple desire to solve a problem and give back to the communities they are in. Profits, of course, are an essential part of business. But they are secondary for these entrepreneurs — a measuring stick to tell them how far they’ve gone. One entrepreneur who embodies this “giving entrepreneur” spirit is Mahesh Mirpuri, president of the Federation of Indian Chambers of Commerce here in the Philippines, and the entrepreneur behind numerous successful businesses.

I’ve known Mr. Mirpuri for a long time, and what’s interesting to see is how he has grown as a businessman as he has pursued his own personal growth. As he gained prominence as a businessman, he devoted himself to growing the business community. And through the years, he has sought to become a better manager, helping team members and fellow entrepreneurs to achieve their goals. Or maybe it is the other way around. Maybe it is personal growth that led to his business success.

Mahesh Mirpuri and I recently reconnected in an unlikely way — a gym date. This gym date is typical of what he is about today. It’s not about networking — though, yes, if an opportunity arises, he will pursue it as any good entrepreneur will. The morning we spent working out, and later talking over coffee, was about exploration. It was about rediscovering each other as friends and as entrepreneurs, without any pressure for next steps. And it was also about finding ways to learn how we could help each other — and the world — which he did by sharing his most precious commodity: his time.

Entrepreneurs can learn so much from his leadership and management style. We spoke at length over on the RJ Ledesma Podcast, and you can check out the highlights here by reading to the end.

GIVING BACK TO THE COMMUNITY
Mahesh Mirpuri is, most prominently, the President of the Federation of Indian Chambers of Commerce in the Philippines. In his time as president, he has led the largest growth of the federation.

The Filipino-Indian community has been in the Philippines for many decades now. And just like the Filipino-Chinese community, it has grown into a powerhouse of commerce locally. Speaking about the community in the Philippines and how it has evolved over the years, he said, “It’s really about trading, right? I consider the Indian a negosyante (businessman). So they’re very good at talking, negotiating, sourcing, and things like that. So it’s really changing, right? Tech seems to be where things are going.” He also mentioned the BPO industry as an area where the Filipino-Indian community plays a vital role.

While growing the federation, he has placed particular focus on the future generation of business leaders. He explains, “The biggest change that I see — because 72 years as a chamber, that means it’s a generational change — we have second gens, third gens coming into the business. And at the end of the day, these are the guys that are going to run their parents’ business.”

By bringing the next generation into the fold, he aims to help them grow their respective businesses by providing them with tools, by networking, and by helping them achieve their goals.

He said, “They need to step in, and they need to be the future leaders of the community and of the chamber as well. So I see that slowly happening now. So I’m excited for what’s in store for the future.”

ENTREPRENEURS’ ORGANIZATION
As a belated introduction to Mahesh Mirpuri, he leads Styletex, a garment business with a presence in India, Bangladesh, China, and the Philippines, which he inherited from his businessman father. He also has a glassware and tableware business which serves restaurants and hotels, among other businesses. Early in his career as an entrepreneur, he was successful, but not fulfilled.

“All I did before was buy A, sell B, and I was happy,” he says. “But that’s not it. Today, you live in a world where you need to manage your people. You need to make them feel good at work. And this is one of the biggest learnings that I had in my life.”

The turning point for him came when he joined the Entrepreneurs’ Organization (EO), a prestigious group that supports the entrepreneurial community.

“I never got to do an MBA. I used EO as my MBA,” he said. “I used it to change my business, improve my business, fix things inside that I could never have done without it. And it just absolutely changed my life.”

Through EO, he found his purpose. He said, “I learned what I like is leading people, guiding people, talking to people, helping them understand what are their strengths. So finally, when I found my passion, that’s how I’ve been able to move things across.

“I can help people, right? Yes, they’re good at their jobs. But once you find out what you’re good at, that’s how you move. And so far, that’s been the biggest game changer for me.”

Learning this, Mahesh Marpuri’s entrepreneurial journey changed track to become one marked by generous leadership for his community, guidance for his team members, and giving to entrepreneurs. Watch the full interview to learn more.

 

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

ICTSI signs four-year labor deal at Victoria terminal in Australia

VICT.COM.AU

INTERNATIONAL CONTAINER Terminal Services, Inc. (ICTSI), through Victoria International Container Terminal (VICT), has signed a new enterprise agreement with local unions covering its operations until March 2029.

“This outcome demonstrates our commitment to working collaboratively with our people and unions. This agreement not only delivers meaningful benefits for employees but also provides VICT with the flexibility needed to service our customers and meet the evolving industry demands,” VICT Chief Executive Officer Bruno Porchietto said in a media release on Wednesday.

The listed global port operator said the agreement was secured without any disruption to operations.

The agreement outlines enhanced benefits and conditions for employees, flexible alignment with customer and industry requirements, and an industrial relations framework to support growth and innovation, according to the company.

“The agreement is a positive agreement for everyone involved, giving VICT employees security and improved benefits, while providing the ICTSI subsidiary and its customers the continuity and certainty needed in today’s competitive supply chain environment,” it said.

VICT, which started operations in 2017, is a unit of ICTSI in Melbourne, Australia. It is a fully automated container terminal servicing large vessels.

Last year, VICT logged five million twenty-foot equivalent units since its operations began. ICTSI said previously that this will fuel its commitment to further invest in the terminal to accommodate the increasing demand for shipments.

At the local bourse on Wednesday, shares of the company gained P31.80, or 7.02%, to close at P485 apiece. — Ashley Erika O. Jose

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