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NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
June 4, 2025
The 2025 Annual Meeting of the Stockholders of San Miguel Food and Beverage, Inc. (the “Company”) will be held on June 4, 2025, Wednesday, at 2:00 p.m. As unanimously approved by the Board of Directors at its meeting on March 5, 2025, the Company will not hold a physical meeting. The meeting will be conducted virtually and streamed live through the Company’s website at https://www.smfb.com.ph/stockholdersmeeting_2025. Stockholders can therefore only attend the meeting by remote communication, by voting through the sending of ballots, or the appointment of a proxy.
The agenda of the meeting is as follows:
The Company’s Definitive Information Statement on SEC Form 20-IS with its annexes (the “DIS”), including Management’s Discussion and Analysis of Financial Position and Financial Performance, 2024 Audited Consolidated Financial Statements and interim unaudited financial statements for the first quarter of 2025, has been posted on the website and can be accessed via the QR code below. It may also be found at PSE Edge.
The rationale and explanation of each relevant Agenda item requiring shareholder approval may be found in Appendix 1 of the Notice attached to the DIS. The Company’s dividend policy, acts and resolutions of the Board of Directors from June 5, 2024, and draft of the minutes of the 2024 annual stockholders’ meeting for approval, may likewise be found in the DIS. The said draft of the minutes is also separately posted on the website at https://www.smfb.com.ph/disclosures. Questions and comments may be sent by email to smfbasm@sanmiguel.com.ph.
Votes will be cast through ballots or proxies, the deadline for submission of which is May 21, 2025. A sample of a ballot/proxy is attached to the DIS and available for download at the website. For an individual, your ballot/proxy must be accompanied by a valid government-issued ID with a photo. For a corporation, your proxy must be accompanied by a Corporate Secretary’s certification setting the representative’s authority to represent the corporation in the meeting. Ballots and proxies may be sent through email at smfbasm@sanmiguel.com.ph or by mail to the office of SMC Stock Transfer Service Corporation (STSC) at the 2nd Floor, SMC Head Office Complex, 40 San Miguel Avenue, Mandaluyong City 1550. Proxies need not be notarized. Validation of proxies will be on May 28, 2025, 10:00 a.m. at the office of STSC. Only the stockholders attending through proxies or who have submitted ballots, all of whom have been validated to be stockholders of record of the Company as of May 5, 2025, will be considered in computing stockholder attendance at the meeting and in determining quorum.
The Company’s 2024 Annual Report on SEC Form 17-A is available for download at https://www.smfb.com.ph/disclosures, as well as at PSE Edge. Upon written request, the Company will provide the stockholder with a copy of the Annual Report, DIS, and/or 2025 first quarter report on SEC Form 17-Q, at no cost.
(Sgd.)
Alexandra Victoria B. Trillana
Corporate Secretary
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IT’S HARD to imagine less auspicious conditions for May’s New York auction season. The art market is limping, hobbled by high prices and low morale, which managed to sink even lower as Mr. Trump’s tariff war seemed to bulldoze whatever green shoots emerged during fairs and auctions earlier this year.
“After the Trump election, we felt that a lot of the volatility and guesswork that had been plaguing the market was kind of settled business,” says Lisa Dennison, the executive vice-president and chairman of the Americas at Sotheby’s. “Everything was kind of going in the right direction.” But 100 days later, she says, “the kind of disruption and volatility that we saw continued, and markets do not like uncertainty. So that’s been a bit of a challenge.” (Currently, contemporary art seems to be exempt from tariffs, although it is certainly not exempt from their broader economic repercussions.)
And yet despite the many headwinds howling in their faces, the auction houses have managed to put together what is, under the circumstances, a robust sales slate. In just the single week beginning May 12, Christie’s plans to sell between $600 million and $811 million worth of art. Sotheby’s anticipates selling between $485 million and $673.5 million of art in the same week. And Phillips, the perennial bridesmaid of the contemporary auction market, anticipates selling between $74.7 million to $108.9 million. (Estimates do not include auction house fees known as buyer’s premiums, but totals do.)
“I’m feeling very, very confident about everything we have and how we priced it — and interest thus far,” Ms. Dennison says, speaking a few days before previews began. “We’re not sitting here wondering if anybody’s going to show up. We’re kind of trying to keep them out the door for a few days while we make everything look gorgeous.”
FILLING THE SALES
As always, auction houses are faced with two (oddly distinct) mandates: Finding art, and selling it.
It’s the former, auction house specialists say, that proved the toughest part of the season: With a new crisis every day, collectors have been understandably reluctant to submit their multimillion-dollar artwork to the mercy of the market.
“The clients that I deal with when I put together a sale are impacted by larger events in the economy,” says Alex Rotter, who was just appointed global president of Christie’s. “Now, if somebody dies and it’s an estate, then it’s a very different story, because then it’s not dictated by a greater economic or any other big picture considerations.”
Accordingly, this year’s sales at Christie’s and, to a lesser extent at Sotheby’s, are built around estates. Christie’s has this season’s trophy, the collection of the late Barnes & Noble founder Leonard Riggio, whose 39 artworks are estimated between $252 million and $326 million — they hit the block in a standalone sale on May 12. “What the Riggio collection has, which is very advantageous for this market today, is a little bit of everything good,” Mr. Rotter says. “It’s almost a various owner sale put together by a collector, because it spans Surrealism to Warhol to Picasso — it’s everywhere in the 20th century.”
For its part, Sotheby’s has work from the estate of the late dealer Barbara Gladstone, along with 40 works by Roy Lichtenstein from the artist’s estate.
But estates, however robust, are not enough to fill an evening sale, let alone the week’s many day sales, which are filled with hundreds of lots apiece. Believe it or not, specialists say that there actually were living, breathing consignors who decided to pull the trigger. “We’re seeing discretionary selling,” says Ms. Dennison. “And there, I guess it’s a question of the financial deal and what you can say to a consigner to make it attractive.”
The most ubiquitous of these deals is what’s known as a guarantee, where either the auction house or a third party buys the work in advance in exchange for a percentage of the upside if it sells for more.
There’s also a contingent of consignors, Mr. Rotter says, who are relatively unbothered by yielding less than they might in a bull market. “People said this was a convenient time for them to sell,” he says, adding that one consignor told him “We want to sell this; it’s a beautiful painting, we enjoyed it, and it will sell for what it will sell for.”
THE MOST EXPENSIVE LOT OF THE WEEK
As always, the majority of the action will be in the evening sales. Almost certainly the most expensive lot of the week will hit the block on May 13th at Sotheby’s, when a sculpture cast in 1955 by Alberto Giacometti, Grande tête mince, will be sold with an unofficial estimate of $70 million. It joins what happens to be a preponderance of sculpture in both Christie’s and Sotheby’s evening sales: Sotheby’s modern evening auction has 11 sculptures; Christie’s 21st century evening sale has 12.
Both Ms. Dennison and Mr. Rotter noted that there’s more sculpture than usual in the sales, though neither thinks that’s anything more than an accident. That said, Ms. Dennison has a theory that interest in sculpture has increased with more collectors moving into glass towers. “They have a lot of windows and not a lot of walls, and are very light sensitive,” she says. As such, “people can always find space for something on a pedestal or a coffee table or hanging from the ceiling.”
What is not accidental are collectors’ stated spending habits, which appear to be locked in. “I can’t convince anyone,” Mr. Rotter says. “I see it in the behavior of clients: They’re either 100% in, or they’re 100% out, there’s no ‘Ohhh, I’ll just buy the weaker one,’ which I’ve seen in markets where you can sell anything.” — Bloomberg
APEX MINING CO., Inc. reported a 70% increase in its consolidated net income for the first quarter (Q1), reaching P1.4 billion, up from P852.7 million in the same period last year, driven by higher metal prices and a stronger peso.
For the January to March period, Apex Mining saw a 33% rise in its consolidated gross revenues to P4.5 billion, from P3.4 billion in the same period last year.
During the period, Apex Mining sold 25,362 ounces of gold at a realized price of $2,953, reflecting a 7% decrease in volume compared to last year.
However, the lower volume was offset by the higher realized price, which was up 37% from $2,149 last year, the company said in a regulatory filing on Tuesday.
“While the surging metal prices and strong position of the dollar versus the peso bolstered the financial performance of Apex Mining, the cost management initiatives that are being implemented across the mine sites are also creating a stronger foundation for the company to fortify its operations,” said Apex Mining President and Chief Executive Officer Luis R. Sarmiento.
“Alongside reducing costs in the short term, our supply chain has been implementing strategies with the end goal of cost avoidance,” he added.
The gold and silver sold by Apex Mining came from its Maco Mine in Davao de Oro and the Sangilo Mine in Itogon, Benguet.
In the first quarter, the company milled 230,070 ore tonnes at the Maco Mine, which was 12% higher than last year’s 204,636 tonnes.
The gold recovery rate at the Maco Mine was also higher at 86.49%, compared to 85.45% last year. However, the ore gold grades averaged lower at 3.16 grams per tonne, down from 3.59 grams per tonne last year.
At the Sangilo Mine, operated by Itogon Suyoc Resources, total milled ores reached 34,573 tonnes in the first quarter, down 5.6% from 36,641 tonnes a year ago.
“Despite the lower tonnage, the gold grade per tonne of ore averaged 3.75 grams in 2025, compared to 2.87 grams per tonne in the same period last year, resulting in 7% fewer gold ounces produced,” the company said.
Citing Mine Reserves and Resource Certifications for 2025, Apex Mining said the Maco Mine has enough reserves and resources to continue at “the targeted production rate of 3,000 tonnes per day until 2034.”
To ensure it meets its production targets, the company said it is working on optimizing its operating mines’ infrastructure, processes, and manpower. These include upgrades to its equipment, the use of a drain tunnel, and the acquisition of training simulators.
Meanwhile, the company said the permitting process for Asia-Alliance Mining Resources is ongoing.
“We will disclose relevant updates as they unfold,” Mr. Sarmiento said.
On Tuesday, Apex Mining shares closed 0.12 centavo, or 1.92%, lower at P6.12 apiece. — Justine Irish D. Tabile
YUCHENGCO-LED PetroEnergy Resources Corp. (PERC) has secured approval from the Department of Energy (DoE) to begin permit processing for a proposed ground-mounted solar power project in Capiz province.
EcoSolar Energy Corp. (ESEC), a new special-purpose company of PetroGreen Energy Corp., was granted a certificate of authority (CoA) by the Department of Energy, the company said in a media release on Tuesday.
The CoA grants ESEC exclusive authority for its planned 90- to 100-megawatt-direct current (MWdc) Panit-an Solar Power Project (PSPP) spanning 88 hectares of land.
Following the grant of the permit, the company has one year to secure the necessary development permits, conduct feasibility studies, and advance the project towards a final investment decision and the application for a solar energy operating contract.
Construction of the solar power project is targeted to begin next year, while completion is slated by end-2027.
“When completed, it will yet be PGEC’s single biggest contiguous solar power facility,” said Hiroki Hiwatashi, PGEC’s PSPP project manager.
PERC aims to increase its renewable energy capacity to 500 MW by 2029 by expanding its existing 145 MW.
For 2024, the company’s attributable net income nearly tripled to P471.82 million from P156.88 million in the previous year.
Revenues grew by 14.45% to P3.45 billion from P3.01 billion, led by the increase in electricity sales.
The company said it is accelerating the completion of its 25-MWdc Bugallon Power Project in Pangasinan and the 40-MWdc Limbauan Solar Power Project in Isabela, which will begin their respective testing and commissioning in the fourth quarter. — Sheldeen Joy Talavera
By Brontë H. Lacsamana, Reporter
Theater Review
Delia D.: A Musical Featuring the Songs of Jonathan Manalo
By Dolly Dulu
Directed by Dexter M. Santos
Presented by Full House Theater Company
THE power of drag, the Filipino obsession with rags-to-riches fairy tales, and the unenviable crisis of identity at an age of heightened scrutiny online all come together in the latest jukebox musical, Delia D: A Musical Featuring the Songs of Jonathan Manalo. Directed by Dexter M. Santos, the show is a cautionary tale about change that is both campy and empowering. Most of all, it’s brimming with the production’s sheer passion for music and performance.
Delia D. centers on the titular Delia (played by the irreplaceable theater star Phi Palmos), a drag queen from Ozamiz who dreams of leveling up from the Drag & Tell nightclub to chase stardom as a full-fledged singer. To do this, she joins Idols of the Galaxy, a reality singing competition not unlike The Voice and Tawag ng Tanghalan — except she bites off more than she can chew, considering the fact that she can’t really sing.
The Newport Performing Arts Theatre’s expansive stage starts off with nothing on it save for a large, glittering pink sign that reads “DELIA.” The show begins, and it lights up and rises to reveal Delia herself, clad in pink and surrounded by an ensemble of drag performers in neon wigs. They launch into the opening number, full of energy and setting up a night of campy fun.
It’s a musical that explores different facets of a chaotic life. One is the seedy yet lively Manila drag bar that is Delia’s second home, a stark contrast from the later, even more manic world of televised glitz and glam that she enters as an aspiring singer. Thanks to Lawyn Cruz’s cleverly conceptualized set design, the visuals of these settings match the narrative, mirroring how viral popularity and sense of identity can teeter violently in the digital age, as navigated by Delia.
In terms of direction, it’s clear that Mr. Santos has mastered the Newport theater stage, coming from the giant jukebox musicals Ang Huling El Bimbo and Buruguduystunstugudunstuy. More than ever, the actors move across the sets and through the songs naturally, and are not totally engulfed by the sheer weight of the big-budget jukebox musical.
One can attribute this to the fact that Jonathan Manalo, the award-winning ABS-CBN-backed songwriter whose catalogue was used for this production, worked closely with the team to weave everything together. He even added an extra few original songs just for the play (the most memorable of which is a heartfelt song sung by the drag queens in Act 2).
It’s worth noting that Manalo’s discography has never really been listened to as a singular catalogue, with his songs having been brought to life by various artists ranging from Morrissette to Vice Ganda to Orange & Lemons. Compared to the two aforementioned OPM musicals, there wasn’t really any pressure by a singular fanbase clamoring to see a beloved track list come to life.
Due to the nature of the story, the multimedia elements of the production also come naturally here. The two large screens to the left and right of the stage appear like reality television broadcasts, with the borders of the stage lighting up with social media reactions from audience members of the fictional Idols of the Galaxy, mimicking viral moments that are key to the narrative.
From “Gusto Ko Nang Bumitaw” to “Pinoy Ako” to “Tara Tena,” the song selections fit nicely in the musical, some slotted in as competition pieces of the various contestants in the reality singing show. Those who may be unfamiliar with a few of Manalo’s songs will warm up to them during the show, thanks to the cast’s impeccable vocals and engaging choreography. “Gusto Ko Nang Bumitaw,” in particular, is reprised quite a few times, each improving upon the last just like how Delia’s own story escalates into an emotional frenzy.
Aside from Palmos’ heart-wrenching journey as Delia, her co-stars bring in the heat. Shaira Opsimar as her rival in the singing competition, Kiki, appropriately showcases the best voice out of the entire cast. Floyd Tena lends some flair to his two-faced competition judge Sir T, while Mimi Marquez’s small role is a triumph for trans actors as she delivers an enthralling yet intimidating performance as network executive GVB. Omar Uddin, as Delia’s love interest Raymond, injects the needed charm and sweet voice for the role despite not having much material to work with.
One standout is Tex Ordoñez-De Leon’s snobbish diva judge Mamon, whose voice is full of the power to match her iconic persona, forming a character we’d love to hate. Another is showbiz veteran John “Sweet” Lapus, who takes on Mama Eme, Drag & Tell bar owner and Delia’s drag mother. It may be the actor-comedian’s first role in a musical, but the character is conveyed perfectly, with the humor, strong presence, and tough love required to add dimensions to the drag scene’s tender heart.
While it may seem like a wild ride (and it is!), Delia D. is ultimately a very Filipino story, with lessons about life, love, family, and friendships. It’s fun and digestible, but its downfall is how quickly it wants to hit all the dramatic beats and wrap everything up in the second act. Delia is already a big star by Act 2, her rags-to-riches fairytale shifting into a cautionary tale about ego, which would have been a commendable shift if it wasn’t executed so suddenly. Without spoiling anything, even the ending, which follows the cookie-cutter path towards a happy ending, feels remarkably rushed as a result.
Playwright Dolly Dulu captures the drama and humor that a musical like this needs, succeeding in enrapturing the audiences at many points. The best scenes are definitely the ones set in the world of the drag queens, the ensemble bringing their A-game every time. Though it’s also a story centered on friendship, Delia’s rocky connection with Kiki is under-explored, one of the elements that was regrettably rushed, especially in Act 2.
Choreographer Stephen Viñas and costume designer Mitoy Sta. Ana deserve kudos for sparing no expense on the high energy and variety of color and sparkle to be found in all the actors’ performances. It’s clear that they paid tribute to drag as an art form.
Ultimately, while Delia D. is a show about a queer person, it rings true for anyone who has experienced struggle and sought to chase their dreams. The televised singing competition could have shed more light on themes of performative authenticity, which is inherently also a reversal of how drag is perceived as a form of “faking” or “dress-up.” These are contradictions that the narrative presented without fully connecting them with each other in the structure of the story, falling prey to tried-and-tested criticisms of internet popularity. For a show about finding one’s identity, it could have dug deeper.
It’s a musical that follows an obvious formula: a character gets famous fast, finds out that they’re in over their head, and must learn difficult lessons and have a redemption arc within the last act. With that said, Delia D. gets away with it, because it feels empowering to watch, and the titular Delia’s imperfect voice and questionable ego endear her to us. It may not be perfect, but it’s fun, it’s campy, and it’s a beautifully done homage to underdogs who have a dream.
The musical runs until June 8. Tickets, with prices starting at P1,000, are available via SM Tickets, Ticket World, HelixPay, and Newport World Resorts Box Office.
The votes are in, and it is likely that we already have an idea, or certainty, on who emerged victorious in the elections held last Monday.
A fresh mandate has been given — now comes the responsibility of watching what’s done with it. The courting and wooing have ended. On June 30, when they assume office, the people have to begin the more arduous task of holding them accountable for their promises and commitments.
And just as the people made their voice felt by choosing which among the candidates would win, so have they asserted their voice by identifying the issues that made them vote for this or that politician.
Our new leaders should listen to this voice.
During a survey conducted last month, the Social Weather Stations found that the issues most pertinent to voters are still the same economic concerns, or how they will be able to sustain a decent standard of living from day to day.
According to the survey, for instance, 93% of Filipinos would support a candidate promising to create more job opportunities. This shows how much people value stable work and a chance to earn a decent living. Leaders who focus on job creation are directly addressing what families need to thrive.
Another top priority is agriculture and food security, also supported by 93% of voters. Filipinos want leaders who will support farmers, boost food production, and ensure families don’t go hungry. This isn’t just about food — it’s about strengthening the backbone of the economy.
Healthcare is a major concern, with 91% of voters supporting candidates who will strengthen the system. Filipinos want reliable access to doctors, hospitals, and affordable medicine — especially in critical moments, like sudden illness or medical emergencies. Investing in healthcare isn’t just policy; it’s a commitment to every Filipino’s well-being.
Reducing poverty and hunger (87%) and controlling the prices of basic goods and services (85%) are also high on the list. People want leaders who will make life easier, especially for those struggling to make ends meet. This means lowering the cost of essentials like food and electricity and helping families rise out of poverty.
At the end of elections, the usual admonition is to listen to and respect the will of the people. Bearing these issues in mind will be a form of respecting the people’s will. This is because nobody can claim to know more about what they need and want from their leaders than the people themselves.
Thus, after the congratulatory celebrations and the termination of campaign operations, the newly elected leaders must buckle down to work, mindful of what the people are truly expecting of them.
What truly matters to Filipinos are the real-life issues they face — not political personalities or feuds. Too often, leaders rely on loyalty-driven narratives, casting themselves as victims or heroes coming to the rescue to build their power base. This only deepens division, turning citizens against each other based on who they support.
But the electorate is beginning to shift. By speaking up about the issues that affect their daily lives, voters signal a hopeful move toward issue-based politics — and away from the personality-driven choices.
The only thing that our political leaders should be addressing is how to respond to the people’s most pressing concerns, which are socio-economic in nature. Midway into the term of this administration, we have seen it focus on economic recovery, job creation, and agricultural development. There have been programs aimed at modernizing agriculture and ensuring food security.
If actual election results eventually align with surveys, administration-backed lawmakers would secure a majority of available spots in the Upper and Lower Chambers. This ensures that the next batch of congressional leaders will be able to advance the administration’s policy agenda — from promoting political stability and responding to public concerns, to reinforcing the country’s defense posture.
With majority control in Congress, the administration can more effectively pass laws that align with its key priorities — including asserting the Philippines’ rights in the West Philippine Sea and deepening alliances with like-minded countries like the United States and Japan. A cooperative legislature reduces political gridlock, allowing for smoother governance and faster rollout of strategic initiatives. In a time of rising geopolitical tensions, strong legislative support is also crucial for boosting military readiness, upholding international law, and securing funding for strategic partnerships.
A unified Congress will be instrumental in ensuring a fair and credible resolution to the impending impeachment trial of the Vice-President — a process that, if mishandled, could deepen the Marcos-Duterte rift and erode public trust in the administration. Majority control not only helps preserve political stability and project unity but also boosts investor confidence by creating a more predictable governance environment. It also allows for the smoother passage of key policies on infrastructure, tax reform, foreign investment, labor, and national security — ensuring continuity in the country’s economic strategy.
Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.
HAUS TALK, Inc. (HTI) has announced plans to acquire a property in Antipolo, which is projected to generate an additional P4.9 billion in revenue.
“The property is envisioned to be HTI’s next promising development project in the Rizal area and is expected to bring in revenues of approximately P4.9 billion,” HTI said in a regulatory filing on Tuesday.
HTI said its board of directors approved the acquisition of five parcels of land with a combined area of 135,980.5 square meters from National Steel Corp.
The transaction is expected to be completed by the end of May, assuming no unforeseen circumstances arise that would affect the decision of both parties to proceed with the deal, the company added.
The land development is expected to begin in the fourth quarter of this year, HTI said.
“This transaction will expand HTI’s land portfolio and reinforce its vision of becoming the most valued and recognized property developer that provides ‘value-for-money’ residential real estate projects by investing in prime land locations,” it noted.
HTI reported a 51% increase in its net income for 2024, reaching P365 million, driven by an income tax holiday and operational improvements.
The company also said revenue rose by 39% to P1.4 billion, led by its residential projects such as Southview Homes Calendola in San Pedro, Laguna, and The Granary in Biñan, Laguna.
At the stock exchange on Tuesday, shares in the company closed 0.87% lower at P1.14 apiece. — Ashley Erika O. Jose
THE BUREAU of the Treasury (BTr) on Tuesday fully awarded Treasury bills (T-bills) at lower rates after dovish signals from the Philippine central bank.
Signals of 75 basis points (bps) in additional policy rate cuts this year from the Bangko Sentral ng Pilipinas (BSP) were mostly due to April inflation of 1.4%, the slowest in more than five years, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.
That and global crude oil prices still lingering at four-year lows would support benign inflation that “help justify future BSP rate cuts that could also match future Fed rate cuts,” he added.
The Treasury raised P25 billion as planned at an auction as total bids reached P70.345 billion, almost thrice the amount on offer, with the temporary trade truce between the US and China failing to dim the appeal of safe-haven Treasuries.
The Treasury borrowed P8 billion via 91-day T-bills as tenders reached P23.375 billion. The three-month paper was quoted at an average of 5.546%, 2.7 bps lower than a week earlier. Tenders accepted by the BTr had yields of 5.5% to 5.572%.
The government also fully awarded P8-billion in 182-day debt as bids hit P29.335 billion. The average rate of the six-month T-bill was 5.65%, 1.7 bps lower than in the previous auction, with accepted rates at 5.623% to 5.668%.
The BTr raised P9 billion from 364-day debt as demand hit P17.635 billion. The average rate of the one-year T-bill fell 4.2 bps to 5.655%, with bids accepted having yields of 5.54% to 5.72%.
On the secondary market before Tuesday’s auction, the 91-, 182- and 364-day T-bills were quoted at 5.5227%, 5.6708%, and 5.7152%, based on PHP Bloomberg Valuation Service (BVAL) reference rate data provided by the Treasury.
T-bill rates fell on lingering market uncertainty about the US and China’s trade truce, a trader said by telephone.
“Markets are not sure about the details of the trade talks. Rate was a little lower than market expectations,” the trader said.
For the next 90 days, the US and China agreed to drop extra tariffs imposed on each other after trade talks Geneva, Switzerland at the weekend.
On Monday, the US said it would lower the tariffs on Chinese goods to 30% from 145%, while China would cut levies on US products to 10% from 125%.
The Monetary Board last month resumed its easing cycle after an unexpected pause in February, cutting benchmark rates by 25 bps to 5.5%. Its next meeting is on June 19.
Philippine inflation slowed to an over five-year low of 1.4% in April from 1.8% in March and 3.8% a year earlier. For the first four months, it averaged 2%, at the low end of the BSP’s 2-4% annual target.
On Wednesday, the government will sell P40 billion from two reissued T-bonds — P15 billion in seven-year notes with a remaining life of two years and 11 months and P25 billion in 20-year debt with a remaining life of 19 years and 13 days.
The Treasury is looking to raise P260 billion from the domestic market this month — 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. — Aaron Michael C. Sy
FOR the first time in the history of the Gawad sa Manlilikha ng Bayan (GAMABA), nine awardees were honored in a single conferment this year, marking the highest number of recipients in a single year. The event was held at the Metropolitan Theater in Manila early in May. The nine awardees of the National Living Treasures award are: dallot ritual singer-poet Adelita Romualdo Bagcal from Banna, Ilocos Norte; T’boli chanter of epics Rosie Godwino Sula from Lake Sebu, South Cotabato; Manobo embroidery and beadwork artisan Abina Tawide Coguit from La Paz, Agusan del Sur; Sama master of traditional dance Sakinur-ain Mugong Delasas from Bongao, Tawi-Tawi; T’boli kemas brasscaster Bundos Bansil Fara from Lake Sebu, South Cotabato; Higaonon mat weaver Marife Ravidas Ganahon from Malaybalay, Bukidnon; Ga’dang embroiderer Amparo Balansi Mabanag from Paracelis, Mountain Province; Mandaya weaver of ikat textiles Samporonia Pagsac Madanlo from Caraga, Davao Oriental; and T’boli master weaver of t’nalak Barbra Kibed Ofong from Lake Sebu, South Cotabato.
THE sequel to Maxie The Musical will be staged in time for Pride Month in June. Titled Dalaga na si Maxie Oliveros: A Drag Musical Extravaganza, the show will mark the return of a Filipino pop culture queer icon, running from June 13 to 22 at Illumination Studio, Makati City. Set five years after the first installment from 2013, it follows Maxie Oliveros as she navigates love, identity, and resilience in a world that’s still catching up to her radiance. Both musicals build on the legacy of Ang Pagdadalaga ni Maximo Oliveros, the 2005 award-winning film that first introduced Maxie to the world. Tickets are now on sale, priced at P2,500 each. An early bird discount of P200 is available only until May 18.
THE exhibit The Nova Amorsolos presents works by two artists who are likened by some to Fernando Amorsolo. Alfred Galura and Rommel Tingzon, in their first two-man exhibition together. Their works are on view until May 21 at the ArtistSpace, located at Ground Level, Ayala Museum Annex, Makati Avenue corner De La Rosa Street, Makati City.
ON display this month at the Imahica Art Gallery is Timeless Strokes, a group exhibition containing pieces from the 1970s onwards. It showcases early and influential works by some of the Philippines’ most respected contemporary artists, with the goal to give a rare glimpse into the evolution of the local art scene. Participating artists include Pandy Aviado, Imelda Cajipe Endaya, Fil Delacruz, Julie Lluch, Cid Reyes, Nestor Olarte Vinluan, Phyllis Zaballero, and many more. The exhibit runs until May 31 at the Imahica Art Gallery, Wack-Wack, Mandaluyong City.
DESIGNER Rajo Laurel will be hosting an intimate conversation on reviving the iconic bridal gowns of Jose “Pitoy” Moreno for a new generation. Titled “Love Letters: Preserving and Repurposing J. Moreno Gowns,” the session will offer a glimpse into the collaborative process behind the revival, featuring heartfelt stories from two brides, Ella Pangilinan-Miranda and Yanna Laurel-Sigueon Reyna, whose mothers’ cherished gowns were restored and reimagined by Laurel. The talk will take place on May 31, at 2 p.m., at the second-floor foyer of the Metropolitan Museum of Manila in Bonifacio Global City, Taguig.
THE Art Gallery of The Manila Hotel is presenting the exhibit Flowers of May this month, featuring the works of Manuel Baldemor. The exhibit pays homage to the Flores de Mayo festival, a celebration of beauty, devotion, and renewal. Coming from his previous, more solemn Kuwaresma series, the works in Flowers of May showcase Mr. Baldemor’s take on joyful floral expressions of spirit and color. It is on view at the hotel’s Art Gallery until May 31. Admission is free.
BALLET MANILA is continuing the celebration of its 30th Anniversary with the restaging of the beloved classic, Swan Lake, featuring a roster of ballet stars from San Francisco Ballet. On May 30, 8 p.m., May 31, 5 p.m., and June 1, 5 p.m., the production will be led by San Francisco’s first soloist Katherine Barkman in the dual roles of Odette (White Swan) and Odile (Black Swan). She was a former mentee of Lisa Macuja Elizalde and principal dancer of Ballet Manila. Dancing alongside Barkman will be Esteban Hernandez, principal dancer of the San Francisco Ballet, taking on the character of Prince Siegfried. Meanwhile, the 1 p.m. shows on May 31 and June 1 will star Ballet Manila principal dancer Abigail Oliveiro and San Francisco Ballet soloist Nathaniel Remez. All performances will be staged at the Aliw Theater, CCP Complex, Pasay City. For tickets, visit www.ticketworld.com.ph.
THE Virgin Labfest (VLF) has unveiled the 12 new scripts for untried, untested, and unstaged one-act play festival, to be staged this year from June 11 to 29. The new plays to be staged in this year’s edition of the festival, titled VLFXX: HINOG, are: TBT: Takbo, Batang Tondo by Yoj; Ang Bata Kag Ang Nilaga by Liane Carlo Suelan; Polar Coordinates by Ade Valenzona; Minating ni Mariah Ang Manto ng Mommy ni Mama Mary by Eljay Castro; Unang Araw by Ivan Villacorta Gentolizo; Presidential Suite #2 by Siege Malvar; Mga Magindara sa Siyudad by Chris Joseph Junio; Ang Problema sa Trolley by Imuthis; The Late Mr. Real by Rolin Migyuel Obina; Anniversary by Nelsito Gomez; Mommy G by Jobert Grey Landeza; and Don’t Meow for Me, Catriona by Ryan Machado. The three plays from last year’s edition that will be brought back this year are Jhudiel Clare Sosa’s Identite, Joshua Lim So’s Pagkapit sa Hangin, and Elise Santos’ Sa Babaeng Lahat.
By Gearoid Reidy
WARREN BUFFETT has finally answered a question that has long intrigued investors: What sparked his interest in five Japanese trading houses in 2020, a bet that is now worth more than $25 billion?
The answer was hiding in plain sight: “I was just going through a little handbook that probably had two or three thousand Japanese companies in it,” he told investors at the annual general meeting in Omaha, Nebraska, earlier this month, shortly before announcing his resignation as head of Berkshire Hathaway, Inc. “There were these five trading companies selling at ridiculously low prices. So I spent about a year acquiring them.”
It’s the same screening methodology the typical Japanese retail trader uses. The “little handbook” is the Kaisha Shikiho, the “bible of Japanese equities,” indispensable for the country’s stock-pickers. Released quarterly for ¥2,800 (around $20), the Shikiho is a thick, dictionary-sized guide listing facts and figures on every one of the country’s nearly 4,000 listed companies.
Buffett’s approval should have thousands of his acolytes flocking to the English version, known as the Japan Company Handbook and spotted on his desk as far back as 12 years ago. But in a remarkable fumble, the publisher last year discontinued the English version, just months before the world’s most famous investor endorsed it.
Perhaps that makes it harder to find stock gems, giving an advantage to the patient investor that he has long championed. Fortunately, it’s not the only lesson on investing in Japan he imparted. Until now, Buffett has largely let his money do the talking — but recent remarks reveal lessons on investing there that more should know.
REALIZE THE OPPORTUNITY
“Tim Cook would tell you that iPhone sales there are about as great as any country outside the United States. American Express would tell you that they sell their product very, very well in Japan. Coca-Cola, that we do business with, another big investment of ours, does extraordinarily well.”
While more people are paying attention to Japan these days, thanks to soft power and inbound tourism, it remains overlooked in everything from its approach to demographics or healthcare, to the investing opportunities that abound.
And as Buffett notes, it’s a colossal market not just for iPhones and Coke but the second largest for music, the third largest for movies. Something as obscure as the pachinko gambling business generates 10 times the revenue of all the casinos in Las Vegas combined. Yet some combination of cultural barriers, the slow pace of change, or the existence of faster-growing neighbors, means it gets less attention than it deserves.
Andrew McDermott of Mission Value Partners, a longtime investor in Japan who Buffett sought advice from, explains how the Oracle became “increasingly comfortable with Japanese companies and increasingly uncomfortable” with the then-in-vogue China. In 2012, Buffett “remarked that he’d rather invest in Japan than anywhere else in the world,” McDermott wrote in a blog post. And if that’s not enough, consider its position internationally: A strategically vital nation that advocates free trade and fair courts. These days, those are in short supply. Buffett suggested macro factors like another Bank of Japan rate hike wouldn’t dissuade him from investing further. Others should take note.
EMBRACE THE DIFFERENCE
“They have some different customs than we have. They drink Georgia coffee as their number one Coca-Cola product. I haven’t converted them to Cherry Coke, and they’re not going to convert me to Georgia coffee. But it’s a perfect relationship.”
Georgia is a brand of canned coffee served in vending machines and convenience stores across the country. Cherry Coke is very occasionally available as a novelty. As Buffett suggests, to each their own: He understands what many who’ve left the country frustrated do not: That Japan is its own place, and it’s these differences that make the country, and its firms, compelling.
The biggest stocks are successful not in spite of their idiosyncrasies, but because of them. Consider how Toyota Motor Corp. has defied investor pressure to shift to electric vehicles, becoming the top-selling automaker five years running by focusing on hybrids. Or Nintendo Co., which faced down calls insisting it must abandon its own hardware and shift to mobile games; a decade and $100 billion in Switch sales later, the stock trades just off an all-time high. These firms might not put shareholders above all else, but they build lasting brands that reward the long-term investor.
DON’T EXPECT OVERNIGHT CHANGE
“We don’t have any intention of trying to change what they’ve done because they do it very successfully. Our main activity is just to cheer and clap.”
A lengthy time window is crucial when it comes to Japan. While it doesn’t always need to be the decades Berkshire plans, expecting rapid change is a recipe for disappointment. To follow Buffett, the strategy is to find the good management teams and “cheer and clap,” rather than lecture.
While Japan is becoming more receptive to outside shareholders, investors who work with management long term, rather than against them in a short investment period, still seem most likely to succeed. Consider Third Point LLC’s Dan Loeb. Had he just retained the 7% stake in Sony Group Corp. he held in 2013, Loeb could have turned $1.1 billion into more than $10 billion today — without doing anything.
Foreign investors can help by attracting attention to opportunities and explaining them abroad, something Japanese boards struggle to do (consider how few paid much attention to the trading houses before Berkshire.)
Investing in Japan isn’t for the faint of heart. But ultimately it can reward those who — like Buffett — turn every page.
BLOOMBERG OPINION
DMCI HOLDINGS, Inc. remains cautiously optimistic about its short- and medium-term prospects, with expectations for growth in its water, power, and mining businesses despite economic headwinds.
“We are cautiously optimistic about the operating performance of the group in the short and medium term,” DMCI Holdings Chairman Isidro A. Consunji said during the company’s virtual annual stockholders’ meeting on Tuesday.
“Our priorities will remain focused on disciplined execution, cost control, and maximizing synergies within our ecosystem — especially with the recent addition of our cement business. At the same time, we are mindful of external risks, such as elevated interest rates, policy changes, and the slower-than-expected recovery in the construction and property sectors,” he added.
Mr. Consunji said the group’s operating performance in the short and medium term will be driven by better plant performance at its Calaca plants, as well as capacity expansions at DMCI Power Corp. and DMCI Mining Corp.
He added that DMCI Holdings is optimistic about the growing demand for electricity and water and expects revenue recognition from DMCI Homes’ post-pandemic sales recovery and progress in infrastructure projects, including the Metro Manila Subway and South Commuter Railway contract packages.
Among its business units, Mr. Consunji said he is most optimistic about Maynilad Water Services, Inc., DMCI Mining, and the power segment of Semirara Mining and Power Corp. (SMPC).
He said Maynilad, in which DMCI holds a 25% stake, is expected to perform well with rising water demand, tariff adjustments, and continued improvements in non-revenue water amid sustained infrastructure investments.
For DMCI Power, Mr. Consunji noted that the company is set to benefit from growing electricity demand in off-grid areas. He also mentioned that DMCI Mining is seeing potential upside from the recovery in nickel ore prices and the start of commercial operations at the Zambales Chromite Mining Co.
Regarding growth plans, Mr. Consunji said SMPC is revisiting plans for the 2×350-megawatt St. Raphael Power Generation project to help meet the country’s growing baseload energy needs in the medium term.
He added that DMCI Mining is advancing the exploration and permitting of its pipeline assets and exploring the feasibility of a value-added processing plant in partnership with Nickel Asia Corp. and potentially other nickel miners and investors.
DMCI Homes is also set to launch Moriyama Nature Park in Laguna later this year as part of expanding its leisure development portfolio. The real estate developer will also expand beyond its core Metro Manila and mid-income markets.
DMCI Power is eyeing a 26% increase in capacity this year, bringing its total installed capacity to over 200 megawatts. It is also exploring opportunities through competitive selection processes that align with government plans to broaden energy access in off-grid communities.
For 2024, DMCI Holdings recorded a 21% drop in net income to P19 billion after mixed results from its businesses.
DMCI Holdings shares dropped by 0.56%, or six centavos, to P10.64 apiece on Tuesday. — Revin Mikhael D. Ochave
