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The phenomenon that is Sunshine

By Brontë H. Lacsamana, Reporter

Movie Review
Sunshine
Directed by Antoinette Jadaone

WHEN Sunshine, the latest film by Antoinette Jadaone, won the Crystal Bear at the Berlin International Film Festival in February, it piqued Filipinos’ curiosity. It stars Maris Racal as a teenage Olympic gymnast who must discreetly explore her options to terminate an unwanted pregnancy.

As part of the Generation 14plus section in Berlin, among many other international films focused on the youth, its empathetic view on the matter of abortion resonated. Months later, with Sunshine garnering acclaim in the Philippines and approaching its 4th week in SM Cinemas, it’s safe to say it has resonated on home soil as well.

The fact that I was able to see it three weeks after its premiere is a testament to the power of storytelling as a means to tackle complex topics. The success of an abortion film in particular is quite meaningful in a Catholic-majority country like the Philippines, where the Reproductive Health (RH) Law was controversial and continues to be the center of discussions about lack of access to reproductive health services and information.

Sunshine indeed has a target audience. Young women are the ones who have been making an effort to watch the film and the ones powering discussions about it online.

Nearly half of the theater I was in was filled up, mostly college students (since I had opted to catch the film in an SM along the university belt). But the most memorable reaction I was privy to was actually that of two middle-aged ladies seated a few rows behind me.

During the film, one of them would occasionally mumble “hala” or “naku” at the main distressing occurrences in the narrative. Given her age bracket, my preconceived notion was that these were noises of disapproval. Only as we left the theater did I overhear the true intent — she told her companion “Parang si Sunshine din ako dati (I was like Sunshine, too, before),” and she said it not with any harrowing emotion, but casually, with a tinge of sheepishness and maybe even regret, as if it was a fact of life that took place long ago in her past and had faded into a memory tucked away in some cabinet in her mind. Such is the nature of stigmatized issues like this one.

Jadaone’s film shines when it allows the city and people of Manila to reflect the truths that women encounter every day, from the closeness to religion despite its sharp edges, to the alternating concern of some strangers and quick condemnation of others. That’s how Sunshine breaks away from the sports movie template it begins with, shifting from the titular Sunshine’s rigorous training to her dogged pursuit of agency amid widespread disapproval, as she seeks to make choices for her own body. Maris Racal embodies this heartbreaking toughness perfectly.

It also came to my attention that the late National Artist for Film Ishmael Bernal’s Hinugot sa Langit, released in 1985, was also centered on a young woman (played by Maricel Soriano) exploring her abortion options. This Regal Films-produced melodrama won four Gawad Urian awards — which means this is an issue and point of discussion that is not new. While I haven’t watched that film, it’s worth noting that, 40 years later, a resurgence of interest in telling the same story reflects a symptom of the Philippines’ struggle to truly progress.

It is also easy to compare Jadaone’s vision for Sunshine to that of the late National Artist for Film Lino Brocka, who would depict the city of Manila in the 1970s and ’80s as a chaotic character of its own. The way Jadaone does it is similar, but also a different thing entirely, obviously updated by time but also by purpose. At many points throughout the film, one gets the idea that the surroundings look more daunting, simply because that is how Sunshine feels about the world, and how many women in her situation feel as society forces them to make rash decisions.

There’s a certain questionable plot device further proving this that can be quite jarring. A little girl, initially coming across as a personification of Sunshine’s guilt, and perhaps even a hallucination of what she perceives as her unborn child, takes up a chunk of the film. A harrowing, promising side plot about another young woman with an unwanted pregnancy in the worst of circumstances unfortunately loses a bit of steam as the plot device stretches on, these little girl manifestations of guilt distracting from it as they run around in the back half of the film.

For many, it took away from the narrative rather than serving it. There are shining moments where depicting religious guilt personified made sense, a way to drive home Sunshine’s inner turmoil, alongside moments where it overstayed its welcome, barely supported by the narrative structure. Either way, it’s an interesting choice that resonates with women who have been in Sunshine’s shoes, sticking out in an otherwise measured film.

Sunshine mimics social realist cinema and the thematic arcs of a sports movie, but it largely brushes over the specifics of a student athlete’s struggles and seems to do away with portraying familial and religious structures with any nuance. Though those elements would complicate the narrative, they could have also deepened it and helped drive home its convictions. As a result, this ambitious film ends up too impressionistic, lacking in vision as it resorts to choices broadly inspired by other filmmakers, genres, and sensibilities.

What the phenomenon of Sunshine proves is that the youth aches for more stories that shed light on tough issues, that empower in pursuit of a better world. And, in the case of the older women in the cinema I was in, such stories may even reopen old wounds and help us reassess the truths we have long kept locked away and unquestioned.

PSE sets Aug. 2026 deadline for share declassification

PHILIPPINE STAR/KJ ROSALES

THE PHILIPPINE Stock Exchange (PSE) said publicly listed companies have until Aug. 9, 2026, to declassify their shares.

“We wish to highlight that publicly listed companies with common shares classified as Class A and Class B have until Aug. 9, 2026, to amend their respective articles of incorporation to reflect the declassification of their shares,” the PSE said in a notice dated Aug. 15.

The deadline was announced after the Securities and Exchange Commission (SEC) issued Memorandum Circular (MC) No. 10 on Aug. 7, instructing publicly listed companies to declassify their Class A and Class B common shares and to amend their respective articles of incorporation (AoI).

During the one-year period to amend their AoI, buyers “shall accept” the delivery of the specific class of shares that they have purchased and cannot be forced to receive an alternative class of shares.

The MC, which took effect on Aug. 9, repealed a 1973 rule issued by the SEC that implemented the classification of shares to monitor compliance with the 40% foreign ownership limit of stocks.

The rule states that Class A shares can only be issued to Filipino citizens, while Class B shares may be issued to both Filipinos and foreigners.

The SEC said the MC was issued to ensure efficiency in executing and settling equity trades.

“The classification resulted in unfair disparity in price between Class A and B shares. Such classification has also been the source of administrative inefficiencies for trading participants and the Securities Clearing Corporation of the Philippines,” the SEC said in an earlier statement.

“Further, technological advancements in the PSE’s trading system — which enables strict monitoring and enforcement of foreign ownership limits — has already rendered the classification obsolete,” it added.

The SEC mandated the declassification of shares of listed companies in 1997. However, shares that were already classified as Class A and B remained as such due to the prospective application of the order.

Violation of the MC will be subject to the appropriate penalty under Section 54 of Republic Act No. 8799, or the Securities Regulation Code. — Revin Mikhael D. Ochave

TANYAG and Proud: LANDBANK at 62 honors champions of nation-building

To mark 62 years of meaningful public service, LANDBANK recently honored its outstanding clients and partners who have been instrumental in delivering essential financial and support services nationwide.

The inaugural LANDBANK Gawad TANYAG (Tanging Yaman at Galing) Awards held on Aug. 8 celebrated the bank’s clients who have made an impact in communities and models of operational excellence, which include individual farmers and fishers, cooperatives, micro, small and medium enterprises (MSMEs), corporations and large enterprises, countryside financial institutions (CFIs), and microfinance institutions (MFIs).

“Sa bawat kwento ninyo, nakikita ko ang hinaharap na hinahangad nating lahat: isang Pilipinas na mas mayaman sa oportunidad, masagana sa pag-asa — kaya’t maraming salamat po sa pagpapatunay na ang tagumpay ay hindi lamang monopolya ng iilan, na ang pag-asenso ay puwedeng makamit ng bawat mamamayan,” said Finance Secretary and LANDBANK Chairman Ralph G. Recto in a statement.

LANDBANK President and CEO Lynette V. Ortiz

LANDBANK President and CEO Lynette V. Ortiz led the awarding ceremony to honor exemplary clients who embody the bank’s core values of partnership, loyalty, and excellence. She was joined by Department of Agriculture (DA) Undersecretary Roger V. Navarro, alongside key development partners.

“Through Gawad TANYAG, we honor the invaluable contributions of our clients who help move our nation forward. This is our way of celebrating partnerships that go beyond banking — partnerships rooted in trust, shared purpose, and the pursuit of meaningful change,” said Ms. Ortiz.

Under the Gawad PITAK (Pinakatanging Kooperatiba) category, the Hagonoy Farmers Multi-Purpose Cooperative, Panabingan Multi-Purpose Cooperative, and Nueva Ecija Seed Grower Multi-Purpose Cooperative were recognized as outstanding agri-based cooperatives in the small, medium, and large categories, respectively. The ASKI Employees Credit Cooperative and Providers Multi-Purpose Cooperative were also honored under the non-agricultural cooperative category.

Individual excellence was highlighted through the Ulirang Magsasaka award conferred to Alfonso Namujhe Jr. of Nueva Vizcaya, and the Ulirang Mangingisda award bestowed to Agrifina A. Gabres of Aurora.

Josephine Namujhe

“Napakalaking tulong ng LANDBANK. Noong mag-umpisa kami, walang bangko na gustong tumulong sa amin. LANDBANK lang ang naniwala. My dad started the spark, and LANDBANK fueled it. The citrus industry of Nueva Vizcaya owes it to LANDBANK,” said Josephine Namujhe, who received the award on behalf of her father.

The Gawad MSME was awarded to Jose Fernand Latog and Jollypig Farms, Inc. for the small and medium agri-based enterprises, respectively. Meanwhile, Spouses Patrick Mary and Rodary Therese Guanzon, and Spouses Mary Jeanette and Michael Anthony Bercadez were recognized under the small and medium non-agri enterprise categories, respectively.

The Gawad KAAGAPAY (Korporasyon na KAagapay sa Ating GAnap na TagumPAY) was conferred to Soliman E.C. Septic Tank Disposal, Fiesta Communities, Inc., and Cebu Landmasters, Inc. for their significant contributions as corporations and large enterprises in stimulating local economic growth.

“With the support of LANDBANK, we are very grateful that we have a partner in providing homes for our kababayans and empowering the Filipino people,” said Willie Tan, founder and president of Fiesta Communities, Inc. Rural Bank of Angeles, Producers Savings Bank Corporation, First Isabela Cooperative Bank, and ASA Philippines Foundations, Inc. were recognized with the Gawad PFI (Partner Financial Institution) for their exceptional performance under the rural bank, thrift bank, and microfinance categories, respectively.

The complete list of Gawad TANYAG awardees can be accessed here:

LANDBANK is celebrating its 62nd anniversary marking 62 meaningful years of advancing growth, financial inclusion, and sustainability through responsive and impactful banking services.

 


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PSBank raises P5 billion via two-year bonds

PHILSTAR FILE PHOTO

PHILIPPINE Savings Bank (PSBank) raised P5 billion in fresh funds via the two-year peso bonds it offered earlier this month.

The thrift unit of Metropolitan Bank & Trust Co. (Metrobank) listed the bonds on the Philippine Dealing & Exchange Corp. on Monday, it said in a disclosure to the stock exchange.

The final issue size was well above its P2-billion offer.

The latest bond issuance marked PSBank’s return to the domestic debt market after five years and made up the third tranche of its P40-billion bond program.

The papers carry a fixed interest rate of 5.875% per annum, payable quarterly.

“The public offer period, which was initially set to run from Aug. 4 to 8, 2025, was cut short to Aug. 5, 2025 as strong investor interest resulted in orders reaching more than six times the base offer size,” PSBank said.

“The net proceeds from this issuance will support PSBank’s expansion initiatives and further diversify the bank’s funding sources.”

First Metro Investment Corp. and ING Bank N.V. Manila Branch were the arrangers for the transaction. They also acted as selling agents together with PSBank and Metrobank.

PSBank’s net income went down by 29.88% to P953.62 million in the second quarter from P1.36 billion a year prior.

This brought its earnings for the first semester to P2.16 billion, dropping by 15.63% year on year from P2.56 billion.

Its shares went up by 30 centavos or 0.53% to end at P56.50 each on Monday. — BVR

Superman actor Terence Stamp, 87

TERENCE STAMP, playing General Zod, in a scene from Superman II.

LONDON — Terence Stamp liked to recall how he was on the verge of becoming a tantric sex teacher at an ashram in India when, in 1977, he received a telegram from his London agent with news that he was being considered for the Superman film.

“I was on the night flight the next day,” Mr. Stamp said in an interview with his publisher Watkins Books in 2015.

After eight years largely out of work, getting the role of the arch-villain General Zod in Superman and Superman II turned the full glare of Hollywood’s limelight on the Londoner.

Buoyed by his new role, Mr. Stamp said he would respond to curious looks from passers-by with a command of: “Kneel before Zod, you bastards,” which usually went down a storm.

He died on Sunday morning, aged 87, his family said in a statement. The cause was not immediately known.

“He leaves behind an extraordinary body of work, both as an actor and as a writer that will continue to touch and inspire people for years to come,” the family statement said. 

‘I WOULD HAVE BEEN LAUGHED AT’
Terence Henry Stamp was born in London’s East End in 1938, the son of a tugboat coal stoker and a mother who Mr. Stamp said gave him his zest for life. As a child he endured the bombing of the city during World War II and the deprivations that followed.

“The great blessing of my life is that I had the really hard bit at the beginning because we were really poor,” he said.

He left school to work initially as a messenger boy for an advertising firm and quickly moved up the ranks before he won a scholarship to go to drama school. Until then he had kept his acting ambitions secret from his family for fear of disapproval.

“I couldn’t tell anyone I wanted to be an actor because it was out of the question. I would have been laughed at,” he said.

He shared a flat with another young London actor, Michael Caine, and landed the lead role in director Peter Ustinov’s 1962 adaptation of Billy Budd, a story of brutality in the British navy in the 18th century. That role earned him an Academy Award nomination and filled him with pride.

“To be cast by somebody like Ustinov was something that gave me a great deal of self-confidence in my film career,” Mr. Stamp told the Thomson Reuters Foundation in 2019. “During the shooting, I just thought, ‘Wow! This is it.’”

Famous for his good looks and impeccable dress sense, he formed one of Britain’s most glamorous couples with Julie Christie, with whom he starred in Far From the Madding Crowd in 1967. But he said the love of his life was the model Jean Shrimpton.

“When I lost her, then that also coincided with my career taking a dip,” he said.

After failing to land the role of James Bond to succeed Sean Connery, Mr. Stamp sought a change of scene. He appeared in Italian films and worked with Federico Fellini in the late 1960s.

“I view my life really as before and after Fellini,” he said. “Being cast by him was the greatest compliment an actor like myself could get.”

‘A LOT OF ACTION GOING ON’
It was while working in Rome — where he appeared in Pier Paolo Pasolini’s Theorem in 1968 and A Season in Hell in 1971 — that Mr. Stamp met Indian spiritual speaker and writer Jiddu Krishnamurti in 1968. Mr. Krishnamurti taught the Englishman how to pause his thoughts and meditate, prompting Mr. Stamp to study yoga in India.

Mumbai was his base but he spent long periods at the ashram in Pune, dressed in orange robes and growing his hair long, while learning the teachings of his yogi, including tantric sex.

“There was a rumor around the ashram that he was preparing me to teach the tantric group,” he said in the 2015 interview with Watkins Books. “There was a lot of action going on.”

After landing the role of General Zod, the megalomaniacal leader of the Kryptonians, in Superman in 1978 and its sequel in 1980, both times opposite Christopher Reeve, he went on to appear in a string of other films, including as a transgender woman in The Adventures of Priscilla, Queen of the Desert in 1994.

Other films included Valkyrie with Tom Cruise in 2008, The Adjustment Bureau with Matt Damon in 2011 and movies directed by Tim Burton.

He counted Princess Diana among his friends.

“It wasn’t a formal thing, we’d just meet up for a cup of tea, or sometimes we’d have a long chat for an hour. Sometimes it would be very quick,” he told the Daily Express newspaper in 2017. “The time I spent with her was a good time.”

In 2002, Mr. Stamp married for the first time at the age of 64 — to Elizabeth O’Rourke, a pharmacist, who was 35 years his junior. They divorced in 2008.

Asked by the Stage 32 website how he got film directors to believe in his talent, Mr. Stamp said: “I believed in myself.

“Originally, when I didn’t get cast I told myself there was a lack of discernment in them. This could be considered conceit. I look at it differently. Cherishing that divine spark in myself.” — Reuters

Arthaland buys Cebu land parcels worth P2.5B for project use

STOCK PHOTO | Image by RJ Trazona from Unsplash

LISTED real estate developer Arthaland Corp., through its subsidiary Furusato Land Corp. (FLC), has acquired a 50% interest in 14 land parcels along Banilad Road in Cebu City valued at P2.5 billion for a planned project.

“This transaction will be subject to the ratification of the corporation’s board of directors at its next meeting,” Arthaland said in a regulatory filing on Monday.

Arthaland’s board approved the incorporation of FLC in May. The company also infused P500 million into FLC through a share subscription.

FLC serves as Arthaland’s project vehicle for acquiring property for the planned development. The company has yet to disclose details of the project.

For the first half, Arthaland recorded a 49% drop in net income to P240.1 million as revenue declined by 14% to P2.2 billion.

Arthaland said the revenue decline was due to projects that were either fully sold or nearly sold out during the period. However, the decrease was cushioned by contributions from the Eluria ultra-luxury residential condominium project in Makati and the initial revenue recognition of the second tower of the Una Apartments residential development in Biñan, Laguna.

Eluria is a 31-story project that will feature 37 limited-edition units, with only one to two units on each floor. Arthaland expects to generate P6 billion in sales from the project, with a 300-square-meter unit priced between P150 million and P170 million.

Meanwhile, Una Apartments is a five-tower mid-market residential development inside the 8.1-hectare Sevina Park in Biñan, Laguna.

Sevina Park is a mixed-use community accessible via the Cavite-Laguna Expressway. It is near the De La Salle University-Laguna Campus, hospitals, and several industrial estates.

Arthaland shares rose by 8.43% or P0.035 to 45 centavos apiece on Monday. — Revin Mikhael D. Ochave

Board etiquette

STOCK PHOTO | Image by Rawpixel.Com from Freepik

Directors of publicly listed companies (PLCs) and private corporations usually attend board meetings face to face now and must, of course, observe boardroom etiquette. These board room manners are learned from basic etiquette in school augmented by classes held in esteemed institutions, like the Institute of Corporate Directors (www.icd.ph), the Centers for Good Governance, and the like. Even we, at NextGen Organization of Women Corporate Directors (www.nowcdphils.com), find time to listen to fireside chats with respected luminaries in corporate boards, like Cora dela Paz-Bernardo.

But in less formal boards, especially of non-government organizations (NGOs) and advisory councils, people seem to throw the etiquette book aside because either it is a “gratis et amore” board position or pro bono, or it is a family council or a board in a family corporation, where one will not be replaced or evaluated due to stockholder rights or, in the case of family, one is a rightful heir to the company. But this is where etiquette should first be learned and practiced. No board or council is any less than a PLC when we talk about governance and etiquette.

How many times have you attended a board meeting where the chairman tunes in from his mobile phone as he is travelling, or that he is home because something came up. You tend to doubt the seriousness of the corporation and the formality required of board members when your own chair does not consider it to be important to be dressed, come on time, and be behaved. Or even take note of the date and time and be present physically.

I have had the experience of directors attending to their mobile phones, taking lots of calls, and not paying attention when all the meeting requires is an hour or two of your time. Then there are directors who love to have their own private conversations with other directors, unmindful of the speaker or presenter who has the floor. I have seen these many times but choose not to call their attention, especially if I am the chair, and not the grand marshal of the room.

It is very disturbing to observe that well-educated people, chosen for their expertise on subjects, are only attentive when it is their turn to speak. Listening to a meeting should be job one. Participating in discussions is what we get paid for — either in a modest per diem, travel allowances, or just a free meal and a token. But how will you participate if you do not listen and half the time you are engaged in something else? It is unfair to the other directors who give up their time to listen and participate while you are only half present or mentally absent.

At NOWCD, we are looking to allow more women into our organization so we can address the call of the Philippine Stock Exchange in a recent press release to get more women in board rooms. We have to get women directors in a pipeline for future PLC directorships, even if they have had experience only in private companies as of yet, or have been CEOs of companies and are planning to have a career change after the C-suite.

But more than just corporate experience or topping the board exams, passing the bar or being exceptional in a certain field, what makes a good director or advisory council member is basic etiquette. This is a habit formed over the years which we must be very conscious of. We have sat in boards of non-profits, family corporations, and PLCs. The etiquette required is the same — respect for other people’s time and talk time. Show respect by keeping silent and keeping comments to ourselves until it is our turn to speak. It is the most difficult thing to do but, once learned, becomes a habit. Even more precious than expertise is the respect we show others.

Also, as more women join corporate boards, we ask the men to put the male jokes aside. That is part of board room etiquette. The golf jokes may be appropriate if the other members are into the sport but otherwise, golf jokes are best reserved for golf buddies.

Other board room “no-no’s” are discussions involving religion and politics. These topics are never-ending and may create animosity between and among good-natured board members.

What we discuss in boardrooms must be about the purpose of the board itself. Were we elected because of what we can contribute to the betterment of the organization, or as a token independent director in a PLC? Are we the token woman, youth, or subject matter expert or do we really add value to our boards?

Let us start by coming on time, being prepared, and, while the meeting is ongoing, pretending we are at the presidential palace waiting to be called by the powers that be. That should make us sit up straight, stop useless conversations, and listen to the chair or the one who has the floor.

Check your board room etiquette and check your directors’ manners and habits. It may spell the difference between an active profitable company or a compliance-driven board not checking on its positive results or outcomes.

Which board or advisory council do you belong to? It’s high time we checked everyone’s boardroom manners and etiquette.

This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or MAP.

 

Chit U. Juan is the co-vice-chair of the MAP Environment Committee. She is also the president of the Philippine Coffee Board, Inc. and Slow Food Manila

www.slowfood.com

map@map.org.ph

pujuan29@gmail.com

ESPN will not air Spike Lee’s docuseries on Colin Kaepernick, citing ‘creative differences’

BEVERLY HILLS, California — Director Spike Lee’s multi-part documentary series for ESPN Films about former NFL quarterback Colin Kaepernick, who sparked a national debate when he protested racial injustice nearly a decade ago, will not be released, the filmmaker and ESPN said.

“ESPN, Colin Kaepernick and Spike Lee have collectively decided to no longer proceed with this project as a result of certain creative differences,” ESPN said in a statement to Reuters on Saturday.

“Despite not reaching finality, we appreciate all the hard work and collaboration that went into this film.”

Mr. Lee told Reuters on Friday that the series was not going to be released.

“It’s not coming out. That’s all I can say,” Mr. Lee said on the red carpet ahead of the Harold and Carole Pump Foundation dinner, a fundraiser for cancer research and treatment, in Beverly Hills, California.

Asked why, the Oscar-winning director declined to elaborate, citing a nondisclosure agreement.

“I can’t. I signed a nondisclosure. I can’t talk about it.”

Mr. Kaepernick played for the San Francisco 49ers from 2011 to 2016. He ignited a national debate in 2016 when he knelt during the US national anthem to protest systemic racism and police brutality.

The 37-year-old athlete has not played in the NFL since that season. Many experts believed his political activism, which triggered a movement that drew the ire of US President Donald J. Trump, was the key reason teams were wary of signing him.

He later filed a collusion grievance against team owners, which was settled with the league in 2019.

A representative for Mr. Kaepernick said the player had no comment about the docuseries on Saturday.

Production on the series began in 2022, with Walt Disney-owned ESPN touting it as a “full, first-person account” of Mr. Kaepernick’s journey that would feature extensive interviews with the player.

In September, Puck News reported the project faced delays amid disagreements between Mr. Kaepernick and Mr. Lee over the direction of the film, and that ESPN Chairman Jimmy Pitaro was open to allowing the filmmakers to shop it elsewhere. — Reuters

Secure online payments systems to help PHL in financial inclusion push

STOCK PHOTO | Image by David Dvořáček from Unsplash

IMPROVING cybersecurity for online payments systems with the help of artificial intelligence (AI) solutions can push financial inclusion in the Philippines, payments technology company Global Payments, Inc. said.

The company expects AI to boost the Philippines’ online payments system within the next three to five years.

Krishnaraj Tantri, senior vice-president for South and Southeast Asia at Global Payments, said in an e-mail interview that AI-powered tools can help improve cybersecurity, particularly fraud detection, in the financial system.

Alternative security tools like biometrics, tokens, or cryptograms can also be implemented in addition to AI to protect the integrity of online payments systems.

“To enhance payment security in the Philippines, we can adopt several innovative measures. AI technology significantly improves the accuracy of fraud detection, allowing for real-time monitoring and response to suspicious activities,” Mr. Tantri said.

“These methods involve encoding transaction data, which minimizes the risk of identity theft and fraudulent transactions.”

Making online payments systems more secure, improving tech infrastructure, and financial education efforts will benefit small and medium enterprises (SME), which could help push the growth of digital payments outside the Philippine capital, Mr. Tantri said.

“As many SMEs struggle to hire skilled talent in competitive fields like digital marketing, finance, and IT, AI tools will play a crucial role in automating manual tasks and enhancing productivity across various business functions,” he said.

“Currently, many SMEs lack awareness of the benefits of digital payments, such as faster settlements and reduced fraud risk. Educational initiatives are essential to inform these businesses about how digital payment solutions can streamline their operations and improve their bottomlines.”

The development of mobile banking solutions that cater to the needs of unbanked individuals can also boost inclusion, the company said.

These need to be supported by partnerships between the government, financial institutions, and fintech companies, Mr. Tantri said.

A possible initiative would be incentivizing the deployment of point-of-sale terminals in underserved regions, which would help enable SMEs in areas that lack infrastructure to accept digital payments, he added.

“This could include subsidies for merchants or partnerships with technology providers to reduce costs and increase accessibility.”

The share of online payments in monthly retail transactions in the Philippines stood at 57.4% in terms of volume and 59% in value terms in 2024, the latest Bangko Sentral ng Pilipinas (BSP) data showed. These are up from 52.8% and 55.3%, respectively, in 2023.

The BSP is targeting to achieve a 60-70% share of digital payments over total retail payments volume by 2028, in line with the Philippine Development Plan. — A.M.C. Sy

PHINMA Corp. hikes capex to about P5B

PHINMA

DEL ROSARIO-LED PHINMA Corp. has increased its allotted capital expenditure (capex) this year to about P5 billion from the initial P3.8 billion to cover new projects.

“We said P3.8 billion. It’s actually going to be a little more because there were some projects approved last year that weren’t calculated into that. The (capex) number is closer to P5 billion,” PHINMA Chief Financial Officer EJ A. Qua Hiansen told reporters recently.

Mr. Qua Hiansen said the projects approved last year include the 21-hectare Saludad township in Bacolod City, the Davao terminal for cement subsidiary Philcement Corp., and the insulated panels factory of subsidiary Union Insulated Panel Corp. in Porac, Pampanga.

“All of the projects are actually looking well. The indications are strong,” he said.

“We like the Bacolod market. The sales pickup has been good. In Davao, we broke ground late last year. That’s on track. For the insulated panels factory, that one is also on track to start commercial operations next year,” he added.

Mr. Qua Hiansen said PHINMA remains optimistic about its growth prospects despite global uncertainties related to the United States tariffs.

“I think it’s not a surprise that the macroeconomic environment globally, especially with the tariffs, has been a bit murky, so it’s getting harder for us to predict. But long term, we like our businesses,” he said.

“They’re going to really return not just value to our shareholders but to society. We’re going to keep focusing on doing that. We’re still very much pushing our expansion projects and excited for the future,” he added.

Meanwhile, Mr. Qua Hiansen said PHINMA will launch the first project of its community housing venture, located in Davao, later this year. The project will have 530 units.

He added that the second project, situated in Bacolod, will be launched by the first half of next year. PHINMA is venturing into the community housing segment through subsidiary PHINMA Community Housing Corp.

“We’ll see how those first two do before we look at putting in more. But it’s something we want to do in a very big way. It’s something we’re very positive about,” he said.

For the first half, PHINMA posted a P455.06-million attributable net loss, wider than the P117.89-million net loss a year ago. Revenue rose by 4% to P10.82 billion, led by its education segment.

PHINMA shares fell by 2.94% or 50 centavos to P16.50 apiece on Monday. — Revin Mikhael D. Ochave

Why promoting competition is key to the Philippines’ long-term competitiveness?

FREEPIK/THIS RESOURCE WAS GENERATED WITH AI

By Jaime Frias

WE often conflate competition and competitiveness, the terms frequently invoked in economic policy discussions, yet subtly distinct. The former, competition, describes the dynamic struggle among firms for customers and resources. Competition compels businesses to innovate and improve. The latter, competitiveness, refers to the capacity of firms, industries, or entire economies, like the Philippines, to outperform others in contestable markets. This capacity to outperform others, crucially, stems from the systematic development of productive capabilities.

The two are inextricably linked. Intense competition fosters an environment where merit-based outcomes prevail, channeling resources — talent, capital, and market share — to those who generate greater value. In essence, robust competition fuels national competitiveness.

The Philippines offers an interesting case study to examine the concepts of competition and competitiveness. The World Bank’s recent “Growth and Jobs” report, “Running Uphill: Growth Jobs, and the Quest for Productivity,” sheds light on how policy leaders can harness the power of competition to drive long term competitiveness of the Philippine economy.

For instance, Philippine firms engaged in export activities are significantly more productive than their non-exporting counterparts — around 20% more, on average. This suggests that firms exposed to the pressures of global competition strive to become and remain competitive.

The evidence suggests that exporters in the Philippines are more productive for two reasons: selection and learning. Selection implies that firms that are more productive in the first place are the ones that become successful exporters. Learning implies that by becoming systematic exporters, firms become even more productive through being exposed to different and often superior technologies or management practices. According to the World Bank report’s findings, this gain in productivity often continues long after they start exporting. This is not just about efficiency; it translates to better jobs.

Data shows that more productive firms in the Philippines are hiring a greater share of workers, indicating efficient resource allocation.

Moreover, the most productive Philippine firms demonstrably offer higher wages; the median wage at top-performing firms is roughly double that of mid-tier ones.

These trends confirm that the principles of competition and competitiveness are at play and have driven progress in the Philippine economy.

Yet, despite these advances, the evidence also suggests that the system is not functioning as efficiently as it could. The market’s capacity to allocate resources effectively has diminished in some areas, particularly in recent years. Several indicators suggest that the Philippines needs to refocus on fostering a more competitive environment.

The Philippine’s inward shift has created missed opportunities for jobs and wealth creation. The export-to-GDP ratio has fallen, and the number of systematic merchandise exporters declined by 23% between 2011 and 2022. This inward focus risks hindering future productivity, as exporters and foreign-owned firms consistently outperform those serving only the domestic market.

Recent years have not seen talent move predominantly to the most productive firms. Between 2012 and 2021, mid-productivity firms accounted for most employment growth. Typically, high-productivity and expanding firms employ more labor, with firm growth playing a role in expansion, sustainability, and job creation.

Finally, the Philippine economy is showing signs of slowing growth, with rising sector concentration and reduced business turnover. New firm entry rates have dropped since 2015, remaining low compared to regional peers. Less new entrants mean less competitive pressure for incumbents. Family-owned conglomerates often dominate, investing in protected sectors like utilities and real estate — reflecting structural incentives and regulatory protections that favor established players over innovation.

So, what can Philippine policymakers do to reverse these trends and reinvigorate competition?

Insights from the recent World Bank Growth and Jobs Report point out clear, actionable measures.

First, the government could facilitate new investment by simplifying permitting and licensing processes. This means embracing automation for business entry and site permitting and strengthening electronic signature systems.

Second, robust implementation and enforcement of recent laws is crucial, particularly in non-tradeable and network service sectors such as telecommunications, transport, logistics, as well as in energy, and professional services. This involves empowering sector regulators, separating development and regulatory roles where conflicts of interest arise, and establishing a Beneficiary Ownership Registry for greater transparency.

Third, lowering the costs of international trade and foreign investment is paramount. Accelerating the implementation of free trade agreements (e.g., between the Philippines and the European Union, Korea, and Canada), simplifying non-tariff measures, utilizing trade attaches, and modernizing customs systems for efficient clearance are all vital. Improving VAT refund processes will also significantly reduce operational costs for exporters. Finally, enacting the Public Service Act amendment is expected to cut the cost of essential service inputs, encouraging further investment.

The Philippines’ long-term prosperity hinges on its ability to foster genuine competition, ensuring that the most productive firms can thrive and allocate resources efficiently. The signs are clear; the path forward requires determined action.

 

Jaime Frias is a senior economist leading engagement for the World Bank in innovation and competitiveness. He has over 25 years of experience in private sector development, Trade and Investment policy. His expertise includes project operations, strategy, and analytics, gained through work in more than a dozen countries across Central and South America, Africa, Eastern Europe, and East Asia.

Peso climbs as markets await Fed policy clues

STOCK PHOTO | Image by iiijaoyingiii from Pixabay

THE PESO strengthened on Monday to return to the P56 level against the greenback as investors’ focus turned to the US Federal Reserve’s symposium this week.

The local unit closed at P56.965 per dollar, rising by 10 centavos from its P57.065 finish on Friday, Bankers Association of the Philippines data showed.

The peso opened Monday’s session at almost unchanged at P57.05 against the dollar. Its intraday best was its closing level of P56.965, while its worst showing was at P57.14 against the greenback.

Dollars exchanged dropped to $1.48 billion on Monday from $2.099 billion on Friday.

“The dollar-peso traded sideways as players waited on the sidelines ahead of the Jackson Hole symposium on Aug. 21 to 23 for possible hints from Fed officials on their easing path,” a trader said in a phone interview.

The peso was also supported by lower global crude oil prices, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Tuesday, the trader sees the peso moving between P56.80 and P57.20 per dollar, while Mr. Ricafort expects it to range from P56.85 to P57.15.

The US dollar wobbled on Monday ahead of what is likely to be an eventful week for US interest rate policy, while oil prices were subdued as risks to Russian supplies seemed to fade somewhat, Reuters reported.

The major economic event of the week will be the Kansas City Federal Reserve’s Jackson Hole symposium, where Chair Jerome H. Powell is due to speak on the economic outlook and the central bank’s policy framework.

Markets imply around an 85% chance of a quarter-point rate cut at the Fed’s meeting on Sept. 17 and are priced for further easing by December. Wagers on more Fed easing have weighed on the dollar, which dropped 0.4% against a basket of currencies last week to last stand at 97.858.

In commodity markets, oil prices struggled as US President Donald J. Trump backed away from threats to place more restrictions on Russian oil exports, although White House trade adviser Peter Navarro said India’s purchases of Russian crude were funding Russia’s war in Ukraine and had to stop. Brent was flat at $65.81 a barrel, while US crude steadied at $62.81 per barrel. — A.M.C. Sy with Reuters

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