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Marcos eyes ‘bold reset’ of government

PPA POOL YUMMIE DINGDING

CABINET MEMBERS, including state economic managers, submitted their courtesy resignations on Thursday as part of President Ferdinand R. Marcos, Jr.’s “bold reset” of the government to better meet the needs of Filipinos.

The move comes following the poor performance of administration-backed senatorial candidates in the May 12 midterm elections, and amid global uncertainties due to trade concerns that could threaten the Philippine economy.

The Presidential Communications Office (PCO) said the request for resignations will give Mr. Marcos “elbow room to evaluate the performance of each department and determine who will continue to serve in line with his administration’s recalibrated priorities.”

“With this bold reset, the Marcos administration signals a new phase — sharper, faster, and fully focused on the people’s most pressing needs,” it said.

“It’s time to realign government with the people’s expectations. This is not business as usual,” Mr. Marcos said in the statement. “The people have spoken, and they expect results, not politics, not excuses. We hear them, and we will act.”

Officials will continue to perform their duties until their resignations are accepted, or new appointments are made by the President.

The President’s allies failed to win a majority of Senate seats contested in the May 12 polls, leaving Mr. Marcos facing a divided political and legislative landscape that could thwart his attempts to have an ally succeed him in 2028.

Candidates aligned with Mr. Marcos’ estranged vice-president, Sara Duterte-Carpio, outperformed expectations in the midterms, which many saw as a proxy battle between Marcos and the Duterte camps.

With less than three years in office left, Mr. Marcos is under pressure to deliver results and groom a successor capable of fending off any potential run by the popular Ms. Duterte-Carpio in the 2028 presidential election.

Over 30 Cabinet-level officials tendered their courtesy resignations, including economic managers Finance Secretary Ralph G. Recto, Department of Economy, Planning, and Development Secretary Arsenio M. Balisacan, Budget Secretary Amenah F. Pangandaman, and Special Assistant to the President for Investment and Economic Affairs Frederick D. Go.

Cabinet members said in separate statements that they resigned as they “serve at the pleasure of the President.”

Mr. Recto said he fully supports the planned revamp, adding that Mr. Marcos “carries the heavy burden of leading the nation through complex global and domestic challenges.”

For his part, Mr. Balisacan said, “If deemed necessary, I stand ready to hand over the leadership to someone the President believes can better drive our nation’s development goals.”

“It’s a prerogative of the President. The President can change his team anytime, but I think it’s a good time because it’s [the middle of his term],” he said on the sidelines of the BusinessWorld Economic Forum 2025 on Thursday, adding that his department is also doing an internal assessment.

PCO Undersecretary and Palace Press Officer Clarissa A. Castro said at a news briefing that Mr. Marcos is frustrated with the performance of some of his Cabinet members, but did not specify anyone.

“The President has made it clear that all pending and ongoing projects will not be affected during this transition,” she said. “Work continues uninterrupted for our Cabinet secretaries and government personnel.”

While she gave no timeline, she said the President is acting with urgency.

Asked what priorities the government will focus on moving forward, Ms. Castro said infrastructure and education are on top of the list.

POLITICAL MOVE
The directive drew mixed reactions from stakeholders, with some believing that it may have been driven by political concerns.

Arjan P. Aguirre, assistant professor of political science at the Ateneo de Manila University, said the recent polls likely triggered Mr. Marcos’ decision to revamp his Cabinet.

“Being the incumbent, this is something that we can expect as the most logical response to deliver more of what the people want and/or really need,” he said in a Facebook Messenger chat. “This is what I’m sensing as the response of the Marcos government, but again, we have yet to see if this will really lead to real changes or benefits.”

“The bigger effect that we can expect here is the identification of new priorities of the Marcos government — priority projects that target the concerns of the people,” he added.

Josue Raphael J. Cortez, a diplomacy lecturer at the De La Salle-College of St. Benilde, said this recalibration strategy is a timely political move from the Marcos administration.

“This move can be viewed in two ways: first, as a way of projecting that we have a listening government, and second, an implicit conditioning for the 2028 national elections, which will determine whether the ball will still be on the side of the Marcoses, or it will once again pivot towards the Dutertes, despite the issues surrounding the family,” he said in a Facebook Messenger chat.

IBON Foundation Executive Director Jose Enrique “Sonny” A. Africa said the move may be due to Mr. Marcos’ declining approval and trust ratings.

Mr. Marcos has faced a steep decline in public support, according to a March survey by Pulse Asia, with only 25% of Filipinos approving of his performance, down from 42% previously.

In stark contrast, Ms. Duterte-Carpio enjoyed a significantly higher approval rating of 59%.

Sentiment towards the government has soured due in part to a perceived failure to control inflation, a top concern of Filipino households, even though it has been back within the central bank’s 2% to 4% target range since August.

“The ineffectiveness of government efforts to improve the well-being of the majority is most of all due to the nature of the economic policies themselves, which favor short-term corporate profitability and the wealth of politically connected families rather than universal provision of public social services and aiming for real Filipino industrialization to create jobs,” Mr. Africa said in a Viber chat.

He said the government needs to reset policies and not just the Cabinet. “No matter how many times Cabinet members are changed, the public sector and economy won’t be transformed unless real reforms for social and economic transformation are undertaken.”

Philippine Chamber of Commerce and Industry President Eunina V. Mangio said in a statement that the move is surprising as the government “has been performing relatively well in managing the economy,” although progress has been undermined by political issues.

“We are trying to get more investments for the country, especially with the passage of the CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy) Act. We want to continue fostering economic growth and investor confidence, and so we hope that the courtesy resignations will bring in accountable and merit-based appointments and appointments done [as soon as possible] to avoid political instability and so as not to derail economic continuity,” Ms. Mangio said.

“We understand the President’s actions and intentions as this happens in business and the private sector. A CEO (chief executive officer) needs to make difficult calls, such as replacing talents, with the primary objective of improving the performance of the organization,” Management Association of the Philippines President Alfredo S. Panlilio said in a statement. “Difficult as it may be, the call of leadership is to make such hard decisions in the interest of establishing meritocracy and encouraging performance. We hope the President will find the appropriate talents for those he decides to replace — people who can effectively execute his government’s plans.”

“We trust that capable, proactive, and committed individuals will be empowered and work together as a cohesive team to execute the nation’s plans to uplift the lives of all Filipinos and move us closer to the outcomes our people deserve.”

Makati Business Club Chairman Edgardo O. Chua told reporters at an event that they are hoping that the Cabinet revamp would not be major as they are generally satisfied with the performance of the current economic team.

“If many of them are replaced, it will be disruptive,” he said. “We are hoping that the President will be able to maintain the good ones.”

Mr. Marcos’ call for courtesy resignations will “enable him to have a free hand in appointing or reappointing people who he believes will deliver in the second half of his term,” he said.

“So, we just hope that the President will be able to quickly announce who will be appointed or reappointed so that there is minimal disruption,” Mr. Chua added. — Chloe Mari A. Hufana with Reuters

US rating cut could benefit the Philippines, other markets

PEXELS-JOHN GUCCIONE

THE UNITED STATES’ latest credit rating downgrade could benefit the Philippines and other emerging markets as this could prompt investors to diversify their portfolios.

“The US credit downgrade is negative for US dollar and US dollar-denominated assets but positive for the peso as global funds diversify into non-dollar assets, including emerging market asset classes. The Philippines is part of the emerging market universe,” Cristina S. Ulang, head of research at First Metro Investment Corp., said.

“It’s possible the downgrade could lead some investors to diversify away from dollar assets,” Luis A. Limlingan, head of sales at Regina Capital Development Corp., said in a Viber message. “This may create an opportunity for markets like the Philippines, but any shift would depend on broader risk sentiment and how local fundamentals compare with other emerging markets.”

Moody’s Ratings last week cut the US’ long-term issuer and senior unsecured ratings to “Aa1” from “Aaa,” revising its outlook to “stable” from “negative.”

The debt watcher said this downgrade “reflects the increase over more than a decade in government debt and interest payment ratios to levels that are significantly higher than similarly rated sovereigns.”

The move stripped the US of its last triple-A rating from the big three credit raters. In 2011, S&P Global Ratings cut the US’ sovereign long-term credit rating to “AA+” from its top investment grade of “AAA.” Fitch Ratings in 2023 also downgraded the country’s rating to “AA+” from “AAA.”

The Philippines holds investment-grade ratings from all three debt watchers. S&P in November last year kept its “BBB+” long-term credit rating for the country, a notch below the “A” level grade targeted by the government, and raised its outlook to positive.

Meanwhile, Fitch and Moody’s rate the Philippines at “BBB” and “Baa2,” respectively, with stable outlooks, which are a level below S&P’s rating. Fitch affirmed its long-term rating in April, while Moody’s latest sovereign rating action was announced in August 2024.

The Philippines’ manageable debt-to-gross domestic product (GDP) ratio could make it a preferred option for investors, Ms. Ulang said.

The government is seeking to bring the debt-to-GDP ratio down to 60.4% by the end of 2025, and to 56.3% by 2028. Debt as a share of GDP stood at 62% at the end of the first quarter.

BDO Senior Vice-President and Trust and Investments Group Head Frederico Rafael D. Ocampo said the fiscal concerns cited by Moody’s for the rating downgrade could cause US assets to perform weaker in the near term as investors look for other markets.

“While the immediate reaction following the announcement was a sell-off across most US assets, the move has been partially retraced on investors looking to take advantage of cheap valuations,” Mr. Ocampo said in a Viber message.

“Looking ahead, we anticipate US-denominated portfolios to trade weaker following a broader de-risking in US assets in the near term, especially if the US government fails to address the more systemic issue of a growing deficit funded by more borrowings.”

Mr. Ocampo added that elevated long-term rates could “add pressure on portfolios with substantial exposures in the tail end of the yield curve, such as those of insurance companies and pension funds.”

BORROWING COSTS
Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri, Jr. likewise said that higher rates could affect borrowing costs.

“Investors may demand higher yields on US government debt to compensate for the perceived increase in risk,” Mr. Neri said in a Viber message. “This could impact local corporates in the Philippines with dollar-denominated debt, as they may face higher borrowing costs.”

However, the rise in interest rates could be marginal as the US’ credit rating is still high, even with the latest downgrade.

“In addition, local corporates or investors holding US Treasuries could see a decline in the value of their holdings if yields rise, since bond prices typically move inversely with interest rates,” he said.

“Spillover effects on emerging markets in general might be on higher borrowing costs when there is a demand for higher premiums with higher risk due to the downgrade pushing rates relatively higher,” Mr. Limlingan added.

Meanwhile, Leonardo A. Lanzona, an economics professor at Ateneo de Manila University, said that while the downgrade could trigger a shift away from US risk assets, the Philippines may not necessarily be the first choice for investors.

“Since the Philippines is tied to the US, I don’t think (there) will be investing in the Philippines. Countries that have divested from US assets are more likely to gain. Canada and Europe may have done so already,” he said in an e-mail.

“Filipino investors can shift their investments in other countries, although the options can be limited to China.”

Mr. Lanzona added that the US economic concerns flagged by Moody’s would also have a negative impact on the Philippines.

“This can have both real and financial effects on the country. In the real sense, the country will be affected since the US is the country’s top importer.”

The Philippines should implement economic policies that “favor domestic production and greater protection for the workers,” he said, especially amid global uncertainties.

“Enhancing technological innovation within the country and greater flexibility for firms and workers should be given priority,” Mr. Lanzona added. — Luisa Maria Jacinta C. Jocson and Aaron Michael C. Sy

PHL must boost productivity, diversify growth drivers as trade shifts pose risks

DEPARTMENT of Economy, Planning, and Development Secretary Arsenio M. Balisacan, ASEAN+3 Macroeconomic Research Office Dr. Andrew Tsang and Special Assistant to the President for Investment and Economic Affairs Frederick D. Go delivered keynote speeches at the BusinessWorld Economic Forum “Unlocking Philippines’ Potential” held at the Grand Hyatt Manila, Bonifacio Global City on Thursday. — PHILIPPINE STAR/RYAN BALDEMOR

THE PHILIPPINES must improve labor conditions and infrastructure, attract more investments, and diversify its growth drivers as global uncertainties due to trade war concerns threaten the economic landscape.

“The Philippine economy today stands at a crossroads. We find ourselves at this juncture, and significantly, when various developments and trends affect all economies, large and small… We live in a time of profound transformation, where influential megatrends disrupt the global landscape, posing risks but presenting opportunities to economies such as the Philippines. These forces are interconnected, complex, and dynamic, pushing nations to adapt, innovate, and position themselves strategically,” Department of Economy, Planning, and Development Secretary Arsenio M. Balisacan said in his keynote speech at the BusinessWorld Economic Forum 2025 on Thursday.

“Sustaining economic progress and reaching higher potential growth requires broadening the foundations of our economy beyond our traditional reliance on consumption and services. This requires attracting more investments, generating higher-quality and better-paying jobs — particularly in manufacturing and higher-value-added services — and expanding into new markets.”

Mr. Balisacan said heightened uncertainty due to the Trump administration’s trade policies, and rising protectionism among economic giants threaten the global economic landscape.

“Such uncertainty creates significant planning challenges for businesses and investors, who may now be more inclined to adopt a ‘wait-and-see’ position for the foreseeable future.”

Still, despite global headwinds, the Philippines’ strong growth momentum and reforms have bolstered investor confidence, he said, citing development gains in areas including incomes, jobs, and poverty reduction, as well as sound macroeconomic fundamentals, the official said.

“Sustaining growth and building resilience require deliberate actions to reinforce the economy’s growth pillars moving forward… The disruptions caused by the megatrends provide us with a strategic window of opportunity to pivot toward a new growth model, one where the economy finds strength and durability not in one or two pillars but across a broad spectrum of sectors powered by innovation, technological diffusion, and an enabling governance,” Mr. Balisacan said.

Strengthening the country’s regions as part of its economic diversification will also help the Philippines protect itself from external disruptions, he added.

“An equally important strategy is raising the productivity of our economic sectors through the adoption of modern, value-creating innovative technologies and future-proofing the economy through transformative and forward-looking policy reforms,” Mr. Balisacan said.

“Committing to efficient program governance — to more effective and impactful spending — given the limited fiscal space is key to better outcomes such as productivity growth, competitiveness, and inclusion. This imperative is not simply about catching up but seizing a strategic moment. With foresight that draws from the lessons of the past and through our collective resolve, we can build a more competitive, inclusive, and future-ready Philippine economy.”

PRODUCTIVITY GAINS
ASEAN+3 Macroeconomic Research Office (AMRO) Country Economist Andrew Tsang said in a separate speech at the same event that boosting the Philippines’ economic productivity is key to achieving a higher income status.

The gross national income (GNI) per capita of the Philippines needs to increase by 231% to become a high-income country by 2050, he said.

“Achieving this will require an average [GNI] growth rate of over 4.5% per year over the next 35 years. In principle, this is possible for the Philippines to achieve the high-income country status,” Mr. Tsang said, but added that sustaining consistent growth could be difficult.

“The critical question is, can the Philippines avoid the middle-income trap, particularly with the heightened global uncertainties and challenges from the emergence of innovative technologies? … However, the Philippines can achieve this high-income country target, which will depend on how well the country addresses the long-term structural challenges and implements a comprehensive strategy for upgrading the productivity and enhancing the country’s competitiveness.”

The Philippines is currently classified as a lower-middle-income country as its GNI per capita was $4,230 in 2023, up from $3,950 in 2022.

According to the World Bank’s classification, an economy is considered lower middle-income if the GNI per capita level is between $1,146 and $4,515, while upper middle-income countries are those that have a GNI per capita of $4,516 to $14,005. High-income status can be achieved if a country has a GNI per capita of more than $14,005.

Mr. Tsang said they believe the Philippines can get upper middle-income country (UMIC) status by 2026, in line with the government’s target. The country’s GNI per capita needs to increase by 6.8% from the 2023 level to achieve this status, he said.

World Bank Group Lead Economist and Program Leader for the Prosperity Unit for Brunei, Malaysia and the Philippines Gonzalo Varela earlier said the Philippines is more likely to achieve UMIC status by 2027.

Mr. Balisacan has said the economy needs to grow by 6% until next year to achieve their targeted UMIC status.

For its part, AMRO expects Philippine gross domestic product growth to be a bit below 6% this year due to the potential impact of the Trump administration’s tariff policies, Mr. Tsang said.

“But in any case, we are still quite optimistic to the country’s economy because the direct and indirect impact of the tariff on the Philippines would not be that big. But the indirect impact depends on the final version of the tariff.”

The Philippine economy expanded by 5.4% in the first quarter, slightly faster than the 5.3% growth in the prior three-month period but slower than the 5.9% pace in the same quarter last year. This was well below the government’s 6-8% growth target band for 2025.

The weak growth came as gross capital formation growth was dampened by businesses’ anticipation of global trade uncertainties.

Miguel G. Belmonte, president and chief executive officer of BusinessWorld Publishing Corp., said that while the Philippines has, as an “emergent economy,” achieved consistent growth even during challenging times, it must “elevate itself from resilience to relevance.”

“Embracing a whole-of-society approach is clearly the best way forward for our government to navigate the challenges that lie ahead. While it lays the groundwork, the private sector drives momentum and serves as primary engines of economic growth, job creation, and innovation in the country,” Mr. Belmonte said.

“We simply cannot afford to be left behind in the frantic race towards a sustainable future.” — Aubrey Rose A. Inosante

Philippine companies told to realign resources amid risks

ALVARO REYES-UNSPLASH

By Revin Mikhael D. Ochave, Reporter

PHILIPPINE companies should boost resiliency and realign their resources in the face of a global trade war that puts economic growth, jobs and wages at risk, according to corporate leaders.

Filinvest Development Corp. (FDC) has been strengthening its business by investing in its systems and people to manage risks, Francis Nathaniel C. Gotianun, a director at the listed property company, told the BusinessWorld Economic Forum in Taguig City on Thursday.

“There’s always been a lot of uncertainty in business,” he said. “There are always risks. But we take the lessons over the years and we’re just enhancing them.”

Mr. Gotianun, the senior vice-president at FDC hospitality unit Filinvest Hospitality Corp., said the group has taken a prudent approach to its growth plans.

“As the environment has changed, we too have changed by making sure that each of the businesses take into account in their planning all the macroeconomic and geopolitical factors,” he said.

“We’ve always been a company that has been willing to pivot and to change,” he added.

Monica L. Trajano, Aboitiz InfraCapital Economic Estates vice-president for commercial strategy, said resiliency among companies should be built for the long term.

“Resilience goes beyond roads and buildings,” she told the forum. “It’s about building systems that last, like investing in local talent, aligning education with the needs of industries and embedding sustainability in how we grow.”

“For us, resilience does not only mean being strong relative to shocks but also looking at long-term plans. When we say that a company is resilient, adaptable and inclusive, it means that a company is able to create value outside of itself,” she added.

Ms. Trajano said the resiliency and expansion plans should be data-driven and meet customers’ evolving needs.

“It’s really being data-driven,” she said. “Expansion is… really taking a look at what the smart moves are relative to what’s happening in our environment and understanding what our core purpose is.”

“Resiliency for us means that we invest in future-proofing, investing in sustainable infrastructure and workforce readiness,” she added.

Robert Dan J. Roces, an economist at SM Investments Corp., said one way to increase the resiliency of companies is by upskilling their employees.

“Future-proofing will be very important,” he told the forum. “That doesn’t necessarily include the infrastructure, but you also need upskilling. It’s very important to upskill people with the new processes. That actually forms part of the resilience package.”

Mr. Roces said resilience also future-proofs workers especially with increased artificial intelligence (AI) adoption.

“If you’re looking at a resilient company, you’re seeing one that’s not only surviving in terms of the numbers, but you’re also seeing people who aren’t leaving,” he said. “You’re looking for more talent to come into the company.”

Joseph Nino Young, GCash senior manager and partnerships and business development head, said the e-wallet could help Filipinos secure their finances amid economic uncertainties.

“In times of economic uncertainty, what people are looking for is security,” he said at the forum. He added that financial products such as savings, investments and insurance are tools that Filipinos could use to secure their finances.

“We want to intensify our educational [campaign] in terms of teaching people how to save, how to invest and how to grow their money,” he added.

URC launches R&D center in Malaysia

URC.COM.PH

UNIVERSAL ROBINA CORP. (URC) has launched a research and development (R&D) facility under Malaysian unit URMunchy’s as the company boosts its presence in Southeast Asia.

The facility in Pasir Gudang in Johor, Malaysia features advanced product testing and development technologies, the listed food manufacturer said in an e-mail statement on Thursday.

URC President and Chief Executive Officer Irwin C. Lee said the research and development center would fast-track URMunchy’s innovation pipeline and boost snack innovation across the region.

“This center is not just a facility; it’s a strategic asset,” he added.

During the launch, URMunchy’s showcased more than 50 product samples including baked goods, snack chips, sweet baked treats and chocolate-based items.

The company also presented more than 10 packaging innovations, highlighting cost-effective, festive and sustainable formats.

URMunchy’s also showed advancements in hybrid technology that combine multi-sensory experiences with novel ingredients and processing methods, URC said.

Mr. Lee said the facility allows cross-functional teams to co-create, test and scale products more efficiently.

“The launch of the research and development center in Pasir Gudang marks a significant leap forward for URMunchy’s, ushering in a new era of innovation, collaboration and excellence,” he said.

“It reinforces URMunchy’s mission to craft delightful, high-quality snacks while continuously pushing the boundaries of product development,” he added.

URMunchy’s produces biscuit brands LEXUS and Oat Krunch, as well as URC snacks and confectionery brands Roller Coaster, Potato Chips, Cloud 9, Nips and Dynamite.

In the Philippines, URC produces brands such as Great Taste coffee, C2 Cool & Clean drink, Piattos chips, Maxx candy and Cream-O cookies.

For the first quarter, URC’s net income dropped 2% to P4.3 billion due to foreign exchange gains that boosted the year-ago earnings.

Consolidated sales rose 7% to P45.3 billion, driven by volume growth across most business segments.

URC shares fell 3.58% or P3.10 to P83.50 each. — Revin Mikhael D. Ochave

What it takes to bring Coldplay, U2, and Olivia Rodrigo to the Philippines

RHIZA PASCUA, managing director of Live Nation Philippines

SUPPORTING good acts in trying to reach new audiences, and thinking of more ways to amplify the concertgoers’ experience, are the keys to tapping into the Philippines’ high potential for music tourism, said the executive of an international live entertainment giant.

Rhiza Pascua, managing director of Live Nation Philippines, spoke to BusinessWorld about the company’s three years of bringing live events into the country — as well as how it fares in the context of the two decades beforehand that she had worked in the concert scene.

“In 2024, there were 224 live events,” Ms. Pascua said in the Zoom interview. “The music sector had a GDP (gross domestic product) contribution of P18.1 billion in total, of which P2.5 billion came from Live Nation. That’s about 14%,” she explained.

“As long as we keep promoting good acts and giving ticket buyers good experiences, this growth will keep happening,” she added.

Ms. Pascua founded Music Management International (MMI) in 1996, a time when a lot of international artists would skip Manila while on the Asian leg of their concert tours.

Negotiating with artists, managers, and agents to put the Philippines on the global touring map eventually led to working with Live Nation to promote the Manila concerts of Madonna in 2016, Coldplay in 2017, and U2 in 2019.

“Those were the big three artists on my bucket list,” Ms. Pascua said.

In 2022, Live Nation acquired MMI, which she refers to as “a simple change of name and change of rules.” As managing director, her approach has remained fan-centered, with innovation as a motivator.

THE PURSUIT
One example of the perseverance required in the early days was Ms. Pascua’s dogged pursuit of Coldplay’s agent.

“For decades, I’d been almost begging them. I went to London four times to meet the agent and it was always hard. If you don’t have a relationship, they won’t even reply to e-mails,” she said.

It took four tries across several years for a meeting to finally be arranged with the agent, which finally happened in their office in Los Angeles, coincidentally near where Ms. Pascua lived at the time.

“We met up and became good friends, though Coldplay wasn’t touring at the time. It took seven years of friendship until it was the right time, and they finally went to Manila,” she said. “I’m unstoppable when I want things to happen.”

It was 2017 by then, and the band had started a fun, sustainable initiative — interactive wristbands that were lent to concertgoers that synced with the lights and the songs. “They had just started doing it, and we encouraged them to bring it to Manila. Audiences are supposed to put [the bracelets] back in a bucket before you leave the venue, but they were scared they wouldn’t get the bracelets back,” said Ms. Pascua.

True enough, Filipinos didn’t give them back.

The same thing happened at their latest show in 2024, but Coldplay brought it back all the same, at Live Nation’s behest, to give Filipino fans “the best experience.”

“We nurture our relationships with the artists. Most of these iconic acts grew with us,” Ms. Pascua explained. “I think we’ve worked with Maroon 5 (Adam Levine) around six times, since he was single. Now, he already has three kids!”

WHAT MAKES A GOOD CONCERT?
Live Nation Philippines has its dedicated research team, which does data analytics to determine how an act would do in the country.

“An act may not be big, but we might want to take care of an artist to see if they get bigger,” said Ms. Pascua. One example was the UK band The 1975, which MMI started introducing to the local market through mall shows back in 2014.

Upon seeing potential in their growing popularity, they brought the band back many more times, for their first arena concert in Manila in 2015 and as headliners of a music festival in 2016. Their latest show in the Philippines was in 2023.

A recent example is Filipino-British singer-songwriter Beabadoobee, who first did a one-night show in the Philippines in 2022. “She’s coming back in August this year, and she has already sold out two nights!” Ms. Pascua said.

Another rising young musician is NIKI, an Indonesian-American solo artist who sold out her Feb. 11 and 12 Manila shows within minutes. They tried to add another date, but the Mall of Asia Arena’s schedule was already filled up for the month. Graciously, NIKI decided to do the rest of her Asia tour and just come back to Manila for a March 1 show.

In terms of venues, Ms. Pascua admitted that there are upsides and downsides for each. The Philippine Arena in Bulacan, for example, may have accessibility issues, but its sheer size and ability to accommodate unique productions made it optimal for many performers, with Bono of U2 saying “This venue was made for us!”

“The capacity determines how much [money] they’re going to make. That’s why some acts don’t consider traffic, the location, the weather. As long as they know it’s the Philippine Arena, they know they’re making big bucks,” she explained. Meanwhile, mid-size acts fit perfectly in Quezon City’s Araneta Coliseum or Pasay City’s Mall of Asia Arena.

LOOKING AHEAD
Filipino-American singer Olivia Rodrigo’s 2024 concert was Live Nation Philippines’ latest attempt at disrupting the market.

It was the biggest show in her career, with 55,000 people in the audience, the prices brought down to just P1,500 per ticket thanks to the sponsor, American Express. All proceeds went to the non-profit organization Jhpiego, which provides healthcare to women in the Philippines.

For Ms. Pascua, it was “their best event of 2024.”

“It was the time to disrupt. We got a big sponsor, so we were able to afford to drop the ticket prices. It was my favorite event from last year because I love disruption,” she said.

This came exactly at a time when post-pandemic revenge spending had dipped, with “Gen Zs and millennials becoming pickier and more mindful of saving up” due to the unstable economy.

“Audiences have been more selective. They are more supportive of acts that are really good, talented, established,” Ms. Pascua explained.

The mellowing out of revenge spending also applies to the K-pop industry. According to a study that Live Nation conducted in 2024, anything Korean declined 46% beginning last year.

“We felt it because some of the K-pop acts that we worked with last year and in the past did not create the same traction,” she said.

Despite this, the live events giant will continue to bring in Korean singers, actors, and actresses for concerts and fan conventions or fancons. BTS member J-Hope, who held a two-night concert in Manila in April, promised to return. Meanwhile, P-pop act SB19 will be kicking off their world tour in June.

As a forward thinker, Ms. Pascua maintains that Live Nation Philippines will keep an eye out for “what is lacking in current trends, to help further expand the scope of the live events industry.”

“This field is dynamic and lively, but it’s always changing,” she said. — Brontë H. Lacsamana

ERC OKs NGCP’s P32-billion Luzon capex projects

THE Energy Regulatory Commission (ERC) has approved the proposed capital expenditure (capex) projects of the National Grid Corp. of the Philippines (NGCP) in Luzon worth P32 billion.

In a notice, the regulator greenlit NGCP’s planned P18.82-billion Western Luzon 500-kilovolt (kV) backbone project and the P13.2-billion Nagsaag-Santiago 500-kV transmission line project.

These projects are part of the company’s 15 proposed transmission and substation projects in its 2021 application.

The Western Luzon 500-kV backbone is meant to accommodate the entry of bulk generation in Luzon and reinforce the 500-kV transmission network in Luzon to achieve a “higher level of reliability” and ensure supply security.

Meanwhile, the Nagsaag-Santiago 500-kV transmission line project is expected to cater to the incoming capacities from hydroelectric, geothermal and solar power plants in the provinces of Ifugao, Kalinga and Apayao.

In approving the transmission line project, the ERC said it would coordinate with the Department of Energy about “the proliferation of projects in areas that have poor accessibility to transmission facilities, thus, necessitating the construction of new and extensive transmission lines with very limited capacity.”

In February, the ERC approved four capital expenditure projects totaling P5.02 billion — the Granada 230-kV substation project, Sumangga 138-kV substation project, La Carlota 138-kV substation project and Nagsaag-Tumana 69-kV transmission line.

Under the Electric Power Industry Reform Act of 2001, the grid operator must seek the approval of the ERC of any planned expansion or facility improvement, in line with its mandate to build, finance and improve the nationwide transmission system and grid.

Last year, NGCP said it was allotting more than P600 billion in spending for more than 100 transmission projects in its pipeline. These projects, which are ready for implementation, are part of the Transmission Development Plan 2024-2050. — Sheldeen Joy Talavera

Exploring roles across borders

Dolly de Leon talks about Nine Perfect Strangers and more

HULU’S Nine Perfect Strangers, an American drama series about nine people who go to a wellness resort to be healed and transformed, has released its second season on Prime Video.

Set in a secluded resort in the Austrian Alps, the show welcomes back Nicole Kidman as the mysterious wellness guru Masha Dmitrichenko. Here, she leads the transformational retreat for nine new characters, one of whom is played by Filipino actress Dolly de Leon.

Her role in the show is that of Sister Agnes, marking Ms. De Leon’s first time to delve into the psyche of a nun. BusinessWorld spoke to the actress before the Philippine premiere of the first two episodes, commemorated by a watch party at Circuit, Makati.

“I really dug deep to play Sister Agnes, and I tried to find out what makes her tick by talking to a psychiatrist friend, and also a nun friend of mine, Sister Mary John,” she said.

Ms. De Leon describes the character as “earthy, constantly searching for answers, and always wanting to help, with a very broad view of the world.”

Nine Perfect Strangers is her first foray into non-Philippine television, and her second has just been announced — she will be playing firebender mentor twins Lo and Li for season two of Netflix’s live-action show, Avatar: The Last Airbender.

“Maybe people think I’m doing great now that I’m in these two shows, but it’s not easy getting work. It’s been a struggle,” she said. “I’ve been auditioning a lot, and my team has been working hard to get me jobs.”

She said that Netflix’s Avatar show will be another milestone for her, as it will be her first time playing twins. It is more proof of her approach to “trying new things in the projects that come along.”

NO REST FOR THE WEARY
Ms. De Leon was handpicked by Nicole Kidman for Nine Perfect Strangers, which she also leads as executive producer.

“It’s really special. It’s very humbling,” Ms. De Leon said of the honor. “I’ve been fortunate that Nicole chose me to join their team, which is already quite established. I love my job and I get to work with talented actors and filmmakers.”

The character-driven drama follows different treatments in the world of health and wellness, from psychedelic to immersive therapy. Aside from Ms. Kidman, her co-stars are Henry Golding, Lena Olin, Annie Murphy, Christine Baranski, Lucas Englander, King Princess, Murray Bartlett, Maisie Richardson-Sellers, Mark Strong, and Aras Aydin.

Ms. De Leon added that the project ticked three boxes: “a script that I love, a creative I want to work with, and a character I want to play.”

As for the rest of her Hollywood career, she hopes to work with more of her idols, like big stars Meryl Streep, Olivia Colman, and Daniel Day-Lewis, and indie directors like Sean Baker and Cooper Raiff.

“I’m not getting any younger and I want to make the most of my time here on earth and work while I’m still healthy. For me, there’s no rest for the weary,” Ms. De Leon said.

Her first love, theater, is also something her fans can expect her to return to every now and then. “This place is special to me,” she said, referring to the Samsung Performing Arts Theater in Circuit where the interview was being held, “This is where Lea [Salonga] and I did Request sa Radyo last year. Theater will always be part of my DNA.”

Ms. De Leon also told BusinessWorld that her choice of projects, be it in the Philippines or in Hollywood, in films, TV, or theater, is no longer “under the pressure of external forces.”

“I used to be like that,” she said. “Right now, I feel like I’d be doing myself a great disservice if I stay that way. At the end of the day, I only have myself to depend on, so I do things for my own enjoyment.”

Nine Perfect Strangers Season 2 has premiered the first two of 10 episodes on Prime Video. One new episode will be released each week. — Brontë H. Lacsamana

AbaCore returns to profitability in first quarter

FACEBOOK.COM/ABACORECAPITALHOLDINGSINC

ABACORE Capital Holdings, Inc. posted P107.3 million in net income in the first quarter, a turnaround from its P15.3-million net loss a year earlier, led by a gain from the disposal of investment properties.

“The results for the first quarter were primarily impacted by a gain of P140.6 million from the… disposal of investment properties,” the listed holding company said in an e-mail statement on Thursday.

Expenses rose 30.3% to P33.1 million after adjustments in government-mandated employee benefits, as well as higher office supplies and fuel consumption costs. Interest income climbed 15.6% to P20.8 million.

“AbaCore’s results for the first quarter reflect our continued success in managing our investment and land portfolio, allowing us to take advantage of prevailing market conditions to maximize our profitability,” AbaCore President Antonio Victoriano F. Gregorio III said in the statement.

Meanwhile, AbaCore said it plans to build a resort and villa complex, waterpark, snow and ice world, and marine biodiversity center at the Montemaria Shrine in Batangas.

The company is also preparing for the implementation of a coal-mining project under unit Abacus Coal Exploration Development Corp.

It will also develop the ABA Energy Hub in Batangas City and consummate existing land transactions with entities such as A Brown, Pelican Group and Eternal Gardens.

AbaCore will also boost its financial service portfolio under unit Philippine Regional Development Corp.

“We will continue to pursue this strategy over the long term, as well as… expansion plans across our various subsidiaries to increase our bottom line and continuously enhance shareholder value,” Mr. Gregorio said.

AbaCore has interests in the leasing of gaming equipment, gold and coal mining, real estate and financial services.

Its shares fell 1.64% or a centavo to 60 centavos each at the close of trading. — Revin Mikhael D. Ochave

Lilo & Stitch live-action remake brings human connection to the fore

LONDON — Lilo & Stitch is the latest Disney animation to get a live-action remake, with the medium allowing a closer look at the main characters’ relationships, its makers say.

Like its predecessor, the new movie — which is out now in Philippine theaters with the review board giving it a G rating — tells the story of a young Hawaiian girl called Lilo, played by newcomer Maia Kealoha, who befriends a fugitive alien who crash lands on Earth, and names him Stitch.

After the death of her parents, Lilo is under the care of her sister Nani, who is struggling to juggle all her responsibilities — all while new family addition Stitch wreaks havoc around them.

“It has the same heart and it has the same fun and Hawaiian rollercoaster ride of chaos that is Stitch,” actor Sydney Agudong, who plays Nani, told Reuters.

“But at the same time, I think the beautiful thing about being able to do a live-action is that you get the nuance of human connection. And I think with Maia and I’s bond… hopefully (audiences) get that true sense of family and that it doesn’t actually always have to be blood.”

Director Dean Fleischer Camp said the 2002 animation’s characters and setting allowed for scope to work in a new form.

“Unlike so many other Disney movies… it stars mostly humans, it takes place in a real contemporary setting… it just felt like something like ‘oh that will benefit and be different in a live-action setting,’” he said.

“Live-action affords you the opportunity to dig deeper on some of the human relationships and the emotions.”

Several cast members from the 2002 animation return in the new film, including Chris Sanders, who once again voices Stitch. Tia Carrere, who voiced Nani, plays a new character, Mrs. Kekoa, with co-stars Amy Hill and Jason Scott Lee also in new roles.

“I think we grew the ohana for this film,” Mr. Fleischer Camp said, referring to the Hawaiian word for family and the movie’s central theme.

“It was great because so many of the people that worked on the original were game and excited to come back… it was just great to see those people… also having a bit of a reunion themselves.” — Reuters

Higher enrollment drives earnings at STI Holdings

STI.EDU

STI EDUCATION SYSTEMS Holdings, Inc.’s net income rose 18% in the third quarter of its fiscal year to P706.6 million from a year earlier, boosted by higher student enrollment.

Revenue rose 8% to P1.51 billion, the listed school operator said in a statement on Thursday.

STI said enrollment for school year 2024-2025 rose 15% to 138,060 students from a year earlier.

Operating income increased 18% to P774.4 million on better operational performance and cost management efforts.

For the first nine months ended March, net income grew 45% to P1.62 billion from a year ago, the company said. Revenue went up 23% to P4.14 billion, while earnings before interest, taxes, depreciation and amortization rose 32.2% to P2.34 billion.

“The significant net income hike was mainly driven by higher enrollment numbers due to the strong demand for the quality education offered by subsidiaries STI Education Services Group (STI-ESG), STI West Negros University and iAcademy,” STI said.

STI-ESG offers associate and baccalaureate degrees and technical-vocational programs in information and communication technology, arts and sciences, business and management, education, engineering, hospitality management, tourism management, engineering, education, psychology and criminology.

STI West Negros offers programs and courses ranging from pre-elementary to graduate levels, while iAcademy offers programs in senior high school and college on computing, business and design.

STI shares were unchanged at P1.34 each. — Revin Mikhael D. Ochave

Stuff to Do (05/23/25)

ON May 23, the National Parks Development Committee, in collaboration with Sound Experience Manila, is bringing back the performance series Paco Park Presents with the sarswela Walang Sugat by Severino Reyes and Fulgencio Tolentino.

Watch the sarswela Walang Sugat

ON May 23, the National Parks Development Committee, in collaboration with Sound Experience Manila, is bringing back the performance series Paco Park Presents with the sarswela Walang Sugat by Severino Reyes and Fulgencio Tolentino. The special one-hour program begins at the historic Paco Park in Manila at 6 p.m. and is open and free to the public. The musical is centered on the love and sacrifice of Julia and Tenyong, the push and pull of the heart’s destiny and a daughter’s duty, and the perseverance of the Filipino spirit. It is directed by Dr. Alegria O. Ferrer, starring Daniella Silab, Diego Alcudia, Abet Guande, Vianca Yu, Archibald Dalupang, and Bettina Hernandez, with Samuel Silvestre on the keyboard. Music was arranged by Josefino Toledo.

Go to Tago Jazz’s shows

KICKING off the weekend at Tago Jazz is the CEU Jazz Ensemble, performing on May 23 at 9 p.m. They will be performing jazz standards, for a cover price of P300. On May 24, Trifecta will take over, bringing big-band funk and acid jazz to the stage. Their 9 p.m. show will have a P350 cover fee. Finally, May 25 will see the Mabuhay Swingers in the spotlight, performing jazz standards starting 9 p.m. Guests can save their seats for P300 each. Tago Jazz is at 14 Main Ave. on the Crame side in Cubao, Quezon City.

Enjoy activities with Lilo & Stitch at Ayala theaters

ASIDE from giving Filipino families a movie experience with the premiere of Lilo & Stitch in the Philippines, Ayala Malls Cinemas is offering activities to those who purchase two tickets to the movie at certain branches. The “Ohana Fun Station,” themed after the Hawaiian-set film, includes arts and crafts and activity sheets with Lilo & Stitch characters. It is available in select Ayala Malls Cinemas from May 24 to 25. The live-action reimagining of the animated movie, following the unlikely friendship between Hawaiian girl Lilo and wild alien Stitch, is out now in Philippine cinemas.

Attend Moonstar88’s 25th anniversary of ‘Torete’

FILIPINO alternative rock band Moonstar88 is celebrating the 25th anniversary of their timeless anthem “Torete” with a special performance on May 24. Set for 7 p.m. at Eton Centris Walk, Quezon City, the special one-night concert will feature a set that spans the band’s discography, from chart-topping hits to rarely performed gems. The songs will also be reimagined in collaboration with the Metro Manila Concert Orchestra. Supporting performances will lead into the show, featuring rising acts Hey June! and Better Days. Admission is free.

See Filipino 19th century clothing exhibit

AN exhibit in Intramuros is highlighting the role of clothing in expressing identity, status, and resistance during a period of change. KABIHISNAN: A Special Exhibit on Filipino Sartorial History is running from May 25 to June 8, with the goal of tracing Philippine history through the fabric of everyday life. Presented by Renacimiento Manila, Historia Viviente Manila, and the Intramuros Administration, the show features 15 faithful replicas of 19th century civilian, military, and religious clothing. It will be on view at the Centro de Turismo Mezzanine, Intramuros, Manila. Entrance fee is P150.

Calle Wright presents early PHL contemporary art

THE exhibit Early Philippine Contemporary Art (1969-1985): Works and Documents from the Collection of Judy Freya Sibayan is on view at Calle Wright, starting May 25 until Aug. 31. It offers a rare look at the formative years of contemporary art in the Philippines through artist Judy Freya Sibayan’s deeply personal collection, which includes gifts from pioneering artists Roberto Chabet, Ray Albano, Johnny Manahan, and Huge Bartolome. These works, alongside Sibayan’s own, map out interconnections formed through shared exhibitions, collaborations, and discourse throughout the 1970s and mid-1980s. Ms. Sibayan will be gracing the opening with a performance titled Reframing Art at 4:30 p.m. on May 25. Calle Wright is at 1890 Vasquez St., Malate, Manila.

Visit Ali Mall’s Flores de Mayo exhibit

FLORES DE MARIA, an exhibition of various Marian images from different parts of Metro Manila, is on display at the MacArthur Activity Area of Ali Mall in Quezon City. Running until May 28 during mall hours, the exhibit aims to foster mallgoers’ appreciation for the various images related to Flores de Mayo, the Philippines’ month-long Catholic festival dedicated to the Blessed Virgin Mary.

Listen to Peej and Dhruv’s new single

FILIPINO indie folk musician Peej and Indian singer-songwriter and producer Dhruv Visvanath have come together for the release of their new single, “Pieces.” The collaboration began when the two met at a music conference in Singapore in 2024. Crafted entirely remotely, with Dhruv penning the lyrics and producing the track from New Delhi and Peej doing his part of the songwriting from Manila, “Pieces” is an eclectic pop song that aims to give an intimate sonic experience through acoustic textures. It is out now on all digital music streaming platforms.

Listen to Cambodian artist VannDa

THE final chapter of Cambodian musician VannDa’s cultural epic trilogy has been released. Titled Treyvisai III: Return to Sovannaphum, the album follows the first two installments that depict ambitions, self-doubt, and rage, and concludes the saga with healing, purpose, and pride. The centerpiece of the new release is “Golden Land,” VannDa’s most cinematic music video. Treyvisai III: Return to Sovannaphum is out now on all digital music streaming platforms.

Watch GIVĒON’s new single and music video

GRAMMY-NOMINATED GIVĒON has released his new single and video, “Rather Be.” The ballad, produced by Sevn Thomas, Maneesh, Matthew Burnett, jeff gitty, and jahaan sweet, incorporates horns, bells, and whistles. The music video portrays intimacy and dashing fashion, directed by Loris Russier. “Rather Be” is out now on all digital music streaming platforms.

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