Home Blog Page 1181

Metrobank net profit up 8% in Q2

METROPOLITAN Bank & Trust Co. (Metrobank) saw its net profit rise by 8.44% year on year in the second quarter.

The Ty-led bank’s attributable net income increased to P12.59 billion in the three months ended June from P11.61 billion in the same period last year, according to its financial statement disclosed to the stock exchange on Friday.

This brought its first-semester net earnings to P24.85 billion, climbing by 5.25% year on year from P23.61 billion, “supported by healthy loan growth, recovering margins, robust trading income, and improving cost efficiency,” Metrobank said in a statement.

This translated to a return on equity and a return on assets of 12.8% and 1.42%, respectively, down from 13.27% and 1.48% a year ago.

“Our first-half performance reflects the continuing strength of our core businesses. As we enter the second half of the year, we remain focused on building on our fundamentals and implementing prudent strategies, which will allow us to continue helping our clients grow further as well as achieve our medium-term goals,” Metrobank President Fabian S. Dee said.

The bank’s net interest income rose by 4.74% to P30.66 billion in the second quarter from P29.27 billion in the same period last year.

Broken down, interest income inched up by 1.72% to P45.03 billion as higher interest earnings from loans and receivables were offset by lower interest income from investment securities and deposits.

Interest expense slipped by 4.17% to P14.37 billion, mainly due to decreased interest expense on deposit liabilities, particularly on time deposits due to lower volume.

Net interest margin on average earning assets went down to 3.73% at end-June from 3.99% a year ago.

Metrobank’s other income jumped by 63.53% year on year to P8.91 billion in the second quarter on the back of higher net trading, securities, and foreign exchange gains.

Meanwhile, total operating expenses rose by 4.94% to P19.3 billion from P18.39 billion a year prior, primarily due to higher manpower costs.

The bank’s cost-to-income ratio was at 50% as of June, down from 52.33% a year ago.

“Gross loans grew by 13.2% year on year on healthy performance across portfolios. Institutional loans grew by 12.7% on the back of a sustained rise in corporate capital expenditures. Consumer loans went up by 15.3%, led by gross credit card receivables and auto loans, which climbed by 18.2% and 17.8% year on year, respectively,” Metrobank said.

Despite the expansion in its loan portfolio, the bank’s nonperforming loan (NPL) ratio eased to 1.54% at end-June from 1.66% a year ago.

“The bank booked P5.8 billion in provisions during the semester, keeping NPL cover high at 153.9%, still a strong buffer against any emerging risks,” it said.

On the funding side, total deposits stood at P2.3 trillion at end-June, with P1.5 trillion of this being low-cost current and savings account or CASA deposits.

This resulted in a loans-to-deposits ratio of 79.64% at end-June, up from 67.9% a year prior.

Metrobank’s total assets grew by 6% to P3.48 trillion as of June. Total equity stood at P390.7 billion.

The bank’s capital adequacy ratio stood at 16.3% at end-June, slightly lower than 16.72% a year ago, while its common equity Tier 1 ratio was at 15.57%, also down from 15.87%. Both remained above the minimum regulatory requirements.

Its liquidity ratio declined to 44.65% from 48.12%.

Metrobank shares went down by P1.50 or 2.02% to close at P72.70 each on Friday. — AMCS

Mayor Vico Sotto deals with congestion in Pasig City public schools

Education Secretary Sonny Angara recently stated that given the current budget and the growing classroom shortage, it could take up to 30 years to fully address public school congestion.

Given this, the Cristina Research Foundation, a public policy research and advocacy organization (full disclosure: We are the Chairman of Cristina Research), decided to conduct a study on the congestion in our Elementary and High School public schools.

The initial conclusion is that the 30-year period is optimistic. The current backlog is 165,000 classrooms and yet less than 1,000 new classrooms were constructed in 2024.

To better understand the congestion problem, Cristina Research created three maps to visualize congestion on three levels: 1.) regional, 2.) division-wide, and, 3.) city level. The data generated displayed enrollment and average pupil-classroom-ratio (PCR) within each sample region.

Cristina Research then decided to focus on congestion in Metro Manila where the congestion is critical as shown in Table 1.

Note that while Metro Manila students account for only 9% of enrolled students in public schools, they account for 21.8% of the congestion in public schools. This is understandable given that the main bottleneck of the government school building program is the lack of properties in which to construct classrooms and Metro Manila is, of course, crowded.

Given this information Cristina Research approached Pasig Mayor Vico Sotto asking for an opportunity to present its findings on his city’s public schools. He invited Cristina Research to present its findings to the Pasig City Local School Board (LSB) on June 23.

A summary of the presentation is shown in Table 2. As shown, of the 142,463 students enrolled in the Pasig City public schools in School Year 2025-2026, 28,295 are “aisle” students. “Aisle” students are students enrolled in the Second and Third shifts of the school day or are in classes that are above the optimum size of 45 students. Of the 44 public schools in Pasig City, 17 are on double shifts. Included in the presentation was the annual cost of school vouchers* if all the 28,295 aisle students were issued vouchers which would allow them to attend private schools.

The proposed voucher program was positively received by Mr. Sotto, who asked about the absorptive capacity of the Pasig City private schools. This would help determine the feasibility and potential impact of the proposed approach.

In response, on July 9, Cristina Research, with the full support of Dr. Ellaine Praxidio, the president of the Pasig Alliance of Private School Administrators, Inc. (PAPRISA) met with the PAPRISA board to conduct a survey among the group’s members on available slots to absorb the aisle students of the Pasig City public schools.

PAPRISA agreed and the survey was conducted. On July 29, Cristina Research presented the results of the survey to the Pasig City School Board.

Data was collected from 71 of 73 private schools and consisted of: 1.) tuition fees per level, 2.) available slots per level, and 3.) overall capacity per level. More importantly, the survey showed that private schools in Pasig City have enough available seats to accommodate only 17,116 of the 28,295 aisle students.

We consider this a promising start, as we are confident that once a voucher program is launched by the Pasig City government, the private schools can readily increase the available seats, unburdened as they are by government bureaucratic red tape.

At that same meeting, we conveyed the offer of two organizations to assist the city in designing and implementing the school voucher program.

The first is the Private Education Assistance Committee (PEAC), headed by Executive Director Doris Ferrer. PEAC designed and administers the national school voucher system for Senior High School students. Dr. Ferrer offered PEAC’s expertise to assist in the local voucher program.

The other organization is the Universal Storefront Services Corp. (USSC) headed by President Eckie Gonzales. USSC handled the National Registry System for Farmers and Fishers (RFFA) of the Department of Agriculture which transferred cash to the accounts of 2.3 million beneficiaries. USSC also handled the Malabon “Ahon Card” program which handled the ayuda (assistance) program for 87,000 beneficiaries. Mr. Gonzales also offered their expertise.

As Mr. Sotto and the Pasig City School Board work out the details of a voucher program in time for implementation in the coming school year (2026-2027), Cristina Research has approached several other Metro Manila mayors who have both the interest and the financial resources to adopt a similar plan.

What about those mayors who have the interest but not the financial resources?

Senator Sherwin Gatchalian and Congressman Roman Romulo have filed bills in Congress seeking to increase the budget of our present voucher system and, more importantly, to extend the coverage from Senior High School to Junior High School, Elementary, and Kindergarten.

The plan would be that as local government units with financial resources launch their local voucher systems, the national vouchers legislated by Messrs. Gatchalian and Romulo could then be directed to those local government units who do not have the financial resources to launch their own voucher system.

Given this emerging partnership between Congress, PEAC, local government executives, the associations of private schools like the PAPRISA, and private companies like USSC, there is reason to hope that the congestion in our public schools can be solved, not in 30 years but in three years.

* A system where public school students are issued vouchers which allow them to attend a private school which can, in turn, redeem the vouchers from the government.

 

Dr. Victor S. Limlingan is a retired professor of AIM and is a fellow of the Foundation for Economic Freedom. He is presently chairman of Cristina Research Foundation, a public policy adviser, and Regina Capital Development Corp., a member of the Philippine Stock Exchange.

French skincare line launched in PHL

AN ANTI-AGING skincare line from France, Filorga — known for its topical products which are supposed to have the same efficacy as injectable treatments — is now available in the Philippines.

Rustan Marketing Corp. officially launched the line of creams and serums during a luncheon on July 31 in Rockwell, Makati.

Founded in 1978 by aesthetic doctor Dr. Michel Tordjman, it began by revitalizing injectable solutions used by medical professionals across Europe. One of their lines, the Time Filler, plays with the concept: the wrinkle-correcting collection is inspired by five in-clinic aesthetic techniques, including botulinum toxin and tensor threads.

Filorga, which has its own laboratories in France and the US, developed its own proprietary complex, called NCEF (New Cellular Encapsulated Factors), to include in its products. NCEF combines hyaluronic acid, vitamins, amino acids, minerals, coenzymes, and antioxidants.

“We have our own R&D laboratory,” said Pauline Nat, Filorga global travel retail director and APAC director during a talk at the launch. “If you want efficiency, you need to have science.”

Filorga’s lines include the aforementioned Time-Filler, NCEF-Revitalize (serum, cream, and sheet mask for comprehensive skin renewal that boosts skin tone, firmness, and radiance), Hydra-Hyal (five types of hyaluronic acid for hydration), Global Repair Advanced (anti-aging with niacinamide, omega oils, peony, and rose extracts), Lift-Structure (collagen-boosting actives and peptides to lift the skin), Oxygen-Glow (radiance through oxygen boosters, hyaluronic acid, and enzymes), a triple action eye care line, a cream mask with collagen and elastin, and a three-step cleansing line.

“Before I do any treatment on my patients, I usually really emphasize the importance of having good quality skincare,” said dermatologist Gaile Robredo Vitas at the event.

“Healthy skin is your foundation,” she said. “Treatments and procedures amplify your skincare, but they should never replace it.”

With most of the lines of Filorga emphasizing anti-aging properties, Dr. Robredo Vitas was asked about the appropriate age to start using Filorga (or other anti-aging skincare lines). “More than the age, it’s actually what your skin is going through right now. We have a lot of patients in their early 30s who already have wrinkles and pigmentation,” she said. “What I do want to encourage is to start having a skincare routine at an early age.”

Already beloved by certain TV stars in the US, according to the company’s US website, Ms. Nat explained why they chose the Philippines as their next market. “We see a rising demand for effective skincare in the Philippines. The Philippines is one of markets in Asia where the medically dispensed products — the products sold by the doctor — has the highest penetration in the market. It really means the customers are asking the doctors, ‘What is good for me?’ We see the market potential, and we see customers being more demanding.”

The prices for Filorga products range from P1,450 for the Skin-Prep Micellar Solution to P5,950 for the Time-Filler 5XP Correction Cream. Filorga is available in-store at Rustan’s (Makati, Shangri-La Plaza, Alabang, Cebu); dermHQ, BeautiqueMD clinics, and online at Rustans.com, Trunc.ph, and Zalora. — Joseph L. Garcia

BDO shares down after profit taking

PHILIPPINE STAR/IRRA LISING

BDO UNIBANK, Inc. was one of the most actively traded stocks in the local market last week after disclosing its second-quarter earnings and latest offering of peso-denominated sustainability bonds.

Data from the Philippine Stock Exchange (PSE) showed that BDO was the third most actively traded stock last week, with 18.71 million shares worth a total of P2.73 billion traded from July 28 to Aug. 1.

At the end of the trading week, BDO closed at P143 per share, down 6% from the previous Friday’s close of P152.20.

The decline was also reflected in the financial sector, which fell by 2.7%, while the benchmark PSE index (PSEi) contracted by 1.7% week on week.

Year to date, the stock contracted slightly by 0.7%, a reversal from the financial sector’s 1.6% growth but better than the PSEi’s 3.4% decline.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message that the various news surrounding BDO drove investors to trade more actively.

“Some investors may have had higher expectations for the earnings, prompting them to take profits. In contrast, others might have viewed the oversubscribed bond issuance as a potential catalyst for BDO in the remaining months of the year,” said Mr. Limlingan.

Mr. Limlingan added that investors are still digesting BDO’s earnings report, as the increase in net income for the first half of 2025 is relatively modest compared to its growth from the first half of 2023 to the first half of 2024.

“This could weigh on investors’ sentiment. However, investors might view the recent decline in price as a bargain opportunity,” said Mr. Limlingan.

“BDO reported a flat income, up only 3% for the first half of 2025, though its revenue increased by almost 10% and its net interest margin rose by five basis points quarter-on-quarter. Also, gross loans were up by double digits broadly across all segments, and management expects to sustain the pace of loan growth going into the rest of the year,” said Aniceto K. Pangan, equity trader at Diversified Securities, Inc.

Mr. Pangan added that the bottom-line income was affected by the increase in operating expenses due to expanded market coverage such as branch expansion and higher business volumes, together with investments in information technology infrastructure supportive of maintaining growth momentum.

“Cost of this growth is expected to decelerate going forward. Also, provision for credit losses increased by 38% in the second quarter but it’s within expectation with annualized credit cost a bit down when compared to last year with nonperforming loan improving to 1.75% from 2% at second quarter,” added Mr. Pangan.

The Sy-led bank’s attributable net profit stood at P20.91 billion in the first quarter, almost flat from its P20.94-billion net income in the same period last year. This brought its attributable income to P40.62 billion for the first half of the year, a 3% increase from P39.44 billion posted in the same period last year.

Meanwhile, BDO’s net interest income in the second quarter picked up by 8.3% to P50.38 billion from P46.51 billion a year earlier.

Net interest margin inched down to 4.3% as of June from 4.34% a year ago amid lower rates due to the central bank’s monetary easing cycle and “competitive market pricing.”

Customer loans and total deposits in the first half rose to P3.48 trillion and P4.03 trillion, respectively.

BDO’s assets expanded to P5.13 trillion at end-June amid higher customer loans and were mainly funded by deposits.

In a disclosure last week, BDO raised P115 billion for its fourth peso-denominated ASEAN Sustainability Bond issue, twenty-three times oversubscribed against the original offer of P5 billion.

The bonds have a tenor of 1.5 years and carry a coupon rate of 5.875% per annum.

They were sold at a minimum investment amount of P500,000 and in additional increments of multiples of P100,000 thereafter.

The public offering for the bonds was first set to run from July 9 to 22 but was closed earlier than planned because of strong demand.

The net proceeds of the issuance are aimed at financing or refinancing eligible assets as defined in the bank’s Sustainable Finance Framework, supporting the bank’s lending activities, and diversifying the bank’s funding sources, BDO said in a disclosure.

“With the successful fundraising of P115 billion from the original offer of P5 billion for the ASEAN Sustainability Bond at twenty-three times oversubscription, you could expect further growth in BDO from these sectors as it encompasses broad-based key industries for the nation, fostering sustainable growth and inclusive development in the country,” said Mr. Pangan.

“This issuance would increase the bank’s liquidity, and if all goes well, like inflation and interest rates being in the business’ favor, it could provide a profit boost from the spreads generated through this successful offering. It may also support their plan in expanding their market coverage,” said Mr. Limlingan.

Given the first half earnings, Mr. Pangan expects better growth momentum going into the second semester as operating expenses are expected to decelerate with operating efficiencies further improving as support for growth was laid down in the first half of the year.

“Expect revenues to further improve at double digits going into the rest of the year,” said Mr. Pangan. Though Mr. Pangan did not give a revenue forecast for the year after President Donald J. Trump set a 19% tariff on Philippine goods, which has put a lot of uncertainties on global growth and economic activities.

Mr. Pangan gave immediate support of P142 per share, while immediate resistance is at P154.80 per share.

Mr. Limlingan said that BDO remains the largest bank in the country in terms of asset size.

“However, several factors could affect BDO if the Bangko Sentral ng Pilipinas implements further rate cuts this year. This could put downward pressure on its net interest margin and may force the bank to adjust its pricing, especially if competition from other banks intensifies,” Mr. Limlingan said.

Mr. Limlingan pegged support and resistance levels at P142.68 per share and P153.83 per share, respectively. — Lourdes O. Pilar

A legacy of helping

From left are Toyota Motor Philippines Foundation (TMP Foundation) President Jose Maria Aligada, Santa Rosa City Mayor Arlene Arcillas, Department of Health Secretary Teodoro Herbosa, First Lady of the Philippines Louise Araneta-Marcos, Toyota Motor Philippines (TMP) and TMP Foundation Chairman Alfred V. Ty, Toyota Motor Foundation (TMF) Deputy Chairman of the Board Susumu Matsuda, and TMP President and TMP Foundation Vice-Chairman Masando Hashimoto. — PHOTO BY KAP MACEDA AGUILA

Expanded advocacy marks TMP Foundation’s 35 years

THIRTY-FIVE YEARS of doing good is something worth celebrating. And there’s no better way to mark it than by finding even more ways to be of service to others. Toyota Motor Philippines Foundation (TMP Foundation), the “social and humanitarian arm” of Toyota Motor Philippines Corp. (TMP), works across four areas: education, health, environment, and community service.

Looking back at 35 years of “dedicated social and humanitarian service” with an event at the Grand Hyatt Hotel in Bonifacio Global City attended by public officials and private partners, TMP Foundation also took the opportunity to announce the addition of a new advocacy pillar, “Mobility+.”

“In synergy with our existing four pillars, this will enable us to create even more effective programs through the mobility of people, mobility of things, mobility of information, and mobility of creative and free ideas for many people,” said TMP and TMP Foundation Chairman Alfred V. Ty.

Late Metrobank Group and TMP Founding Chairman Dr. George SK Ty established the foundation to “give back to society and the communities from which (the group derives) resources.” Explained the younger Ty: “This vision was not merely an aspiration; it was a profound understanding of TMP’s role within the community — to improve the lives of our society, to contribute to a more equitable future for them.”

Mobility+ will now allow the foundation to expand its attention to the need for mobility and access — particularly to and for health professionals and the underserved segment of the populace they seek to treat or see. Spearheading the foray into the new area is the Healthcare Mobility for All (or HEAL) Project, led by Japan’s Toyota Mobility Foundation and undertaken with the Philippine General Hospital (PGH). The memorandum of understanding among the three parties was formally signed at the anniversary event.

The HEAL Project is envisioned to “address critical mobility needs and improve access to basic healthcare services in underserved communities,” to be achieved with the deployment of two Toyota Coaster-platformed mobile clinics to deliver essential medical laboratory services directly to patients in the pilot area Cavite (particularly Ternate), and the fielding of three units of the Tamaraw Utility Vans exclusively for healthcare workers traveling to and from PGH.

“The clinics will be integrated into the existing PGH IT systems that enable online consultation booking and will potentially be supported by a new queueing system to ensure efficient operations. This solution aims to optimize the time to do simple diagnosis and treatment for patients in these areas,” said TMP Mobility Foundation in a statement.

PGH Director-General Dr. Gerardo Legaspi revealed during the Q&A session at the event that the facility sees around 707,000 patients a year. “Around 30% of patients come from CALABARZON — and a majority of these patients come from Cavite. In the data that we have in the outpatient department, surprisingly, (many patients) still go for hypertension, diabetes, urinary tract infection consults. If we’re able to bring these services to the communities, you can imagine how many patients will be spared a trip to Manila.”

Speaking to members of the media after the event, TMF Program General Manager Nanako Kumamoto shared that the two mobile clinics and all the equipment therein will be turned over to PGH healthcare personnel for deployment in September. The shuttles, also to be fielded in September, meet a vital need for those commuting during nighttime or early morning when safety is a very real consideration.

TMP Foundation said that “this solution offers a more coordinated and comfortable way to travel to and from the hospital, reducing reliance on multiple public transportation transfers and minimizing safety concerns, commuting expenses and through pooling, and therefore cutting carbon emissions.”

The HEAL Project is potentially another feather in the cap for Toyota Motor Philippines, TMF Executive Program Director Pras Ganesh revealed in his response to this writer’s question. “This is the first location that we’re doing it within the Asia region,” he said, and likened it to the deployment of Toyota units for the use of healthcare workers during the time of the COVID-19 pandemic.

“(The) solution that we prepared here in the Philippines (was) replicated in Thailand, Indonesia, and India as well. So the issue of providing access to healthcare is a common issue, unfortunately across the region, and just as we did during the time of COVID-19, by creating this kind of a system, creating the program, creating the methodology, we could share it to other countries as well,” he concluded.

GoTyme disburses over P5B in loans

GOTYME BANK has disbursed over P5 billion in loans as of end-July, driven by continued customer growth.

“We hit seven million customers today, about P32 billion in deposits and over P5 billion in loans,” GoTyme Bank President and Chief Executive Officer Nathaniel D. Clarke told reporters on Thursday.

This puts the digital bank on track to reach its target to have nine million customers by the end of this year, Mr. Clarke added.

GoTyme Bank on Thursday announced its partnership with social media platform TikTok, which aims to help bridge the funding gap for micro, small, and medium enterprises (MSMEs). It launched customizable loans for businesses operating on TikTok Shop, the app’s e-commerce platform.

Meanwhile, the digital bank is also looking to roll out a local stock investing feature within this quarter.

It will also introduce other services such as cryptocurrency trading via its app, cash deposit and withdrawal machines with self-service and off-us functionality, as well as a new reward points earning scheme through Go Rewards.

Under the new scheme, users can get one point per P100 spent at partner stores and a point per P500 spent elsewhere, which they can use to book flights or pay for their purchases.

GoTyme Bank recently launched a buy now, pay later product.

Based on its latest balance sheet, GoTyme Bank had assets worth P35.3 billion as of March. Its gross loan portfolio stood at P5.46 billion, while deposit liabilities were at P28.91 billion in the same period.

The bank booked a net loss of P2.47 billion in 2023, widening from the P909.67-million loss in 2022, due to higher expenses, its latest available annual report showed.

GoTyme Bank began commercial operations in October 2022 and is one of the six digital banks licensed by the Bangko Sentral ng Pilipinas. It is a partnership between the Gokongwei group and Singapore-based Tyme Group. — Aaron Michael C. Sy

Have empathy for Marvic

JUSTICE MARVIC M.V.F. LEONEN

This essay is a response to a Manila Standard column written by dear friend and colleague Tony La Viña, titled “Inconvenient truth about impeachment” (Aug. 1).

Tony’s essay is actually a series where he argues that the Supreme Court (SC) decision penned by Justice Marvic Leonen is a significant expansion of judicial power into territory long reserved for politics.

In the same breath, Tony writes: “For the record, I have deep respect for the Justices — many of whom, including the ponente, I know personally. I do not doubt their integrity or independence.”

My piece however does not focus on the correctness or incorrectness of the SC decision. Tony and other great legal minds have discussed the issue thoroughly. My message is about understanding Marvic. I will call the senior associate justice by his first name because like Tony, I know him personally.

Like Tony, I understand where Marvic and the SC are coming from.

To be sure, we can disagree with Marvic. But this must be a healthy debate or disagreement, unlike what’s happening in the public sphere where strident voices are impugning Marvic’s character.

In a healthy debate, we must understand the perspective of Marvic and SC. We must have “empathy” even towards our adversaries. An example is the story of Robert McNamara on how John Kennedy averted a war with the Soviet Union and Cuba by defusing the Cuban missile crisis through empathy. Kennedy’s adviser, Tommy Thompson who knew well the Soviet Union’s head, Nikita Khrushchev, prevailed upon Kennedy to avoid using military force and thus avert a nuclear war in resolving the missile crisis. Reading Khrushchev’s mind, Thompson argued that Khrushchev’s threat was meant to display his toughness to his Soviet constituency but internally, he wanted a graceful exit in resolving the missile crisis.

Here, McNamara defines empathy as understanding the perspective of the enemy. McNamara defines empathy thus:

“We must try to put ourselves inside their skin and look at us through their eyes, just to understand the thoughts that lie behind their decisions and their actions.”

Let’s try to put ourselves inside Marvic’s skin. Let’s walk in Marvic’s shoes.

Marvic is not even an enemy. All the more he deserves empathy.

Empathy does not mean being in agreement with the other party. In the context of strategy, it is about understanding the opposite view towards making better calculations, better decisions.

Furthermore, we will be mistaken to treat Marvic, the Justice, as our ally. He is no longer a civil society advocate; he is a jurist (Tony reminds me). As jurist, he pens decisions not based on what we, the advocates, want or on what is politically correct, but based on impartiality and objectivity. This is the tradition that is embedded in the saying that “justice is blind.”

But at the same time, Marvic, a product of the University of the Philippines (UP) College of Law, is influenced by the legal realism of Oliver Wendell Holmes, Jr., the former US Supreme Court Justice. Upon entering the College of Law building, one is greeted by a quotation from Holmes inscribed on the college’s central wall: The business of a law school…is to teach law in the grand manner, and to make great lawyers.” For Marvic, law in the grand manner is about being critical, being provocative, being controversial. Indeed, he has always been provocative and controversial.

Another famous saying from Holmes is: “The life of the law has not been logic; it has been experience.”

Here, Marvic’s experience is not just about his experience of being victimized by an arbitrary impeachment attempt (which failed). Regardless of this experience, Marvic has seen how impeachment has been used to eliminate political enemies or to grab or perpetuate power by hook or by crook.

Regardless, too, of Marvic’s political leanings (which he ought to keep to himself), Marvic as the jurist wants to apply law in a grand manner for society’s betterment. He cares about good institutions. And he thinks the impeachment process has been bastardized. While impeachment is a political process, Marvic eschews impeachment characterized by arbitrariness, short-cuts, and intense partisanship. That’s the sad reality in the Philippines. And Marvic and the SC want to correct this. But as Tony pointed out, the correction might turn out to be “overboard.” Another term to describe the decision is “overcorrection.”

Nonetheless, finding the delicate balance between the legal and the political is a challenge. Specific contexts dictated by prevailing political, social and economic conditions influence the tilting of the balance to either the political or the legal. I remember what the late Chito Sta. Romana said about an independent or neutral foreign policy: It has an equilibrium shaped by geopolitical realities. But that equilibrium is not static, and the equilibrium is not exactly located at the dead center.

Some decisions Marvic has made, including the one on the impeachment of Vice-President Sara Duterte, are controversial. But let it be said that such decisions are anchored on his deep knowledge and interpretation of legal philosophy, ethics, doctrine, rules and norms.

Another perspective to understand Marvic is his grasp and use of law and economics. He, too, is a product of the UP School of Economics.

The way that impeachment is being done serves partisan politics or trapo politics. Marvic wants to change the behavior (and the incentives) of an essentially trapo Executive and Congress. He wants institutional efficiency. He sees the current practice of impeachment, which if not reformed, will result in tremendous long-term costs to Philippine institutions.

Of course, Marvic and the SC, are all fallible. So are we. No one has the monopoly of what is correct.

My appeal thus is: Have empathy. Understand where Marvic or the SC is coming from.

Marvic is definitely not going to be the caricature of being an “umbrella boy.” Neither can he be accused of making a subjective decision solely based on his own personal traumatic experience with impeachment.

And this is where Tony’s knowing Marvic well becomes constructive and invaluable.

Tony is well familiar with Marvic’s view and attitude towards law and the legal system.

I likewise have known Marvic for close to four decades. And we worked closely as board members of Legal Rights and Resource Center, wherein Marvic was our guiding light.

We are aware of Marvic’s complex persona — his genius, his scholarly mien, his being a terror teacher, his audacity, confidence and strong will, his quirks and idiosyncrasies. An appropriate tagline for Marvic is: Marvic the Maverick.

But to repeat what Tony said, Marvic is now a jurist, and he is constrained by the parameters that he has set as a jurist. We may agree or disagree with him. I, for one, support the criticism raised by others like Tony and Justice Azcuna — that the change in the rules is better applied prospectively.

And so, let’s not cancel Marvic.

 

Filomeno S. Sta. Ana III coordinates the Action for Economic Reforms.

www.aer.ph

Bringing nature-based skincare to the spa

WITH THE GOAL of introducing a new chapter in wellness through its spa offerings, Conrad Manila is incorporating ISUN Skincare into its new signature therapies.

This marks the Colorado-based product line’s debut in the Philippines. It is found exclusively in Conrad Spa Manila’s refreshed spa menu. Offerings include massage and facial rituals, created “to nurture the mind, body, and spirit” using the organic products.

ISUN Skincare was founded by Bunnie Gulick in 2006, after decades of product formulation, development, and manufacturing experience in the wellness and beauty industries. She decided to start her own brand that focused on healing and rejuvenating.

“ISUN is rooted in nature, rooted in integrity, rooted in intention and healing. As a company, we are committed to sustainability and holistic wellness,” said Tracey Annette Drabløs, director of ISUN Skincare, at the brand’s launch at the Conrad Manila in Pasay City, on July 23.

Their ethos is “an alchemical approach to beauty,” grounded in ISUN’s roots in the San Juan Mountains of Colorado, USA, where they handcraft plant-based formulations spanning cleansers, masks, serums, moisturizers, mists, herbal body oils, and lip care products.

“Like us, Conrad believes in offering holistic wellness experiences, and so together, we have co-created elevated spa rituals that will deeply nourish body, mind, and spirit,” Ms. Drabløs explained.

Created in small batches using organic botanical ingredients, the new products “complement Conrad Spa’s vision of blending luxury with conscious care.”

Treatments incorporate ISUN’s gemstone-infused aromatic oils. Some utilize Chinese medicine techniques like gua sha, where an object is used to scrape the skin for therapeutic benefits, and energy-balancing massages aimed at restoring both physical and emotional health.

Highlights of the Conrad Spa Manila’s refreshed treatment menu include:

• Transcend (90 minutes) — A deeply relaxing massage that “harmonizes energy and restores balance,” using calming aromatherapy blends, energy-balancing gemstones, and herb-infused oils. These products are meant to aid in enhancing energy flow throughout the body.

• Elevate Facial (90 minutes) — A therapeutic and restorative facial designed to target devitalized skin. Here, gua sha is used “to stimulate energy flow and circulation, contour facial angles, and aid in detoxification.”

• Ormus Bath (30 minutes) — A luxurious soak featuring mineral-rich bath salts infused with delicate aromatics. This ritual “offers a grounding and replenishing experience for both body and spirit.”

Guests can book individual treatments or combine them into a wellness experience tailored to their needs. For the full list of spa treatments and rituals, visit Conrad Spa. — Brontë H. Lacsamana

Green lane system rolled out for strategic agri investments

PPA POOL/NOEL B. PABALATE

THE DEPARTMENT of Agriculture (DA) said it issued a joint memorandum circular (JMC) to streamline the approval process for strategic investments in agriculture and fisheries.

“This JMC is a significant step forward in our commitment to making it easier for investors to do business in the Philippines’ agri-fishery sector,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. said in a statement over the weekend.

“With improved coordination and more efficient systems in place, we are creating an environment that attracts investment and drives inclusive rural development,” he added.

Under the JMC, the DA is expected to play a central role in facilitating investments related to agribusiness, agricultural mechanization, food security, and rural infrastructure.

“By removing unnecessary red tape, the JMC is expected to create a more transparent and investor-friendly climate — particularly in underserved rural areas,” it said.

“The DA hopes this initiative will catalyze new investments, modernize farming and fisheries practices, and ultimately lead to increased productivity and profitability for producers,” it added.

A dedicated INFA-Net Focal Unit led by the DA’s Agribusiness and Marketing Assistance Service will be established to ensure “timely coordination and compliance with the circular’s provisions.”

The JMC seeks to enhance the operational mechanism of the Investment Facilitation Network (INFA-Net) while integrating the provisions of Executive Order (EO) No. 18, Series of 2023.

Signed in February 2023, EO 18 institutionalized green lanes for strategic investments, which authorizes the fast-tracking of permits, licenses, and registrations for major investment projects.

The JMC was co-signed by 38 national government offices. — Justine Irish D. Tabile

SEC warns public against Sana Credit

SEC.GOV.PH

THE Securities and Exchange Commission (SEC) has issued a cease-and-desist (CDO) order against Sana Credit over its operation of an online lending platform (OLP).

The commission’s Financing and Lending Companies Department issued the order on July 28, directing Sana Credit to halt its lending activities due to the absence of required registration and approval.

Sana Credit was reported to have a virtual presence on the App Store, Play Store, LoanPHI, and Similarweb.

According to the SEC, Sana Credit has violated SEC Memorandum Circular (MC) No. 19 issued in 2019 that requires financing and lending companies to fully disclose and report the OLPs they operate, as well as MC No. 10 issued in 2021 that imposed a moratorium on new OLPs.

“By operating an unregistered and undisclosed online lending platform, [Sana Credit] effectively circumvents the commission’s regulatory and supervisory authority. Consequently, the general public, particularly borrowers, are exposed to potential risks, including abusive and unfair debt collection practices, unjust interest rates, [and] violation of data privacy rights,” the order read.

“In light of [Sana Credit’s] continued unauthorized operation of its OLP, the commission finds it necessary to issue this [CDO] in order to prevent further harm or prejudice to the public, and to safeguard the integrity of the regulatory framework governing lending companies,” it added.

The SEC has the power to conduct enforcement actions against financial service providers as provided under Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act. — Revin Mikhael D. Ochave

BSP’s short-term securities fetch lower yields

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

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) short-term securities fell further on Friday as it capped its accepted rates for the two-month tenor despite the oversubscription.

The BSP bills fetched bids amounting to P136.183 billion on Friday, higher than the P130-billion offer but below the P162.008 billion in tenders for the P90-billion auctioned off a week prior. However, the central bank only awarded P120.066 billion in securities as it made a partial award of the two-month papers.

Broken down, tenders for the 28-day BSP bills reached P64.217 billion, above the P60 billion placed on the auction block but lower than the P76.398 billion in bids seen for the P40-billion offer seen the prior week. The BSP fully awarded the one-month papers.

Banks asked for rates ranging from 5.3% to 5.432%, higher but narrower than the 5.2625% to 5.408% band seen a week earlier. This caused the weighted average accepted rate of the one-month securities to decline by 1.34 basis points (bps) to 5.3842% from 5.3976% previously.

Meanwhile, bids for the 56-day bills amounted to P71.966 billion on Friday, a tad higher than the P70-billion offering but less than the P85.61 billion in tenders for the P50-billion auctioned off in the previous week. The central bank made a partial P60.066-billion award of the two-month securities as it only accepted bids that had lower yields versus those seen in the prior week.

Accepted rates were from 5.365% to 5.41%, a wider and lower margin compared to the 5.395% to 5.42% range seen the week prior. With this, the average rate of the 56-day securities dropped by 1.43 bps to 5.391% from the 5.4053% logged in the previous auction.

The central bank said the BSP bill (BSPB) yields continued their downtrend on Friday.

“Both tenors were oversubscribed, with bid-to-cover ratios of 1.07 times for the 28-day BSPB and 1.03 times for the 56-day BSPB,” it said in a statement.

The central bank uses the BSP securities and its term deposit facility to mop up excess liquidity in the financial system and to better guide short-term market rates towards its policy rate.

The BSP bills also contribute to improved price discovery for debt instruments while supporting monetary policy transmission, the central bank said.

The central bank securities were calibrated to not overlap with the Treasury bill and term deposit tenors also being offered weekly.

Data from the central bank showed that around 50% of its market operations are done through its short-term securities.

The BSP bills are considered high-quality liquid assets for the computation of banks’ liquidity coverage ratio, net stable funding ratio, and minimum liquidity ratio.

They can also be traded on the secondary market. — Luisa Maria Jacinta C. Jocson

Toyota girds for TGR PHL Cup season finale

PHOTO BY KAP MACEDA AGUILA

THE TOYOTA GAZOO RACING (TGR) Philippine Cup, Toyota Motor Philippines’ (TMP) premier one-make racing series, is set to return to the Clark International Speedway in Mabalacat, Pampanga on Aug. 9 for its third and final race weekend of the 2025 season.

Leading the standings in the Super Sporting Class is Russel Cabrera of Toyota Team Cebu-Standard Insurance, followed by Alain Gabriel Alzona of Toyota General Santos-Smart Communications Racing, and Michael Bryan Co of R Garage/Toyota Dagupan Group. In the Sporting Class, Jesse Garcia of Obengers Racing-Toyota Balintawak leads the standings, then Russel Reyes of Toyota Gazoo Racing Philippines and Raymond Cudala of R Racing-MADkart. The Novice Class is led by Luis Moreno of Toyota Gazoo Racing Philippines-Novice Team, with teammates Pablo Salapantan (of Yuga Auto and “Velocity”) and TMP President Masando Hashimoto in second and third places, respectively.

Two sprint races will be held over the weekend, with a 1.5-hour endurance race also making a comeback to put both racers and cars to the test. Making its debut at Race Weekend 3 is the Tamaraw Sprint Race Exhibition, a showdown of the Tamaraw one-make-race (OMR) model previously introduced as the Tamaraw Racing Concept during Race Weekend 2 at Villar City. Driving the Tamaraws will be former Vios Cup Super Sporting Class champions Allan Uy (2016), Daniel Miranda (2017), Estefano Rivera (2021) and John Dizon (2023), and previous Vios OMR Test Driver Tyson Sy. The next-generation Tamaraw will also be showcased in an exhibition drag race to further test its capabilities as a racing vehicle. Meanwhile, owners of the GR Yaris, GR Supra, and GR 86 will have a five-lap circuit race, and a drifting exhibition will also be staged.

At the activity area, freebies and prizes will be up for grabs at the sponsors’ booths and game booths. Sim racing rigs will be set up for attendees seeking to test their skills on virtual tracks.

As a teaser to its upcoming e-motorsports competition in August, the Toyota Gazoo Racing Philippines eSports GT Championship 2025, TMP will also be holding free qualifiers for interested sim racers. Fans can also enjoy car displays of Toyota’s GR and GR-S lineups, and various Toyota Car Club vehicles. Original GR merchandise including shirts, caps, and umbrellas will also be available for sale.

Local pop and alternative rock band Over October will be performing, followed by the awarding ceremonies for Race Weekend 3. “It’s the final race weekend of the year, so we want to end on a high with new activities such as the Tamaraw Sprint Race, and the return of the endurance race. We invite everyone who got a taste of the thrill of motorsports last Race Weekend 2 to join us for Race Weekend 3, where we’ve packed even more exciting activities,” shared TMP Assistant Vice-President for Marketing Services Andy Ty.

The TGR Philippine Cup is sanctioned by the Automobile Association Philippines and is presented by official fuel and lubricant partner Petron and official tire partner GT Radial. The event is also supported by official timekeeper Seiko, Toyota Financial Services Philippines, Tuason Racing, AVT, 3M, Denso, OMP, ROTA, Autoplus, PIAA, Vinyl Frog Premier Vehicle Wraps, AutoQuix, Bebang Halo-Halo, myToyota Wallet, and Kinto One.

The event will be broadcast live on the Toyota Gazoo Racing Philippines Facebook page and YouTube channel starting 8:30 a.m. For more information on the TGR Philippine Cup and other TGR events, visit https://toyota.com.ph/tgrphilippines and follow Toyota Gazoo Racing Philippines on Facebook, Instagram, X, YouTube and TikTok; along with TMP’s official (ToyotaMotorPH) accounts on Facebook, Instagram, and X. TMP is also on Viber (Toyota).