THE NATIONAL GOVERNMENT’S (NG) debt payments jumped in July as interest payments on local borrowings increased, the Bureau of the Treasury (BTr) said.
The latest BTr data showed that the debt service bill went up 26.13% to P81.17 billion in July from P64.36 billion in the same month a year ago.
Month on month, debt payments also rose by 22.85% from P66.08 billion in June.
The debt service bill refers to payments made by the government on its domestic and foreign borrowings.
Interest payments comprised 97.85% of the debt service bill for the month.
In July, interest payments increased by 24.99% to P79.43 billion from P63.55 billion in the same month in 2023.
Broken down, interest paid on domestic obligations soared by 41.84% to P55.32 billion in July from P39 billion last year.
This consisted of P47.03 billion for fixed-rate Treasury bonds, P3.58 billion for retail Treasury bonds, P2.9 billion for Treasury bills (T-bills), and others (P1.81 billion).
Interest payments made on external debt dipped by 1.78% to P24.11 billion in July from P24.55 billion last year.
On the other hand, principal payments more than doubled to P1.74 billion in July from P808 million a year earlier.
Principal payments on external debt surged by 113.58% to P1.56 billion in July from P729 million in the same month last year.
Amortization on domestic debt soared by 134.18% to P185 million in July from P79 million a year prior.
In the first seven months of the year, NG debt payments jumped 40.28% to P1.36 trillion from P972.29 billion a year ago.
Principal payments accounted for 66.52% of debt servicing as of end-July.
Amortization payments jumped by 44.87% to P907.3 billion during the January-to-July period from P626.28 billion a year ago. Principal payments on domestic debt stood at P757.62 billion, while amortization payments on external debt amounted to P149.68 billion.
In the January-July period, interest payments rose by 31.98% to P456.66 billion from P346 billion last year.
Domestic interest payments as of end-July amounted to P323.36 billion, while external interest payments stood at P133.3 billion.
During the period, interest payments on local borrowings comprised P217.53 billion for fixed-rate Treasury bonds, P78.24 billion for retail Treasury bonds, P18.68 billion for T-bills, and others (P8.91 billion).
“Rising interest rates and maturing obligations are driving up the government’s debt service bill. However, strong revenue collection and external financing are helping to manage the burden,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.
Elevated interest rates here and abroad continued to drive up interest payments on debt, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.
“The stronger peso exchange rate recently could reduce the peso equivalent of foreign debt principal and interest payments,” Mr. Ricafort said in a Viber message.
The local unit closed at P55.995 on Friday, 20.5 centavos stronger than its P56.2 finish on Thursday.
A potential rate cut by the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve could help reduce the NG’s interest payments, Mr. Ricafort added.
At its Aug. 15 meeting, the Monetary Board cut the policy rate by 25 basis points (bps) to 6.25% from the over 17-year high of 6.5% previously.
BSP Governor Eli M. Remolona, Jr. earlier said the Monetary Board may cut interest rates by another 25 bps in the fourth quarter. Only two meetings are left this year — Oct. 17 and Dec. 19.
For its part, the Fed is widely expected to begin its easing cycle this week.
The National Government (NG) plans to borrow P630 billion from the domestic market in the third quarter. Broken down, it is looking to raise P260 billion from T-bills and P370 billion via T-bonds in the period.
The NG’s debt stock climbed to a record-high P15.69 trillion as of end-July from P15.48 trillion as of end-June.
This year’s debt service program is set at P2.03 trillion, according to the latest Budget of Expenditures and Sources of Financing.
THE PHILIPPINE Economic Zone Authority (PEZA) has so far approved P61.62 billion worth of investment pledges in the first eight months, representing only 30% of the agency’s target for the year.
PEZA Deputy Director-General for Operations Vivian S. Santos told reporters on Friday that the investment promotion agency (IPA) approved P6.9 billion worth of investment pledges during its board meeting on Aug. 27.
“[These comprise] 21 projects. Some are new registrations, while some are project expansions,” Ms. Santos said.
The investment pledges approved in August are composed of six manufacturing projects, six information technology enterprises projects, four economic zone (ecozone) developments, and one agro-industrial facilities enterprise project.
It also included an ecozone utilities project, an ecozone domestic enterprise project, and an ecozone logistics service enterprise project.
The PEZA approvals in August brought the total greenlighted projects to 165, which are worth a total of P61.62 billion in investments.
With already eight months in, the approvals only represent 30.81% of the agency’s P200-billion target investment approvals this year.
According to Ms. Santos, PEZA’s next board meeting is scheduled for Sept. 19, but this is expected to be moved to a later date.
Foundation for Economic Freedom, Inc. President Calixto V. Chikiamco said via Viber that PEZA’s slower investment approval performance could be attributed to the investors waiting on the amendments to the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.
He noted the geopolitical tensions over the South China Sea is also affecting investment decisions.
Last week, the Senate ratified a bicameral conference report on the CREATE to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill, which seeks to lower taxes on domestic and foreign companies to 20% from 25%.
In July, PEZA Director-General Tereso O. Panga said that he is still optimistic that the board could approve around P200 billion worth of investments this year if CREATE MORE takes effect.
Once signed into law, CREATE MORE will also return to IPAs the power to approve and deny tax incentives. Currently, the mandate to grant appropriate tax incentives to registered business enterprises is under the Fiscal Incentives Review Board.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that besides the developments on the CREATE MORE, investment approvals could also be slower due to the rising prices and elevated interest rates.
“Still relatively higher inflation and interest rates globally and locally still weigh on foreign direct investments worldwide due to higher borrowing costs,” Mr. Ricafort said in a Viber message.
He added that geopolitical risks in recent months, which include the tensions between China and the Philippines and conflict in the Middle East have prompted some investors to take a wait-and-see attitude.
“Some international investors assess if there would be a risk of conflict between China and the Philippines before investing billions of pesos or dollars into the country as a matter of prudence and as part of due diligence for investments globally,” he said.
An aerial view of Metro Manila after it was hit by Typhoon Enteng, Sept. 4, 2024. — PPA POOL/YUMMIE DINGDING
By Kyle Aristophere T. Atienza, Reporter
THE GOVERNMENT should boost development in key areas outside Metro Manila in the face of increasing extreme weather events, economists said, as the capital region that accounts for over 30% of the country’s economic output struggles with flooding issues.
The condition of Metro Manila, which contributes 36% to the country’s gross domestic product (GDP), is worsening amid climate change-enhanced typhoons, said Cid L. Terosa, former dean at the University of Asia and the Pacific (U&AP).
“On the economic side, the country should, in the short and medium term, continue to firmly establish growth dynamos outside of the National Capital Region (NCR),” he said in an e-mail, noting that areas that have shown disaster-resilience should be prioritized.
Mr. Terosa said the government should secure funding and investments for climate change programs and create viable livelihood and employment opportunities for disaster-stricken local economies.
“The country can make significant leaps in its macroeconomic targets if it diffuses economic activity towards regions that have shown greater resiliency to various forms of crisis,” he added.
In the latest World Risk Index, the Philippines, which faces an average of 20 typhoons, remained the most disaster-prone country for a 16th straight year.
In July, heavy rains caused by Super Typhoon Gaemi, which was enhanced by a southwest monsoon, triggered massive flooding in Metro Manila. The Department of Environment and Natural Resources (DENR) said rapid urbanization in the nation’s major economic hub was the main culprit.
A World Weather Attribution study released last month noted that the Philippines and two other countries affected by Super Typhoon Gaemi have weak urban plans and flood infrastructure, which cannot withstand climate change-driven floods.
“Unplanned urban development, including in Metro Manila where the population has rapidly increased, is increasing the number of people at risk, especially in lower lying informal areas,” the report said.
The study said Super Typhoon Gaemi’s wind speeds were about 14 kilometers per hour or 7% more intense due to climate change, which increased the rainfall by up to 14%.
Just as Super Typhoon Gaemi left, the country was battered by Tropical Storm Nagi, which affected over half a million Filipinos and left P2.26 billion and P700 million, respectively, in agricultural and infrastructure damage.
President Ferdinand R. Marcos, Jr. last week said climate change’s damage to the national economy could reach up to 7.6% of the GDP by 2030.
Mr. Terosa said some regions in the Visayas and Mindanao were able to perform better than Metro Manila last year “despite inflation and high interest environment.”
“What was tagged as a national economic problem was, in fact, an NCR economic problem.”
The Philippine economy grew by 5.5% in 2023, slowing from the 7.6% expansion in 2022.
By region, Central Visayas posted the fastest GDP growth last year at 7.3%, followed by Western Visayas at 7.2%, and Ilocos Region at 7.1%.
Other regions that also posted growth faster than the NCR were Cordillera Administrative Region at 6.9%, Davao Region at 6.7%, Eastern Visayas at 6.4%, Cagayan Valley at 6.2%, and Central Luzon at 6.1%.
On the other hand, Metro Manila’s economy expanded by 4.9% last year, the slowest in two years.
“If all resources are concentrated in NCR, then typhoons and natural disasters in the capital region would make the Philippines vulnerable,” George N. Manzano, a trade expert at UA&P, said in an e-mail.
“Hence there is a need to diversify the development, making investments in the regions.”
Mr. Manzano cited typhoons’ impacts on commercial and residential infrastructure, which have been concentrated in Metro Manila, and their implications for consumer spending, which contributes around three-fourths to GDP.
Mr. Terosa said recent typhoons have stalled production and income generation, possibly pulling down the country’s growth potential by 0.2 percentage point.
“On the production side, recent typhoons damaged production potential of the agricultural sector and delayed actual production in the manufacturing sector,” he said.
“All these, employment, and most importantly, productivity,” he added.
The Marcos administration has been promoting the New Clark City in Central Luzon as an alternative to Metro Manila, dubbing it as the Philippines’ first “smart, green, and resilient urban center.”
A Philippine Chamber of Commerce and Industry (PCCI) official earlier this month said despite efforts to promote growth outside Metro Manila, the capital region will remain the biggest engine of Philippine growth in the next 10 years.
Infrastructure projects outside the capital region will take time, “especially with the rising cost of materials and manpower,” PCCI-NCR vice-president and 2024 Metro Manila Business Conference Chairman Hernando Delis said at a forum. “Depopulating Metro Manila is not easy.”
“The government and the private sector have taken substantial steps to climate-proof the economy, but the pace of those efforts has not kept pace with the increasingly dire consequences of climate change,” Mr. Terosa said.
“It appears that climate change and its negative effects have unraveled faster than expected.”
OUTSTANDING external debthit a record $130.182 billion at the end of June, but remained at “manageable” levels, the Bangko Sentral ng Pilipinas (BSP) said.
Preliminary data from the BSP showed external debt rose by 10.4% from the $117.918 billion seen as of June 2023.
External debt includes all types of borrowings by residents from nonresidents.
“The increase was mainly driven by net availments of $10.36 billion, of which $5.83 billion were borrowings by private sector entities (largely by banks for general corporate expenditures and liquidity purposes),” the BSP said.
The annual increase in the country’s debt stock was also driven by the net acquisition of Philippine debt securities by nonresidents of $2.04 billion and prior years’ adjustments of $1.22 billion.
“The negative foreign exchange (FX) revaluation of borrowings denominated in other currencies amounting to $1.36 billion tempered the rise in the debt level over the 12-month period,” the BSP said.
Despite the rise in debt stock, the BSP said external debt as a percentage of gross domestic product remained at a “prudent” level. The external debt-to-GDP ratio stood at 28.9% at end-June, slightly improving from the 29% at end-March.
The BSP said other key external debt indicators were still at “comfortable levels.”
As of end-June, gross international reserves (GIR) stood at $105.19 billion and represented 3.84 times cover for short-term (ST) debt based on the remaining maturity concept.
“The debt service ratio (DSR), which relates principal and interest payments (debt service burden) to exports of goods and receipts from services and primary income, improved to 9.5% from 11.1% for the same period last year due to lower debt service payments in the first half of 2024,” the BSP said.
The DSR and the GIR cover for ST debt is a gauge of the adequacy of foreign exchange earnings to meet maturing debt obligations.
In May, the government raised $2 billion (P114.7 billion) from its first global bond sale this year.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort in a Viber message also said that the wider budget deficit in recent months led to more government borrowings, including external borrowings.
Quarter on quarter, the country’s external debt stock rose by 1.2% as of end-June from $128.69 billion as of end-March 2024.
“The rise in the debt level was primarily driven by net availments aggregating $1.5 billion as the National Government (NG) raised $2.61 billion from: (a) the issuance of its $2-billion Dual Tranche Fixed Rate Global Bonds under its Sustainable Finance Framework; and (b) $611.81 million borrowings from official creditors,” the BSP said.
“Prior periods’ adjustments of $493.28 million due to late reporting/registration by borrowers as well as net acquisitions of Philippine debt securities by nonresidents from residents aggregating $238.8 million also contributed to the rise in the debt level,” it added.
The BSP noted that the quarter-on-quarter rise in debt stock was dampened by the negative $736.65-million foreign exchange revaluation of borrowings denominated in other currencies brought about by the dollar’s appreciation.
Meanwhile, BSP data showed that private sector’s external debt rose by 1.1% quarter on quarter to $50.36 billion, mainly due to the prior periods’ adjustments of $522.86 million and the net acquisition by nonresidents from residents of corporate debt securities amounting to $398.39 million.
Meanwhile, public sector debt went up by 1.2% quarter on quarter to $79.83 billion in the period ending June.
“The increase in public sector borrowings was driven mainly by total net availments of $1.75 billion as the NG tapped international capital markets and various official creditors to increase funding for its infrastructure projects and social services programs,” the BSP said.
The bulk, or 91.7% of public sector obligations were from government borrowings, while the rest came from borrowings of government-owned and -controlled corporations, government financial institutions, and the BSP.
As of end-June, the Philippines’ top creditor countries were Japan ($14.25 billion), the Netherlands ($4.31 billion), and the United Kingdom ($4.17 billion).
Mr. Ricafort said that external debt could increase in the coming months due to the latest dollar bond issuance by the government. — AMCS
INFRASTRUCTURE development company Aboitiz InfraCapital, Inc. will be awarded the contract to operate and maintain the Laguindingan International Airport in Misamis Oriental, the Department of Transportation (DoTr) said.
“The Laguindingan PPP (public-private partnership) project will be awarded to the original proponent,” Transportation Secretary Jaime J. Bautista said in a Viber message to BusinessWorld on Sunday.
“There were no other proposals received by deadline,” headded.
The DoTr had extended the deadline for counter proposals to Sept. 13, moving it from the original deadline in August.
Based on the Instructions to Challengers published by the DoTr and Civil Aviation Authority of the Philippines (CAAP), the notice of award and other post-award requirements will immediately be issued upon the approval of the award by the Transportation Secretary and the governing board of CAAP.
It added that the original proponent or the winning challenger will execute the concession agreement within five days from its receipt of notification of compliance with the post-award requirements.
In May, the DoTr announced that at least two parties had purchased bid documents for the comparative challenge.
The airport will have a capacity of 1.6 million passengers a year, which will increase to 3.9 million by the end of the first phase and to 6.1 million by the end of the second phase.
According to the PPP Center, the contract for the Laguindingan Airport will run for a period of 35 years.
The Swiss challenge process allows original proponents to undertake a project unsolicited, opening up their bid to a challenge by other parties, which the OP then has a right to match.
In February, the DoTr announced that companies were open to challenge the P12.75-billion proposal of Aboitiz InfraCapital to operate, maintain, and expand the Laguindingan airport.
The infrastructure arm of the Aboitiz group has submitted unsolicited proposals for the operations, maintenance, and development of New Bohol-Panglao International Airport, Bicol International Airport, and Iloilo International Airport.
The group has also secured the original proponent status for the New Bohol-Panglao International Airport, which Mr. Bautista said would undergo the Swiss challenge by November.
In 2022, Aboitiz InfraCapital finalized a deal with Megawide Construction Corp. and GMR Airports International B.V., allowing it to acquire shares in GMR-Megawide Cebu Airport Corp., the company behind the Mactan-Cebu International Airport.
TELECOMMUNICATIONS and digital services provider DITO CME Holdings, Inc. plans to list its P4.2-billion follow-on offering (FOO) on Oct. 10.
The company has obtained regulatory approval for the FOO, which entails issuing additional shares to the public, DITO CME Holdings President Donald Patrick L. Lim told reporters last week.
“We’re hoping it will be oversubscribed,” he said on the sidelines of the Management Association of the Philippines’ 22nd International CEO Conference.
“Our company is anchored on fundamentals. It is a tech world. We are 5G first and we have a good partner,” he added.
The FOO’s offer period will be from Sept. 26 to Oct. 2, while listing is on Oct. 10, based on the prospectus dated Sept. 10 posted on the company’s website.
The offer consists of 1.954 billion common shares priced at P1 to P2.15 apiece.
The company expects to generate up to P4.127 billion in net proceeds at the maximum offer price of P2.15 per share.
The proceeds will be used as additional capital to support the network expansion of the company’s telecommunications unit DITO Telecommunity Corp., as well as for general corporate purposes.
DITO CME Holdings tapped BDO Capital & Investment Corp. as the sole issue manager, underwriter, and bookrunner for the FOO.
Meanwhile, Mr. Lim said the planned FOO is currently on its fifth audit.
“We’re on our fifth audit. I hope we are going to pass it. Most likely, we will pass the fifth audit. I think all the indicators are there,” he said.
DITO Telecommunity is allocating up to P30 billion for capital expenditures this year, mainly for network rollout.
The company said it will be focusing on gaining market share and commercial rollout while also targeting new product launches.
For the first half, DITO CME Holdings widened its net loss to P28.19 billion from P3.19 billion a year ago as total expenses surged by 22% to P14.14 billion due to higher operating costs.
Revenue rose by 54% to P7.66 billion from P4.96 billion in 2023, led by DITO Telecommunity.
DITO CME Holdings shares were last traded on Sept. 13, finishing at P1.91 per share. — Revin Mikhael D. Ochave
In the photo from left to right: I-Land Team: Ariel Luces — President of Archer Construction; Regina Señoran — Project Manager; Kristel Jabines — Assistant Vice-President of Business Development; Akar Minn — Sales Director; Kathleen P. Costas — Assistant Vice-President of Sales; May V. Lopez — President of I-Land; Austin Bernard P. Diaz — Marketing Manager; Honeylet Palanca — Sales Director; Chester Ocampo — Marketing Supervisor; and Mar Francisco — Assistant Vice-President of Sales Administration
For most businesses, the past few years have been difficult to say the least. The lingering effects of the pandemic, skyrocketing inflation and the consequent tightening of interest rates have made for a challenging economic environment. However, for I-Land, the company that launched I-Land Residences Sucat, it was a validation and evidence of the value of sustainable living.
At present, the master-planned two-hectare I-Land Residences Sucat, located along Dr. A. Santos Avenue in Parañaque, is the company’s best approach to affordable and sustainable condo living, as proven by the recognitions it has received from the PropertyGuru Awards for Best Affordable Condo Development in Metro Manila and Best Eco-Friendly Condo Development.
“[The award] is a testament to our mission of making sustainability a way of life for more and more Filipinos, meaning their dream of having a home is really within reach. It’s not going to break the bank,” Mary Maylanie V. Lopez, president of I-Land, recounted in an interview.
Part of I-Land’s key motivations for the I-Land Residences project is the desire to push the industry “a little bit further” in terms of making sustainable living more accessible to Filipinos. I-Land wanted to dispel the myth that sustainability is only for high-end products and lifestyles, and as such, the project has become the first mid-rise development to be LEED-certified in the Philippines.
“It’s for the affordable market as well. Filipino families deserve a good product. I think it’s high time that we provide and listen to the customers, and answer the needs of every mid-income Filipino family,” she said.
This commitment to accessibility is also reflected in the company’s pricing of its one-bedroom units to fall within the VAT threshold for exemptions, ensuring affordability while still providing complete amenities and well-planned spaces that align with what Filipino families seek in a home.
“So that’s the answer of I-Land, making sure that we continue to innovate, making sure that the sustainable features are there in the future,” Ms. Lopez said. “It’s always important to listen to your customers. So, a good customer service also matters. So that’s how I think we can address the tight situation for the industry of real estate right now.”
I-Land Residences Sucat offers thoughtfully planned units around P3.6 million. Each unit provides flexible floor plans and modern amenities, making it an attractive option for mid-income earners, overseas Filipino workers, and end-users alike.
Designed around sustainable living
I-Land Residences Sucat was designed with a philosophy that prioritized open spaces and natural ventilation. 60% of the development is dedicated to open areas, allowing residents to enjoy fresh air and greenery even within an urban setting.
Each unit is equipped with balconies, and the buildings are designed with single-loaded corridors that enhance air and light ventilation, promoting a healthier living environment—a feature that became invaluable during lockdowns when access to outdoor spaces was limited.
I-Land’s commitment to sustainability extends to its registration for LEED certification, ensuring that energy efficiency and environmental responsibility are at the core of its design principles.
I-Land Residences Sucat also features a community-centric and pet-friendly environment, integrating amenities such as jogging paths, an underground basketball court, and pedestrian-friendly grounds.
Beyond aesthetics and sustainability, the project was also designed to provide tangible cost savings for its residents. Ms. Lopez added that the project was aimed at reducing utility costs for residents by up to 30% in terms of water utility and up to 15% in terms of electrical expenses. “We’re trying to provide savings for the Filipino families,” she said.
I-Land is innovating on and reimagining what it means to find smart homes within condo living. With a focus on providing a balanced and practical living space, I-Land caters to the needs of Filipino families seeking a quality home environment that supports both their lifestyle and financial goals.
“I-Land, headed by our chairman, Mr. Michael Cosiquien, was run with corporate pillars of innovation, sustainability, operational excellence, and customer focus. So, we make sure that we try to raise the bar in terms of creating innovative projects that are sustainable and catering to the needs of more and more Filipino families,” Ms. Lopez said.
I-Land Residences Sucat demonstrates that sustainable, high-quality condo living is attainable for more Filipino families. As it intends to spread its gold standard of “I-Land Living” across all of its projects, I-Land looks to build a greener future for the country by creating lasting developments that emphasize on nurturing the health and wellness of families and individuals.
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DMCI Mining Corp. expects a recovery in its nickel mining business amid an expected uptick in global prices, the company’s president said.
“The first three quarters of this year have been terrible,” DMCI Mining President Tulsi Das C. Reyes told reporters last week.
“Prices have dropped to about 40% to 50%, but the past 30 days to 45 days, we have seen an uptick in prices, and our lower-grade ore is now marketable.”
The average price of nickel ore declined by 23.7% to %7.94 per pound in the first semester from $10.4 per pound a year ago, according to the Mines and Geosciences Bureau.
For the second quarter, the company reported a net loss of P43 million, a reversal of the P250-million net income reported a year earlier.
It said that this was due to weak market prices, reduced shipments, and costs incurred at its Palawan mine.
The company operates open-pit mines in Palawan and Zambales through its subsidiaries Berong Nickel Corp. and Zambales Diversified Metals Corp. It extracts nickel ore, chromite, and iron laterite.
“It is usually driven by Indonesia… So, a lot of our export is going (there),” he said.
He added that Indonesia has been holding most of its nickel ore resources within the country despite the demand for battery grade processed nickel from China.
Nickle is among the critical minerals used for batteries for renewable energy and electric vehicles. It is also used for stainless steel. Indonesia is among the world’s top producers of nickel, followed by the Philippines.
Mr. Reyes said the company expects to produce 1.4 million tons of nickel ore this year.
If realized, this would be a 17.6% drop from the 1.7 million tons reported in the company’s financial statement for 2023.
Total nickel ore production in the second quarter declined by 37% from 523,000 wet metric tons (WMT) to 328,000 WMT.
For the first half, production declined by 30% from 1.122 million WMT to 782,000 WMT. — Adrian H. Halili
These lady athletes make a dash for the finish line at the Stade de France. — PHOTO BY KAP MACEDA AGUILA
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These lady athletes make a dash for the finish line at the Stade de France. — PHOTO BY KAP MACEDA AGUILA
Para swimmers take to the water at Paris La Défense Arena. — PHOTO BY KAP MACEDA AGUILA
Para judoka action at the Champ de Mars Arena — PHOTO BY KAP MACEDA AGUILA
From left are Jerrold Mangliwan, Chloe San Jose, Carlos Yulo, and Ernie Gawilan at a Toyota Motor Asia reception in Shangri-La Paris. — PHOTO BY KAP MACEDA AGUILA
Toyota Motor Asia President Hao Quoc Tien (fourth from right) joins members of the Philippine delegation composed of media and Toyota Motor Philippines (TMP) officials. From left are Autoindustriya’s Eric Tipan, Top Gear Philippines Editor-in-Chief Dinzo Tabamo, TMP Public Relations Section Head Mixie Flavier, TMP Brand Management Section Head Michelle de Guzman, Manila Bulletin Executive Editor Pinky Colmenares, Carguide.ph Editor-in-Chief and Philippine STAR columnist Ulysses Ang, and the author. — PHOTO BY KAP MACEDA AGUILA
Mr. Yulo poses with his photo at the Toyota House shortly after signing it. — PHOTO BY KAP MACEDA AGUILA
PHOTO BY KAP MACEDA AGUILA
Carlos and Chloe with the author at the Paris La Défense Arena in Nanterre — PHOTO BY KAP MACEDA AGUILA
Para swimmer Ernie Gawilan had a strong showing in Paris, even as he finished sixth. We’ll share his tale next week. — PHOTO BY DINZO TABAMO
Toyota’s ‘Start Your Impossible’ program is about believing in making a positive difference — whoever you are
FROM WHERE we were seated on the stands of the Paris La Défense Arena in Nanterre, the frenzied splashing in the swimming pool — and the quickly moving swimmers making it — were nothing out of the ordinary as far as heart-pounding competitions go. It was the same vibe at the 81,000-person-capacity Stade de France in Saint-Denis. The massive athletics venue was abuzz with excited, noisy fans, and athletes exploded from the starting blocks in a blur as they made for the finish line. The Champ de Mars Arena, where we took in a bit judo action, was no different. Flags of participating countries were waved frenetically as feet stomped on the bleachers to further spur the judokas.
Welcome to the Paris 2024 Paralympic games.
Just because an athlete may be missing a limb or more, or is visually impaired, or intellectually impaired, or shorter in height than the average, does not diminish the quality of their participation in their chosen sport. In fact, it only serves to magnify their greatness, their spirit, their heart.
The water does not discriminate, the judo floor mat does not discriminate, the oval track does not discriminate. The Paralympics, which have ensued following the regular winter and summer editions of the Olympic games since 1988 in Seoul, actually began as a sporting event of British World War II veterans in 1948. By 1960, that number grew to some 400 participants from 23 countries. This year’s spectacle in Paris featured around 4,000 athletes; all masters of what they do. Regardless of where they competed, we gleaned the singular resolve, the focus to win.
“Nakakabilib sila (They’re impressive),” remarked Carlos Yulo to “Velocity” right after we watched the para swimmers. Our very own double-gold-medal winner at the Paris Olympics just a few weeks before, Mr. Yulo’s unprecedented feat in France — in addition to the gymnast’s previous conquests — have already assured his place in Philippine sports history as he boosted our country’s credentials in the most important international sporting spectacle.
Mr. Yulo and his girlfriend Chloe San Jose were guests of Toyota Motor Asia and Toyota Motor Philippines, along with media members from the markets of TMA.
Also in town was Ernie Gawilan, our para swimming contender who has the distinction of being our first-ever gold medalist at the Rio 2016 and Tokyo 2020 Paralympics.
The two Filipinos and nine other athletes from the TMA markets help to enshrine and express the vision and hopes of Toyota for “mobility for all,” not just a funky catchphrase but a real commitment evidenced by what the global company has been doing these past years. For a period spanning 2017 to this year, Toyota is “top partner” of both the International Olympic Committee (IOC) and International Paralympic Committee (IPC) — becoming the official mobility partner of Tokyo 2020, Beijing 2022, and Paris 2024.
An offshoot of this long commitment to the aforementioned global games, Toyota forged its “first-ever global corporate initiative” through “Start Your Impossible” (or SYI) — inspired by Olympic and Paralympic athletes “who are constantly challenging their impossible, carrying the hopes and aspirations of entire nations.” Through SYI, the program supports around 250 athletes from 49 markets — an aggrupation called Global Team Toyota Athletes (GTTA).
Zooming in on Asia, Toyota backs 11 athletes from nine of the region’s 16 markets and emphasizes that this subset of athletes (to which, yes, Messrs. Yulo and Gawilan belong) are not just sports heroes but champions for doing social good as well — thus the term “dual heroes.” “These GTTAs give back to the communities that have shaped their ‘dual hero’ identity, becoming a force for good in both sport and social advocacy,” underscored Toyota. It’s thus about realizing the erstwhile “impossible” in the areas of sports and social causes.
“At Toyota, our vision of ‘Mobility for All’ is the cornerstone of everything we do. As part of this ethos, the SYI initiative is more than a campaign, but a reflection of our dedication in creating a world that is more inclusive, sustainable, and mobile,” said Toyota Motor Asia President Hao Quoc Tien in a welcome letter to Asian delegates of the Paris 2024 Paralympics. “We believe that as long as you can move, anything is possible. We are committed to empower people to challenge themselves, push boundaries, and achieve their own ‘impossible.’”
Speaking to members of the Philippine media, Mr. Tien underscored that TMA really focuses on the “dual hero” aspect of its partnership with select athletes of the region — not just for the mentioned reasons but because he wants a lasting effect long after the competitions have wrapped up. “Sponsoring sports is good, but when the (event) ends, there is no legacy left behind. I want our athletes to leave something behind,” he maintained.
Thus, when TMA went out to select its athletes to partner with, the firm looked at that particular quality. “Ernie, for instance, is known in other countries as well, and he’s a good example of a dual hero,” continued Mr. Tien. Ernie Gawilan loves the ocean and is passionate about looking after it. After all, he professed to have once trained extensively there. Through his partnership with Toyota Motor Philippines, Ernie and other people he inspired made a difference in a big way back in 2019 when a massive cleanup and mangrove planting effort was organized in a coastal community in Davao.
Over 1,900 people comprised of volunteers from the dealership network of TMP, nongovernmental organizations, LGU partners, and 35 coastal communities from across the country planted some 40,000 mangrove propagules and collected 1,200 sacks of waste.
It’s about fostering awareness, added Mr. Tien, but the work and causes need to be sustainable as well. That’s why he is extra proud about Mr. Gawilan and what he espouses. “What he is doing can be scaled,” insisted the TMA head. “If something cannot be sustained or scaled, once you stop, nothing will happen.”
Ernie and TMP are gearing up for another similar activity soon.
Carlos Yulo is also a dual athlete himself — a “champion for orphans and children below the poverty line.” Aside from being the first male athlete in Southeast Asia to bring home a gold medal from the World Artistic Gymnastics Championships in 2019, the gymnast wants to apply himself and give back to the community through feeding programs in partnership with TMP, and is open to the possibility of working with budding gymnasts so that more may follow in his success.
Mr. Tien is proud about these dual heroes and believes that they fit perfectly into Toyota’s overarching message of mobility for all — not just in the literal sense that Toyota is working hard to enable PWDs through various mobility/transportation solutions (more on these next week), but in empowering their spirits and smashing a perceived ceiling on what they can achieve.
Sounds like a plausible, and possible, aspiration — and inspiration — for all of us.
Federal Land received a total of 15 awards and recognitions at PropertyGuru Philippines Property Awards. In photo are (left to right) Customer Service Group Head Kerwin R. Reganit, Sales Group Head Maria Margarita Saenz-Resurreccion, Federal Land President and COO Thomas F. Mirasol, JLL Philippines Head of Property & Asset Management and member of PropertyGuru’s independent panel of judges Philip Mareschal, Urban Planning and Design Group Head Ar. Gilbert M. Berba, and Project Development Group Head Stephen S. Comia.
Elevating Filipino Living Through Strategic Global Partnerships
In a display of real estate excellence, premier real estate developer Federal Land, Inc. has once again set the benchmark for industry excellence at this year’s PropertyGuru Philippines Property Awards.
Last year’s edition of the event saw Federal Land garner an impressive nine awards and accolades including two of the most coveted developer awards, “Best Developer — Luzon” and “Best Mixed-use Developer” as well as recognitions for its highly touted developments such as the Grand Hyatt Manila that won “Best Branded Residential Development;” MITSUKOSHI BGC that earned “Best Retail Development” and “Best Retail Interior Design;” and The Grand Midori Ortigas that bagged “Best Condo Architectural Design” and was Highly Commended for the “Best High-End Condo Development (Metro Manila).”
This year, the developer surpassed that achievement, earning 15 prestigious awards and securing a remarkable list of wins across various categories. Through these accolades, Federal Land continues to reinforce its position as a leader in crafting innovative and thoughtfully designed properties that cater to the evolving needs and aspirations of its residents and the communities it serves.
Federal Land was recognized as the Best Luxury Developer, cementing its status as the country’s top luxury developer. The award showcases its unwavering commitment to creating not just properties but lifestyles that redefine the contemporary Filipino luxury living experience. This developer award was highlighted by multiple wins for Federal Land’s prestige projects.
Renowned for its blend of Japanese efficiency and Filipino warmth, the Seasons Residences was recognized as the Best Luxury Condo Development in Metro Manila. The development highlights its exceptional design, themed amenities, and overall contribution to raising the standard of luxury residential living and delivering a truly authentic Japanese living experience to Filipinos.
The Seasons Residences is the Winner of the “Best Luxury Condo Development” category. Located at its podium is MITSUKOSHI BGC, Winner of the “Best Retail Architecture Design” category. Actual Photo.
MITSUKOSHI BGC’s win for Best Retail Architectural Design solidifies Federal Land’s prowess in creating retail environments that are not only visually stunning but also culturally enriching and commercially successful. The mall features a curated selection of unique retail offerings such as Japanese grocer MITSUKOSHI Fresh, beauty and wellness house MITSUKOSHI Beauty, fashion brands Snidel and Fray I.D., home retailer Nitori, and more.
Riverpark in General Trias, Cavite, is the Winner of the “Best Township Development” and “Best Township Masterplan Design” categories. Artist’s Perspective.
Federal Land’s Riverpark won two awards, receiving both Best Township Development and Best Township Masterplan Design, showcasing Federal Land’s exceptional ability to develop comprehensive multi-use communities that are sustainable, well-integrated, and designed for the future.
Award-Worthy Living: Federal Land’s Standout Developments
The Grand Midori Ortigas received Highly Commended for the “Best CBD Development” category. Artist’s Perspective.
Other Federal Land projects garnered acclaim and recognition. Mi Casa in the Bay Area was Highly Commended for High-End Condo Development in Metro Manila, offering tropical-inspired living for comfortable urban life. The Grand Midori Ortigas received accolades for CBD Development, merging Zen serenity with the bustle of urban living in a major business district. Marco Polo Residences was notable for Branded Residential Development as Cebu’s first branded residence, blending local allure with global hospitality.
Marco Polo Residences in Cebu received Highly Commended for the “Best Branded Residences” category. Artist’s Perspective.
Meanwhile, the developer’s smart value brand, Horizon Land, received Highly Commended Connectivity Condo Development for its unique “isang sakay” concept. Similarly, Horizon Land’s Siena Towers won the Highly Commended Affordable Condo Development award in Metro Manila for providing practical homes in strategic locations.
Siena Towers in Marikina received Highly Commended for the “Best Affordable Condo Development” category. Artist’s Perspective.
“We are honored to be recognized for these awards by our esteemed peers in the industry. These awards reflect the dedication, creativity, and hard work of the entire Federal Land team. We are inspired by this recognition to continue pushing the boundaries of real estate development, ensuring we create spaces that enrich lives and foster communities,” said Federal Land President and COO Thomas F. Mirasol.
Raising the Bar with Partners
The Estate Makati, a joint venture between Federal Land and SMDC, is the Winner of the “Best Condo Development in the Philippines,” “Best Ultra-Luxury Condominium Development,” and Highly Commended for “Best Lifestyle Condominium” categories. Artist’s Perspective.
The success of Federal Land in this year’s PropertyGuru awards was further amplified by the achievements of its projects developed with strategic partners. Collaborating with globally renowned companies, the developer has expanded its portfolio, enhanced the quality and innovation of its developments, and set new standards in the real estate industry.
The Estate Makati received numerous major awards as well. The world-class project by ST 6747 Resources Corp. (STRC), a joint-venture company between Federal Land and SM Development Corp., earned honors such as Highly Commended for Lifestyle Development, Best Ultra-Luxury Development, and Best Condo Development in the Philippines. This rare and illustrious project stands out as the first project in the Philippines to be designed by the world-renowned architectural firm Foster + Partners.
A Breakthrough Partnership Redefining Filipino Living
In just two years in the industry, FNG clinched the Best Breakthrough Developer award. On stage are (from left) Sales Group Head Maria Margarita Saenz-Resurreccion, Metro Development Managers, Inc. CEO and member of the independent panel of judges Luis Enrique T. Mangosing, and FNG Vice Chairman Yusuke Hirano.
Federal Land, Inc.’s new joint-venture company, Federal Land NRE Global, Inc. (FNG), in partnership with Japan’s Nomura Real Estate Development Co., Ltd. (NRE), was also recognized as the Best Breakthrough Developer. NRE is the largest developer in Japan in terms of condominium unit turnover as of 2021 and specializes in urban redevelopment, innovative residential projects, and mixed-use developments that combine Japanese design and ingenuity with sustainable living solutions.
Recently established in 2022 through a remarkable long-term collaboration between these two industry giants, FNG is making waves by bringing Japanese design and innovations to enhance contemporary Filipino living experiences.
Yume at Riverpark being awarded Best Subdivision Development serves as a testament to the vision that FNG has for Yume at Riverpark. In photo are (from left to right) Federal Land President and COO Thomas F. Mirasol, JLL Philippines Head of Property & Asset Management and member of the independent panel of judges Philip Mareschal, and FNG Vice Chairman Yusuke Hirano.
The joint venture’s first project, the premier horizontal residential development of Yume at Riverpark, won Best Subdivision Development. “Yume” means “dream” in Japanese and the project embodies this concept by offering uniquely sublime lifestyle experiences that blend modern Japanese home solutions with serene urban living.
Yume at Riverpark by new joint-venture company Federal Land NRE Global, Inc., Winner of the “Best Subdivision Development” category. Artist’s Perspective.
Located at the heart of General Trias, Cavite, the country’s latest property investment destination, Yume at Riverpark is a haven of Japanese inspiration offering relaxing and rejuvenating features tailored to starting families. Its proximity to major transport infrastructure makes the subdivision development attractive, practical, and, now, award-winning.
Another development by the FNG collaboration includes The Observatory in Mandaluyong City which promises a holistic urban living experience amidst the bustling streets of Metro Manila. FNG’s project, a 4.5-hectare mixed-use development, draws inspiration from the vibrant and bustling Shibuya district in Tokyo, complete with indoor and outdoor luxury amenities.
With The Observatory’s prime location in Mandaluyong City, it has easy access to major roads like EDSA and the BGC-Ortigas Link bridge as well as convenient connectivity to key business districts such as Makati, Bonifacio Global City (BGC), and Ortigas. The joint venture recently broke ground on “Sora Tower,” the first of eight planned residential towers in the new development, with completion and turnover to prospective owners expected by 2030.
With Federal Land’s new collaboration with Japan’s Nomura Real Estate Development, FNG, already being recognized as the Best Breakthrough Developer, the company, its partners, and ventures continue to elevate the standards of Filipino living while contributing to the growth and development of communities across the nation.
The developer’s success at this year’s PropertyGuru Awards highlights the company’s continued commitment to delivering extraordinary experiences by providing its clients with homes, commercial spaces, and integrated communities that are not only thoughtfully designed but also safe, reliable, and accessible to make everyday life more enjoyable.
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ALLIANCE Global Group, Inc. (AGI) plans to open a $300-million boutique-style casino in Boracay by the end of 2025, the listed company’s president said.
“We’re looking to start and open (the casino) by end of next year,” AGI President and Chief Executive Officer Kevin Andrew L. Tan told reporters on the sidelines of the Inside Asian Gaming Summit in Pasay City last week.
He said the casino project “is not going to be very big,” as the company aims to avoid constructing a large structure in Boracay.
“We want it to be appropriate for the island,” he added.
The upcoming casino project, named Boracay World Resorts, will be situated within AGI’s 150-hectare Boracay Newcoast township.
Boracay Newcoast features a 75-hectare golf course, a commercial and retail strip, luxury boutique hotels, and an exclusive residential village.
Aside from the Boracay project, Mr. Tan recently announced a planned casino development in Cebu called the Mactan World Resorts, located within the conglomerate’s 30-hectare The Mactan Newtown township.
He said that AGI will invest at least $400 million for the planned Mactan casino project.
The Mactan Newtown consists of condominiums, office buildings, a hotel, retail shops, and a lifestyle mall.
Mr. Tan said the planned casino developments are the first two domestic expansions of AGI’s travel and leisure subsidiary, Travellers International Hotel Group, Inc., which operates the Newport World Resorts in Pasay City.
AGI also has business interests in spirits manufacturing via Emperador, Inc., property development via Megaworld Corp., and quick service restaurants through Golden Arches Development Corp.
AGI shares were last traded on Sept. 13, closing at P9.03 per share. — Revin Mikhael Ochave
THE WEDDING GOWN of Ofelia Villonco Viola was made by Marina Antonio over 90 years ago. — AITOR ALEGRIA
ALICE PAEZ LORENZO’s wedding dress by Marina Antonio — ANSON YU
One exhibit follows 4 generations of designers in one family
LOVE OF ALL FORMS was present at the opening of the Love Marina exhibit at SM Aura on Sept. 10.
The wedding gowns of society brides like Ana Sobrepena, Lisa Ongpin Periquet, Nita Llamas (grandmother of designer Monique Lhullier), Alice Paez-Lorenzo, Rica Lorenzo, Silvina Clemente-Sevilla, Marissa Hernandez-Yu, and Timmy Roa-Antonio, all made by late fashion designer Marina Antonio were on display, symbolizing love celebrated and preserved through the ages.
Meanwhile, the love for friends and family shone through Ms. Antonio’s family, who organized the exhibit for their grandmother. Family members and old family friends converged to show their love for her legacy and the country: Vicky Veloso Barrera announced that her grandmother, through the Zonta Club, has been nominated as a National Artist.
SHARED VALUES The honor is not foreign to the family: Ms. Antonio herself was married to National Artist for Architecture Pablo Antonio, whose edifices still dot the country. In fact, one of the dresses on exhibit, the one worn by Mrs. Paez-Lorenzo (the wife of basketball player and corporate executive Luis “Moro” Lorenzo, and matriarch of the Lorenzo family and their group of companies), was a collaboration between the spouses. The gown boasts of a trellis held down by pearls. The trellis’ gridwork’s precision is owed to Mr. Antonio’s draughtsmen.
The dress also has the distinction of having been worn three times by different Paez brides. “It just shows that she strove to make each gown as beautiful as possible. So much so that the daughters, the granddaughters, the nieces, want to wear them also,” said Ms. Veloso-Barrera. Mrs. Paez-Lorenzo’s gown isn’t the only one repeated by various brides through their family line, and it’s a nod towards the quality of Ms. Antonio’s gowns that they could be worn more than 20 years after they were made.
Ms. Veloso-Barrera also outlined the qualities that her grandparents shared: “They were very meticulous in their attention to detail. They did not want shortcuts. They did whatever was necessary to complete the job, and to do it well.” She remembers her grandfather arriving in the middle of the night at job sites for impromptu inspections, while her grandmother would stay up at similarly late hours to finish dresses.
Ms. Antonio, born in the early 1900s, started her career in design in the 1930s, working all the way up to the 1990s. In that span of time, many fashion designers have since made their mark, and have been honored: her contemporaries include Ramon Valera and Salvacion “Slim” Lim Higgins, both conferred the National Artist title.
Ms. Veloso-Barrera talked to BusinessWorld about her grandmother’s nomination for National Artist: “I think she deserves it. You know what, if she doesn’t get it, she is still the National Artist Lola of my heart.”
SPECIAL CLIENTS Her late grandmother was no ordinary society woman who just happened to make clothes: she was handpicked by women belonging to families who would change history. There’s Nini Quezon Avancena, leading the pack of daughters and wives of the most powerful men of the nation; then there’s Clare Booth Luce, Pat Nixon, and even Jean MacArthur (General Douglas MacArthur’s wife).
Ms. Barrera explained why those particular women were drawn to her grandmother, despite the wealth of choices in postwar Manila: “These were the women who liked a classic, feminine, dainty line. There were certain women who are very sophisticated, and you want the drama, so you would go to Slim’s, you would go to Valera. But those who wanted soft, feminine, classic, dainty, figure-friendly, would go to Marina.”
ALL IN THE FAMILY Throughout her long lifetime, Ms. Antonio bore witness to four generations of creatives in her family: this would include her daughter, Malu Veloso, also a designer favored by society, granddaughters Vicky and Violeta (“Letlet”), who followed in the same business and with comparable success (the sisters designed the wedding gown of “Megastar” Sharon Cuneta when she married politician Francis Pangilinan); not to mention all the architects and artists among the family. The present generation includes Ms. Veloso-Barrera’s children: Hannah, training to be a fashion designer at De La Salle-College of Saint Benilde, and artist Joshua Carlos Barrera, both of whose works are on display.
We asked Ms. Veloso-Barrera if the names in her family ever weighed over them, throughout their own careers. She answered with a story about her son, putting up a show in one of the city’s art galleries, moving about without his family’s names. Upon discovery of his illustrious relations, he was asked how it felt to “walk in their shadow.” He answered, “I don’t feel like I walk in their shadow. I walk in their light.”
“I’m proud of it. I’m proud of the heritage, the legacy, and everything I’ve loved, and that’s why I want to share it with the world,” said Ms. Veloso-Barrera.
With creative talent flowing through the veins of four generations, one has to wonder if talent is indeed hereditary. “I think it is,” said Ms. Veloso-Barrera. “My daughter was six years old when her great-grandmother died. Where did she get this passion?
“It has to be somewhere in the genes, and at the same time, it is the example that you set.”
The Love Marina exhibit is on view until Sept. 24 at level 3 of SM Aura, BGC, Taguig. — Joseph L. Garcia
I-Land Residences Sucat was designed with a philosophy that prioritized open spaces and natural ventilation. 60% of the development is dedicated to open areas, allowing residents to enjoy fresh air and greenery even within an urban setting.
