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Taguig integrated terminal to start operations by 2028

THE TAGUIG CITY Integrated Terminal Exchange (TCITx) is expected to be fully operational by the first quarter of 2028, according to the Transportation department.

“This project will be instrumental in decongesting major thoroughfares and offering a smoother journey for the riding public. We eagerly anticipate its completion and operational launch in the first quarter of 2028,” Transportation Secretary Jaime J. Bautista said during the TCITx’s groundbreaking ceremony on Monday. 

Located at Ayala Land, Inc.’s (ALI) Arca South mixed-use development, TCITx will span 5.57 hectares and will cater to up to 160,000 passengers and 5,200 vehicles daily.

TCITx’s project cost, as approved by the National Economic and Development Authority (NEDA) Board, is P4 billion.

The project will be directly integrated with the North-South Commuter Railway (NSCR) and the Metro Manila Subway Project. It will also have connections to provincial and city buses, as well as other public utility vehicles.

Construction of the project will begin in the first quarter of 2025 and is slated for completion by 2027. Project testing and commissioning will commence by the first quarter of 2027.

TCITx is expected to benefit commuters from Metro Manila, Laguna, Cavite, and Batangas. It is designed to function similarly to the Parañaque Integrated Terminal Exchange.

“One can come from Laguna via bus and transfer to the subway to go to Quezon City or take the NSCR and head straight to Pampanga,” ALI President Anna Ma. Margarita B. Dy said during her speech at the groundbreaking ceremony.

“This is the kind of transportation infrastructure that truly propels productivity and growth, not just for Taguig, not just for the southern provinces of Manila, but for the country as a whole,”she added. 

TCITx is a private-public partnership project awarded to ALI in 2015, with a 35-year concession period. It was originally set to be operational by 2020 but encountered several right-of-way issues.

Some of the developments within the 74-hectare Arca South include the Healthway Cancer Care Hospital, a Landers Superstore, Arca South Pitch, and residential developments from Ayala Land brands.

It will also feature the Ayala Malls Arca South, which is set to open its first phase in December this year. 

Arca South is also connected to the Southeast Metro Manila Expressway (C6 Expressway) project. ALI is the real estate subsidiary of the listed conglomerate Ayala Corp.

On Monday, ALI shares rose by 7.62%, or P1.70, to close at P24 apiece. — Revin Mikhael D. Ochave

A night of music and escape with Aurora

MICHELLE ANNE P. SOLIMAN

By Michelle Anne P. Soliman

Concert Review
Aurora: What Happened to the Earth? Part 4
Jan. 31, 2025
New Frontier Theater, Araneta City, Cubao, Quezon City

IT TOOK half an hour after the performance-fantasy-storytelling project by Yaelokre and Filipino-Japanese singer Ena Mori before Norwegian singer Aurora (real name: Aurora Aksnes) entered the stage. The audience — her fanbase call themselves Warriors and Weirdos — cheered when the lights dimmed and a video on screen showed the singer facing the camera saying, “It’s so quiet. Hello?” The haunting introduction of “Churchyard” (2019) began in the background as Ms. Aksnes entered the stage barefoot, looking like a forest fairy in a light-colored gown.

After two opening songs, the 28-year-old singer greeted the crowd, “It’s about time that time here. You have no idea how excited I am to be here finally.” She then quickly responded to the screams by casually imitating the crowd’s excitement. “Everyone that we have met — what kindhearted people you are. I don’t know how to explain it. It’s something in people’s eyes and hearts here that is just incredible. I have felt so good since the very second I came to your country,” she said.

She said that she will proceed with a song, of course, asking the crowd how to say “of course” in Filipino. She made three attempts to say “siyempre” and got it right the third time.

As a surprise for the evening, she performed “Infections of a Different Kind” (2018), which she introduced as a song she “wrote from a dream” at age 18. This song is a personal favorite because it showcases the singer’s wide vocal range. The intense red stage lights shifted to blue for a calmer atmosphere. The crowd fell quiet as she sang and hit the notes flawlessly, similar to the studio version.

After the first ballad of the night, came an ethereally subdued version of “The River” (2019), accompanied only by Zen-like background music on a loop which highlighted the blend of the melody with the harmonies of the backing vocals.

Things then shifted to an upbeat mood with “A Soul with No King” (2024) and “All is Soft Inside” (2018). This was followed by a mysterious rendition of the 2016 single “Runaway” — a track that recently garnered 1 billion streams on Spotify. It was probably the most popular song of the night as the crowd sang along from beginning to end.

In her second chat, Ms. Aksnes asked the audience how to say “salamat” and “mahal kita.” The crowd had fun teaching her the words by the syllable which she repeated until she said (and proudly screamed them out) correctly. “Thank you for teaching me. It’s a very beautiful language. I only know three things, but I want to learn more, I promise next time when I come back,” she said enthusiastically.

To introduce the love song, “Exist for Love” (2020), she told the crowd, “You are worthy of love… You should be free in the love you have in you, because it is so important.” The stage lights transitioned to a deep blue accompanied with visuals of what looked like stars or fireflies, creating a relaxed atmosphere. The crowd grew quiet as they waved their light sticks and white roses.

The standout performance of the evening was “The Seed” (2019), an anthem for Mother Earth. The blue stage lights remained, and graphics of dried trees flashed on screen. Once again, the crowd began to sing along, but Ms. Aksnes’ words and upper-range vocalizations (that have similar qualities to traditional Scandinavian herd calling kulning) stood out and sounded clear. It was hauntingly beautiful to watch.

When the introduction to the next song began, it took me a while to realize it was “Starvation” — a track from her latest album, What Happened to the Heart? (2024). The bass dropped midway, intense red stage lights were joined by blinking strobe lights, and the concert turned into a rave party.

After Ms. Aksnes exited the stage, the crowd naturally cheered for more. I was thinking (and hoping) that my other favorite song — the women empowerment anthem, “Queendom” (2018) — would be part of the encore.

The energy in the theater continued when she re-entered the stage singing “Cure for Me” (2021), a dance track about self-love and acceptance. The energy was on a new level when she waved the Pride flag and moved around with improvised movements.

Near the concert’s final moments, the singer began accepting gifts from those in the front row, including a rays of sunlight headdress. Without hesitation, she put it on as she sang “Some Type of Skin” (2024).

The show ended quietly with Ms. Aksnes alone onstage playing the keyboard on the final song about recovering from pain, “Invisible Wounds” (2024).

I never expected that a Norwegian artist with a niche fanbase like her’s (I have never heard her songs on Philippine radio), would schedule a stop in Manila for the Asian leg of her tour. It ticked off an item on my bucket list to see her perform live.

Before the encore, Ms. Aksnes thanked the crowd for a sold-out show, and said that is a possible reason “to have her back.” I am keeping my fingers crossed that she returns. Hopefully, she performs “Queendom” then.

Listen to Aurora on Spotify, Apple Music, Deezer, or visit https://www.aurora-music.com/.

 

Michelle Anne P. Soliman was a BusinessWorld reporter covering the lifestyle beat from 2017 to 2023.

UnionBank net income climbs by 31% in 2024

PHILIPPINE STAR/KRIZ JOHN ROSALES

UNION BANK of the Philippines, Inc. (UnionBank) saw its net income rise by 30.69% year on year in 2024 on the back of the strength of its consumer business, improved margins, and higher revenues.

The Aboitiz-led bank’s net income stood at P12.03 billion last year, up from P9.205 billion in 2023, it said in a disclosure to the stock exchange on Monday.

Its financial statement was unavailable as of press time.

“After completing the migration of Citi-branded consumer accounts early last year, we continue to invest heavily to ensure that we elevate customer experiences. We are committed to deliver differentiated product offerings and experiences to our now 17 million customers across all of their preferred customer touchpoints. I am confident that our renewed focus on customer-centered innovation will allow us to deliver greater value this year and in the years to come,” UnionBank President and Chief Executive Officer Ana Maria Aboitiz-Delgado said.

The bank’s net interest income rose by 11.64% to P58.028 billion last year from P51.976 billion in 2023. Its interest earnings increased by 6.59% to P83.74 billion, while interest expense dropped by 3.29% to P25.71 billion.

Net interest margin was at 6%, up by 49 basis points year on year, UnionBank said, noting this is “among the highest in the industry.”

The lender’s other income grew by 14.46% year on year to P21.521 billion from P18.802 billion.

“[The] bank’s fee income as a proportion of its assets is nearly double the Philippine banking industry’s average, fueled by increasing customer transactions such as bills payments and funds transfers, as well as interchange and other card-related fees,” UnionBank said.

This brought its net revenues to P79.5 billion, up by 12.4% year on year.

“Our retail-focused strategy allowed us to book record-high top-line revenues. We should see the continued improvements in our net income moving forward, as we realize the synergies brought about by our integrated consumer operations,” UnionBank Chief Financial Officer Manuel R. Lozano said.

“Consumer loans now account for 61% of the total loan portfolio, nearly three times higher than the industry average. This is diversified across credit cards, mortgage loans, personal/salary loans, and vehicle loans” the bank added.

It said its retail customer base is now at 17 million.

Meanwhile, the bank’s operating expenses inched down by 1.39% to P44.262 billion from P44.888 billion.

It set aside P19.6 billion in provisions for credit losses last year, up from P14.04 billion in 2023. 

Based on its statements of condition, UnionBank’s net loans and receivables inched down by 0.67% to P522.64 billion in 2024 from P526.15 billion a year prior.

Deposit liabilities also declined to P676.32 billion from P712.57 billion.

UnionBank’s assets stood at P1.145 trillion at end-2024.

Its capital funds increased by 11.64% to P196.07 billion from P175.63 billion.

UnionBank’s shares rose by 70 centavos or 2.03% to end at P35.15 each on Monday. — Aaron Michael C. Sy

MGI secures Maibarara lots from PSALM for P473.17M

PETROENERGY.COM.PH

STATE-RUN Power Sector Assets and Liabilities Management Corp. (PSALM) has completed the sale of three lots of its Maibarara property in Batangas and Laguna to Maibarara Geothermal, Inc. (MGI) for P473.17 million.

In a statement over the weekend, PSALM said that MGI was the sole bidder to submit a minimum bid price.

“The bid was conditionally accepted, pending the completion of the post-qualification process,” PSALM said, adding that it would verify the accuracy and authenticity of the eligibility documents submitted by MGI.

MGI is a joint venture of PetroGreen Energy Corp. (65%), PHINMA Energy (25%), and PNOC Renewable Corp. (10%). It is the developer and operator of the 20-megawatt (MW) Maibarara-1 and 12-MW Maibarara-2 Geothermal Power Projects in Sto. Tomas, Batangas.

Maria Carmela D. Hautea, corporate secretary at MGI, said that the two lots were used as steamfield and access road, which are already under an existing lease agreement with PSALM.

“We submitted a bid to acquire these lots, including another lot for our outfield reinjection. The award to MGI followed after two earlier failed bidding attempts by PSALM,” Ms. Hautea said.

The three lots have an aggregated area of 58,911 square meters, more or less, and are located in San Rafael, Sto. Tomas, Batangas, and Calamba, Laguna.

According to PSALM’s bidding procedures, Lot No. 5255-B (Lot B) and Lot No. 5253-A are covered by a land lease agreement among National Power Corp. (NPC), PSALM, and MGI for 25 years, starting May 2, 2012, and expiring on May 2, 2027.

Lot No. 4256-A, on the other hand, is covered by a land lease agreement between PSALM and MGI for one year, commencing on April 15, 2024, and expiring on April 14, 2025.

PSALM stated that the land lease agreements did not restrict its rights to sell the subject lots to a third party, but the buyer must respect and protect the leasehold rights of MGI over the properties.

“The proceeds from the successful privatization of any PSALM asset will be used to settle the remaining stranded contract costs and stranded debts that PSALM assumed from the National Power Corporation,” the company said.

PSALM was created under Republic Act No. 9136, or the Electric Power Industry Reform Act of 2001, to lead the privatization of NPC generation assets, liabilities, independent power producer contracts, real estate assets, and other disposable assets. Its corporate life is set to expire in June 2026, or 25 years after the effectivity of the Electric Power Industry Reform Act. Should PSALM be dissolved, all of its assets and liabilities will revert to the National Government. — Sheldeen Joy Talavera

What does AI mean to CEOs?

(This was lifted from the speech of the author as the Guest Speaker at the MAP Inaugural Meeting 2025.)

At my age, I’ve probably seen more of modern history than many of you. If you’re wondering where my confidence to speak on this matter comes from, it is the fact that AI is not the first revolution I’ve encountered.

To all of us, AI is touted as this monumental technology that will forever alter the landscape of business. That is in fact true. AI will be impactful. For us frontliners in the technology battlefield, it is simply another big challenge.

But let’s talk about fear for a moment — because fear and progress are strange bedfellows. Every time a new technology arrives, it carries with it the ghost of Macbeth’s Banquo. That ghost whispers into our collective ear: This will replace you. This will obsolete you. This will end you.

History is replete with echoes of fear. When the automobile replaced the horse-drawn carriage, people worried about the livelihood of coachmen and stable hands. When automated systems for the telephone were invented, switchboard operators saw their roles eventually vanish. And, yes, BPO workers — a cornerstone of economies like ours — may one day find most of their tasks — repetitive, routine, or simple — fully automated.

Time and again, we have confronted these fears, only to emerge transformed — not diminished. The end of one job often signals the beginning of another. When coachmen disappeared, mechanics and drivers rose in their place. When telephone operators faded into history, a new world of telecommunications — faster, versatile, and more useful — was born. There are examples in PLDT. One of our labor relations personnel is a former switchboard operator. My personal secretary Kathy was once the voice that said: “The number you dialed is out of coverage area.” AI reflects not just the rhythm of progress; it is the heartbeat of mankind.

So, the lesson here is that humanity has never been shaped by the jobs we lose. Instead, we are defined by the future we create.

AI is already changing the way we live. When a colleague was asked by his wife to shop for washing machines, he decided to simply take pictures of every machine available, before uploading them to Chat GPT to analyze the options in a spreadsheet. Dating apps are also determining our romantic futures through algorithms.

These relatively mundane innovations will foreshadow even bigger ones to address hunger and malnutrition. Think about AI’s help in getting leftover food from restaurants and hotels and distributing it to the poor. Or something even bigger: imagine if we could develop an end-to-end digital map of our nation’s food supply chain: we could know exactly which food items are consumed monthly per individual, how much are in inventory, how much are in transit, and what and where we produce or import.

So what factors are slowing down AI adoption in the Philippines? There are three:

First: data. For AI to work, companies need to feed their algorithm a vast cache of data, which must be complete, high quality, and available.

Second: talent and expertise, probably the scarcest resources. Because AI needs to be customized for particular business needs. Open-source solutions may not always work.

Third: infrastructure, robust data networks, and hyperscaler data centers with humongous and ultra-fast computing capacities. PLDT is currently building, and planning to build, more hyperscaler data centers to handle AI.

Looking ahead, those born this year — Gen Beta — will not know a world without AI and robots, because these will be integrated by then into their daily lives.

There are always inter-generational gaps in our management hierarchies if only because of age. However, today, these differences are wider, and more significant.

Millennials and Gen Zs make up 74% of the employee base of PLDT and SMART. Gen X comprises 24% — and of course, boomers like me comprise the remaining 1%.

Fresh from Wharton, I thought that management was as simple as being thrown straight into a den of wolves.

Now, Millennials and Gen Zs represent a new breed of wolves. They are disruptive. They have bad hair. They wear different clothes. They’re addicted to a bewildering raft of apps and messaging platforms. They have been defined as digital nomads — mobile and digital. And some accuse them of being entitled and self-centered.

I don’t know if that is fair. It’s quite possible that they’re misunderstood. To them, work isn’t about the paycheck. It’s about their story. Those more senior see this as being self-centered. But that narrative is also framed by the world they know they’re inheriting, which is either magical or collapsing.

The misunderstanding cuts both ways. They’ll roll their eyes at our jokes. They’ll challenge you with jargon you don’t understand — like momol and fubu and sheesh and rizz, irl, yolo, yono, and G na G. They say sanaol when you give a bonus.

The point though is — we need to understand them first, so we can manage them better. Our predecessors were similarly dismayed by us Baby Boomers — to them, we were hippies and activists — privileged kids who never had to go through the perils of war. Despite the divide, I know that this new generation still craves challenges that stretch them, leaders who inspire them, teachers who mentor them, and workplaces where their jobs connect to something larger than their work.

There are moments when the wisdom of years serves as a useful compass for uncharted waters, especially in a place like the Philippines. But even the finest old compasses must one day allow younger hands to steer the ship. Succession is not merely about finding replacements and nurturing them for the future; it is about creating space for growth, about recognizing when our wisdom must give way to their energy, when our experience must make room for their ingenuity. Leadership is not a chair to sit on forever — it is a torch to pass on.

To close, in 1857, Harper’s Magazine — the oldest monthly in America — published an essay that commented on the politics and society then. I’d like to quote a portion because it seems to connect to our time: “The political cauldron seethes and bubbles — with toil and trouble. Politics hang like a cloud, dark and silent upon the horizon. It is a solemn moment. Of our troubles, no man can see the end.”

In today’s vocabulary, a Gen Z on TikTok might say it more elegantly: “Nothing is okay, and everything sucks.”

But the job of those of us in business is to remain upbeat. In the MVP Group, the optimists have it — not because they are right but because they are positive. This brings to mind what Linus —the younger, and more optimistic friend of Charlie Brown of “Peanuts” once said — “I guess it’s wrong to worry about tomorrow. Maybe we should think only about today.” To which the ever good-natured Charlie Brown responded — “No, that’s giving up. I’m still hoping yesterday will get better.”

In this, every generation, but especially those who come next — Millennials, Gen Zs, Alphas, and Betas — are allies, not adversaries. AI, with its immense power, is not an existential threat; it is a tool. Together, they form the scaffoldings of the next great cathedrals of progress. But scaffolding alone does not build edifices. It is human creativity and ingenuity — the minds and hearts and hands of men and women — ultimately are responsible for turning visions into grandiose creations — no matter the era.

Margaret Mead once said: “Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has.” In this hall, it is this small group which has the collective will, intelligence, and courage needed to turn the page to the next great chapter of our nation. And now, you can even get help from AI.

 

Manuel V. Pangilinan is the chair of the MVP Group.

map@map.org.ph

Warner Bros. hit with Superman copyright lawsuit ahead of new movie

THE estate of one of Superman’s co-creators has filed a copyright lawsuit in a US court against Warner Bros. Discovery ahead of the release of its new movie, Superman, part of a planned reboot of the DC Comics superhero film franchise.

The lawsuit was filed on Friday in federal court in New York City by the estate of Superman illustrator Joseph Shuster, who created the famous superhero along with writer Jerome Siegel.

The lawsuit noted that Mr. Shuster and Mr. Siegel had licensed their rights to the character to Detective Comics, the predecessor of DC Comics, now a subsidiary of Warner. The lawsuit claims that under British law, Mr. Shuster’s rights reverted to his estate in 2017, 25 years after his death.

The estate accused Warner of unlawfully failing to pay royalties to use Superman in Britain, Canada, Australia and other countries outside the United States.

The new Superman movie, directed by James Gunn and starring David Corenswet, is set to be released in theaters in July. The new litigation could complicate the international distribution of the film. It marks the latest salvo in a long-running legal battle over the rights to the character.

Mr. Shuster’s estate is seeking monetary damages and a court order blocking Warner from depicting Superman without a license.

“We fundamentally disagree with the merits of the lawsuit, and will vigorously defend our rights,” a Warner spokesperson said.

“This suit is not intended to deprive fans of their next Superman, but rather seeks just compensation for Joe Shuster’s fundamental contributions as the co-creator of Superman,” the estate’s attorney, Marc Toberoff, said in a statement.

The lawsuit said Mr. Shuster and Mr. Siegel began creating Superman comic strips in 1934. DC’s predecessor, Detective Comics, began publishing their comics in 1938.

Mr. Shuster and Mr. Siegel and their estates have been involved in litigation with Warner over the rights to Superman for decades. The San Francisco-based 9th US Circuit Court of Appeals determined in 2013 that the creators could not reclaim their rights from Warner under US law.

The new lawsuit, however, cites British law. The estate claimed that the distribution of works featuring Superman since 2017 — including movies, television shows and video games — infringes its copyright in countries that follow British law. — Reuters

Sun Life Philippines sees strong economy boosting PHL insurance penetration rate

BENEDICTO C. SISON

By Aubrey Rose A. Inosante, Reporter

INSURANCE PENETRATION in the Philippines will continue to increase amid strong economic prospects and a growing middle class, said Benedicto C. Sison, chief executive officer and country head of Sun Life of Canada (Philippines), Inc. (Sun Life Philippines).

“We anticipate a gradual increase in insurance penetration rate,” Mr. Sison told BusinessWorld in an interview. “What will drive this are three factors. First is economic growth, second is evolving consumer needs, and third is industry innovation.”

Insurance penetration, or premium volume as a share of gross domestic product or the contribution of the insurance sector to the economy, stood at 1.74% as of September 2024, higher than the 1.68% ratio a year prior.

Mr. Sison said a penetration rate close to 2% would be “a major achievement,” although this would still be behind those of neighboring Association of Southeast Asian Nations countries — which he sees as a growth opportunity for the Philippine insurance industry.

Sun Life Philippines is seeing “encouraging trends, particularly in urban areas and among the rising middle class,” he said.

“Economic growth definitely creates a more conducive environment for insurance adoption, with the expanding middle class and increasing disposable income,” Mr. Sison said.

He added that as the country’s overall economic condition improves, Filipinos will have more means to allocate resources towards insurance products.

More Filipinos are now considering insurance as a vital part of their financial planning amid growing financial literacy and awareness about health risks and the rising cost of healthcare, Mr. Sison said, although income disparity and limited access to and understanding of financial products are key challenges.

To help address these, Sun Life Philippines is reimagining its distribution channels, leveraging digital transformation, and making continuous investments in financial literacy programs, he said.

“As we progress towards upper middle-income status, increasing insurance penetration will require concerted effort, not only from the industry but also from the government and educational institutions.”

The life insurer is also developing products with lower entry points to make insurance more accessible to a wider range of Filipinos, he said.

Mr. Sison said he expects Sun Life Philippines to remain as the leading insurance provider in the country this year as it continues to grow its market share.

“While we anticipate headwinds, including potential market volatility, regulatory changes like sustainability regulations, stricter compliance with data privacy and cybersecurity, continued pursuit of IFRS (International Financial Reporting Standards) 17, expansion of financial inclusion,” he said.

US President Donald J. Trump’s second term could “certainly influence our local insurance landscape” but the impact will likely be “nuanced,” Mr. Sison said.

“For instance, while a stronger dollar might benefit our overseas Filipino workers clients, it could pose challenges for importers and local financial markets,” he said, but noted that the insurer remains optimistic about the country’s resilience.

He added that he expects growing focus on health and wellness-oriented policies among insurers this year.

“This trend is driven by the integration of wearable devices and health apps, allowing for more personalized premiums and incentives based on individual health behaviors.”

Sun Life Philippines was the top life insurer in the country in terms of premium income, net income, and assets in 2023, based on latest available data from the Insurance Commission (IC) based on companies’ submitted annual statements.

The company’s premium income stood at P55.78 billion in 2023, with its net profit at P8.8 billion. It also had assets worth P306.21 billion at end-2023. Its new business annual premium equivalent stood at P10.07 billion that year.

Meanwhile, the Philippine life insurance industry booked a combined premium income of P263.206 billion as of September 2024, up from P229.895 billion a year prior, latest IC data showed. The sector’s net profit inched down to P28.75 billion from P28.79 billion in the same period.

WORKING WITH SUN LIFE
Before assuming his role as Sun Life Philippines country head in 2018, Mr. Sison previously worked at a fast-moving consumer goods company, where he took on various leadership roles across the United States, India, Canada and China.

In 2010, amid the backdrop of a booming Asian market, he found himself at a crossroads, he said. A chance encounter with a Singapore-based headhunter presented him with an unexpected opportunity: the position of chief financial officer (CFO) at Sun Life Philippines.

“I was initially hesitant due to my lack of experience in financial services,” Mr. Sison recalled. “I decided to pursue the opportunity, intrigued by the prospect of a new challenge.”

He said Sun Life appealed to him “as a stable international organization with ambitious growth plans for Asia.”

Since his first stint with Sun Life Philippines that began in 2010, Mr. Sison took on various roles within the Sun Life group of companies, including leadership roles in its various Asia units, including being CFO of Sun Life Financial Asia.

Prior to becoming Sun Life Philippines country head in 2018, he served as the chief strategy and financial management officer of the life insurer for three years.

“These roles not only challenged my leadership, mental, and interpersonal skills but also allowed me to leverage my background in finance and strategy to navigate unpredictable environments and respond to rapid market shifts,” Mr. Sison said.

BYD PHL says sales jumped in 2024

BW FILE PHOTO

BYD CARS Philippines sold 4,780 BYD passenger vehicles in 2024, representing an 8,900% growth from 2023 and an 82% market share in the new energy vehicle (NEV) market, according to Ayala-led ACMobility.

“The remarkable sales performance of its electric vehicle offerings propelled BYD’s overall growth by an astounding 8,900% in 2024 compared to 2023 sales,” the company, which is the official distributor of BYD passenger vehicles in the Philippines, said in a statement on Monday.

“Strong sales confirmed BYD’s rank as the 11th best-selling automotive brand in the Philippines, with a 1% market share, even surpassing several established major automotive players and other Chinese brands,” it added.

Out of the total units sold, 2,078 were BYD Seagull, Dolphin, Atto 3, T3, Seal, Han, and Tang models, which allowed the company to secure a 69% market share in the battery electric vehicle segment.

Meanwhile, the company sold 2,669 units of the BYD Sealion 6 DM-i, which was the brand’s top-selling model for the year.

“From July, when BYD Cars Philippines introduced it to the market, to December, it was also the best-selling model in the combined NEV and hybrid electric vehicle (HEV) segments, with a 19% market share,” it said.

In the overall compact-SUV (sports utility vehicle) segment, the BYD Sealion 6 DM-i captured a 14.6% market share in 2024.

Next to the BYD Sealion 6 DM-i, the other top-selling models of the company are the BYD Atto 3 and BYD Seagull, which took a 35% market share and a 14% market share, respectively.

“Together with ACMobility, we are committed to providing more Filipinos with BYD’s global models that represent greener and smarter mobility solutions as we continue to build on this success in 2025 and beyond,” said Aiffy Liu, country head of BYD Philippines.

“We are focused on sustaining this momentum by delivering innovative and affordable models for our Filipino customers,” he added. — Justine Irish D. Tabile

Indonesia’s dash for growth may prove costly

FREEPIK

FOR AN ECONOMY that’s often depicted as an ascendant power, decision-making in Indonesia has appeared remarkably haphazard lately. In an era when the dollar is very strong and emerging-market assets vulnerable, sudden lurches tend to be punished.

Since a financial collapse in the late 1990s almost dismembered the country, policymaking has been mostly steady and orthodox. Deficits have stayed within sensible legal limits and the currency has been allowed to fluctuate in response to broad developments. Monetary policy has been reasonably transparent and devoted to fighting inflation and keeping the rupiah stable. Consistency has been a hallmark of economics under a succession of Indonesian administrations.

Things have been less predictable since President Prabowo Subianto took office in October. The dash for faster growth that the new leader desires may prove costly if accompanied by a surplus of U-turns. Developments in fiscal policy and interest-rate setting have not been encouraging.    

The latest surprise was a drive to cut government spending by about 8.5%, announced late last month. On the face of it, this is a laudable goal: Markets are keenly attuned to anything resembling loose budgets. Brazil led emerging market-currencies, including the rupiah, lower around the turn of the year amid concerns about a fiscal blowout. But this mean that spending on infrastructure, long a demerit for Indonesia, will take a hit. Some key projects were completed during the administration of Prabowo’s predecessor, Joko Widodo, to his and the nation’s credit. (Travel, ceremonial events, and fund transfers to provincial areas will also be curbed under the new directive.)

What makes this step jarring is that the finance ministry had just gutted a long-planned increase in the value-added tax. If Prabowo is so concerned about fiscal integrity, why the voluminous — and last-minute — raft of exemptions to the higher consumption levy? Tax hikes are rarely popular, but this had been in the works for a while. Technocrats look to have been defeated at the hands of political advisers.

Prabowo, a former top military commander, campaigned not as a hard man but as a populist. During the election, he spoke at length about significantly accelerating the country’s already respectable growth rate of around 5% to the vicinity of 8%. One of his key promises was free school lunches. During the eight-month gap between last February’s election and his swearing in on Oct. 20, Prabowo chafed at constraints on spending and expressed skepticism about laws that hemmed in budgets. Usually, the rupiah weakened in response, and his aides came out and hosed things down. The sudden shifts that have played out recently in Jakarta recall these on-again-off-again pronouncements.

Another January surprise came in efforts to shore up the rupiah. The government now plans to compel commodity exporters to keep their entire foreign-currency-denominated earnings onshore for at least a year. That’s much tougher than the existing obligation of 30%, but firms knew that stricter requirements were coming. Officials had signaled that more would be required, but a quarantine on all earnings hadn’t been on the radar. Expect the unexpected is the order of the day.

The new exporter rules came close on the heels of a shock decision by the central bank to lower its main rate and emphasize the need to bolster the expansion. “We have changed our stance, which is to pro-stability and growth,” Bank Indonesia Governor Perry Warjiyo told reporters on Jan. 15. Not one of the 38 economists surveyed by Bloomberg saw that coming. Nor should they, when the BI had been sending out a very strong message that steadying the rupiah was the priority. The currency lost about 6% in the fourth quarter and climbed above the eye-catching level of 17,000 per greenback. It’s down another 1% so far this year. It certainly looks like Indonesia is leaning toward faster growth, but the stability may prove more elusive. The central bank continued its intervention to support the rupiah in the aftermath of the rate upset.

Every now and then a monetary authority surprises: the Bank of Korea unexpectedly cut in November and the Bank of Japan pulled a nasty surprise in July when it hiked. But jolts are preferably rare. Usually, some effort is made to prepare the ground in advance or inject nuance into forecasts, even if not every trader reads the tea leaves. As a rule, the more exposed an economy is to swings in global capital flows, the more conservative it should be before branching out in new directions, especially when the existing course has served a country well.

Prabowo is dismissive of the 5% average growth achieved under Jokowi, as Widodo is popularly known. It’s fine to aspire to something more, but he should consider the context. Jokowi pressed for 7% and found that out of reach. How plausible, then, is 8%? Jokowi had ambitions for his nation, too, but critically left respected professionals to run policy. Prabowo scored a coup when Finance Minister Sri Mulyani Indrawati, who had served in the post since 2016, agreed to stay on. She must now sell zigzags to investors unused to, and disinclined to indulge, chaos.

This is a terrible time for policy to be fighting itself.

BLOOMBERG OPINION

Havitas bets on countryside for expanding leisure projects

AYAHILLSBATANGAS.COM

REAL ESTATE developer Havitas Properties, Inc. said it is looking to expand into leisure and wellness projects outside Metro Manila as demand for countryside horizontal developments increases.

“While there has been buzz about the potential oversupply in certain segments, this reflects the maturing of the market and the increasing need for differentiation,” Havitas Properties Director Michael G. Tan said during a recent briefing.

“That’s where our strategy became clear — rather than focusing on crowded urban centers, Havitas is turning its attention to opportunities outside Metro Manila.”

The company sees growth opportunities for wellness- and leisure-themed real estate outside the Philippine capital, Havitas Properties President and Chief Executive Officer Jonathan F. Caro told BusinessWorld.

“We believe that Havitas can be one of the country’s main innovators in wellness real estate — integrating unique resort residential design and amenities with wellness living, in partnership with established and internationally recognized wellness experts such as Nurture Wellness Village,” he said.

The Philippines’ wellness real estate market was valued at around $170 million (about P9.92 billion), according to a 2022 study by the Global Wellness Institute.

Havitas Properties has been targeting established tourist destinations such as Batangas, La Union, and Palawan, according to Mr. Tan, noting that these locations cater to the demand for unique and experiential accommodations.

The company’s low-density, leisure-themed villas, Aya Hills, cater to the young demographic seeking a quick getaway south of Metro Manila.

“They’re looking for places where they can unwind, connect with nature, and create lasting memories with family and friends. Aya Hills delivers on all these fronts while offering strong income potential through short-term rentals,” Mr. Tan said.

Located in Barangay Aya, Talisay, Batangas, the two-hectare property boasts unobstructed views of Taal Lake.

Aya Hills is composed of 76 units, expected to be turned over by 2027. Of the total, 43 units have been launched, with a third already sold.

It features three themed villas: Voss, Geneva, and Como. Each villa is designed to maximize natural light, fresh air, and the surrounding landscape, Havitas Properties Co-Founder and Chairman Alejandro S. Mañalac said.

The development cost for Aya Hills is about P400 million, while expected revenues are between P850 million and P900 million, Mr. Caro told reporters.

Each unit includes a bedroom suite of approximately 100 square meters, a 7.3-meter-high ceiling, a bifold door, and floor-to-ceiling glass windows.

Amenities include a private pool or whirlpool bath and expansive decks. Starlink Internet Services Philippines, Inc. will provide stable and fast connectivity to the area.

Aya Hills’ modern architecture and features also make it suitable for leisure and rental income, according to Havitas.

“With a 35% to 40% occupancy rate, roughly during the weekend market, and a P10,000 to P12,000 ADR (average daily rate), you would more or less have a return of about 7% to 8% net of operating expenses, management fees, and income tax,” Mr. Caro said, noting that these are “conservative” projections based on current rates.

The cost of a Voss villa is around P9.85 million to P9.95 million, Geneva villas at P8.88 million to P8.98 million, and Como villas at about P11 million.

The company is also set to launch its own seaside leisure-themed development in San Juan, La Union.

“Expected revenues for the La Union project are around P1 billion, with construction slated for the first half (H1) of 2026,” Mr. Caro said via Viber.

Havitas Properties is also planning to enter the affordable housing segment, targeting a price range of about P2 million to P3 million per unit. — Beatriz Marie D. Cruz

Agatha Christie’s Witness for the Prosecution celebrates 100 years

LONDON — Agatha Christie’s drama Witness for the Prosecution marked its 100th anniversary on Friday still thrilling audiences with the twists and turns of a murder trial.

First published on Jan. 31, 1925 and initially titled Traitor Hands, Ms. Christie’s short story about a young man on trial for the killing of a wealthy widow went on to be adapted for theater, film, and television.

“It’s an incredibly good story. She has found a plot whereby everybody is led down one particular path. Because it’s Christie you’re looking for the tricks. Then she gives you a twist at the end that you cannot believe,” theater producer Eleanor Lloyd said.

Ms. Lloyd’s stage production of Witness for the Prosecution has been running for the last eight years in London. But rather than running in a theater, it is staged in London County Hall, a former government building that allows audiences to sit as if they are in a courtroom.

“There’s nothing scary about it from an audience point of view. You just experience it in a different setting,” explained Ms. Lloyd.

From the moment the audience hand in their tickets, they are transported to the 1950s courtroom.

Adapted by Ms. Christie herself, the first ever stage production opened in 1953. A few years on in 1957 it was made into a film directed by Billy Wilder, starring Marlene Dietrich, Charles Laughton, and Tyrone Power. The BBC made it into a TV series in 2016.

Speaking of its lasting appeal, Ms. Lloyd said it taps into some timeless themes about “humans judging other humans.”

“Christie is very good at thinking about our prejudices and our assumptions as humans and who we warm to and who we don’t warm to. And she plays into all those stereotypes and then surprises us,” she said.

Born in the south of England in 1890, Ms. Christie went on to become the world’s best-selling fiction writer with her crime novels selling an estimated 2 billion copies in 44 languages.

Ms. Christie died in 1976, but her work is still going strong.

“I don’t think she’s going anywhere. I think she’s more popular than she’s ever been,” Ms. Lloyd said.

The current stage production of Witness for the Prosecution is currently booking until Sept. 28, 2025. — Reuters

Home Credit Philippines’ sales hit P61 billion in 2024

HOME CREDIT Philippines’ (HCPH) total sales increased by 19% to a record high of P61 billion last year as it helped fund customer purchases of nearly three million products.

“Our strong collaboration with brands and retailers has been instrumental in delivering accessible financing solutions that empower Filipinos to achieve their goals and enhance their lifestyles. As we celebrate our remarkable performance in 2024, we are grateful for the partnerships that have made these milestones possible,” HCPH Chief Sales Officer Puneet Suneja said in a statement on Monday.

“Looking ahead, Home Credit remains committed to expanding our portfolio and forging more alliances with exceptional brands and retailers. Together, we aim to meet the diverse needs of Filipinos and continue enabling them to achieve their goals and live rewarding and fulfilling lives,” Mr. Suneja said.

HCPH said helped fund the purchase of 2.91 million goods via product loans in 2024.

The top-financed categories — which include mobile phones and tablets, home appliances, televisions and electronics, computers, and furniture — contributed P57.4 billion to HCPH’s total sales last year.

Mobile phones and tablets generated P31.7 billion in sales, with the company financing 1.6 million units.

“In terms of growth, mobile phones posted the highest absolute sales increase, rising by 19% from P26.6 billion in 2023, underscoring the demand for reliable smartphones that meet Filipinos’ productivity and entertainment needs,” it said.

Home appliances followed with P10.2 billion in sales from 477,000 units financed.

HCPH also funded the purchase of 232,000 computers (P7.1 billion in sales), 301,000 units of televisions and electronics (P6.6 billion), and 102,000 furniture items (P1.8 billion).

“Apparel stores recorded the highest percentage growth, achieving an impressive 128.4% increase in sales from 2023,” it added.

HCPH also started financing two-wheelers last year, with 2,870 units sold last year for P261 million in sales.

Among brands, Apple recorded the top sales volume at P10 billion, up by 84% from 2023, driven by iPhones.

Samsung followed with P6.6 billion in sales, Vivo with P4.3B, OPPO with P4.1 billion, and HONOR with P2.5 billion. — AMCS