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Lucien Dy Tioco @ 60: Leading through liminal space

Lucien C. Dy Tioco, executive vice-president of the PhilSTAR Media Group

By Bjorn Biel M. Beltran, Special Features and Content Assistant Editor

In the past two decades, few media executives have had to make harder choices than those leading legacy newspapers into the digital age. Faced with an unknown frontier, many were at a loss.

Some titles doubled down on nostalgia, hoping the loyalty of aging print readers would carry them through. Many others treated digital as an afterthought, walling off online operations from their editorial cores, republishing print content wholesale without adapting them to the digital medium, or outsourcing innovation to agencies with no stake in the paper’s identity.

As part of that era of leaders, Lucien C. Dy Tioco, executive vice-president of the PhilSTAR Media Group (PMG), the multimedia outfit that houses esteemed titles like The Philippine STAR and BusinessWorld, had to brave that transition.

In doing so, he has not only succeeded in adapting the journalistic legacy of Philippine print media to the digital age, helping his organization become the leading print media organization in the country with six titles comprising broadsheets and tabloids circulated nationwide; but he also transformed the brand into a creative platform for advertisers navigating the new media landscape, securing the partnerships and collaborations that ensured the company’s continued success.

Upholding past legacy

After earning a degree in Journalism from the University of Santo Tomas in 1985, Mr. Dy Tioco took a detour into music, working at PolyEast Records (then called OctoArts International) in Artist and Repertoire, where he managed local releases of global labels like Virgin, Chrysalis, and RCA.

It had been his dream. Mr. Dy Tioco had a passion for music, and during his application for that first job, his knowledge of the industry impressed the executives at OctoArts International so much that they created a job opening exclusively for him. But after two years, print called him back.

His family already had ties to the industry. His sister had been an account executive at Business Day, the precursor to BusinessWorld. Meanwhile, his father was an advertising executive at the company now known as McCann and Saatchi.

Mr. Dy Tioco joined The Philippine STAR in 1987 as a branch coordinator for classified ads, cutting his teeth in marketing research, and quickly becoming one of the paper’s standout account managers.

One of his most successful projects was a lockout for Sharp in 1990, a term for when all the advertisement in a particular newspaper issue is from a single advertiser. It was not only the newspaper’s first lockout project; it was considered the first of its kind in the industry. It was so successful that it ran annually for 10 years.

In 2000, Mr. Dy Tioco was named advertising director. A dozen years after that, he was elevated to Senior Vice-President for Sales and Marketing.

When BusinessWorld became part of the PMG portfolio in 2015, Mr. Dy Tioco was given expanded oversight. He worked to modernize the brand’s image while preserving its editorial gravitas introducing online video conferences, digital subscription models, and a more dynamic social media presence that helped the outlet reach a younger generation of professionals without diluting its authority.

In terms of leading the marketing team, he described his management style as more of a coach than an instructor.

“I consider myself a coach with a pride of athletes, and I train them to be tough and No. 1 in the field. I build them like a champion team,” he had previously said of his management style.

“More than meeting targets and group goals, all the qualities and skills to become an effective leader boils down to one thing: It’s all about finding one’s motivation and working on that motivation to achieve success in life,” he added. “The success of the common goal comes easily because everyone is motivated. That to me is the core of leadership. Motivating the human spirit to defy all odds.”

A year later, he was named Executive Vice-President for Sales and Marketing for both titles.

Under Mr. Dy Tioco’s leadership, PMG remade itself into one of the country’s top digital platforms. What began as a post-EDSA broadsheet grew into a multimedia operation spanning mobile, web, live events, television, and outdoor. He applied the same digital-first sensibility to business daily BusinessWorld, Filipino tabloid Pilipino Star Ngayon, Cebu broadsheet The Freeman, and a new slate of digital-native brands.

“It was still early days when The Philippine STAR debuted its newspaper app in 2013. The app, I recall, integrated an early augmented reality feature to the delight of our followers,” he recalled, writing for the STAR in 2022.

“Our foray into apps, digital editions and augmented reality — despite lagging connectivity issues then — emboldened us to produce more multimedia formats, from video documentary series to the creation of TV shows under the brand Philstar TV, which showcased TV shows inspired by our sections. We were the first and only newspaper to produce a miniseries that led to a movie through which we boldly partnered with the country’s leading network.”

It was during those early days that he saw the value in developing in-house creative and production teams that were capable of producing videos and creating events. The choice to create television-styled content was a strategic one. By bringing STAR sections to screens, they created touchpoints for audiences who might never pick up a broadsheet, positioning the brand as a content engine, not just a publisher.

Mr. Dy Tioco also realized then that the key to the digital transition is not the discarding of old conventions in favor of what is new, but the evolution of what made the printed legacy so influential in the first place.

“Our journey to a more digitized world has made us hone our expertise and expand our influence. We are able to do all of this because of a very important strategy: keeping the printed format healthy and sustainable,” Mr. Dy Tioco noted.

Unlike the fragmented attention of scrolling through feeds, print demands and rewards deeper engagement. Mr. Dy Tioco cited analytics from July 2022 that show readers of The Philippine STAR and its sister publications spend an average of over 41 minutes per issue, far exceeding the one to five minutes people spend on most news websites.

Even during the most restrictive months of the pandemic, readers sought out their newspapers, underscoring a level of loyalty and routine digital alone could not replicate. Mr. Dy Tioco saw this as the validation of a hybrid model: one where print and digital complement one another, rather than cannibalizing each other’s growth. The print readership of PMG titles, he pointed out, includes decision-makers and loyal readers who still read from cover to cover.

“Shrinking print ad budgets notwithstanding, The STAR’s share of the market continues to grow, thanks to the trust of our readers and advertisers,” he said.

“We brace ourselves for newer waves of digital transformation that will further shape our world, but we will continue fighting for our place as a credible and trusted source of news and information. For this reason, we at The Philippine STAR look forward to unveil our next pages while keeping our core — truth and nothing but — strong,” he added.

Transitioning into an unknown future

The journey of PMG into the digital frontier was neither seamless nor without risk. Since the advent of the internet, there has been no small number of well-established publications that saw their final issues printed.

Advertising, the lifeblood of newspapers everywhere, was migrating online; and journalism had to function not just as storytelling but as a digital product. Newsrooms had to become competitive advertising platforms, capable of monetizing attention in a digital economy governed by clicks, algorithms, and engagement metrics.

Even today, the Reuters Institute finds that online and social media, mostly Facebook and YouTube, remain the most popular sources of news in the Philippines for the urban population. TV and radio news, while still important for those who are not online, are seeing continued decline over the last five years. Only 18% of Filipinos pay for online news.

Yet, the company pulled it off, and Mr. Dy Tioco came away with quite a few accolades that acknowledge his efforts.

Recognized for his outstanding leadership and dedication to his job, he was named Asia’s Top Outstanding Netizen Marketeer of the Year at the 2023 AMF Asia Youth, Women Netizen Marketing Excellence Awards.

“Every award validates everything that we have been doing as right. This award is really special because of its international recognition,” he had said on receiving the award.

He had also received honors and acclaim from agencies and award-giving bodies like the 37th Agora Awards, where he was named the recipient of the Outstanding Achievement in Marketing Communications award. His alma mater, the University of Santo Tomas, awarded him with the Outstanding Thomasian Alumni (TOTAL) award for his work in the media industry. He was also listed as one of the recipients of the 2016 CEO Excel Award from the International Association of Business Communicators (IABC). In 2020, he led the Philippine Marketing Association as its president.

“More than the Filipino as a world-class marketer, I am proud of how the Asian community has recognized our efforts to make The STAR thrive amidst the challenges of the print industry and the pandemic,” he said.

Technology continues to evolve, however, and trailblazers like Mr. Dy Tioco are seldom awarded time to rest. Artificial intelligence is revolutionizing the landscape once again, and is raising all-new questions regarding the future of journalism and media.

“I have my sights set on how The STAR Group will be by 2030. With a new generation of tech coming in, all I can say there’s a whole lot of exciting possibilities and opportunities poised for The STAR,” Mr. Dy Tioco said.

RLC to open tournament-level pickleball center by 2027

ROBINSONS LAND CORP. conducts a groundbreaking ceremony for its upcoming Helios Pickleball Center on July 17. — ROBINSONS LAND CORP.

GOKONGWEI-LED PROPERTY developer Robinsons Land Corp. (RLC) is constructing Asia’s first tournament-level pickleball center at Bridgetowne Estate in Pasig City, targeted for completion by 2027.

An investment of up to P1 billion has been allocated for the construction of the Helios Pickleball Center, a joint venture between RLC and Kosmas Athletic Ventures Corp.

The center is the debut project of Robinsons Sports, Entertainment, and Recreation (SER), a new RLC business unit focused on building venues and experiences aligned with the country’s growing sports and entertainment landscape.

“This marks the beginning of a new chapter for Robinsons Land, with the launch of Robinsons SER, our new platform focused on building vibrant, experience-led destinations across our portfolio,” RLC President and Chief Executive Officer Mybelle V. Aragon-GoBio said during the groundbreaking ceremony on Thursday.

“Through Robinsons SER, we are expanding the way our spaces connect with people, not just through real estate, but through curated experiences that reflect evolving lifestyles and customer preferences,” she added.

The Helios Pickleball Center is the first of several sports facilities in Robinsons SER’s development pipeline.

“We’re also looking into adding more sports-focused facilities to our malls that will complement not only food and beverage and retail offerings, but also create 360-degree lifestyle destinations,” RLC Chief Strategist Ramon Rivero said during a briefing after the ceremony.

The eight-story Helios Pickleball Center will span over 17,500 square meters of gross floor area and offer 25 professional-grade courts, including a stadium court for major events and tournaments.

It will feature six floors of sports and recreation facilities, including a gym, sports clinic, and food and beverage outlets. Two basement levels will be allocated for parking.

RLC is positioning the center as a potential venue for the Professional Pickleball Association (PPA) Tour, which would allow the Philippines to host international tournaments.

Pickleball, which combines elements of pingpong, tennis, and badminton, is among the world’s fastest-growing sports. In Asia, awareness of the sport has been rising by 60% each year, according to Kimberly Koh, managing director of United Pickleball Asia.

Bridgetowne Estate, RLC’s mixed-use development in Pasig, may also host an international pickleball tournament after the center is completed, Ms. Aragon-GoBio said.

“One of the things Kosmas considered was the estate’s readiness to accommodate players,” she told reporters on the sidelines of the event.

She also noted the estate’s proximity to RLC’s key hotel properties, including The Westin Manila, Crowne Plaza Manila Galleria, and Holiday Inn & Suites Manila Galleria in Mandaluyong City.

The Helios Pickleball Center is part of RLC’s Vision 5-25-50 strategic roadmap, which includes expanding ecosystem initiatives in sports, entertainment, and recreation.

“It allows us to create additional revenue streams and address evolving consumer preferences,” Ms. Aragon-GoBio said.

RLC shares closed flat at P14.20 apiece on Thursday. — Beatriz Marie D. Cruz

PLDT Global eyes TinBo user growth through partnerships

PLDTGLOBAL.COM

PLDT Inc., through its unit PLDT Global Corp., is confident in increasing the user base of its one-stop-shop platform, Tindahan ni Bossing (TinBo), a company official said.

“We are looking at further collaboration. TinBo is now reaching over a half-million-user base across the globe, with the Middle East as our strongest base,” PLDT Global Chief Operating Officer Edith Cudiamat told Money Talks with Cathy Yang on One News on Thursday.

PLDT Global Chief Executive Officer Albert Villa-Real said the company is now working on introducing partnerships and platform upgrades to attract and serve more users.

TinBo, PLDT Global’s one-stop gateway, offers an expanded suite of digital services.

PLDT Global is the technology services arm of PLDT, providing communication infrastructure and digital platforms to its global network of carriers.

In May, PLDT Global entered into a partnership with US-based financial technology company Venio to enhance its digital services and expand its market reach.

Under the partnership, Venio will promote and facilitate the availability of the TinBo app in key international markets, including the United States, Canada, Australia, and the United Arab Emirates.

Hastings Holdings, Inc., a subsidiary of the PLDT Beneficial Trust Fund and part of MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Transforming PhilSTAR Media Group into a multimedia powerhouse

Founded in July 1986, The Philippine STAR was born out of a call for press freedom after the People Power Revolution. What began as a single publication later grew into a network under the PhilSTAR Media Group (PMG), with six successful titles and several digital brands.

Since then, PMG has stood as one of the country’s most enduring and adaptable media organizations, remaining relevant and trusted in the modern media landscape. Behind many of the group’s initiatives, PMG Executive Vice-President Lucien C. Dy Tioco has helped lead the company’s growth while staying rooted in its mission to share the truth.

By the time Mr. Dy Tioco joined in 1987 as a branch coordinator for classified ads, The STAR was already laying the groundwork for national prominence. He rose through the ranks and was named advertising director in 2000. In 2012, he assumed the role of senior vice-president for sales and marketing at The STAR. When PMG expanded to include BusinessWorld in 2015, he took on a parallel position. A year later, he was appointed executive vice-president for sales and marketing across both flagship dailies and their supporting brands.

Despite the industry’s transformation due to the prominence of digital media, he has guided PMG’s publications from their newspaper roots into multimedia content providers. Under his leadership, PMG also pushed for advocacy-based campaigns that go beyond the traditional sharing of information.

“I work in an institution where I have the chance to implement positive change, where I can utilize its platforms to do those things,” Mr. Dy Tioco previously said about PMG in a statement.

Early adoption of digitalization

While the coronavirus disease 2019 (COVID-19) pandemic pushed most newsrooms to go digital, PMG had already begun laying down its digital roadmap years earlier.

In 2008, The STAR was already investing in multimedia innovation with “Engage,” a platform that allowed advertisers to connect directly with audiences through branded content.

By 2013, the group rolled out The Philippine STAR mobile app, even experimenting with augmented reality (AR) at a time when mobile internet in the country was still developing. The early step in digitalization allowed the organization to test and grow its multimedia capacities by producing video documentaries, web series, and eventually television programs.

“Newspapers, in general, have largely been guided by set ways and ideals. But The STAR was destined to be different the moment it started,” said Mr. Dy Tioco.

Single/Single, for instance, is a television miniseries produced by PMG and Cinema One. Though primarily a love story, the series promoted financial literacy to younger viewers — a theme rarely tackled by scripted drama. It ran for two seasons, became a movie, won multiple awards, and emerged as one of PMG’s biggest brand collaborations.

The group later expanded into television with Philstar TV, producing shows like Modern Living TV, Wheels, Let’s Eat, and Trippies, which aired on networks such as the ABS-CBN News Channel, CNN Philippines, and One News. These programs often spun off from the paper’s lifestyle and automotive sections, turning traditional newspaper content into video programming.

By 2014, PMG established its own content creation arm, giving it a headstart just as the country’s advertising market began shifting online. The company has since produced viral campaigns, branded content series, and “viewtorials” across social media platforms, tapping into audiences that primarily consume online media.

The company’s out-of-the-box approach reflects the broader direction Mr. Dy Tioco has led it toward over the years. The Philippine STAR has evolved into a multimedia powerhouse, with a footprint that spans digital, mobile, TV, events, and even digital billboards.

“The STAR still prevails to this day. Our digital platforms, social media pages, multimedia capabilities, even our printed newspaper, remain strong and relevant,” he explained. “What drove us to where we are now is our firm belief that a newspaper has a role to serve no matter how the landscape has changed and will continue to change.”

Creating groundbreaking multimedia content

When COVID-19 hit, PMG’s foundation in digital work helped it stay on top. With many people confined to their homes and glued to their screens, the group shifted its content and events online. Journalists and editors kept the newspapers running under extreme conditions, while other teams moved quickly to mount online conferences, livestreams, and digital events that maintained a strong connection with audiences.

During this period, the group launched PhilSTAR L!fe, a lifestyle platform tailored for mobile users. It quickly rose among the most visited lifestyle sites in the country, covering culture-focused content for younger readers.

The executive vice-president also emphasized the value of simplifying subscriptions for both physical newspapers and digital formats through platforms where readers can choose between e-paper and print editions.

PMG continued its digital growth by launching Multiverse PH in 2023, a news site dedicated to covering emerging technologies. The platform features explainers, interviews, and news reports that aim to close the gap between awareness and adoption of emerging technologies.

“Through this platform, we will learn about new technologies that will have an impact on our daily lives and how we can better embrace them,” said Mr. Dy Tioco.

In 2024, the group introduced Philstar NEXT, which formally launched through an event called “Pro Future: AI for Life.” The summit gathered local and international experts, government officials, business leaders, and technology practitioners to discuss the potential of artificial intelligence to improve productivity, support economic growth, and shape future industries.

“Philstar NEXT is the evolution of The Philippine Star, transitioning from storytellers to creators of immersive experiences, transformative narratives, and impactful learning that resonate with today’s ever-changing audience,” Mr. Dy Tioco said in his opening remarks during the event.

Earlier this year, The STAR partnered with startup JuanCast to create “Star Cast Exclusives.” The collaboration introduced a new approach to audience engagement by allowing fans to participate in polls and contests across multiple categories. Through its interactive system, users can show support for their favorite artists and personalities while earning rewards using a built-in virtual currency system called Stars and Suns.

Mr. Dy Tioco called the move a leap of faith, describing the collaboration with a young startup as a strategic step to explore new ways of reaching and engaging audiences.

“Entertainment has always been part of PhilSTAR’s content spectrum, and we feel that ‘Star Cast Exclusives’ is one way of keeping the brand relevant to its younger audiences,” he said.

Aside from digital projects, PMG remains involved in cultural productions. Together with Viva Communications and Newport World Resorts, and in collaboration with the Philippine Educational Theater Association, the group is supporting the stage adaptation of the 1984 hit movie Bagets. Titled “Bagets: The Musical,” the show is scheduled on Jan. 23, 2026, at the Newport Performing Arts Theater.

Advocating for economic and social change

Beyond news, PMG now invests heavily in community-driven initiatives, allowing the group to stay relevant to younger audiences and different sectors of society.

In 2019, the organization launched Women Today, an annual conference that highlights women leaders and promotes discussions on mentorship and equality. Two years later, PMG introduced She Slays, a youth-centered version of the event focusing on empowerment and building confidence among younger women.

One of the group’s biggest projects to date is Nakakalocal, an advocacy program that supports Filipino micro, small, and medium enterprises (MSMEs). Since its launch in 2022, the program has supported more than 1,250 MSMEs across the Philippines.

“I wanted to create something that could help Filipinos recover from the pandemic,” Mr. Dy Tioco recalled. “Nakakalocal was born out of the spirit of bayanihan, with a mission to uplift local businesses, share their stories, and help build the nation by embracing Pinoy-made products.”

Nakakalocal has since grown from a simple support program into a nationwide campaign that includes bazaars, mall pop-ups, forums, and online training. It has also partnered with private groups to provide MSMEs access to branding guidance, financial literacy sessions, and mentorship from established business leaders.

One of the earliest efforts under Nakakalocal was the “Ready, Set, NeGOsyo” event, which offered step-by-step advice to new entrepreneurs. Later, the “CelebPreneur Forum,” headlined by Judy Ann Santos and Ryan Agoncillo, inspired food business owners through shared experiences and tips. Mall events, including vendor pop-ups and product showcases, helped businesses reach customers directly.

By the end of its first year, Nakakalocal held a major event called “NakakaBazaar: The Grand Nakakalocal Fair” at SM Mall of Asia. The fair brought together MSMEs and Philippine pop acts like BGYO and BINI in one venue.

In 2023, the campaign expanded through a partnership with SM Supermalls. Together, they rolled out the “Bida ang Local” caravan, holding events in Baguio, Batangas, Iloilo, and Davao. That same year, the project launched a national talent search with VIVA, aiming to discover local performers and match them with business-driven opportunities.

Aside from showcasing products and talents, PMG also introduced the Kasosyo bazaar series and EduSerye learning sessions. These programs provided MSMEs with tools for business improvement, including pricing strategies, content marketing, and digital selling techniques.

A year later, Nakakalocal shifted its focus to key industries such as fashion, food, and heritage. The G3n Y to Z Fashion Show and Fair featured Filipino designers and stylists, while Food Fest and Culture Fest highlighted regional cuisines and crafts from different parts of the country.

To help small brands improve their digital presence, PMG launched “Spark Up, Scale Up,” a branding workshop in partnership with Globe. The session focused on online visibility, customer engagement, and practical content strategies.

Besides Nakakalocal, PMG also launched Project KaLIKHAsan, a sustainability drive promoting environmental awareness through innovative ideas and creative solutions. The project takes its name from the Filipino words kalikasan (nature), likha (to create), and samahan (collaboration).

“Through this campaign, we have reached thousands of Filipinos to educate them on environmentally conscious choices, promote sustainable lifestyles, and inspire greater action,” Mr. Dy Tioco explained.

Since its launch, Project KaLIKHAsan has featured a mix of on-ground events, media coverage, and partnerships.

In 2023, PMG partnered with Robinsons Malls to bring sustainability-themed events directly to the public. The series began with a launch at Robinsons Magnolia, focusing on sustainable food practices. The event included cooking demonstrations by local chefs and talks on reducing food waste and using locally sourced ingredients.

In March 2024, “Fashion Forward” at Robinsons Galleria promoted ethical fashion through upcycling workshops, a clothing swap station, and an exhibit of local brands using recycled materials. It also gave visitors hands-on experience with more sustainable clothing options.

By June 2024, Project KaLIKHAsan moved into the arts with “LIKHA: Art for a Change.” The visual arts competition featured works made from biodegradable or discarded materials. A side activity introduced participants to natural paint-making methods used by the Talaandig Indigenous Tribe of Bukidnon.

Later, in September 2024, the project held the “Grow and Glow Plantita Fair” in Laguna to discuss low-waste gardening, composting, and plant care. Local sellers and community gardeners participated in booths and workshops promoting practical ways to green up home spaces.

Most recently, PMG launched “Sine-KaLIKHAsan,” a short film competition encouraging young filmmakers to create stories about recycling, climate change, and environmental justice. Finalist entries will be screened in selected Robinsons Movieworld cinemas across the country.

Aside from mall activations, PMG also supports grassroots efforts such as PSN’s “Wais sa Kalinisan sa Iyong Barangay.” The group conducted a clean-up and recycling awareness campaign in partnership with the Quezon City government. The event also introduced youth participants to citywide recycling efforts like the Trash to Cashback Program and Kilo/s Kyusi.

“Projects like this show how environmental messages can go beyond newsrooms and reach barangays,” Mr. Dy Tioco said. “It is not enough to report about climate change. We have to be part of the conversation and the solution.”

For the executive vice-president, the mission for community building goes beyond profit as PMG strives to “drive meaningful transformation and cultivate enlightened mindsets.” — Mhicole A. Moral

BPI net income climbs to P33 billion in 1st half

BPI/BW FILE PHOTO

BANK of the Philippine Islands (BPI) saw its net income increase by 7.8% year on year in the first semester as it saw strong revenue growth despite higher expenses.

The listed bank’s net profit went up to P33 billion in the first half from P30.6 billion in the same period in 2024, it said in a disclosure to the stock exchange on Thursday.

Its financial statement was unavailable as of press time.

BPI’s total revenues rose by 14% year on year to P92.6 billion in the six months ended June.

Broken down, net interest income increased by 16.2% to P71.2 billion, which came on the back of a 8.3% growth in its average earning asset base.

Net interest margin expanded by 32 basis points (bps) to 4.58%, it added.

Non-interest earnings likewise grew by 7.4% to P21.4 billion in the first half, driven by fee income from its credit cards, insurance, and wealth management businesses.

Meanwhile, operating expenses rose by 11.7% to P42.7 billion in the six-month period due to technology and business volume-related costs, as well as manpower structural increases.

Still, BPI’s cost-to-income ratio improved by 96 bps to 46.2% as revenue growth outpaced the increase in its expenses.

The bank also set aside P7.3 billion in provisions in the first half, up by 141.7% from the year-ago level.

Its nonperforming loan (NPL) ratio was at 2.25%, with NPL coverage ratio at 97.1%. “Based on BSP (Bangko Sentral ng Pilipinas) Circular 941, the bank’s NPL coverage ratio translates to 123.8%,” it added, referring to an issuance that amended regulations on past due and nonperforming loans.

BPI’s gross loans expanded by 14.1% year on year to P2.4 trillion at end-June, driven by “strong growth” in non-institutional loans.

On the funding side, total deposits rose by 6.5% to P2.6 trillion from a year ago. Current and savings account or CASA deposits were at P1.6 trillion, up by 2.8% year on year and making up 62.4% of the total.

The bank’s loan-to-deposit ratio was at 90.9%.

BPI’s assets grew by 9.3% year on year to P3.4 trillion as of June.

Total equity was at P453.5 billion, up by 11.5% year on year.

Its common equity Tier 1 (CET1) ratio was at 14.5% and its capital adequacy ratio (CAR) stood at 15.3%, both well above the minimum 6% CET1 ratio and 10% CAR required by the BSP.

BPI’s shares went down by 70 centavos or 0.58% to close at P119 each on Thursday. — Aaron Michael C. Sy

Globe starts transition of 3,000 cell sites to renewable energy

GLOBE.COM.PH

AYALA-LED Globe Telecom, Inc. said it has started shifting more than 3,000 cell sites and other low-energy utilization facilities to renewable energy (RE) as part of its net-zero goal.

In a media release on Thursday, Globe said these cell sites are in Metro Manila and Region IV-A, with the full transition to renewables expected to be completed by 2028.

The listed telecommunications company said the initiative forms part of its strategy to accelerate its net-zero ambition. Globe is also the first telecommunications and digital service provider in the country to adopt the government’s Retail Aggregation Program (RAP).

RAP allows multiple electricity end-users to combine their power demand to meet the 500-kilowatt threshold required to directly negotiate with licensed retail electricity suppliers.

Globe said the gradual shift of its sites to renewable energy is expected to reduce greenhouse gas emissions by 5.5 million kilograms per year, while supplying 80 million kilowatt-hours of electricity annually from renewable sources.

The company added that the move follows its adoption of sustainable and green energy across 33 high energy-utilization facilities — 22 of which are supported through power purchase agreements with ACEN Renewable Energy Solutions (RES), the retail electricity supply unit of ACEN Corp.

RAP also enables Globe to decarbonize its operations and reduce its overall environmental impact.

“We are grateful to the Department of Energy for leading the renewable energy transition and to the ERC (Energy Regulatory Commission) for enabling us to transition our smaller sites,” Globe Chief Sustainability and Corporate Communications Officer Yoly C. Crisanto said in a media release.

The partnership also supports the government’s goal of increasing the share of renewables in the country’s energy mix to 35% by 2030 and to 50% by 2040.

“Through this latest initiative, Globe operationalizes its climate action strategy by sourcing RE across more parts of its network infrastructure, as it seeks to maintain its position as the country’s most sustainability-driven network,” the company said. — Ashley Erika O. Jose

RCBC raises P12.21 billion via sustainability bonds

RIZAL COMMERCIAL Banking Corp. (RCBC) has raised P12.21 billion from its offering of peso-denominated 2.5-year sustainability bonds.

“Strong demand from investors resulted in an order book more than four times its announced minimum issue size of P3 billion,” the bank said in a disclosure to the stock exchange on Thursday.

“The funds to be raised from the offer will be used to finance or refinance, in whole or in part, the eligible green and social categories as described in the bank’s Sustainable Finance Framework.”

The offer period for the fixed-rate peso-denominated Series F ASEAN Sustainability Bonds due in 2028 ran from June 25 to July 9. RCBC listed the papers on the Philippine Dealing and Exchange Corp. on Thursday (July 17).

The notes have a tenor of two years and six months and carry a coupon rate of 6% per annum.

The issue marked RCBC’s return to the domestic bond market after more than three years.

It also made up the eighth drawdown from its P200-billion bond and commercial paper program, which was approved by the board in 2019 and upsized in 2022.

This brought total issuances under the program to P99.01 billion.

Standard Chartered Bank (SCB) and RCBC Capital Corp. were the joint lead arrangers and bookrunners for the transaction. SCB was also a selling agent along with RCBC.

“RCBC is also proud to be the only Philippine bank to have issued back-to-back sustainability bond issuances in dollar and peso totaling to an equivalent of nearly P32 billion in 2025, reinforcing the bank’s unwavering commitment to supporting its clients’ sustainable endeavors and advancing the Philippines’ sustainability goals,” the bank said.

The bank raised $350 million from its offering of five-year sustainability bonds in January priced at 5.375% per annum, which were issued out of its $4-billion medium-term note program and under its Sustainable Finance Framework.

RCBC’s attributable net income rose by 10.26% to P2.43 billion in the first quarter.

Its shares closed unchanged at P25 apiece on Thursday. — A.M.C. Sy

Ayala Malls hikes renovation budget to P17.5 billion

AYALAMALLS.COM

AYALA MALLS is increasing the budget for its mall renovation program to include more properties, as the developer aims to add 700,000 square meters (sq.m.) of new gross leasable area (GLA) over the next five years.

Mariana Zobel de Ayala, Ayala Malls president and head of the leasing and hospitality group, said during a media event on Thursday that the mall renovation program now has a P17.5-billion budget, up from the previous P13 billion announced at its launch last year.

Ms. Zobel said renovations at Glorietta, Greenbelt, TriNoma, and Ayala Center Cebu are on track, with key milestones scheduled for completion in the coming months.

The redevelopment is part of Ayala Malls’ plan to add over 700,000 sq.m. of GLA in new locations over the next five years, including malls in areas such as the Parklinks joint estate development with Eton Properties Philippines, Inc. in Quezon City and Pasig.

“With the 700,000 sq.m., the plan is between three to five malls a year,” Ms. Zobel said.

“This extensive transformation is far more than just renovation; it’s about creating spaces where life happens, where memories are made — and one that aligns perfectly with Ayala Land’s long-term growth story of building places that people love,” she added.

Ayala Malls Chief Operating Officer Paul Birkett said planned mall openings include a mall within the Evo City Estate in Kawit, Cavite, as well as the expansion of Ayala Malls Solenad in Nuvali.

“We’re reimagining every aspect of the Ayala Malls experience with fresh eyes and renewed ambition. It’s not just about redesigning spaces; it’s about understanding how people want to live, move, and be inspired,” he said.

For the first quarter, Ayala Malls recorded a 4% increase in revenue to P5.7 billion, driven by stable occupancy and increased GLA at One Ayala and Ayala Malls Vermosa.

Excluding areas under renovation, flagship and premium malls posted 14% quarter-on-quarter growth, contributing to an 11% gain across the broader portfolio.

Ayala Malls said it remains confident in the strength of the Philippine retail market, citing resilient consumer demand, lower-than-expected inflation at 1.8% for the first half, and strong macroeconomic indicators. — Revin Mikhael D. Ochave

PHL financial system’s resources up as of May

BW FILE PHOTO

THE total resources of the Philippine financial system rose by 6.2% as of May, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

The combined resources of banks and nonbank financial institutions grew to P34.1 trillion as of May from P32.12 trillion in the same period a year ago.

Month on month, total resources likewise edged up by 1.4% from P33.6 trillion as of April.

These resources include funds and assets such as deposits, capital, as well as bonds or debt securities.

Data from the BSP showed that banks’ resources increased by 6.7% year on year to P28.23 trillion at end-May from P26.46 trillion a year prior.

Total resources held by universal and commercial banks went up by 5.7% to P26.2 trillion from P24.8 trillion in the same period in 2024. Big banks accounted for the bulk or 83% of total resources.

Thrift banks’ resources jumped by 21.9% to P1.34 trillion from P1.1 trillion in the comparable year-ago period.

Rural and cooperative banks’ resources amounted to P543.2 billion as of May, higher by 18.6% from P457.9 billion last year.

Lastly, resources held by digital banks climbed by 33.2% to P140.1 billion from P105.2 billion in the previous year. Only data starting March 2023 are available for digital banks.

Meanwhile, nonbanks’ resources rose by 3.8% to P5.87 trillion as of end-December 2024 from P5.66 trillion at end-May 2024, latest available data showed. This was also up from the P5.56 trillion recorded at end-2023.

Nonbanks include investment houses, finance companies, security dealers, pawnshops and lending companies.

Institutions such as nonstock savings and loan associations, credit card companies, private insurance firms, the Social Security System and the Government Service Insurance System are also considered nonbank financial institutions.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the increase in the Philippine financial system’s total resources came amid faster growth in bank lending and the continued increase in banks’ deposits, earnings, and capital. 

Bank lending jumped by 11.3% year on year to P13.37 trillion as of May, latest data from the BSP showed.

Meanwhile, the banking industry’s combined earnings jumped 10.6% year on year to P101.9 billion in the first quarter.

The BSP’s ongoing easing cycle, which lowered borrowing costs, also boosted demand for credit, Mr. Ricafort said.

The central bank delivered a second straight cut in June, reducing benchmark borrowing costs by 25 basis points (bps) to bring the policy rate to 5.25%.

The Monetary Board has now lowered interest rates by a total of 125 bps since it began its easing cycle in August last year.

The central bank’s latest reserve requirement ratio (RRR) cuts also allowed banks to “increase their loanable funds and also reduced intermediation costs at the same time, as the other factors that further increased banks’ assets such as loans and other investments such as securities,” Mr. Ricafort added.

In March, the RRR of universal and commercial banks and nonbank financial institutions with quasi-banking functions was reduced by 200 bps to 5%. The ratio for digital banks was also lowered by 150 bps to 2.5%, while the RRR for thrift lenders was cut by 100 bps to 0%. Rural and cooperative banks’ RRR has been at zero since October. — Luisa Maria Jacinta C. Jocson

Maximizing BusinessWorld’s role in the business community

Lucien C. Dy Tioco, executive vice-president of the PhilSTAR Media Group

Despite economic uncertainties, changing reader expectations, and a media landscape that seemingly transforms with every technological advancement, BusinessWorld has remained a beacon of credibility and integrity for in-depth business journalism in the Philippines. Much of this resilience and tenacity can be credited to the steady leadership and strategic foresight of the multimedia company’s executive vice-president, Lucien C. Dy Tioco.

“When The STAR bought BusinessWorld in 2015, we immediately implemented our multimedia strategies into the paper, which had been bleeding for more than a decade. In just one year, BusinessWorld was taken out of the red by strengthening its hold on the business community and emphasizing the strength of its content,” Mr. Dy Tioco wrote in an article published in a previous anniversary issue of The Philippine STAR.

One key measure of this leadership is how BusinessWorld has not only maintained its readership but also strengthened its position as the preferred platform for advertisers and brands seeking to connect with the country’s business decision-makers.

According to Mr. Dy Tioco, it boils down to three factors: BusinessWorld’s credibility that has been established over the years, the company’s clout and influence over the business community, and the quality of content produced by the paper, which is very attuned to the business community and what it needs.

As a constant advocate for innovation, Mr. Dy Tioco has spearheaded the brand’s timely evolution from a traditional print-based outlet to a full-blown modern multimedia brand capable of resonating with the Philippine business community on various accessible platforms, namely print, online, social media, podcast, and events.

This adaptability was especially evident during the pandemic, when BusinessWorld quickly pivoted to digital-first content.

“In a constantly evolving world and media landscape, BusinessWorld has continued to stand the test of time, embrace disruptions, and serve its audience — government and private sector leaders, industry decision-makers, and top entrepreneurs in the Philippines and even abroad, even better through consistent hard work and innovations,” Mr. Dy Tioco said.

“The multimedia company has been able to expand its offerings because it fully understands that BusinessWorld’s audience needs a constant stream of timely, truthful, and substantial information that will further grow and nurture their learning. And they need to get these easily wherever they choose to,” he added.

Among the most notable projects initiated under Mr. Dy Tioco’s lead are the series of fora that have expanded BusinessWorld’s influence beyond the printed page and into boardrooms, policy discussions, and strategy sessions across the country. The paper’s flagship events, the annual BusinessWorld Economic Forum and Forecast forum, have been anticipated occasions for both the public and private sectors as a platform for high-level dialogue on the most pressing issues shaping the Philippine economy.

“Even when we were doing a physical event, you could really see the people who are who’s who in one place,” Mr. Dy Tioco recalled in a previous anniversary report of BusinessWorld. “That is remarkable, that you don’t see in other business conferences. Even online, we continue to impress. Even how the Economic Forum has always been quoted and been referenced to by the business community.”

Aside from the fora, BusinessWorld has also developed other key programs to bring together the business community on a regular basis. The BusinessWorld Insights series brings together thought leaders, experts, and executives to share perspectives on the most relevant issues in their respective fields.

The series began in 2020 as a response to the pressing issues within the business community as it grappled with the crisis of the coronavirus disease 2019 (COVID-19) pandemic and gradually stepped into the new normal.

“That (limitations caused by the pandemic) inspired us to create a series of online fora, to foster that bayanihan spirit of helping the business community cope and adapt with the new normal,” Mr. Dy Tioco previously said.

That year, the business paper held three virtual Insights conferences with themes ranging from macro scenarios for businesses amid COVID-19, lessons that could be used to thrive from the pandemic, and how the startup community can innovate towards a ‘better normal.’

Now, BusinessWorld Insights serves as the brand for BusinessWorld’s on-ground events for deep dives into certain matters concerning the Philippine business community, with recent editions having tackled improving the local healthcare industry, this year’s prospects for the Philippine stock market, and accelerating energy security in the country.

BusinessWorld One-on-One, on the other hand, is an exclusive interview series that offers deeper dives into the minds of industry movers and shakers, whether heads of government agencies or high-level executives from the country’s top companies.

“For all the events that BusinessWorld has mounted, it has been a continuing conversation for all industry sectors that are vital to our economic growth: from infrastructure, the ever-evolving digital transformation, sustainability, energy, MSMEs, leadership, and the generational impact on the evolving workplace. These events help keep BWorld track how much progress has been made and thus benefit us with a deeper analysis of issues we need to address,” Mr. Dy Tioco noted.

In partnership with The Freeman, BusinessWorld has also held the annual Cebu Business Fora, which has two editions so far. The forum aims to bring together policymakers, corporate leaders, sustainability experts, and development advocates to discuss how Cebu and the rest of the Philippines can progress.

The gathering’s first installment discussed “A Blueprint for Philippine Smart Cities” on November 2023 at the Belmont Hotel Mactan. Last year, the second Cebu Business Forum called for transformative action with its theme “Investing for Sustainable Development from Cebu and Beyond”, held last October at the NUSTAR Ballroom in NUSTAR Resort & Casino.

BusinessWorld’s evolution with Mr. Dy Tioco at the helm continued with the launch of BWorldX, a one-stop shop for BusinessWorld’s multimedia products, such as BusinessWorld print and e-paper issues, the Top 1000 Corporations in the Philippines magazine, Quarterly Banking Reports, BusinessWorld In-Depth digital magazine, BusinessWorld B-Side podcast, and the annual BusinessWorld Economic Forum, among others.

“BWorldX intends to be a comprehensive and accessible space that allows you to consume BusinessWorld’s outstanding content based on your preferences or interest,” Mr. Dy Tioco said in the platform’s launch during the BusinessWorld Economic Forum last November 2022, when it returned to an on-ground event.

Mr. Dy Tioco also emphasized that BusinessWorld is looking to collaborate with top consulting firms, research institutions, and leading brands and companies to develop impactful content and initiatives through BWorldX. These efforts aim to empower its readers and audiences while advancing key advocacies.

“In a vast digital space where various information abounds, our audience deserves a comprehensive place where they can conveniently see and avail of BusinessWorld’s reputable and informative content,” Mr. Dy Tioco said.

Moreover, under Mr. Dy Tioco’s leadership, the trusted Top 1000 Corporations in the Philippines magazine has started branching out into an online digital platform called BusinessWorld Top 1000 Premium, where users can view data with less hassle, in an interactive and visually appealing manner.

“The first of its kind delivered by a multimedia content provider, Top 1000 Premium carries up to ten years of Top 1000 data and brings all the details you need to know about the country’s leading corporations, conglomerates, and sectors in a seamless and immersive platform,” he explained at the platform’s launch during the Forecast 2024 forum.

Through steadfast leadership, a deep understanding of its audience, and an unwavering commitment to innovation, BusinessWorld has expanded its reach and preserved its reputation as the country’s most trusted business publication. As Mr. Dy Tioco continues to steer the paper forward, he reinforces the publication’s vital role in informing, empowering, and shaping the country’s business community for years to come. — Jomarc Angelo M. Corpuz

D&L retains credit rating for P2-B bonds

DNL.COM.PH

LISTED food ingredients and oleochemicals producer D&L Industries, Inc. has kept the highest credit rating for its P2-billion outstanding fixed-rate bonds from the Philippine Rating Services Corp. (PhilRatings).

PhilRatings affirmed the PRS Aaa credit rating with a stable outlook for D&L’s P2-billion outstanding fixed-rate bonds, the company said in a disclosure to the local bourse on Thursday.

PRS Aaa is the highest rating given by PhilRatings and is assigned to obligations with minimal credit risk and to companies with an “extremely strong” capacity to meet financial commitments.

A stable outlook is assigned when the rating is expected to remain unchanged over the next 12 months.

PhilRatings said the credit rating reflects D&L’s strong market position and the diversification of its products and markets. The company aims to increase the share of export sales to 50%.

“The company is able to service not only specialized but also more basic products, which broadens its presence in different consumer markets. The company’s revenue sources are likewise geographically diverse, with a substantial portion of revenues coming from its export business,” it said.

PhilRatings also cited D&L’s specialty products, strong revenue generation, and manageable debt levels as reasons for maintaining the rating.

“The unique characteristics of D&L’s products require strong research and development capabilities. Most of these products are customized according to the specific needs of customers. This ensures continued demand for the company’s services and has helped in building long-standing client relationships that span many years,” it said.

“Additionally, significant capital expenditures are required for new market entrants to compete in the same industry and to build facilities capable of producing such specialized products. These factors provide D&L with a level of protection against new and emerging market players,” it added.

D&L shares declined by 0.39% or two centavos to P5.05 apiece on Thursday. — Revin Mikhael D. Ochave

The NextGen Advantage: UnionBank Institutional Banking empowering enterprises in the Philippines

As the business landscape continues to evolve at a rapid pace, organizations are no longer expected to simply keep up — they are called to lead. The future belongs to those who take control of change rather than simply respond to it. UnionBank recently reinforced its role as a trusted partner to industry leaders with a landmark event highlighting its Institutional Banking proposition at Shangri-La The Fort in Taguig City. Over 400 attendees, including executives from top corporations and future-focused enterprises, gathered for an evening of thought leadership, collaboration, and forward-looking aspirations.

Anchored on the theme “The NextGen Advantage,” the gathering spotlighted how institutions can navigate shifting economic landscapes, rising stakeholder demands, and the accelerating impact of AI and digitalization. The event underscored UnionBank’s strengthened focus on institutional clients, forging a new kind of partnership grounded in shared vision, agility, and the co-creation of transformative solutions.

“What organizations need now is a partner who understands their ambitions and is equipped to help them grow with purpose and confidence. UnionBank is ready to meet that need. With the combined strength of our scale, expertise, and digital-first approach, we aim to empower your institutions not just to keep up — but to lead. From harnessing data-driven insights to enhancing client experiences across every touchpoint, we are committed to helping you thrive in a rapidly changing world,” said UnionBank President and CEO Ana Aboitiz Delgado.

UnionBank President and CEO Ana Aboitiz Delgado

The event’s panel discussion brought together industry experts, technology partners, and  UnionBank client leaders, who shared their success stories on how digital innovation transformed their operations and unlocked new opportunities for growth and profitability. Insights from FoodPanda Philippines CFO “Lhecks” de Castro, Jr., Supreme Court Spokesperson Atty. Camille Ting, Supreme Court MIS Attorney Atty. CJ Romano, and Microsoft CTO Lope Doromal, Jr. (c/o ATRAM) showcased real-world examples of innovation in action. Joined by UnionBank Treasury Consultant Jun Trinidad and Deputy Transaction Banking Head Erika Dizon-Go, the discussion highlighted how organizations can make themselves future-ready and create value across all levels through strategic use of technology.

“Our clients need a strategic partner who not only understands their industry but anticipates change and actively helps shape the future,” said Mimi Concha, Head of UnionBank Institutional Banking. “That’s exactly what we’re here to do.”

Ms. Concha emphasized that while technology plays a crucial role, the foundation remains deeply human. “At UnionBank, putting the customer at the heart of everything we do has always been our guiding principle — and Institutional Banking is no exception,” she added. “We’re here to listen, collaborate, and deliver future-ready, context-aware solutions that empower our partners to thrive in an increasingly dynamic environment.”

Mimi Concha, Head of UnionBank Institutional Banking

With deep expertise across key industries, UnionBank brings together its best-in-class relationship management, digital platforms, and an innovation-driven mindset to serve the unique needs of large and complex organizations. Through the years, UnionBank’s laser-sharp focus on exceptional service has been recognized with several awards, including Outstanding Digital CX — Payments and Collection Services (UPay), Best Customer Experience via Mobile and Internet Banking (The Portal), Digital Transformation of the Year — Philippines (ePaycard Digital Account Opening), and a Branch Innovation of the Year for The Portal’s enhanced branch experience.

Amid accelerating change and rising expectations, UnionBank stands at the forefront — not just as a financial institution, but as a force for progress and a driving partner in sustainable growth. “The future belongs to those who are ready to adapt, innovate, and lead with intention,” Ms. Delgado concluded. “We don’t just reimagine banking — we co-create what’s next with you.”

To learn more about UnionBank Institutional Banking and its co-creative approach to enterprise success, visit www.unionbankph.com or speak with your UnionBank Relationship Manager. You can also follow for updates on Facebook, X (formerly Twitter), Instagram, or YouTube. For any concerns, you can contact us through our Customer Service Hotline at (+632) 8841-8600. Union Bank of the Philippines is regulated by the Bangko Sentral ng Pilipinas  https://www.bsp.gov.ph.

 


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