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Zaijian Jaranilla and Jane Oineza’s controversial love scene to air in episode 10 of Si Sol at si Luna

In the next episode of Puregold Channel’s Si Sol at si Luna, Sol confronts Luna, who has been ghosting him after they shared a kiss in the elevator.

As Puregold’s hit digital series heads toward its most daring episode yet, the story of Sol (Zaijian Jaranilla) and Luna (Jane Oineza) rises to a new level of emotional and narrative complexity.

In the previous installment of Si Sol at si Luna, titled “Missing Person: Luna,” Luna appeared to distance herself after an electrifying kiss with Sol in the office elevator. Much to the delight of viewers, the ultimate kilig moment seemed to foretell the start of something deeper, but before they could hold their breath, Luna began to pull away.

Visibly shaken after a confrontation with Ara (Karina Bautista), who asserted that Luna should leave the much younger Sol alone, Luna was even more confused by a revelation from her team leader, Ben (Joao Constancia): he harbors feelings for her.

Ara explains why she felt the need to confront Luna in Si Sol at si Luna’s latest episode.

Episode 9 ended with yet another unexpected twist: Ara admitting to having fallen for Sol.

The characters are caught in a web of desire, doubt and hesitation, and unspoken grief that leave audiences wondering if Sol and Luna — clearly drawn to one another — can ultimately withstand the pressures coming from all sides.

Things get even more real in the upcoming episode, as Si Sol at si Luna shows Zaijian Jaranilla’s first-ever onscreen love scene.

The digital series has teased more than a kiss for Sol and Luna in the upcoming episode.

Known to multitudes of fans for his roles as a stellar child actor, Jaranilla’s performance in the next Si Sol at si Luna marks a significant turning point in his career as he explores more mature and emotionally layered material.

Hinted at in trailers, the love scene is expected to be both tender and bold, featuring two characters who are confronting societal expectations about age, grief, and compatibility.

Sol and Luna share another kiss in the upcoming episode of Si Sol at si Luna.

Adding another layer of controversy to the show’s narrative, the intimate scene will bring Sol and Luna’s age gap, a point of strain and unease in the series, to the fore. At its core, the moment is not about shock, but about asking difficult questions: Can love grow between two people in vastly different emotional places? Will this moment of intimacy begin healing, or will it only add to or deepen wounds?

As the series continues to push the boundaries of what local digital storytelling can achieve, the coming episode may prove to be its most talked-about yet.

Catch Si Sol at si Luna’s tenth episode, ‘The Eclipse’, on Saturday, August 2 at 7 PM, only on Puregold Channel.

Subscribe to Puregold Channel on YouTube, like @puregold.shopping on Facebook, and follow @puregold_ph on Instagram and X, and @puregoldph on TikTok for more updates and behind-the-scenes content.

Episode 9: Si Sol at Si Luna | Episode 9 “Missing Person: Luna”

 

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SSS to hike pensions starting Sept.

Social Security System (SSS) members queue to avail themselves of service benefits at its branch along East Avenue in Quezon City, Jan. 3, 2025. — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE SOCIAL Security System (SSS) is implementing a landmark pension reform program starting this September, which will gradually increase the monthly pensions of all pensioners over a three-year period.

The Social Security Commission (SSC) approved the SSS Pension Reform Program, which features a structured, three-year increase in pensions for all SSS pensioners, on July 11.

This is the first multi-year adjustment of pensions in the SSS’ 68-year history.

“After careful actuarial review, we are rolling out a rational and sustainable pension increase that uplifts all pensioners without compromising the fund’s actuarial soundness,” SSS President and Chief Executive Officer Robert Joseph M. De Claro said in a statement.

Starting this year, all pensioners as of Aug. 31, 2025, will receive annual pension increases every September until 2027.

The pension for retirement and disability pensioners will be raised by 10% every September until 2027. The pension for death or survivor pensioners will be increased by 5%.

“After three years, pensions will have increased by approximately 33% for retirement/disability pensioners and 16% for death/survivor pensioners,” the SSS said.

Around 3.8 million pensioners will benefit from the pension reform. This includes 2.6 million retirement/disability pensioners and 1.2 million survivor pensioners.

The SSS said the pension reform program “will not necessitate any contribution increase.”

Mr. De Claro said the actuarial team confirms that the pension fund “remains financially sound.”

Quoting its chief actuary, the SSS said the reform will slightly shorten the fund’s lifespan — to 2049 from 2053 previously, but this is offset by strong cash flow from previous contribution reforms and better collection efforts.

Mr. De Claro said they are “committed to restoring fund life back to 2053 through coverage expansion and improved collection efficiency.”

Finance Secretary Ralph G. Recto, who chairs the SSC, said the pension hike will help spur economic growth as pensioners will have additional spending power.

The SSS estimated the pension hike will inject around P92.8 billion into the Philippine economy from 2025 to 2027, but the Department of Finance (DoF) estimated this could reach up to P117.2 billion.

“For retirement pensioners aged 60-89 (99.4% of all retirement pensioners), around P4,923 is the average monthly pension just before implementation of this reform program. Such a pension amount will grow to about P6,548 after the third tranche of pension increase — an increase of P1,625 or 33%,” the DoF said.

“After three years of pension increases starting September 2025, SSS will have paid about P41,145 in additional pensions to such average retirement pensioner,” it added.

Meanwhile, the SSS said it is able to implement the pension reform due to strong cash flows from the increase in incremental contribution rates that was completed in January 2025.

Under Republic Act No. 11199 or the Social Security Act of 2018, the SSS implemented incremental contribution rate hikes of one percentage point every two years starting in 2019 from the original contribution rate of 11%. — AMCS

BSP sees July inflation settling at 0.5% to 1.3%

A gas station attendant refuels a vehicle in Paco, Manila, Feb. 22, 2025. — PHILIPPINE STAR/NOEL PABALATE

By Luisa Maria Jacinta C. Jocson, Senior Reporter

THE BANGKO SENTRAL ng Pilipinas (BSP) on Thursday said it expects headline inflation to settle below 2% in July.

The central bank’s month-ahead forecast showed that inflation likely fell within the 0.5%-to-1.3% range in July. If realized, July inflation would be slower than the 1.4% print in June and the 4.4% clip a year ago.

“Upward price pressures for the month are likely to be driven by higher meat and vegetable prices partly due to unfavorable weather conditions, increased electricity rates, elevated domestic fuel costs, and the depreciation of the peso,” it said.

Manila Electric Co. (Meralco) hiked rates by P0.4883 per kilowatt-hour (kWh) in July, bringing the overall rate for a typical household to P12.6435 per kWh from P12.1552 per kWh a month earlier.

The peso fell to P58.32 against the greenback at end-July from its finish of P56.33 at end-June. The peso’s close at end-July was its weakest in almost six months or since its P58.34 finish on Feb. 4.

“These price pressures, however, could be partially offset by the continued decline in rice prices,” the BSP added.

Rice inflation has been steadily declining for the past few months amid several government interventions for the staple grain. In June, rice inflation contracted for the sixth straight month to a record 14.3%, the biggest drop since 1995.

“Going forward, the BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy decision-making.”

The local statistics agency is set to release the July inflation data on Aug. 5 (Tuesday).

IMF FORECAST
Meanwhile, the International Monetary Fund (IMF) projects Philippine headline inflation to settle below 2% this year, giving the central bank more space to ease policy rates further.

Following the release of its World Economic Outlook (WEO), the IMF said it expects inflation to average 1.8% this year, below the central bank’s 2-4% target.

“The headline inflation projections have been revised down by 0.8 percentage point (ppt) and 0.6 ppt for 2025 and 2026 respectively, reflecting lower-than-expected inflation outturn in the first half of 2025,” an IMF spokesperson said in an e-mail.

Headline inflation picked up to 1.4% in June from 1.3% in May but slowed from 3.7% a year ago. This brought the six-month average inflation to 1.8%.

The BSP expects inflation to average 1.6% this year.

Risks to the inflation outlook are “broadly balanced,” the IMF said, but cited risks such as higher commodity prices due to escalating geopolitics, supply-chain disruptions and climate shocks, among others.

For 2026, the multilateral institution sees inflation settling at 2.3%, lower than the BSP’s 3.4% forecast.

With inflation expected to be well-contained, the central bank can continue its rate-cutting cycle.

“Monetary policy has room to be more accommodative amid a benign inflation outlook,” the IMF said.

The central bank has been on an easing cycle since August last year, lowering borrowing costs by a total of 125 basis points. This brought the benchmark to 5.25%.

BSP Governor Eli M. Remolona, Jr. has said a rate cut is still on the table at the Monetary Board’s Aug. 28 meeting.

“Amidst prevailing uncertainty and with two-sided risks to inflation, a data-dependent approach, and clear and effective communication around policy settings will be important to manage expectations.”

UNCERTAINTY PERSISTS
Meanwhile, the IMF said its latest gross domestic product (GDP) projection for the Philippines this year reflects the impact of “recent global trade policy conflicts and elevated policy uncertainty.”

In its latest WEO, the IMF maintained its 2025 growth forecast for the Philippines at 5.5%. This would fall at the lower end of the government’s 5.5-6.5% target for the year.

“Real GDP growth forecast for 2025 is unchanged relative to April WEO reflecting offsetting effects from higher growth in trading partners contributing positively, and lower-than-expected first-quarter outturn and higher energy prices contributing negatively.”

The IMF had also raised its 2026 projection to 5.9% from 5.8% previously, citing “robust consumption and an increase in investment, which will be supported by monetary policy easing.”

“The forecast for 2026 reflects a positive contribution from smaller-than-expected consolidation in 2026 as announced in the authorities’ revised Medium Term Fiscal Framework.”

At its June meeting, the Development Budget Coordination Committee revised its fiscal program to account for external factors.

The government is now aiming to bring down its deficit to 4.3% of GDP by 2028, versus its previous target of 3.7%.

The growth outlook for next year is also expected to be partially offset by a “higher impact of uncertainty on private demand” that was initially priced in during the April forecasts, it added.

Meanwhile, the IMF said that downside risks to growth include escalating trade measures, prolonged uncertainty and geopolitical tensions.

“Extreme climate events and other natural disasters also constitute downside risks.”

“On the upside, accelerated implementation of structural reforms and a reduction in infrastructure gaps can contribute to higher growth over the medium-term,” it added.

Details of PHL-US trade deal still being finalized

FACEBOOK.COM/USEMBASSYPH/

THE PHILIPPINES’ reciprocal trade agreement with the US is still being finalized a day before its expected implementation, the Department of Trade and Industry (DTI) said.

“Our talks are still ongoing. We just have to see what will happen on Aug. 1,” said Trade Undersecretary Allan B. Gepty on the sidelines of the British Chamber of Commerce Philippines 2025 Midyear Economic Briefing.

“The announcement is 19% but let us see what will happen. There are still a lot of things that we are ironing out,” he added.

The US is expected to implement the 19% tariff on Philippine goods starting today (Aug. 1), slightly lower than the 20% rate that US President Donald J. Trump threatened to impose.

While this is the second-lowest rate in Southeast Asia, the rate is still higher than the 17% announced in April.

Philippine government officials have justified the modest tariff shift to the few concessions it had offered. The Philippines had agreed to grant zero tariffs on automobiles, wheat, soy, medical equipment, and pharmaceutical products from the US.

“Well, maybe what I can say is that we are working on the details. So, the details, of course, cover other terms and conditions of the agreement because it’s not just market access,” said Mr. Gepty.

“So, there is a set of rules that we are negotiating. But of course, as I have mentioned before, it is covered by our nondisclosure agreement,” he added.

Citing previous US pronouncements, Mr. Gepty said that Washington is also interested in a lot of measures that basically affect trade.

“So, that is why we also have to address those measures, like the nontariff barriers,” he said. “Definitely there will be some announcements to be made once there is a set of parameters that will be agreed upon by both sides.”

“What is really important is that we engage with the US. Because the US is a major trading and investment partner of the country. And of course, we’re really advocating for a free trade agreement (FTA),” he added.

LIMITED IMPACT
Meanwhile, Finance Undersecretary and Chief Economist Domini S. Velasquez said the impact of the US tariff on the Philippine economy will likely be “very limited.”

“It’s not just the Philippines, but we compare it with others. Until we have that kind of clarity, we don’t know. We know it’s limited given that we have smaller exports compared to the rest of the world,” she told reporters on the sidelines of an event on Thursday.

“(For) full-year GDP, (the impact is) very limited. For exports, of course, it will have an impact… but we need to see the whole picture,” she added.

The Philippines’ new US tariff rate is now the same as Indonesia, and slightly lower than Vietnam’s 20%.

“For the Philippines, we do think it is still one of the lowest in the region at 19%… for example, semiconductors, which take up a majority of the exports of the Philippines, remain to be zero tariffs or exempt for now.”

“Looking at our domestic situation, the Philippine economy continues to grow at a solid pace, broadly aligned with the 6% target of the government,” she added.

The government is targeting 5.5-6.5% growth this year. The Philippine Statistics Authority is set to release second-quarter GDP data on Aug. 7.

Ms. Velasquez noted the recent trade deficit data, which showed a surge in exports, reflecting the frontloading done by US importers.

Latest data from the Philippine Statistics Authority (PSA) showed the country’s trade deficit narrowed to $3.95 billion in June as exports jumped by 26.1% to $7.02 billion. This marked the sixth straight month of annual expansion for exports.

In June, the United States was the top destination for Philippine-made goods at $1.22 billion or a 17.3% share to total exports.

“We’re a little bit more cautious in the second half of the year in terms of trade because imports in the US have increased. Exports, not just in the Philippines but in the rest of Asia, have increased also because of this front-loading of exports to the US,” Ms. Velasquez said.

Meanwhile, Ms. Velasquez said the government is continuing to implement reforms and policies that will further open up the economy and generate investor interest.

“There’s difficulty for foreign investors to come in here. Now that we’ve liberalized (several sectors), what we need to do is incentivize investors to come into the Philippines.”

“Unfortunately, it’s a very uncertain environment and it’s a little bit more difficult as opposed to your business-as-usual kind of environment,” she said.

The Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act (CREATE MORE) is one such measure that the government is banking on to bring in more investors.

“This administration is building on past liberalization reforms by actively incentivizing foreign investment through the CREATE MORE Act,” she said.

The CREATE MORE Act has yielded a total of 182 projects with committed investments worth P90.13 billion since the approval of its implementing rules and regulations. It is also expected to generate more than 40,000 jobs. — Justine Irish D. Tabile and Luisa Maria Jacinta C. Jocson

Government looks to raise P30 billion from RTBs

BW FILE PHOTO

THE GOVERNMENT is looking to raise at least P30 billion from the sale of its first retail Treasury bond (RTB) offering this year.

In a notice on its website dated July 30, the Bureau of the Treasury (BTr) said it is planning to sell a minimum P30 billion worth of five-year peso-denominated RTBs due in 2030.

This will be the government’s 31st RTB offering and the first time that small-denominated government securities will be available on an e-wallet.

The rate-setting auction is scheduled for Aug. 5.

“The interest rate shall be based on current market levels of comparable securities rounded down to the nearest one-eighth (1/8) of one percent (1%),” the BTr said.

The final interest rate will be determined through a Dutch auction with the government securities eligible dealers. In a Dutch auction, the rate for the bond is determined by starting with the highest rate and incrementally lowering it until it is accepted by the auction participants.

The public offer period will run from Aug. 5 to Aug. 15, unless ended earlier by the Treasury.

The RTBs are scheduled to be issued and settled on Aug. 20. It will also mature on Aug. 20, 2030.

The RTB 31 will be sold in minimum denominations of P5,000 and in multiples of P5,000 thereafter, with a maximum investment amount of P500,000, while each exchange offer will have a minimum amount of P5,000.

Due to the RTB offer, the BTr will cancel the scheduled auction for five-year Treasury bonds on Aug. 5.

The Treasury is also offering a bond exchange program for holders of government bonds maturing on Sept. 9, 2025 (FXTN 10-60), Feb. 4, 2026 (FXTN 03-01), and Feb. 14, 2026 (FXTN 07-62). The exchange offer also runs from Aug. 5 to 15.

“The purpose of the invitation is to present a reinvestment opportunity for holders of the Eligible Bonds given its forthcoming maturity dates. The Exchange Offer is likewise intended to manage refinancing risk in the debt portfolio of the Republic and is an integral part of its overall liability management program,” the BTr said.

BTr set the repurchase price for eligible bondholders at 99.79% of the face value to be exchanged for the FXTN 10-60, 99.92% for FXTN 03-01, and at 100.42% for the FXTN 07-62.

The RTBs will be available through over-the-counter placement in bank branches and digital channels such as the BTr Online Ordering Facility, the Bonds.PH mobile app, the Overseas Filipino Bank mobile banking app, and the Land Bank of the Philippines mobile banking app.

The RTBs will also be available to users of the GCash app through GBonds for a minimum of P5,000.

Finance Secretary Ralph G. Recto previously said the government could be aiming to raise P200 billion from the RTBs.

A trader said in a text message that the government could raise as much as P500 billion from the offer if the yield reaches 6.125% due to the exchange option, but this would depend on the July inflation figure.

“If July CPI (consumer price index) data confirms Bangko Sentral ng Pilipinas (BSP) will be able to cut next month, then the RTB might fetch 6%. If not 6.125%,” the trader said.

The Philippine Statistics Authority will release July inflation data on Aug. 5.

The RTBs could fetch a coupon rate of 6% due to about P800 billion in maturing bonds from August to September, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

This would be higher than the 5.9345% seen for the five-year bond according to the PHP Bloomberg Valuation Service (BVAL) Reference Rates as of July 31.

Mr. Ricafort also noted holders of the maturing five-year RTBs issued in 2020 may be looking for reinvestment opportunities “since these were set near record low of 2.625% five years ago and would be reinvested possibly at more than twice the yield at around 6%.”

The Treasury last offered RTBs in February 2024, raising P585 billion from five-year notes at a coupon rate of 6.25%.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.56 trillion or 5.5% of gross domestic product this year. — Aaron Michael C. Sy

PCC clears Mitsubishi’s P18.4-B deal for indirect GCash stake

PHILSTAR FILE PHOTO

THE PHILIPPINE Competition Commission (PCC) has approved Ayala Corp.’s sale of 50% of its stake in AC Ventures Holding Corp. (ACV) to Japan’s Mitsubishi Corp. for P18.4 billion.

The competition watchdog found that Mitsubishi’s investment in ACV would not “significantly reduce” competition in the market for quick response (QR) code-based person-to-merchant digital payments, the PCC said in an e-mailed statement on Thursday.

ACV is the venture capital arm of Ayala Corp. and holds 13% of Globe Fintech Innovations, Inc. (Mynt), the parent company of GCash operator G-Xchange, Inc. and tech-based microlender Fuse Lending.

The PCC found that Mitsubishi has a limited presence in the QR code-based payment market despite its indirect ownership of convenience store chain Lawson Philippines, and said the transaction would not lead to a “substantial lessening” of competition.

“The commission cited in its [July 3] decision the small market share held by GCash in the provision of QR-based person-to-merchant payments, as well as the strong governmental push for interoperability in QR-based payments across the country,” the PCC also said.

Ayala Corp. and Mitsubishi finalized the investment deal in April, after it was announced in October last year.

Following the transaction, Ayala Corp. and Mitsubishi now each hold 50% of ACV.

Mitsubishi subscribed to 18.03 million common and redeemable preferred shares of ACV as part of the investment agreement.

Person-to-merchant payments via QR codes allow businesses to accept digital payments from consumers for goods and services they sell.

Ayala Corp. President and Chief Executive Officer Cezar P. Consing earlier said that Mitsubishi’s investment is expected to bring “meaningful value” to Mynt and its registered users.

“It’s all about serving better the many Filipinos that depend on GCash and Fuse, and for making a wider variety of financial and other products available to as many Filipinos as possible,” he said.

Under the Philippine Competition Act, the PCC is directed to review mergers and acquisitions to ensure transactions do not lead to a substantial lessening of competition in relevant markets.

Ayala Corp.’s core businesses are in the banking, real estate, and telecommunications sectors, while Mitsubishi is Japan’s largest trading company, with global operations spanning energy, urban development, and various other industries.

On Thursday, Ayala Corp. shares rose by 0.08% or 50 centavos to P590 apiece. — Revin Mikhael D. Ochave

Christian Bautista, Raisa cover classic ballad

CHRISTIAN BAUTISTA and Raisa.

Song marks their first Filipino-Indonesian collaboration

FILIPINO balladeer Christian Bautista has released his latest single, featuring Indonesian superstar Raisa, titled “Rainbow,” a cover of a soulful pop-R&B OPM classic by South Border.

Both artists met at a 13-city ASEAN concert in Japan in 2024. They shared the stage as fellow performers, formed a friendship, and found it easy to collaborate.

The track follows Mr. Bautista’s recent move to a new record label, Sony Music Entertainment. It marks a partnership between the label’s Philippine and Indonesian counterparts.

Raisa said “Rainbow” by South Border was a popular song in Indonesia, though she wasn’t aware back then that it was actually by a Filipino artist.

“When I found out, I was surprised. It has such a special meaning — not just about love but about life. It’s a reassurance of rainbow after the rain. It’s something people can relate to and carry with them every day,” she said in a statement.

During a media preview for the single on July 30, Mr. Bautista told BusinessWorld that it was a great opportunity to turn the beloved classic into a duet.

“I wanted to do it because it’s not usually sung as a duet, and Raisa was so happy about the idea,” he explained. “We found out each other’s styles, and magic happened in the recording studio.”

He added that the cover has more vocal riffs and runs compared to the original, which reflects his musical influences.

“In high school I always loved singing Boyz II Men. And ever since I came on (the TV singing competition) The Clash as a judge, I’ve always told them that I look for versatility,” Mr. Bautista said. “When I started, I sang Josh Groban songs and theater. I did a lot of musical (theater) songs and ballads. Sometimes I experimented with rock. Now, it’s a little bit of R&B.

“Raisa gives off this energy as well, of wanting to collaborate and make something new.”

The song is also a chance for him to cater to his fans in Indonesia, where he has enjoyed immense popularity throughout his music career.

Meanwhile, in a statement, Raisa described the collaboration as an opportunity for her to reach an audience in the Philippines. “It’s a huge market with so many great singers and amazing music. I’ve never tapped into that market before, and I want to expand my reach. I hope the Filipino audience will welcome me,” she said.

On the song choice, Mr. Bautista said that they aim to remind people of the power of the beloved ballad through the cover.

“Everyone is dealing with something, but when you hear ‘Rainbow,’ it tells you not to worry, that it’s going to be okay,” he said.

He also spoke of his longevity in the music industry — pointing to not being comfortable and wanting to “do more” as his motivation, which he is now doing under Sony Music.

“For artists like me who have been in the industry for more than two decades, it’s always about, ‘who can I still inspire with the light that I’m given and the time that I’m given?’”

“Rainbow” is out now on all digital music streaming platforms. — Brontë H. Lacsamana

SEC pushes sustainability reporting for large nonlisted firms

STOCK PHOTO | Image by Yibei Geng from Unsplash

By Revin Mikhael D. Ochave, Reporter

THE Securities and Exchange Commission (SEC) wants large nonlisted entities (LNLs) to adopt sustainability reporting alongside publicly listed companies (PLCs).

On July 30, the corporate regulator released a notice inviting feedback on a draft memorandum circular (MC) that outlines sustainability reporting guidelines and a roadmap for adopting Philippine Financial Reporting Standards (PFRS) on sustainability disclosures and reporting for PLCs and LNLs.

Interested parties may submit their comments and proposed revisions until Aug. 15. All PLCs are mandated to file annual sustainability reports under SEC MC No. 4 issued in 2019.

“This initiative forms part of the commission’s broader strategy to institutionalize sustainability reporting, strengthen environmental, social, and governance (ESG) accountability, and enhance the quality and comparability of non-financial disclosures in the Philippines,” the SEC said.

“The sustainability reporting guidelines and roadmap for PLCs and LNLs serve to encourage sustainable business practices and align company disclosures with international standards to attract ESG-focused investors to the Philippine capital market,” the SEC said.

Beginning 2026, the covered entities must use PFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information, and PFRS S2, Climate-related Disclosures, in a tiered approach depending on the market capitalization of PLCs or the annual revenue of LNLs.

Tier 1 covers PLCs with a market capitalization of over P50 billion as of Dec. 31, beginning on or after Jan. 1, 2026, with reporting to start in 2027.

Tier 2 includes PLCs with a market capitalization of over P3 billion up to P50 billion as of Dec. 31, beginning on or after Jan. 1, 2027, with reporting to start in 2028.

Tier 3 comprises PLCs with a market capitalization of P3 billion or less as of Dec. 31, and LNLs with annual revenue of over P15 billion for the immediately preceding fiscal year, beginning on or after Jan. 1, 2028, with reporting to start in 2029.

The draft MC also provides transition reliefs and phased mandatory limited assurance on Scope 1 and 2 greenhouse gas emissions.

“The draft MC applies only to entities under the regulatory jurisdiction of the SEC pursuant to the Revised Corporation Code,” the SEC said.

“The commission also considered the results of the SEC’s national sustainability reporting market readiness survey. The survey assessed readiness, validated tier segmentation, and informed the design of the proposed phased implementation,” it added.

LNLs will be exempt from mandatory reporting if their immediate, intermediate, or ultimate parent company is already preparing the prescribed sustainability-related disclosures in the Philippines, and if those disclosures are included in the parent company’s report.

SM Investments Corp. Economist Robert Dan J. Roces said in a Viber message that the draft MC widens the scope of local sustainability reporting rules.

“This SEC move expands sustainability reporting to cover major firms with significant ESG footprints that had long been exempt from outside formal disclosure requirements,” he said.

“The phased rollout and gradual assurance requirement reflect a mature regulatory touch, and may help position the Philippines as a regional leader in transparency while meeting investor demand for fuller ESG data,” he added.

However, Mr. Roces said the SEC’s possible move could face compliance challenges, especially for companies that do not have the necessary resources for sustainability reporting.

“The shift could also burden firms without the reporting infrastructure of listed peers, risking compliance strain and business distortions. Hence, its success will depend less on intent than on clear rules, strong guidance, as well as enforcement,” he said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the draft MC would help compliant companies attract more local and foreign investors.

“Global and local regulators encourage investors to patronize companies and governments that comply with ESG standards as compliance with ESG standards signal good business practices,” he said in a Viber message.

Tanghalang Pilipino wins big at 15th Gawad Buhay Awards

TANGHALANG PILIPINO’S production of Pingkian: Isang Musikal bagged seven wins at the 15th Gawad Buhay Awards. — BW FILE PHOTO

TANGHALANG PILIPINO (TP) emerged as the big winner of the 15th Gawad Buhay Awards, which was held on July 30 at the Aliw Theater. The Cultural Center of the Philippines’ resident theater company took home 17 of the 26 competitive prizes for its productions of Balete and Pingkian: Isang Musikal last year.

Balete, a new play drawn from National Artist for Literature F. Sionil José’s novel Tree and his autobiography Promdi, won 10 awards — the most for a single production. Meanwhile, Pingkian, a new musical on the life and works of the Katipunero Emilio Jacinto, bagged seven awards.

Balete won the Gawad Buhay equivalent of best production of a play using new material, as well as prizes for stage direction (Chris Millado’s fourth); ensemble performance; Nonie Buencamino’s lead performance; and its script which was credited to 11-time winner Rody Vera, Mr. Millado, Sabrina Basilio, Delphine Buencamino (who also won Outstanding Choreography), and the TP Actors Company.

Meanwhile, Pingkian won the equivalent of best production of a musical using new material, as well as trophies for stage direction (Jenny Jamora’s second), Vic Robinson’s lead turn as Jacinto, book of a musical (for Juan Ekis), and original score (co-credited to Mr. Ekis and Ejay Yatco, who also nabbed his second musical direction award).

Repertory Philippines picked up the two prizes for production of existing material, for Harold Pinter’s Betrayal (play) and the Off-Broadway hit I Love You, You’re Perfect, Now Change (musical). Moreover, the company’s children’s theater arm won Outstanding Production for Children for the new musical Jepoy and the Magic Circle.

Theater scholar Dr. Nicanor G. Tiongson, a Gawad Buhay winner for his libretto of Mabining Mandirigma, received the Natatanging Gawad Buhay, the lifetime achievement award.

This year’s roster of winners boasted 11 first-time Gawad Buhay recipients, including seven who won on their first nominations.

Only productions by Philstage-member companies are eligible for these annual awards. Current members include 9 Works Theatrical, The Sandbox Collective, The Necessary Theatre, Alice Reyes Dance Philippines, Ballet Manila, Barefoot Theatre Collaborative, Culturtain Musicat Productions, Full House Theater Company, the Philippine Educational Theater Association, the Philippine Opera Company, Repertory Philippines, Stages, Theater Titas, Tanghalang Pilipino, Trumpets, and Twin Bill Theater.

And the winners are…

The full list of winners follows:

Outstanding Translation or Adaptation: Rody Vera, Chris Millado, Sabrina Basilio, Delphine Buencamino, and the Tanghalang Pilipino Actors Company (Balete)

Outstanding Book of a Musical: Juan Ekis (Pingkian: Isang Musikal)

Outstanding Original Score: Ejay Yatco and Juan Ekis (Pingkian: Isang Musikal)

Outstanding Musical Direction: Ejay Yatco (Pingkian: Isang Musikal)

Outstanding Choreography: Delphine Buencamino (Balete)

Outstanding Costume Design: Raven Ong (Buruguduystunstugudunstuy: Ang Parokya ni Edgar Musical)

Outstanding Lighting Design: Roman Cruz (Balete)

Outstanding Sound Design: Fabian Obispo (Betrayal)

Outstanding Set Design: Wika Nadera (Balete)

Outstanding Projection and Video Design: GA Fallarme (Pingkian: Isang Musikal)

Male Lead Performance in a Play: Nonie Buencamino (Balete)

Female Featured Performance in a Play: Toni Go-Yadao (Balete)

Male Featured Performance in a Play: Marco Viaña (Balete)

Female Lead Performance in a Musical: Nicole Omillo (One More Chance, The Musical)

Male Lead Performance in a Musical: Vic Robinson (Pingkian: Isang Musikal)

Female Featured Performance in a Musical: Sheila Francisco (Bar Boys: A New Musical)

Male Featured Performance in a Musical: Juliene Mendoza (Bar Boys: A New Musical)

Outstanding Ensemble Performance for a Play: Balete (Tanghalang Pilipino)

Outstanding Ensemble Performance for a Musical: Bar Boys: A New Musical (Barefoot Theatre Collaborative)

Outstanding Stage Direction for a Play: Chris Millado (Balete)

Outstanding Stage Direction for a Musical: Jenny Jamora (Pingkian: Isang Musikal)

Outstanding Production of Existing Material for a Play: Betrayal (Repertory Philippines)

Outstanding Production of Existing Material for a Musical: I Love You, You’re Perfect, Now Change (Repertory Philippines)

Outstanding Play – Original or Translation/Adaptation: Balete (Tanghalang Pilipino)

Outstanding Musical – Original or Translation/Adaptation: Pingkian: Isang Musikal (Tanghalang Pilipino)

Outstanding Production for Children: Jepoy and the Magic Circle (Repertory Philippines)

Special Citations for Achievement in Puppetry: Jepoy and the Magic Circle (Repertory Philippines); Buruguduystunstugudunstuy: Ang Parokya ni Edgar Musical (Full House Theater Company)

Natatanging Gawad Buhay: Dr. Nicanor G. Tiongson

Ayala Land Hospitality, Marriott to build a Moxy Hotel in Makati

AYALA LAND Hospitality and Marriott International formalized their partnership to build a Moxy Hotel in Makati during a signing ceremony held on July 30. — AYALA LAND HOSPITALITY

AYALA LAND HOSPITALITY (ALH) has signed a deal with American hospitality group Marriott International to build a 260-room hotel in Makati City.

Under the agreement, ALH will collaborate with Marriott International to debut Moxy Hotels, the foreign hospitality group’s lifestyle brand.

The property will rise within the 21-hectare Circuit Makati, Ayala Land, Inc.’s (ALI) mixed-use township in Barangay Carmona, Makati City.

The location is near retail and boutique shops, event grounds, green and active lifestyle spaces, and arts and entertainment venues, ALH noted.

“Moxy Hotels is celebrated worldwide for its playful, high-energy vibe that makes travel feel exciting and different,” Kevin Iranzo, director, hotel development – Philippines, Marriott International, said in a statement.

“It’s the perfect fit for dynamic urban destinations filled with culture and entertainment. We’re truly excited to bring Moxy Hotels to the Philippines and especially in Circuit Makati.”

Marriott International, which has a portfolio of over 9,500 properties worldwide, operates 12 properties under six brands in the Philippines.

The hotel will feature contemporary rooms and suites with a playful, multi-functional design.

Upon check-in, guests will be welcomed with a drink from Bar Moxy. Other amenities include social spaces, a fitness center, a swimming pool, event venues, and meeting rooms.

According to ALH, Moxy Circuit Makati is designed for global travelers seeking immersive, culturally rich experiences.

The hotel is envisioned as a social hub for guests looking for a fun and adventurous experience. Interiors will feature graphic designs by Filipino comic book artists, showcasing the humor and nostalgia found in Philippine comics.

“We are excited to design something truly lifestyle-driven, while beginning to tell the story of a different kind of art form, an ode to the illustrators and komiks artists who have long shaped a powerful visual narrative in the Philippines,” ALH Creative Director Paloma Urquijo Zobel de Ayala said.

“From design to service touchpoints, every stay is thoughtfully curated to reflect the spirit of the neighborhood and the moments that matter, always with a dash of fun and a sense of adventure,” Ms. Zobel de Ayala said.

The hotel also aligns with ALH’s plan to build 8,000 rooms by 2030, it said.

“Our vision remains steadfast: to bring Filipino hospitality to the global stage by crafting experiences that connect guests more deeply with each place and its culture,” said George I. Aquino, president and chief executive officer at ALH.

“With Moxy Hotels, we offer travelers a playful and vibrant hotel experience. We’re excited to collaborate with Marriott to create what we believe will set a new benchmark for authentic, dynamic, and imaginative urban destinations,” Mr. Aquino added.

At the local bourse on Thursday, ALI shares declined by 3.10% or 80 centavos to close at P25 apiece. — Beatriz Marie D. Cruz

Wednesday Season 2 gets gothic global premiere in London

LONDON — Hit Netflix series Wednesday expands the Addams Family world as it returns to screens nearly three years after the show launched in November 2022.

Season Two of the dark fantasy series premiered at London’s Westminster on Wednesday, with its cast and creators walking a purple carpet outside Central Hall and Queen Elizabeth II Centre.

The new season sees Wednesday Addams, played by Jenna Ortega, returning to Nevermore Academy as a celebrated hero, much to her dismay. The tetchy teen puts her detective hat back on to solve new supernatural mysteries, while dealing with glitches in her psychic powers.

Wednesday also faces another nuisance — family. Her little brother Pugsley, played by Isaac Ordonez, starts his studies at Nevermore and their parents are a frequent presence on campus.

“She’s kind of knocked off her feet this season. So it’s a lot of pressure,” said Ms. Ortega.

The series’ creators and showrunners Alfred Gough and Miles Millar said Wednesday returns “bigger and better.”

“There’s more of the Addams Family this season,” said Mr. Gough. “We learn more about the characters you got to meet in Season One and they have their own storylines.”

The sophomore season also introduces new characters, including Steve Buscemi’s Nevermore principal Barry Dort and the Addams family matriarch Grandmama Hester Frump, played by Joanna Lumley. Pop star Lady Gaga makes a guest star appearance as a teacher in Part 2.

Mother-daughter dynamics are at the heart of the new season, said Mr. Millar.

“It’s about mothers and daughters, it’s three generations of Addams women together. It’s also about learning to not be in control of everything, for Wednesday. And it’s really always about female friendship and female sisterhood,” he said.

Ms. Ortega, 22, also executive produced the new season. Rather than control, it gave her “freedom” she said.

“She’s kind of our cast spokesperson. Any time I felt like something needed to be said or if I had any ideas, she was always like, ‘come to me and we’ll make it work.’ She just looks out for us,” Emma Myers, who plays Wednesday’s roommate Enid Sinclair, said.

Filmmaker Tim Burton also returns as one of the directors and executive producers.

Wednesday Season Two will be released in two four-episode installments, with Part One dropping Aug. 6 and Part Two out on Sept. 3. — Reuters

Meralco downgrades energy sales forecast for 2025

A lineman is working on an electric pole in Ermita, Manila. — PHILIPPINE STAR/RYAN BALDEMOR

POWER DISTRIBUTOR Manila Electric Co. (Meralco) has lowered its energy sales volume forecast for this year due to cooler weather, a company official said.

At a recent press briefing, Ferdinand O. Geluz, Meralco’s senior vice-president and chief revenue officer, said the company has revised the forecast to 1-2% from 4-4.5%.

“The downgrade in our energy sales forecast stems mainly from industry, weather, and macroeconomic factors,” Mr. Geluz said.

For the six months ending in June, Meralco reported a slow uptick in energy sales volume of 0.5% to 27,091 gigawatt-hours (GWh), coming off a high base last year when the Philippines experienced the El Niño phenomenon.

Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan is banking on the generation business to drive the company’s goals.

“While energy sales volume growth has been lower than anticipated, we remain on track to meet our overall targets as power generation is expected to deliver higher-than-expected performance, offsetting the anticipated slower demand growth,” Mr. Pangilinan said.

In the first half, the distribution utility business accounted for 54% of Meralco’s core net income, which rose by 10% to P25.5 billion.

Mr. Pangilinan earlier said the power distributor is on track to hit its target earnings of P50 billion for this year, driven by its power generation business.

“As we move into the second half, we remain focused on achieving key milestones that will enable us to meet our full-year profit target and business goals,” he said.

Meanwhile, in its retail electricity supply business, private equity firm CVC Asia has expanded its partnership with MPower to cover the renewal of existing accounts and the inclusion of new ones.

CVC Asia, a private equity strategy arm of global private markets manager CVC, has investments in Southeast Asia Retail, Inc. — the company behind Landers Superstore — and in Professional Services, Inc.

Through the government’s customer choice programs — the Competitive Retail Electricity Market and the Retail Aggregation Program — CVC Asia is transitioning its Philippine investments to access “more competitive rates, flexible energy options, and long-term sustainability.”

“This collaboration is a clear example of how we actively partner with our investee companies to unlock tangible, long-term value. By connecting them to more competitive and sustainable electricity solutions, we’re not only reducing operating costs — we’re also helping build more resilient, future-ready businesses,” said Brice Cu, senior managing director and country head of the Philippines at CVC.

Meralco’s majority owner, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

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