Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 128

Rockwell Land acquires majority stake in Alabang Town Center

WIKIMEDIA.ORG

Lopez Family-led real estate developer Rockwell Land Corp. has acquired a 74.8% stake in the 17.5-hectare Alabang Town Center for P21.6 billion, expanding its commercial operations in the south.

“Earlier this year, Mr. Francisco ‘Jun’ M. Bayot invited us to consider redeveloping Alabang Town Center. It presented a compelling opportunity for Rockwell Land to further expand our presence in the south of Metro Manila, particularly given the scale and long-term potential of the property,” said Rockwell Land Chief Executive Officer Nestor J. Padilla in a statement on Monday.

“We are very grateful to Mr. Bayot and the Madrigal family for this opportunity. Our immediate focus is on ensuring a smooth transition and planning its redevelopment,” he added.

Alabang Town Center currently hosts more than 500 retail and office tenants, and its size offers significant redevelopment opportunities, the company said.

Rockwell Land is known for its flagship mixed-use development, Rockwell Center Makati, anchored by the Power Plant Mall.

“Over the years, the company has enhanced its retail developments by integrating experiential and lifestyle-oriented spaces into its master planning, supported by curated tenant mixes. These efforts have enabled Rockwell Land to establish a strong track record in delivering a high-end retail experience,” it said.

The acquisition aligns with Rockwell Land’s ongoing retail expansion plans, which include Power Plant Nepo in Angeles City, Pampanga; new retail spaces within Rockwell at IPI Center in Cebu City; and Power Plant Mall Bacolod in Rockwell Center Bacolod.

Rockwell Land shares closed flat at P1.71 apiece on Monday. — Alexandria Grace C. Magno

ACEN secures up to P15-B loan to fund renewable energy projects

ACENRENEWABLES.COM

ACEN CORP., the Ayala group’s energy company, has secured a loan of up to P15 billion from the Metropolitan Bank and Trust Co. (Metrobank) to finance its existing and new renewable energy projects, including solar and wind farms.

The loan agreements were approved at a special board meeting on Dec. 12, the company said in a disclosure on Monday.

Last week, ACEN’s joint venture with Citicore Solar Energy Corp. also obtained a P2.6-billion loan from the Development Bank of the Philippines (DBP) to support operations of a 115.671-megawatt (MW) solar power plant in Mexico, Pampanga.

ACEN and its subsidiary ACEN Global Development Group, Inc. have signed an omnibus loan and security agreement with DBP to act as sponsor and share collateral guarantor for Greencore Power Solutions 3. Citicore Solar will serve as sponsor and collateral grantor for the loan.

ACEN currently manages a renewable energy portfolio of 7.1 gigawatts across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.

For 2026, the company has earmarked more than P80 billion in capital expenditures to fund large-scale projects. Targeted completions next year include the 300-MW Palauig 2 solar project in Zambales, the 153-MW Maharashtra Hybrid project in India, and around 80 MW of solar capacity in Malaysia.

For the first nine months of the year, ACEN reported a 78% year-on-year decline in consolidated net income to P1.8 billion, citing lower spot prices in the Philippines and Australia, weaker solar irradiance in key markets, and offline wind turbines in northern Luzon.

Despite the subdued performance, ACEN President and Chief Executive Officer Eric T. Francia expressed confidence in the company’s forward momentum.

“We remain focused on scaling our renewables portfolio and accelerating investments in energy storage in particular, with a long-term strategy anchored on disciplined expansion, strong partnerships, and delivering sustainable value,” he said.

At the local bourse on Monday, shares of ACEN fell 2.53% to close at P2.70 apiece. — Sheldeen Joy Talavera

Megaworld completes P1.32-B MREIT block sale

MEGAWORLD

TAN-LED property developer Megaworld Corp. said it has finalized a P1.32-billion transaction on the sale of 98 million common shares in its real estate investment trust (REIT).

In a regulatory filing on Monday, Megaworld said it sold the 98 million common shares of MREIT, Inc. at P13.50 each under a block sale transaction. Proceeds from the sale are expected to be settled on Dec. 23. The company said it will submit a reinvestment plan outlining the use of proceeds from the transaction.

Aurora Securities and BDO Securities acted as brokers for the deal.

The sale comes as MREIT plans to acquire nine Grade A office buildings in Taguig City valued at P16.22 billion.

Megaworld recently announced plans to inject more office and retail assets into MREIT, which aims to expand its portfolio to one million square meters (sq.m.) of gross leasable area (GLA) by 2027.

In a separate disclosure, Megaworld said it also sold 900 million common shares in Suntrust Resort Holdings, Inc. through the open market at 60 centavos each. The shares represented a 12.41% stake in Suntrust.

Megaworld’s sister company, Travellers International Hotel Group, Inc., earlier gained majority control of the Westside Integrated Resort Project in Parañaque City through an agreement with Suntrust. The deal, announced in September, is intended to accelerate completion of the casino project, whose target opening has been moved to the third quarter of 2026.

AP Securities, Inc. Equity Research Analyst Shawn Ray R. Atienza said the sale of MREIT and Suntrust shares provides Megaworld with fresh funding for key projects.

“This could yield Megaworld with better returns and organically increase its valuation compared to the flat results produced by the listed companies in the market,” he said in a Viber message.

Megaworld earlier said it was looking to expand its portfolio to one million sq.m. of GLA by 2030.

Suntrust is a subsidiary of Fortune Noble Ltd., a unit of Hong Kong-listed LET Group Holdings Ltd.

Megaworld posted a 1.16% increase in third-quarter attributable net income to P5.23 billion, driven by sustained demand in its hotel and residential businesses.

Shares of Megaworld rose by 2.46% or five centavos to close at P2.08 each. — Beatriz Marie D. Cruz

Vitarich, AXA end insurance dispute with P400-M settlement

VITARICH CORPORATION FB PAGE

LISTED poultry integrator Vitarich Corp. (VITA) secured P400 million from AXA Philippines Life and General Insurance Co. (AXA Philippines) to end a long-running insurance dispute over damages from Typhoon Ondoy in 2009.

In a stock exchange disclosure on Monday, Vitarich said the Dec. 19 settlement is expected to have a material impact on its liquidity and capital resources.

In May 2023, Malolos City Regional Trial Court Branch 15 ruled AXA liable to pay the company P247.62 million in the case. AXA appealed to the Court of Appeals but settled for P400 million — nearly double the court-awarded amount — without admitting fault, in order to avoid prolonged litigation.

“The settlement will provide the company an estimated additional P196 million in net income and P267 million in net cash flow,” the company said.

Vitarich reported a P114.43-million third-quarter net loss for 2025, reversing last year’s P120.56-million net income, mainly due to falling chicken prices that hurt biological asset valuations and limited day-old chick availability in the first half.

The company’s President and Chief Executive Officer, Ricardo Manuel M. Sarmiento, accepted the settlement after board authorization, with standard provisions included.

Vitarich shares rose by 1.85% or 1 centavo to close at 55 centavos apiece on Monday. — Alexandria Grace C. Magno

Eton, PNB partner to simplify home loan financing for OFWs, locals

ETON PROPERTIES PHILIPPINES, INC.

ETON PROPERTIES Philippines, Inc. (EPPI), the real estate arm of tycoon Lucio C. Tan, has partnered with the Philippine National Bank (PNB) to simplify home loan financing for overseas Filipino workers (OFWs) and local buyers seeking to invest in residential property in the Philippines.

Through a memorandum of agreement, the partnership aims to provide a reliable financing channel for buyers interested in Eton’s residential developments, even while abroad, the developer said in a statement on Monday.

“This partnership with PNB strengthens that journey by giving overseas Filipinos and local end-users a clear, credible path to homeownership, one they can start even while abroad,” Eton Sales Head and Senior Assistant Vice-President Robert Andrew G. Adriano said.

The partnership also offers buyers a “more guided pathway” from inquiry to purchase, EPPI said.

OFWs remain a key market for the residential sector, supported by remittances and Filipinos seeking a retirement home in the country.

For this year, EPPI noted stronger momentum in its residential sales, driven by buyer confidence in well-located developments.

“By combining Eton’s focus on well-located developments with PNB’s trusted financial solutions, we are helping more Filipino families take a confident step toward homeownership,” EPPI President and Chief Executive Officer Kyle Ellis C. Tan said.

EPPI’s residential portfolio includes Eton Tower Makati, Blakes Tower, and Eton Residences Greenbelt in Makati City; Eton Baypark Manila and One Archers’ Place in Manila City; and West Wing Residences, TierraBella, RiverBend, and South Lake Village in Sta. Rosa, Laguna.

The company’s real estate business also covers office buildings, commercial centers, and mixed-use townships nationwide.

EPPI’s parent firm, Lucio Tan Group, Inc. (LTG), reported a 15% growth in nine-month attributable net income to P22.57 billion. PNB accounted for 46% of profit (P10.4 billion), while EPPI contributed 2% (P481 million).

Shares of LTG on Monday rose by 1.67% or 24 centavos to close at P14.60 each. — Beatriz Marie D. Cruz

Asialink gets issuer ratings with ‘stable’ outlook from S&P, Moody’s

ASIALINKFINANCE.COM.PH

ASIALINK Finance Corp. (AFC) has received “BB” long-term and “B” short-term issuer ratings from S&P Global Ratings and a “Ba2” long-term corporate family rating (CFR) from Moody’s Ratings, with both debt watchers citing the company’s market leadership and strong capital position.

This is the first time that the two debt watchers assigned ratings for the nonbank financial institution. They both gave “stable” outlooks for their respective below investment-grade assessments, which means the ratings are unlikely to change in the near term.

“Our ratings on Asialink reflect our view that the company will maintain its leadership in Philippines’ refinancing and second-hand auto loan segments over the next 12-24 months,” S&P Global said in a statement. “The company has strong capitalization, boosted by a significant equity infusion from its financial sponsor — Creador, a private equity fund.”

In 2024, Creador invested P4 billion into Asialink to help fund its expansion plans.

“AFC’s ‘Ba2’ CFR reflects the company’s strong capitalization and profitability, underpinned by its extensive domestic franchise… AFC is one of the largest non-bank financial institutions in the Philippines, which supports micro, small and medium enterprises (MSMEs) by providing loans backed by collateral (vehicles and real estate), by revenue and number of physical branches. Its strong franchise is evidenced by its branch distribution across the country, extensive collection infrastructure and dealer partnerships, providing it with a competitive business advantage,” Moody’s Ratings said in a separate statement.

S&P Global said Asialink has a niche position in the second-hand car and truck financing market, cornering a 10-15% share.

“The market for financing used vehicles is highly fragmented with numerous small players… Asialink has a competitive advantage over its smaller peers due to its significant scale and branch network. These are important because auto financing in provincial areas requires an on-the-ground presence to be near the customer, to facilitate loans disbursement and collection,” it said.

Moody’s Ratings said the company’s strength lies in its capitalization as its tangible common equity to tangible managed assets (TCE/TMA) grew to 27.4% at the end of last year from 17.6% in 2023.

“Its high capital would provide sufficient buffers against the cyclicality of potential loan losses. We expect its TCE/TMA will remain above 21% in the next two years.”

“We forecast the company will have a risk-adjusted capital ratio of about 19% over the next two years, compared with about 20.4% as of Dec. 31, 2024… Asialink’s modest targeted dividend payout ratios of 20%-30% for 2025-2027 will also support its strong capital position,” S&P Global added.

It projects 25%-28% annual loan growth for this year until 2027, slightly slower than the 2021-2024 compounded annual growth rate of 34%.

S&P Global said “very high margins” on Asialink’s core lending book also support its profitability, with its average loan size, mainly for individuals and small and medium enterprises, at about $8,500 and having effective lending rates of 23%-30% per annum.

“The company’s return on average assets (ROAA) of 5.5% for 2024 compares favorably with the Philippines banking sector average of 1.5%, and the 2.5%-3.0% peer average for finance companies in Southeast Asia… We forecast Asialink’s ROAA will recover to about 6.5% in 2027. The projected profit levels are lower than a recent peak of 7.5% in 2022, reflecting the company’s shift toward secured lending, where yields are lower than for unsecured personal loans. Pre-pandemic, Asialink’s loan portfolio had 30% secured loans and 70% unsecured consumer loans. Today, the portfolio is 95% secured.”

Elevated credit costs seen in 2024 may continue to affect Asialink’s 2025 profit but could ease over the next two years, it added.

“Our base case assumes Asialink’s net interest margin (NIM) will improve to 24%-26% over 2025-2027, compared with 23%-24% in 2022-2024. The company’s loans predominantly have a fixed rate, while its funding costs for bank loans correlate with policy rates. Policy rates in the Philippines peaked at 6.5% in 2024, and have since been cut to 4.75%. We forecast the rates will decline to 4% by 2027, which will support NIM improvement,” S&P Global said.

“Given that its lending rates show low sensitivity to the central bank’s interest rate cuts, AFC’s NIM will benefit from lower funding costs over the next 12-18 months,” Moody’s Ratings added.

ASSET QUALITY
Meanwhile, both credit raters noted that the company faces some asset quality risks due to rapid loan growth and its focus on higher-risk borrower segments like individuals and small business owners

“Management’s steps to tighten underwriting standards, and the company’s strong capitalization and good profitability temper these risks,” S&P Global said. “Asialink’s heavy emphasis on loan collection and collateral recovery helps to control credit risks. The company leverages its extensive physical presence and network of collection agents to collect past-due loans and foreclose the underlying collateral.”

“AFC’s asset quality, while modest, benefits from an effective collateral collection process with borrowers and strong recovery rates. While AFC has a high default rate on its portfolio, in the low double-digit range, the loss given default is substantially reduced by collateral sales. We expect AFC’s asset quality to remain largely stable, with risks arising from its high loan growth and high level of defaults, balanced by its strong ability to collect and sell collateral,” Moody’s Ratings said.

Both debt watchers also flagged concentration risks in Asialink’s funding profile.

“Unlike its regional peers, AFC’s funding sources are not as diversified due to limited access to capital markets, and it has funding concentration to a single domestic bank. Regardless, the company has good access to credit lines, including access to long term funding from global development financial institutions (International Finance Corp. and Asian Development Bank), and its maintenance of P1-1.5 billion minimum cash buffer, helps to mitigate its refinancing risks,” Moody’s Ratings said.

“In our opinion, Asialink’s main funding providers are unlikely to cut or reduce credit lines. However, they could be circumspect in increasing their exposure due to single-borrower limits or concentration considerations. Asialink is seeking new funding lines from local banks, foreign banks, and multilateral agencies to diversify funding and ease concentration risks. It has had early success on this front,” S&P Global added.

It said its “stable” rating outlook shows that it expects the company to keep its market leadership and strong capitalization despite intense competition in the used vehicle financing segment.

S&P Global and Moody’s Ratings both said they could upgrade their ratings if Asialink shows improvements in its funding profile and asset quality, while significant deterioration of both could lead to a downgrade.

Moody’s Ratings added that the strength or weakness of the operating environment for Philippine financing companies could also affect its assessment of the company. — K.K. Chan

Mount Elizabeth Hospital’s Dr. Alan Cheung talks about robotic precision and advancements in orthopedic surgery

Joint pain can significantly impact mobility, and advancements in robotic surgery are changing how surgeons treat orthopedic conditions and sports injuries. Dr. Alan Cheung of Mount Elizabeth Novena Hospital explains how these new technologies help patients recover faster and with less pain, even with severe joint conditions.

For inquiries, please contact Mount Elizabeth Hospital’s patient assistance center, IHH Healthcare Singapore – Philippine Office, located at G/F-B, Marco Polo Hotel, Meralco Avenue and Sapphire Street, Ortigas Center, Pasig City 1600, e-mail manila.ph@ihhhealthcare.com or call 0917-526-7576. Follow them at facebook.com/MountElizabethHospitalsSGPhilippinesOffice.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

A guide to the Metro Manila Film Festival entries

THE usual dramas and comedies will be joined by a historical crime thriller, a horror anthology, and different shades of romance this year at the Metro Manila Film Festival (MMFF). Organized by the Metropolitan Manila Development Authority (MMDA), it runs from Dec. 25 to early January 2026.

The film festival celebrates its 51st year with the theme of “A New Era for Philippine Cinema.” Its Parade of Stars was held for the first time ever in Makati last week.

The festival’s Gabi ng Parangal or awards ceremony will be held on Dec. 27.

Established in 1975, the Metro Manila Film Festival aims to promote and enhance Philippine cinema. During its run, no non-festival film, local or foreign, can be screened in regular theaters nationwide.

Here are the eight official entries to the MMFF 2025 in alphabetical order:

BAR BOYS: AFTER SCHOOL
(produced by 901 Studios)
Directed by Kip Oebanda

This is a sequel to the 2017 comedy-drama Bar Boys, set 10 years after that film where a group of friends pursued their law degrees. Bar Boys: After School charts their lives as they discover the price of following their aspirations. Carlo Aquino, Rocco Nacino, Enzo Pineda, and Kean Cipriano reprise their roles in the first film.

MTRCB Rating: PG

CALL ME MOTHER
(produced by ABS-CBN Studios, The IdeaFirst Company, and Viva Films)
Directed by Jun Robles Lana

This is a comedy-drama that follows a queer single mother who plans to formally adopt her son. The plot unfolds as the appearance of the boy’s biological mother complicates the process. The film stars Vice Ganda and Nadine Lustre, co-starring for the first time since 2015.

MTRCB Rating: PG

I’MPERFECT
(produced by Nathan Studios)
Directed by Sigrid Andrea Bernardo

This romance tells the love story between Jiro and Jessica, two adults with Down syndrome. It stars Earl Jonathan Amaba and Anne Krystel Daphne Go, marking the first film in Philippine history to have leads with Down syndrome themselves.

MTRCB Rating: G

LOVE YOU SO BAD
(produced by ABS-CBN Film Productions, GMA Pictures, and Regal Entertainment)
Directed by Mae Cruz-Alviar

This romance tells the story of Savannah, a young girl who finds herself torn between two young men: bad boy LA and achiever Vic. She must decide which of the two she will dare to be with. The film stars Will Ashley, Dustin Yu, and Bianca De Vera.

MTRCB Rating: PG

MANILA’S FINEST
(produced by Cignal TV and MQuest Ventures)
Directed by Raymond Red

This crime thriller, set in 1969, follows a group of Manila police officers who strive to uphold their principles. It centers on experienced Capt. Homer Magtibay and his partner in the profession, 1st Lt. Billy Ojeda, as they navigate the power structures in the police system. It stars Piolo Pascual, Enrique Gil, Romnick Sarmenta, Ariel Rivera, and Joey Marquez.

MTRCB Rating: PG

REKONEK
(produced by Reality MM Studios)
Directed by Jade Castro

This family drama presents the parallel stories of six different families that must cope with a global internet outage 10 days before Christmas. The film’s sweeping cast includes Gerald Anderson, Bela Padilla, Andrea Brillantes, Charlie Dizon, Zoren Legaspi, Carmina Villaroel, Cassy Legaspi, Mavy Legaspi, and Gloria Diaz.

MTRCB Rating: PG

SHAKE, RATTLE, & ROLL: EVIL ORIGINS
(produced by Regal Entertainment)
Directed by Shugo Praico, Joey de Guzman, Ian Loreños

This is the 17th installment in the Shake, Rattle, & Roll horror anthology film series. Its dark themes traverse three timelines: Spanish colonial 1775, present-day 2025, and a post-apocalyptic Philippines in 2050. The film stars Carla Abellana, Janice de Belen, Francine Diaz, Seth Fedelin, Fyang Smith, JM Ibarra, Richard Gutierrez, and Ivana Alawi.

MTRCB Rating: R-13

UNMARRY
(produced by Quantum Films and Cineko Films)
Directed by Jeffrey Jeturian

This drama follows Celine and Ivan, a couple who separately process the dissolution of their marriage through annulment. It is loosely based on real-life annulment cases in the Philippines. The film stars Angelica Panganiban and Zanjoe Marudo.

MTRCB Rating: PG

— Brontë H. Lacsamana

MICT says record 3 million TEUs handled as port modernizes

ICTSI

MANILA International Container Terminal (MICT), the flagship facility of Razon-led International Container Terminal Services, Inc. (ICTSI), said it handled three million twenty-foot equivalent units (TEUs) this year, its highest volume in a single year.

In a statement on Monday, MICT Chief Executive Officer Christian Lozano said the record shows the terminal’s capacity to manage higher volumes while maintaining service levels during peak season.

“Handling three million TEUs shows how the MICT has kept pace with rising demand through continued operational improvements and capacity expansion,” he said.

ICTSI said the terminal’s record volume was achieved when it handled the container vessel Ever Bliss, operated by Evergreen Marine Corp., which was carrying containers for Universal Robina Corp.

In September, MICT deployed additional hybrid rubber-tired gantries and launched electric terminal tractors to support higher throughput and modernize operations.

The company said it is progressing on the terminal’s eighth berth, which includes a 300-meter quay and a combined quay and yard development covering 12 hectares. Of the total area, 6.5 hectares are already operational.

Designed with a 15-meter depth, Berth 8 will accommodate container vessels with 18,000-TEU capacities, with three quay cranes scheduled for delivery in 2027.

“Our priority is to deliver consistent and efficient service to customers and ensure cargo continues to move reliably as volumes grow,” Mr. Lozano said.

MICT handles about 70% of Manila port volumes and remains the country’s largest and busiest container terminal, serving as a primary gateway for international cargo entering and leaving the Philippines. — Sheldeen Joy Talavera

The AFP’s commitment to the Constitution amidst political turmoil

ARMED FORCES OF THE PHILIPPINES

As someone who has worn the uniform of the Armed Forces of the Philippines (AFP) for decades, I have come to understand that loyalty is not just a word we recite in our oaths — it is a discipline, a way of life, and the bedrock of our profession. Today, in the midst of political turbulence and widespread frustration over corruption scandals, such as the flood control project scams, I find great importance in General Romeo Brawner’s firm statement that the AFP will remain true to its mandate and uphold the Constitution above all else.

This assurance is not mere rhetoric. It is a reminder of what the AFP has always stood for: service without partisanship, sacrifice without expectation of reward, and fidelity to the nation’s highest law, even when political storms threaten to shake its foundations.

WITNESSING THE DAMAGE OF CORRUPTION
During my years in uniform, I witnessed how corruption at the highest levels of governance drained not only resources but also the people’s trust. The recent scandals involving flood control projects are particularly painful to see. These projects are meant to protect Filipino families from the recurring devastation of floods — yet, once again, greed has found its way into what should have been a shield for the most vulnerable.

I was a witness to EDSA I and a participant in EDSA II, while still in active service. History is a testament that military intervention in both cases failed to arrest or even mitigate corruption. In fact, intervention was partially tainted with the political ambitions of some senior officers. Since then, corruption has slowly crept into our political system, like cancer cells that have metastasized. Radical change is needed — not from the military, but from the nation’s highest leadership. Initial actions may offer modest relief, but they remain far from encouraging.

What the country needs are more leaders in the mold of Vince Dizon, Benjie Magalong, and Ping Lacson. Above all, it is time for the Presidency to exercise decisive leadership by declaring the existence of a national emergency under Republic Act No. 6826, for a limited period and subject to strict restrictions. It must be done now — not tomorrow or in some distant future. Every day counts, and each day will define whether our country transitions into a failed state or begins to recover its strength.

For the ordinary Filipino already burdened by inflation, job insecurity, and natural disasters, this betrayal is disheartening. It is in times like this that the AFP’s voice matters most. General Brawner’s words reaffirm that while political leaders may falter, the military remains steadfast in its duty to the people and the Constitution.

THE MANDATE I SWORE TO DEFEND
When I entered the service, I pledged my loyalty not to any politician, but to the Republic. That same oath binds every soldier today. The AFP’s mandate is not limited to defending our borders or defeating armed threats. Equally vital is the duty to ensure that the military is never used as a political weapon or dragged into partisan disputes.

History, both here and abroad, shows us the dangers when the military abandons professionalism for politics. Coups, dictatorships, and broken democracies have all been born out of such failures. That is why General Brawner’s declaration is critical: it draws a clear line that the AFP’s loyalty is to the Constitution and the people — not to personalities or factions.

This professional distance from politics is what preserves democracy. When leaders stumble, the AFP must rise above the noise and remain a stabilizing force. That is how the AFP maintains its credibility and continues to earn the trust of the people.

STABILITY IN A DIVIDED NATION
The Philippines has endured cycles of political unrest and corruption. In these times, the AFP has always been looked upon as a stabilizing force — not perfect, but consistent in its service. Having been part of that long tradition, I know how heavy the responsibility is.

General Brawner’s reassurance should remind the public that politicians may come and go, but the AFP’s commitment to the Constitution remains constant. This is not rooted in ambition, but in discipline, sacrifice, and love of country. In a climate where anger and frustration over corruption run deep, the AFP’s neutrality and professionalism offer a much-needed anchor for the nation.

A CHALLENGE TO OTHER INSTITUTIONS
While I take pride in the AFP’s resolve, I must emphasize that fighting corruption cannot be the military’s battle alone. Other branches of government — Congress, the Judiciary, local governments — must rise to the same standard of integrity. If the AFP can uphold professionalism in the face of pressure, surely civilian leaders can do no less.

The challenge, then, is for every institution to look in the mirror. The military can shield the nation from external threats and preserve stability, but it cannot heal the wounds caused by systemic corruption. That task requires leaders of character and citizens who demand accountability.

CONCLUSION: THE OATH THAT NEVER EXPIRES
Though I am now retired, my oath to the Constitution and to the Filipino people did not end with my service. It remains a moral compass that guides how I see the challenges facing our country today.

General Brawner’s statement resonates with me deeply because it affirms what I know to be true: that the AFP will never abandon its duty to the Republic. In the face of political turmoil and corruption, this commitment shines as a beacon of hope.

The AFP’s example should not only be praised but followed. For if soldiers can uphold integrity and professionalism despite immense trials, then civilian leaders must do the same.

The Philippines deserves leaders and institutions that serve with honor — not for self, but for the country.

 

Gen. Jaime “Jimmy” S. De Los Santos is a member of the Management Association of the Philippines National Issues Committee. He was the 42nd commanding general of the Philippine Army.

map@map.org.ph

Jaime_dlsantos@yahoo.com

SMBC raises RCBC stake to 24.46%

SUMITOMO Mitsui Banking Corp. (SMBC) has raised its stake in Rizal Commercial Banking Corp. (RCBC) as it acquired an additional 4.46% in shares for P6.4 billion.

This brought SMBC’s total ownership in RCBC to 24.46% from 20% previously, RCBC said in a disclosure to the stock exchange on Monday.

“This strengthened alliance provides greater momentum for us to accelerate digital transformation, advance sustainable finance, and deliver enhanced value to our clients and stakeholders,” RCBC President and Chief Executive Officer Reginaldo B. Cariaso said.

He added that the additional investment shows SMBC’s confidence in RCBC’s performance and strategic direction.

“We look forward to building on this momentum and continue to accelerate the bank’s reach and impact, with innovation and customer empowerment at the core,” SMBC President and CEO Akihiro Fukutome said.

The Japanese financial institution entered the Philippine market via its partnership with RCBC that began with a 4.99% equity investment in June 2021. SMBC eventually increased its stake to 20% in July 2023.

SMBC and RCBC have collaborated across various business areas from wholesale to retail banking.

RCBC added that it has the most extensive Japan Desk business among local banks, which reflects its strong relationship with Japanese companies.

“Together with SMBC, this deep-rooted history of collaboration has further enabled RCBC to provide specialized services and insights, catering to the unique needs of its Japanese and Filipino clients and fostering strong bilateral business ties.”

RCBC’s attributable net income rose to P2.83 billion in the third quarter from P1.765 billion in the same period last year.

This brought its nine-month profit to P8.18 billion, up from P6.22 billion the previous year.

RCBC shares went down by P1 or 3.85% to close at P25 apiece on Monday. — BVR

Third Avatar film lights up global box office

DIRECTOR James Cameron’s third Avatar movie kicked off its box office run with roughly $345 million in global ticket sales through Sunday, meeting pre-weekend forecasts for the epic movie franchise from Walt Disney.

Avatar: Fire and Ash ranked as the second-highest Hollywood movie debut for 2025, behind only the $556 million for Disney’s Zootopia 2 in November.

The movie topped box office charts in the United States and Canada, where it brought in $88 million of its worldwide total, according to Disney estimates. Fire and Ash continues the story of the nine-foot-tall blue Na’vi people on a lush planet named Pandora.

The domestic total came in 35% lower than 2022’s Avatar: The Way of Water, the sequel released 13 years after the first film enchanted audiences with stunning visual effects.

With Fire and Ash, “audiences didn’t miss it as much as they did when it came to the sequel,” said Jeff Bock, senior box office analyst at Exhibitor Relations Co.

Still, “it is a great start for the holiday corridor,” Mr. Bock said, noting the enthusiasm for moviegoing around Christmas and New Year’s Day. “There is a huge box office avalanche over the next two or three weekends.”

Theaters hope Fire and Ash sparks a resurgence in moviegoing that extends into next year. Year-to-date ticket sales hovered at 1.3% above 2024 but 22.5% below the pre-pandemic year of 2019, according to Comscore data.

Cinema operators believe they have a strong 2026 lineup including Avengers: Doomsday, Dune: Part Three, Christopher Nolan’s The Odyssey, and Star Wars movie The Mandalorian and Grogu.

Mr. Cameron’s blockbusters tend to keep piling up sales for weeks longer than others. Fire and Ash was released three days closer to Christmas than The Way of Water, suggesting holiday commitments may have kept people from theaters over opening weekend.

Zoe Saldaña and Sam Worthington voice the lead Avatar characters, portraying two parents forced to fight to protect their family and their planet.

Mr. Cameron has acknowledged the Avatar movies are expensive and need to reap huge returns to keep the series going. Disney has not disclosed the films’ budgets.

The first Avatar film released in 2009 racked up $2.9 billion in global ticket sales. The Way of Water pulled in $2.3 billion.

A fourth and fifth Avatar film are scheduled for release in 2029 and 2031. — Reuters

1...127128129...13,845Page 128 of 13,845
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube