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Cash remittances rise 2.7% in Feb.

A WOMAN looks for an overseas job at an agency in Manila in this file photo. Cash remittances from overseas Filipino workers (OFWs) coursed through banks increased by 2.7% to $2.72 billion in February. — PHILIPPINE STAR/EDD GUMBAN

MONEY SENT HOME by migrant Filipinos rose by 2.7% year on year in February, the slowest in nine months, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Cash remittances from overseas Filipino workers (OFWs) coursed through banks increased to $2.72 billion from $2.65 billion in the same month in 2024.

The growth in February remittances was slower than the 2.9% rise in January, and the slowest since the 2.5% growth in June 2024.

Overseas Filipinos’ Cash Remittances

Cash remittances from land-based workers went up by 3% to $2.19 billion, while money sent home by sea-based workers inched up by 1.2% to $520 million

For the first two months of the year, cash remittances jumped by 2.8% to $5.63 billion, from $5.48 billion a year ago. The bulk came from land-based workers at $4.52 billion, up 3.2% from a year ago, while the rest came from sea-based workers at $1.11 billion, up 1% from a year ago.

“The growth in cash remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates (UAE) mainly contributed to the increase in remittances in January-February 2025,” the BSP said.

The United States was the main source of cash remittances with a 40.9% share of the total so far this year. It was followed by Singapore (7.6%), Saudi Arabia (6%), Japan (5.2%), the United Kingdom (4.8%), the UAE (4%), Canada (3.2%), Taiwan (2.9%), Qatar (2.8%) and Hong Kong (2.6%).

Meanwhile, personal remittances, which include inflows in kind, rose by 2.6% to $3.02 billion in February from $2.95 billion a year ago.

Personal remittances from workers with contracts of one year or more increased by 2.8% to $2.37 billion in February, while those from workers with contracts of less than a year went up by 2% to $580 million.

In the January-February period, personal remittances grew by 2.7% to $6.27 billion from $6.1 billion a year earlier.

For the two-month period, personal remittances from workers with contracts of one year or more jumped by 2.9% to $4.89 billion, while those from workers with contracts of less than one year increased by 2.2% to $1.23 billion.

“The continued single-digit growth (in remittances) nevertheless is still a good signal/bright spot for the overall economy as an important growth driver, especially in terms of consumer spending, which accounts for nearly 75% of the Philippine economy,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“The net increase in the US dollar versus the peso by about 12% over the past three years would require the sending of lower amount of remittances to pay for the amount of expenses in pesos but higher prices since 2022,” he added.

The peso strengthened by 37 centavos to close at P57.995 per dollar on Feb. 28 from its P58.365 finish on Jan. 31.

“The modest remittance growth reflects a mix of seasonal normalization after the holiday surge and the impact of forex dynamics, particularly the stronger PHP in that period, which may have affected remittance behavior,” Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said in a Viber message.

Mr. Rivera said slower global growth and “labor market adjustments” tempered the rise in remittances in February.

“Moving forward, remittances are likely to remain resilient, supported by stable overseas employment and the continued demand for OFWs. However, geopolitical risks, currency volatility, and potential slowdowns in advanced economies may keep growth moderate in the coming months,” he added.

The US government’s protectionist policies, as well as stricter immigration rules, may also weigh on remittances from US-based OFWs, Mr. Ricafort said.

“The Trump administration could tighten immigration rules in the US in an effort to create and protect more jobs for US citizens, thereby potentially slowing down OFW remittances from the US,” he said.

“Trump’s threats of higher tariffs/reciprocal tariffs and other America-first policies could also slow down global trade, investments, employment including some OFW jobs, and overall world economic/GDP growth, thereby also indirectly slowing down the growth in OFW remittances from other countries around the world.” — AMCS

Meralco franchise renewed for 25 years

THE FRANCHISE of Manila Electric Co. has been renewed for another 25 years. — PHILIPPINE STAR/RYAN BALDEMOR

By Sheldeen Joy Talavera, Reporter

POWER distributor Manila Electric Co. (Meralco) has committed to delivering “stable, reliable, and affordable electricity” to its customers after its franchise was extended for another 25 years.

President Ferdinand R. Marcos, Jr. on April 11 signed into law the measure extending Meralco’s franchise for another 25 years, Presidential Communications Office Undersecretary Clarissa A. Castro said on Tuesday.

“We thank President Ferdinand R. Marcos, Jr. for his invaluable support. We are grateful to the Senate and the House of Representatives for enacting this important measure,” Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan said in a statement.

“The renewal reflects a shared effort to ensure that Meralco continues to meet the evolving needs of consumers through innovation, operational excellence, and dependable service,” he added.

Mr. Pangilinan said the new franchise enables the company to implement “long-term energy infrastructure projects that will further improve the delivery of electricity to homes, businesses, and industries that fuel the country’s development.”

Meralco’s current franchise is set to expire in 2028.

With the extension, the company will have the authority to distribute power to Metro Manila, Bulacan, Cavite, Rizal and select areas in Batangas, Laguna, Quezon and Pampanga until 2053.

It has around eight million customers in 39 cities and 72 municipalities.

The House of Representatives approved the measure in November, while the Senate approved its version on final reading in February.

“With the continued trust of our leaders and stakeholders, we remain committed to transparency, regulatory compliance, and corporate social responsibility,” Mr. Pangilinan said.

“Meralco stands firm in its mission to support the government’s nation-building agenda, drive economic progress, and improve the lives and economic well-being of our people,” he added.

Asked to comment, Juan Paolo E. Colet, managing director of China Bank Capital Corp., said the passage of the law will allow Meralco to push ahead with its large capital expenditure (capex) plans to sustain profit growth.

“We are optimistic that the company will use the franchise extension as an opportunity to improve its services and lower the cost of electricity,” he said in a Viber message.

Based on its filing with the Energy Regulatory Commission, Meralco has proposed a capex of approximately P215.36 billion for its regulatory period spanning 2026 to 2029.

The power distributor said it aims to augment the capacity of its network, relocate assets required for the implementation of government infrastructure and third party-initiated projects, purchase nonnetwork assets necessary for the efficient operation of the electric distribution system, and deploy automation and technology projects.

“Although Meralco rates are relatively cheaper compared with the rest of the country, the distribution utility should be able to make electricity more competitive compared with our neighboring countries in the ASEAN (Association of Southeast Asian Nations) to attract more energy-intensive manufacturing businesses,” Peter Louise D.C. Garnace, an equity research analyst at Unicapital Securities, Inc., said via Viber.

Mr. Garnace said the company should continue investing in “indigenous and cleaner energy sources” to limit the country’s exposure to the volatility of fossil fuels.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.

PHL growth may fall below 6% due to US tariffs — AMRO

People cross a pedestrian lane on their way to a mall in Manila. — PHILIPPINE STAR/RYAN BALDEMOR

THE Philippines is poised to become the second-fastest growing economy in the region this year, but the US tariff policy may drive gross domestic product (GDP) growth to below 6%, the ASEAN+3 Macroeconomic Research Office (AMRO) said.

“For now, our various scenarios of tariff actions, as per the ‘Liberation Day’ and ‘pause’ scenarios, growth in the Philippines will be negatively affected and likely will fall below 6%,” AMRO Group Head and Principal Economist Allen Ng said at a briefing.

US President Donald J. Trump announced higher reciprocal tariffs on most of its trading partners, with Southeast Asian countries slapped with some of the highest duties. Last week, he suspended the reciprocal tariffs for 90 days but implemented the 10% baseline tariff for all.

The Philippines is still facing US duties of 17% once the suspension is lifted in July, although this is the second lowest among Association of Southeast Asian Nations (ASEAN).

AMRO Chief Economist Hoe Ee Khor said the tariff impact on the Philippines will be “much lower.”

“The Philippines is a service-oriented economy. The manufacturing sector is less important… but it’s a much smaller share of the economy compared with the other ASEAN countries. So, because of that, I think the tariff impact on the Philippines will be much lower,” Mr. Khor said at a virtual briefing on Tuesday.

“We think that the Philippine economy generally will emerge from this tariff war quite well,” he added.

AMRO on Tuesday released its Regional Economic Outlook quarterly update, which includes forecasts finalized prior to Mr. Trump’s announcement of the “Liberation Day” tariffs on April 2.

In the report, the regional think tank said Philippine GDP is projected to expand by 6.3% this year, unchanged from the forecast in January. It is the second-fastest forecast among ASEAN, after Vietnam’s 6.5%.

For 2026, AMRO sees the Philippines growing by 6.3%, the fastest among ASEAN and slightly higher than Vietnam’s 6.2%.

AMRO’s baseline forecasts show Philippine growth will settle above the ASEAN average of 4.7% this year and 2026, driven by “robust domestic demand.”

“Growth is expected to ease in 2025-2026, following the strong export recovery in 2024. Indonesia, the Philippines, Vietnam, and Cambodia are projected to lead growth in the subregion, growing above the ASEAN average,” it said.

AMRO expects ASEAN+3 (including China, Hong Kong, Japan and South Korea) to grow by 4.2% this year and 4.1% in 2026.

“ASEAN+3 is set to remain a key driver of global growth in the medium term. The region is forecast to expand by an average of 4.3% in 2025-2030, outpacing global growth of 3.2%,” it said.

However, more aggressive protectionist policies from the US would hurt the region’s growth.

“The disorderly escalation of trade tension driven by erratic US trade policies could upend the anticipated steady growth path of the region,” it said.

AMRO said it will update the baseline forecasts in the coming months to reflect the impact of the US tariffs.

WEAKEST GROWTH SINCE COVID
Meanwhile, Mr. Trump’s global tariffs would cut Asia’s economic growth to the weakest since the COVID-19 pandemic, according to AMRO.

If America’s so-called reciprocal levies are implemented, growth across Asia would slow to 3.8% this year and 3.4% next year, AMRO said.

The 2025 estimate includes Mr. Trump’s “Liberation Day” charges on all nations that he subsequently paused, but not the recently announced temporary exemption for certain products including smartphones and electronics.

That forecast compares with a 4.2% baseline without tariffs and would mark the slowest pace of growth since it slumped to 3.3% in 2022.

While some countries may be hit harder given how much they rely on exports to the US — such as Vietnam and Cambodia — the region can mitigate the impact by easing monetary policy and boosting fiscal spending, according to the Singapore-based group.

“They’ll take policy responses to mitigate it,” said Mr. Khor. “The region is pretty resilient because they’ve accumulated reserves over the years and are more flexible in terms of the exchange rate,” he said, adding that inflation is tame, leaving space for central banks to cut policy rates.

Asia is set to be the hardest hit by Mr. Trump’s protectionist push, given the escalating charges on China and how integrated supply chains are across the region. Officials from Vietnam to Japan have been seeking exemptions and promising concessions across meetings with counterparts in the US.

Some central banks have already started cutting interest rates, flagging risks to the growth outlook, including the Reserve Bank of India last week, whose members signaled additional easing in coming months.

Meanwhile, the 145% levies announced this year on China and retaliatory duties on the US mean trade is set to plummet between the two nations.

That impact is likewise “manageable” for China since the nation’s share of exports to the US makes up a shrinking share of domestic GDP, according to AMRO. The bigger risk, meanwhile — that the two economies will fully decouple — isn’t likely, Mr. Khor said. “Decoupling is basically all imports and exports” down to zero, he said. “That’s an extreme scenario that won’t happen.”

If implemented, US tariffs on Asia would rise to an average 26% excluding China, according to AMRO. About 15% of the region’s total exports currently head to the US, accounting for about 4% of GDP. — ARAI with Bloomberg

Metro Retail Stores Group, Inc. announces Annual Stockholders’ Meeting on May 9 via Zoom

 

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Business as usual amid US tariff pause — DTI

A US FLAG and a “tariffs” label are seen in this illustration taken on April 10, 2025. — REUTERS/DADO RUVIC/ILLUSTRATION

By Justine Irish D. Tabile, Reporter

THE Department of Trade and Industry (DTI) said that business will continue as usual as the government awaits the final tariff rate that the US will impose on Philippine goods.

“For now, it is 10% for everyone for 90 days. After the 90 days, that is when we will see what the tariffs will be,” DTI Secretary Ma. Cristina A. Roque told reporters in mixed English and Filipino on Tuesday.

Last week, US President Donald J. Trump announced a 90-day pause on the higher reciprocal tariffs on most of the country’s trading partners.

Association of Southeast Asian Nations (ASEAN) member countries are facing some of the highest duties. Cambodia is facing a 49% tariff, followed by Laos (48%), Vietnam (46%), Myanmar (44%), Thailand (36%), Indonesia (32%), Malaysia (24%), and Brunei (24%).

The Philippines was slapped with a 17% tariff, which is the second lowest after Singapore’s baseline rate of 10%.

While a 90-day pause is in place, countries including the Philippines will face a blanket 10% duty until July.

“For those that have orders already, it is business as usual,” Ms. Roque said.

She said she is still hoping to meet her US counterparts before the 90-day pause ends “so that we can really discuss the tariff rate of the Philippines.”

“If the tariff of 17% will be reimposed after 90 days and the tariffs of our ASEAN neighbors are higher than ours, of course, that’s advantageous for us. But we don’t know what will happen after 90 days. So, it’s hard to speculate until we get to talk to my counterpart there in the US,” she added.

The US was the country’s top export market last year, accounting for $12.14 billion, data from the Philippine Statistics Authority showed.

Of the total, 53% or $6.43 billion were electronic products. These include $3.79 billion worth of semiconductor exports.

In a presidential memorandum on April 11, the US clarified that semiconductors are exempt from the local tariffs.

However, Mr. Trump said on Sunday that he is looking at announcing tariff rates on imported semiconductors over the next week.

A notice in the Federal Register showed that the US Secretary of Commerce has initiated an investigation to determine the effects of semiconductor imports on national security.

In light of this, the Philippine Trade secretary said that the government will always try to negotiate for what is best for the country.

“That is what we want to happen. But for the semiconductor, it is business as usual because some of them already have orders that are already being shipped. So, it is still business as usual for now,” she added.

Meanwhile, Philippine Institute for Development Studies Emeritus Research Fellow Rafaelita M. Aldaba said that the US’ reciprocal tariffs are likely “to trigger significant exposure risks with asymmetric impacts on developing countries.”

She said this will depend on the country’s export composition, dependence on US markets, and capacity to adjust trade and production structures.

“For smaller economies like the Philippines, the new tariff regime presents both an opportunity and a challenge. The relatively lower tariff rate creates openings for niche export expansion, particularly in sectors with tight price margins and high tariff sensitivity,” she added.

Citing an independent analysis, Ms. Aldaba said that at the current exemption coverage, the Philippines’ tariff cost is expected to reach $1.8 billion.

Meanwhile, tariff costs in Vietnam are expected to reach $53.9 billion, $18.9 billion for Thailand, $8.6 billion for Indonesia, and $7.5 billion for Malaysia.

“The Philippines is the least exposed among the five ASEAN countries analyzed. It faces the lowest reciprocal tariff rate of 17%, and about 30% of its US exports are exempted, especially high-value electronics and semiconductors,” Ms. Aldaba, a former DTI undersecretary, said.

“While non-exempted goods like garments, processed foods, and wood products still account for around 12.4% of total exports, these are generally thin-margin, labor-intensive goods that do not dominate trade value,” she added.

Further, she said that the Philippines is “well-positioned” to attract trade relocation from high-tariff countries, especially for price-sensitive sectors like apparel, furniture, and food processing.

“Compared to its regional peers, the Philippines benefits from a relatively lower reciprocal tariff rate, offering a strategic opening to enhance its export competitiveness, attract reconfigured global supply chains, and amplify its strengths in digital and service-driven industries,” she said. 

“The Philippines should strategically capitalize on its lower tariff rate by improving exemption coverage, broadening its product portfolio, and opening new export markets,” she added.

Pabasa sa QC: Promoting oral traditions in the city

VIRGILIO ALMARIO giving a speech at the Pabasa sa QC.

NATIONAL ARTIST for Literature Virgilio Almario thinks that the tradition of pabasa (the chanting of the story of Jesus’ Passion, or pasyon) is as important as ever.

“Isa itong mainam na halimbawa ng literatura na kinalakihan ng mga Pilipino, anuman ang uri. Masaya ang karanasan (It’s a fine example of literature that Filipinos grow up with, no matter their background. It’s a joyous experience),” he said.

This month, the National Poetry Day Steering Committee, headed by Mr. Almario, presented the Pabasa sa QC, a competition among the departments of the Quezon City local government, held on April 11.

Here, contestants from within the local government unit participated in chanting parts of the pasyon, spanning the life, passion, death, and resurrection of Jesus Christ. Held before Holy Week, the endeavor aimed to promote Filipino culture and poetry in the city.

“Noong araw, sa aming probinsya, araw-araw tuwing kuwaresma nagkakantahan na, at hindi pwedeng napapagod ang nagbabasa dahil hanggang Biyernes Santo kailangan tuloy-tuloy (Back then, in our province, every day during Lent there would be chanting the pasyon, and they couldn’t get tired because they had to do it all the way until Good Friday),” said Mr. Almario, speaking of his childhood experience with pabasa in his home province in Bulacan.

He explained that bringing the tradition to highly urbanized places like Quezon City keeps it from dying out. “Sa simula ng pagtira ko dito, may naririnig akong pabasa sa mga bahay (When I started living here, I used to hear pabasa from the houses). Recently, no more.”

STUDYING FOR THE CONTEST
Most, if not all, of the 15 contestants had very little firsthand experience with the pabasa, but had some time to immerse themselves and study it for the competition. The competition consisted of two rounds: one where the participants chanted their favorite stanzas, and another where they were told which stanzas to interpret.

The competition concluded with three winners: Perla Balancio of the Department of Public Order and Safety clinched 3rd place, winning P2,000; Paul De Guzman won 2nd place and got P3,000; and Michaela Baskiñas of the Human Resources Department emerged as the champion, taking home P5,000.

According to Mr. Almario, the winner was chosen because of her “strong, distinctive voice.”

Ms. Baskiñas, originally from Caloocan, said afterwards that she has a background in choral singing and musical theater. “Passion ko talaga ang musika at pag-awit (My passion is really music and singing),” she said.

Her preparation involved getting pabasa recordings from Google and Spotify, and learning to follow along and imitate the method of chanting used. Her main realization was the “sheer dedication of devotees,” who are able to perform for up to 24 hours.

“Sa dami ng nangyayari sa buhay, nakakalimutan minsan magsimba. Parang naliligaw ako paminsan-minsan (With all the things happening in life, one forgets sometimes to go to church. I get lost in life sometimes), amidst all the chaos in this world,” Ms. Baskiñas said. 

“I’m really thankful for this opportunity,” she added.

Mr. Almario explained that she and the other contestants, are proof that the pabasa need not be stuck in the old ways.

He told BusinessWorld in a Viber message: “Pwedeng mag-imbento ng awit o paraan ng pagbasa. Pwedeng pop ang tono (You can invent a different song or way of reciting. The tone can be pop).”

“The study of pasyon evolves with the current generation, whether they are religious or not.” — Brontë H. Lacsamana

ACEN Australia secures A$750-M loan for energy projects

ACENRENEWABLES.COM

AYALA-LED ACEN Corp. said its subsidiary ACEN Australia Pty. Ltd. has secured an A$750-million loan from various financial institutions, which will allow it to fund its energy projects in Australia.

Eleven Australian and international lenders backed the transaction, providing ACEN Australia with financial support for its pipeline projects, the company said in a stock exchange disclosure on Tuesday.

These institutions comprise ANZ Banking Group; Commonwealth Bank of Australia; CTBC Bank Co. Ltd, Singapore Branch; CTBC Bank (Philippines) Corp.; Cathay United Bank; and Deutsche Bank AG, Sydney Branch.

Also included are DBS Bank Ltd, Australia Branch; Hongkong and Shanghai Banking Corp. Ltd (HSBC), Sydney Branch; MUFG Bank, Ltd; Sumitomo Mitsui Banking Corporation, Sydney Branch; UOB; and Westpac Banking Corp.

Macquarie Capital and Morgan Stanley were joint financial advisors to the transaction. Allens was the legal adviser for ACEN Australia, and Herbert Smith Freehills was the legal adviser for the lenders.

ACEN said the fresh capital injection will support the operation of clean energy assets and the financing of new ones, including the 520-megawatt direct current (MWdc) Stubbo Solar project in New South Wales.

ACEN Australia Managing Director David Pollington said the financing “establishes a robust funding base” for the company’s renewable portfolio of wind, solar, pumped hydro, and battery storage projects, in addition to the more than 1,000 MW of renewable capacity in operation and under construction across the National Electricity Market.

“Our ability to attract top-tier financial partners reinforces our position as a trusted, long-term developer, owner, and operator of assets, and reflects growing investor appetite for high-quality renewable infrastructure in Australia,” Mr. Pollington said.

ACEN Australia Chief Financial and Investments Officer Phillip Mak said the transaction “demonstrates the company’s ability to independently access and structure competitive capital solutions” as a key portfolio business of its listed parent, ACEN Corp.

“This transaction strengthens our funding platform, accelerates our delivery pipeline, and positions us as a capable partner backed by a stable and diverse capital base,” Mr. Mak said.

ACEN, the Ayala Group’s listed energy platform, currently has 7 gigawatts of attributable renewable energy capacity across operational, under-construction, and committed projects.

It operates in multiple markets, including the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States. — Sheldeen Joy Talavera

Stuff to Do for Holy Week

Watch a Mother Teresa film

THE FILM Mother Teresa & Me is showing exclusively at Gateway Cineplex 18, at Gateway Mall 2 in Quezon City, starting April 16. With the goal to reflect compassion and faith in time for Holy Week, the Hindi-language film, directed by Kamal Musale, was released in 2023 and will be showing in Philippine cinemas this month. The theatrical run will be on pause for April 17 and 18, but then resume on April 19.

Visit the expanded Montemaria Shrine in Batangas

LOCATED in Barangay Pagkilatan and Mabacong in Batangas City, the Montemaria Shrine is home to the world’s 9th tallest statue in the world, Mother of All Asia – Tower of Peace. The shrine overlooking Batangas Bay features the Sto. Niño Chapel and some new amenities ready to welcome Filipinos for their Holy Week pilgrimage: an expanded restaurant and food complex, modernized Stations of the Cross, and an improved road network.

Reflect on Holy Week shows

IN OBSERVANCE of Holy Week, GMA Network has prepared a reflective lineup of programs this week. For Maundy Thursday on April 17, the animated film The Story of Jesus for Children kicks off programming at 6 a.m., followed by various animated and adventure movies, including the biblical epic Noah at 11:30 a.m. The acclaimed religious drama series The Chosen will air at 2:30 p.m. while the Hollywood classic The Ten Commandments will be showing at 7:30 p.m. Good Friday on April 18 begins with religious drama Magdalena at 6 a.m., then Joseph: King of Dreams at 8 a.m. Another installment of The Chosen will air at 3 p.m., while families can tune in to the drama film Family Matters at 7:30 p.m. April 19, Black Saturday, begins with the film Jesus at 6 a.m., followed by the musical religious special Himig Panalangin at 7:30 a.m. The historical epic Ben-Hur airs at noon, as well as the final set of episodes of The Chosen at 3 p.m.

Revisit The Passion of the Christ

IN TIME for Holy Week, streaming platform Lionsgate Play has added The Passion of the Christ to its catalog. The film aims to be a reminder of the immense suffering and sacrifice of Jesus Christ on the cross, as directed by Mel Gibson, and based on Anne Catherine Emmerich’s book, The Dolorous Passion of Our Lord Jesus Christ. It covers the final 12 hours of Jesus Christ’s life, from his agony in the Garden of Gethsemane to his crucifixion and resurrection. It streams on Lionsgate Play PH via PLDT Home and Smart starting April 17. 

Bring kids to Easter events in Ortigas

ON April 20, Ortigas Land will hold various meet-and-greets and Easter egg hunts for kids, starring some of their favorite characters. At GH Mall, there will be the Doraemon Happy Easter Meet and Greet at 2 p.m., 4 p.m., and 6 p.m. The event includes singing, dancing, games, and an Easter egg hunt for the whole family. Over at Estancia Mall, Masha and the Bear shall hold the Easter Meet & Greet from 1 to 5 p.m., where they’ll have games and an egg hunt as well. Tiendesitas will hold a Bunny Hop Adventure, which involves a song and dance activity and an egg hunt for the whole family at Level 2 of the Food Village from 4 to 6 p.m. Finally, the Eggsploring Egg Hunt at The Strip at Circulo Verde will take place from 4 to 6 p.m., with egg painting, mini rides, and a meet and greet with the fluffy Easter bunny. These Easter Sunday events are exclusive to Ortigas Community Card holders, free via the OrtigasMalls+ app.

Araneta City holds Easter Safari Adventure

ON April 20, Araneta City will transform into an Easter safari. It starts at Gateway Mall 2, where an Easter Safari Costume Contest takes place, complete with a runway showdown, a parrot show, mascot appearances, and free face painting. Access is granted to those with a P2,000 single-receipt purchase. Gateway Mall 1 will have a Jungle Maze and Giant Inflatables, available for those who present a P1,500 single-receipt purchase. At Ali Mall, the Easter Egg Painting & Art Exhibit invites kids to join an art workshop and show off their egg-decorating skills. Registrants may join by downloading the Araneta City Rewards app. Finally, Farmers Plaza will have an adventure zone called the Jungle Adventure, which has a rock wall, mini zipline, and jungle maze, accessible upon presenting a receipt worth P1,500.

ABS-CBN losses narrowed to P4.37B in 2024

BW FILE PHOTO

ABS-CBN CORP. narrowed its net loss to P4.37 billion in 2024, despite posting lower revenues, thanks to reductions in production costs and expenses.

According to its 2024 annual report, the listed media company reduced its attributable net loss by 55.22% to P4.37 billion from P9.76 billion in 2023.

The company’s reduced production cost of P7.13 billion, lower by 3.8% from P7.41 billion in 2023, helped offset the decline in revenues for the period. ABS-CBN’s consolidated costs and expenses also decreased by 19.92% to P24.95 billion from P31.16 billion in 2023.

ABS-CBN’s combined revenues for 2024 fell by 6.37% to P17.33 billion from P18.51 billion previously.

For the period, the majority of its revenues were driven by advertising, which accounted for 39% of its total revenues last year, the company said.

Breaking it down, content production and distribution revenues increased by 5.57% to P11.94 billion in 2024 from P11.31 billion previously, while cable TV and broadband revenues dropped by 25.14% to P5.39 billion from P7.2 billion in 2023.

“Despite the non-renewal of ABS-CBN Corporation’s franchise, it continued to explore and pursue other business relationships with local and foreign entities to ensure maximum exposure and monetization of its content assets,” the company said.

Further, the company attributed its lower cable and broadband revenues to the expiration of its franchise in 2020, which has hindered Sky Cable from providing direct-to-home services since August 2020.

At the local bourse on Tuesday, shares in the company shed three centavos, or 0.66%, to P4.55 apiece. — Ashley Erika O. Jose

Gloom in ‘Barbieland’ as Trump tariffs drive up costs

BARBIE COLLECTOR Noemi de Lama, known as “Mistik,” sits at her home in Gijón, northern Spain, April 12, 2025. — REUTERS

GIJÓN, SPAIN — Surrounded by hundreds of Barbies at her home in the northern Spanish port of Gijón, TikTok influencer and collector Noemi de Lama has shared the news with her followers that US tariffs are likely to drive up the price of their favorite dolls.

Ms. De Lama, who goes by the name of Mistik, believes she and other collectors will carry on buying.

She estimates, however, the knock-on impact of Donald J. Trump’s tariffs will be to increase prices of the Mattel, Inc. dolls by around a fifth or more as many are manufactured in China.

“Every time someone wants to bring something (from) outside the United States to his country, Trump is going to overcharge,” she said in an online post.

If it is any consolation, the rise is part of more generalized inflation.

“Let’s not forget that (prices) are rising not only on luxury items or whims, such as collecting. The rest of the things go up also,” she said.

The Barbie gloom extends to the southeastern town of San Vicente del Raspeig, on the other side of Spain, where toy store owner Gloria Diez is also alarmed, fearing price rises will be passed on from manufacturers to distributors and buyers.

“The end-customer is the one who ends up paying for that increased amount,” Ms. Diez said. “As a merchant and collector, in the end, any instability in the market, whether it’s a war, tariffs, or containers from China suddenly being stuck at the canal, it is always something that will affect our trade,” she said.

Mattel did not immediately respond to a request for comment. — Reuters

PHINMA income down 66% to P280M in 2024

PHINMA

DEL ROSARIO-LED PHINMA Corp. said its attributable net income fell by 66% to P279.55 million in 2024 from P831.27 million in 2023, as losses from its property business and expansion-related expenses weighed on earnings.

Consolidated net income declined to P936.87 million in 2024 from the restated P1.5 billion in 2023, PHINMA said in a regulatory filing on Tuesday.

PHINMA reported lower retained earnings for 2023 after securing approval from the Securities and Exchange Commission to restate its financial statements, following a self-initiated review by steel subsidiary Union Galvasteel Corp. (UGC).

“For calendar year 2023, PHINMA restated its financial report after UGC identified certain adjustments needed to correct specific line items resulting from the inconsistent application of certain accounting policies. These one-off, non-cash adjustments reduced 2023 consolidated net income by P128.92 million and retained earnings at the start of the year by P893.48 million,” the conglomerate said.

Consolidated revenue grew by 11.7% to P23.76 billion in 2024 from P21.27 billion in 2023, driven by the growth of its business units.

“PHINMA’s continued sales growth has positioned the group to benefit from margin optimization when our expansion projects are fully implemented,” PHINMA Chief Financial Officer EJ A. Qua Hiansen said.

The education segment, led by PHINMA Education Holdings, Inc., generated P1.19 billion in net profit in 2024, as revenue rose by 17% to P6.39 billion. Total enrollment increased by 12% to 163,854 students across its network in the Philippines and Indonesia for school year 2024–2025.

The PHINMA Construction Materials Group recorded a combined net income of P80.64 million, supported by higher-margin products and broader sales channels, amid elevated input costs and intensified market competition. Total revenue reached P14.3 billion on improved sales and production capacities. The group includes UGC, Philcement Corp., and PHINMA Solar Energy Corp.

PHINMA Property Holdings Corp. (PHINMA Properties) posted a net loss of P98.28 million, due to lower sales volume, higher interest expenses, and expansion costs. Revenue reached P2.34 billion.

“The decline is also attributable to upfront expenses related to expansion projects, the timing of revenue recognition, and the implementation of new significant financing component accounting standards. The unbooked revenues will be recognized as construction progresses,” PHINMA said.

PHINMA Properties expects continued gains from developments such as its 21-hectare Saludad township in Bacolod, as well as opportunities in the socialized housing sector through its newly organized corporate vehicle, PHINMA Community Housing Corp.

The hospitality segment generated a total net income of P65.58 million and combined revenue of P591.63 million, driven by sustained demand from conventions, events, and corporate bookings. PHINMA operates in the hospitality industry through Coral Way City Hotel Corp., PHINMA Hospitality, Inc., and PHINMA Microtel Hotels, Inc.

“We will keep harnessing strengths and synergies among our businesses, all while pursuing new ventures in fields like community housing which directly cater to the daily needs of our underserved countrymen,” PHINMA Chairman and Chief Executive Officer Ramon R. del Rosario, Jr. said.

PHINMA shares were unchanged at P18.08 apiece on Tuesday. — Revin Mikhael D. Ochave

SEC approves Security Bank Corp.’s DIS amendments for its Annual Stockholders’ Meeting

 

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